Look At All These Earnings After The Close
The Dow and SPX slid while the Nasdaq gained Tuesday.
Four Dow companies reported better than expected profit gains, yet
the Blue Chip index fell as traders sold on the good news.
Four major banks reported earnings today — all showing strength in consumer
deposits and demand for credit. Citibank
(
C |
Quote |
Chart |
News |
PowerRating) led the pack, with
earnings rising by 27%. Revenue rose 13% to $20.15 billion. Wells Fargo
(
WFC |
Quote |
Chart |
News |
PowerRating)
reported 10% higher earnings at $1.62 billion on sales of $7.44 billion. US
Bancorp
(
USB |
Quote |
Chart |
News |
PowerRating) and Bank One
(
ONE |
Quote |
Chart |
News |
PowerRating) also showed improved
earnings.
Earnings of drug-maker
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) rose 33% on strong orders for its medical
devices. The company earned $1.8 billion on sales of $11.25
billion. Manufacturing giant United Technologies
(
UTX |
Quote |
Chart |
News |
PowerRating) posted a 10%
increase in revenue, earning $588 million on sales of $8.59 billion. The company
said a lower tax rate and the weak dollar helped boost its bottom line.
Chinese stocks soared today,
some up nearly 10%
| Dow | -71.85 |
10528.66 |
| S&P 500 |
-1.06 | 1138.77 |
| Nasdaq | +7.52 | 2147.98 |
The day’s leading sectors were
Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +3.90%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating)
+4.71%, Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+2.44%, and Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +3.03%.
Weak today were Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) -1.00%,
and Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) -0.67%.
No Economic news
releases today.
The dollar
was -1.03 at 86.63
Gold was +6.86 at
412.25.
Crude Oil was +.77 at
34.87
Volume was
1,698,226,000 on
the NYSE, and 2,570,638,000 on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2062 | Up Vol 1092 |
| Declining | 1257 | Down Vol 594 |
| Ratio | 1.64 | 1.83 |
| Nasdaq | ||
| Advancing | 2143 | Up Vol 1674 |
| Declining | 1096 | Down Vol 867 |
| Ratio | 1.95 | 1.93 |
Stocks in the news:
After the close,
AMD beat Q4 estimates by 0.06, Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating)
beat by 0.04, RF Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating) beat by 0.03, PMC Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) beat by a penny, Seagate
(
STX |
Quote |
Chart |
News |
PowerRating) missed and guided lower — and the
stock traded down $2.50 in the after market. JDA Software
(
JDAS |
Quote |
Chart |
News |
PowerRating)
reported in-line, CheckFree
(
CKFR |
Quote |
Chart |
News |
PowerRating) beat by 0.02, Applied Micro
(
AMCC |
Quote |
Chart |
News |
PowerRating) was in-line, and Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating) reported that the JAMA
on their Alzheimer’s treatment shows significant benefits.
3M
(
MMM |
Quote |
Chart |
News |
PowerRating) reported 21% higher earnings
of $619 million on sales of $4.7 billion. The company also raised its fiscal
year earnings to $3.49 a share. It reported a 38% increase in its display and
graphics unit and an 8% increase in safety and security services. GM’s US market
share deteriorated by 0.3%, to 28.0%.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) reported lower
profits, with its finance unit providing most of the gain. Net income was $1.013
billion on higher sales of $49.08 billion, with its finance division providing
$630 million of the profit.
Chip-maker AMD
(
AMD |
Quote |
Chart |
News |
PowerRating) rose after Schwab
SoundView upgraded it to outperform, citing a favorable management
structure. AMD’s target price was raised to $23.
Ameritrade
(
AMTD |
Quote |
Chart |
News |
PowerRating) rose more than 10%
on first-quarter earnings of $72 million on revenues of $226
million. Commissions rose to $152 million from $116 million a year ago.
bricew@tradingmarkets.com