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Amazon.com Plunges 10%
Jul 25, 4:37 PM EDT |
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| The company reported 58% decline in earnings and guided further declines in the third quarter. |
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| Amazon.com reported earnings of 5 cents vs. 12 cents a year ago on revenue rise of 22%. The company also guided third quarter revenue rise of between 17% and 25% and earnings to drop between 24% and 87%. The stock lost more than $3 in the after hours trading. |
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UPS, 3M and TI Earnings Drive Market
Jul 25, 4:28 PM EDT |
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| A report on housing market, consumer confidence and a flood of earnings confronted investors sentiment during trading. |
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| Consumer sentiment rose despite higher oil and commodity prices and housing market report showed another sign of slow but steady decline in the market. Inventory of unsold homes rose. McDonlad''s, Altria, Texas Instruments and SanDisk reported solid advance. UPS plunged 10% on the third quarter earnings guidance. European and Latin Markets closed higher. Oil declined but gold rose a fraction. |
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Commodities Help Europe
Jul 25, 12:50 PM EDT |
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| Shares of luxury goods retailer LVMH Moet Hennessy Louis Vuitton rose 1.8% after it reported first-half sales rose 13% to 6.97 billion euros. |
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| European markets closed largely in the positive. Upbeat market sentiment was generated by strength in the mining sector and several earnings reports. Commodities stocks like Rio Tinto and Anglo-American advanced over 0.8%, boosted by an increase in commodities prices. The French CAC 40 rose 0.4%, London FTSE 100 gained 0.3%, while DAX 30 declined 0.2%. |
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Consumer Confidence Rises Unexpectedly
Jul 25, 12:05 PM EDT |
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| Legg Mason droppred 10.2% after the asset management company reported Q2 earnings below analyst estimates. |
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| Stocks traded in a lackluster fashion, reflexing mixed earnings news and an unexpected jump in consumer confidence. The Conference Board said consumer confidence index for July rose 1.1 points to 106.5, vs. predictions of a 1.4-point drop. According to another report, existing home sales fell 1.3% to a seasonally adjusted annual rate of 6.62 million units in June from an upwardly revised rate of 6.71 million units in May. |
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Sensex in India Up 1.9%
Jul 25, 10:51 AM EDT |
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| Reserve Bank of India raised short term interest rate by 25 basis points to minimum of 6%. |
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| Market took the interest rate hike in stride and gained 1.9% on solid earnings, rally in other Asian markets and comfort with strong consumer spending. Daily turnover in the market is still at its worst level of the year with the persistent worries that international investors may withdraw funds from the Indian stock market. Tata Motors reported 40% rise in profit after the close of trading hours. |
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UPS Drops 14% on Lowered Outlook
Jul 25, 10:20 AM EDT |
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| Light crude rose 20 cents to $75.25 on the Nymex amid concerns about the Middle East as fighting continued between Israel and Lebanon. |
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| U.S. stocks opened flat due to a mixed batch of earnings reports and rising oil. United Parcel Service, delivery company, said that its Q2 net income jumped to 97 cents a share from 88 cents a share a year ago on 15% sales growth, but lowered its Q3 outlook. McDonald''s Corp. said Q2 net income advanced 57% to 67 cents a share from 42 cents a share a year earlier. |
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TI Posts Strong Growth and Outlook
Jul 25, 9:16 AM EDT |
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| AT&T Corp., telecommunications company, reported 80% jump in quarterly net income to 46 cents a share from 30 cents last year. |
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| U.S. stock futures pointed to a flat opening, taking a break from yesterday’s rally. However, tech stocks advanced, benefiting from Texas Instruments Inc.’s outlook. The chip maker reported quarterly profit rose fourfold and affirmed market expectations of robust growth. Shares of SanDisk jumped 15.3% after the bell on quarterly profit above estimates. Diversified manufacturer 3M Co. posted quarterly results below expectations, while food and tobacco company Altria beat estimates. |
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Japan to Resume U.S. Beef Imports
Jul 25, 8:27 AM EDT |
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| Officials from Japan's agriculture and health ministries are expected to decide soon on whether to allow U.S. beef back into Japan. |
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| Japan banned U.S. beef earlier this year amid concerns about mad cow disease, but agreed to resume imports last month on condition that Japanese inspectors found no problems at U.S. plants. Japanese officials have not decided what to do if any problems are found at the U.S. plants. |
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