Stocks Drop on Earnings Reports; McDonald’s and Texas Instruments Post Losses

  • July 24, 2007
  • Darren Wong

Stocks moved sharply lower on disappointing earnings and
continuing problems in the subprime industry. McDonald’s posted
its second ever loss, losing $711.7 million in the second quarter.
Texas Instruments also reported lower earnings.

Crude oil futures for August delivery fell
2.1% to $73.32 a barrel.  Gold futures for
August delivery rose fractionally to $684.60 an ounce after the US
dollar continued its slide.


Around Asia, Shanghai’s Composite index closed flat at
4,210.33, Hong Kong’s Hang Seng index added 0.5% to 23,472.88, and
Tokyo’s Nikkei rose 0.2% to 18,002.03.

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Stocks in Motion

McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating) Slips To Loss In Q2 On One-time
Charge; Revenue Rises 12% (full
story). MCD shares fall fractionally in early trading.

Texas Instruments
(
TXN |
Quote |
Chart |
News |
PowerRating) Q2 Earnings Fall; Meet Estimate (full
story). TXN shares lost 3.4%.

Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 34% On 7% Sales Growth;
Boosts FY07 Forecast (full
story). LMT shares jumped 7%. 

UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) Q2 Profit Rises 4.1% On Strong International Package
Business; Guides Q3 (full
story). UPS shares added 2%.

American Express
(
AXP |
Quote |
Chart |
News |
PowerRating) Q2 Profit Up 12%, EPS From Cont. Ops Tops
Consensus, Revenue Grew 9%; Shares Decline (full
story). AXP shares fell 3.7%.

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

 


Market Snapshot

Dow

 -93.15 13,850.27

NASDAQ

 -20.29 2,670.29

S&P 500

 -12.23 1,529.34

 

 NYSE NASDAQ

Volume

 1,498,812,000 923,442,000

Advances

 559 639

Declines

 2570 2226

Up Volume

 249 238

Down Volume

 1075 593

New Highs

 69 60

New Lows

 237 216


Strongest/Weakest Sectors

Strongest Sectors

Weakest Sectors
Gold Bugs Index (HUI) Natural Gas Index (XNG)
S&P Healthcare Index (HCX) Deutsche Bank
Energy Index (DXE)
S&P Retail Index (RLX) Securities Broker/Dealer Index (XBD)


 


Economic
News

No economic reports released
today.

Darren Wong

Associate Editor

darrenw@tradingmarkets.com

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