Google and Caterpillar Earnings Send Markets Lower

  • July 20, 2007
  • Darren Wong

Disappointing earnings from Google and Caterpillar pulled stocks
sharply lower in Friday morning trading. The Nasdaq led the major
indices to the downside with a loss of 1.5%, while the Dow and S&P
gave up 1.2% each.

Crude oil futures for August delivery fell
fractionally to $75.75 a barrel.  Gold futures for
August delivery rose 0.8% to $683.40 an ounce.


Around Asia, Shanghai’s Composite index rose 3.7% to 4,058.85,
Hong Kong’s Hang Seng rose 1.2% to 23,291.90, and Tokyo’s Nikkei
added 0.2% to 18,157.93.

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Stocks in Motion

Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) Q2 Profit Up 28%, Yet Falls Shy Of
Estimates, Revenues Surge 58% (full story). GOOG shares fell 6%.


Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating) Q2 Profit Drops 21% On Weak North American Business;
Backs FY07 EPS Outlook, Raises Revenue Forecast (full
story). CAT shares dropped 8.8%.

Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 18% (full story). C shares fell 1.8%.

Schlumberger
(
SLB |
Quote |
Chart |
News |
PowerRating) Q2 Profit Surges On Strong International
Revenues (full
story). SLB shares added 2.75%.

Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) Q2 Profit Plunges 68% On R&D Expenses; Non-GAAP
EPS Matches Consensus; Revenue Down 4.6% (full
story). BRCM shares rose 0.5%.

SanDisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) Q2 Profit Drops 71% On Pricing, Revenues Up 15% (full
story). SNDK shares added 4.2%.

For more stories as they happen, go to our
Breaking News section.

 


Market Snapshot

Dow

 -157.54 13,842.87

NASDAQ

 -37.98 2,682.05

S&P 500

 -17.61 1,535.47

 

 NYSE NASDAQ

Volume

 1,567,438,000 1,023,098,000

Advances

 731 691

Declines

 2341 2140

Up Volume

 230 239

Down Volume

 1156 684

New Highs

 110 84

New Lows

 112 143


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
S&P Healthcare Index (HCX) S&P Banking Index (BIX)
Pharmaceuticals Index (DRG) PHLX/KBW Bank
Sector Index (BKX)
Gold Bugs Index (HUI) Nasdaq Other Finance Index (OFINX)


 


Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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