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Railroads Pull Down Averages
Jul 26, 5:10 PM EDT |
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| Weak earnigs from Norfolk Southern and UPS pulled broader averages lower. Beige Book from Fed showed slowing economy. |
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| It was another days of mixed earnings and worries of slowing economy. Norfolk Southern reported weaker than expected earnings a day after UPS guided investors with lackluster earings forecast. UPS lost 16% in two days of trading and Norfolk lost 8.5%. Getty Images deopped 18% and Choice Hotels lost 24% on earnings disappointments. Amazon lost 22% on expected loss in the third quarter. Boeing dropped 4.6% on $1 billion of charges. GM gained 4.37% on better than expected rise in sales. |
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Europe Gains on Earnings
Jul 26, 12:48 PM EDT |
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| Drugmaker GlaxoSmithKline dropped 1.5% after saying Q2 profit rose 14% to 1.32 billion pounds, but below estimates. |
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| European markets finished in the positive as gains for companies like Reuters and Syngenta offset losses in the automotive sector. Mining stocks also contributed to the positive sentiment, with Arcelor climbing 9%, and Xstrata rising 0.5%. The German DAX 30 rose 0.4%, the French CAC 40 gained 0.2%, and London FTSE 100 climbed 0.4%. |
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Norfolk Drags Transportation Stocks
Jul 26, 11:50 AM EDT |
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| According to government statistics crude oil inventories were unchanged in the most recent week, while gasoline stockpiles dropped 3.2 million barrels |
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| Disappointing earnings from Amazon.com and Boeing Co. helped pull the consumer discretionary and industrials sectors lower. Although General Motors posted strong quarterly results, transportation stocks sharply dropped as railway company Norfolk Southern said Q2 profit fell on higher fuel costs. Shares of Amazon slipped 17%, Norfolk Southern declined 12%, while General Motors advanced 4.5%. Dow component Boeing declined 4.4% on Q2 loss versus a year ago profit. |
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Third Day of Rally in India
Jul 26, 10:43 AM EDT |
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| ONGC, Bharti Airtel and Bank of India report better than expected earnings. Sensex has advanced 5.3% or 531 points in the last three days. |
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| Sensex gained on the back of Asian rally which was led by a steep rise in the U.S. market. The third day of rally was supported by a flood of earnings. Bharti Airtel reported earnings gain of 48% and ONGC reported earnings advance of 24%. Sensex third advance was marked by a volatile trading and low turnover. |
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Boeing Profit Slides on Charges
Jul 26, 10:11 AM EDT |
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| Light crude fell 12 cents to $73.63. The U.S. dollar was lower vs. major currencies in European trading. Gold prices also fell. |
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| Stocks opened lower on profit taking after recent rally. Boeing Co. fell 4.6% after it reported a Q2 $160 million loss on more than $1 billion in charges. Black & Decker reported Q2 net profit increased 0.9% from a year ago to $1.98 a share, while sales declined 0.1% to $1.697 billion. Amazon fell 17% after it released a disappointing quarterly report, putting pressure on the Internet sector. Getty Images dropped 15% on 35% profit drop for the second quarter. |
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GM Gains on Operating Profit
Jul 26, 8:53 AM EDT |
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| Lucent Technologies posted Q3 profit decline to 79 million, or 2 cents a share, from $372 million, or 7 cents a share a year ago, citing revenue drop. |
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| U.S. stock futures pointed to a mixed opening on earnings reports from Amazon and GM. Amazon dropped 13% as the company lowered its profit outlook, while General Motors rose 4% in pre-market trading. The automaker posted Q2 profit loss of $5.62 per share vs. a loss of $1.75 last year on heavy restructuring charges, but operating profit well above estimates and 12% sales growth. |
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Blackstone Considers Bid for HCA
Jul 26, 8:11 AM EDT |
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| Blackstone Group is reportedly considering a possible bid to top the $21.3 billion leveraged buyout of hospital chain HCA Inc. |
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| On Monday a group of private equity firms, including Bain Capital, Kohlberg Kravis Roberts & Co. and Merrill Lynch & Co offered $21.3 billion for HCA. Terms of the agreement give Bain, KKR and Merrill the right to top any counteroffer. Blackstone hasn''t yet invited other private-equity firms to join any potential offer. |
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