Stock Market Wrapup July 18th
The major market averages all slipped on the session as rising fears about subprime loans hit the street. However, stocks were able to pare much of their losses late in the day. Oil continued to strengthen climbing above $75 a barrel, finishing the day up $1.03.
The consumer price index, which excludes food and energy, rose 0.2% this month, the Labor Department said. The rise was in line with what Wall St. had expected. Also in economic news, the Commerce Department reported that building permits dropped to an annual pace of 1.406 million last month, the lowest level in a decade.
The earnings parade was in full force today, with a number of big-cap players reporting results. Banking behemoth JP Morgan Chase (NYSE: JPM - News) reported Q2 earnings of $4.23 billion, or $1.20 a share, up from $3.54 billion, or 99 cents a share, a year earlier. On the top line, JP Morgan reported revenue of $18.91 billion, representing year-over-year growth of 25%, and coming in well ahead of analyst estimates for revenue of $17.62 billion. JP Morgan's EPS for the quarter easily surpassed the consensus estimate of $1.09. Despite the strong quarter the shares fell -2.4% due to a -10% profit slide in its Financial Services unit, which was dragged down by troubles in home equity loans.
Altria Group (NYSE: MO - News) posted earnings of $2.22 billion, or $1.05 a share, as revenues rose 9.7% to $18.8 billion fueled by strong results at its international tobacco business. The stock fell -1.0%, however, after it lowered fiscal 2007 earnings estimates. It now expects to post EPS, including charges, of $4.05-4.10 compared to the $4.20-4.25 previously thought. Subscribers can read our analysis of Altria Group in today's issue.
Another Dow component, United Technologies (NYSE: UTX - News), reported robust earnings of $1.15 billion, or $1.16 a share. Sales rose to $13.9 billion from $12.26 billion a year earlier on strength in its commercial aerospace business. Chip and technology giant Intel (Nasdaq: INTC - News), meanwhile, reported a mixed quarter when it said net income in the second quarter rose 44% from year-ago levels to $1.28 billion, or 22 cents a share. Revenue came in at $8.68 billion, a rise of 8%. However, a decline in gross margins to 46.9% sent shares down -4.8%.
Pharmaceutical powerhouse Pfizer (NYSE: PFE - News) said net income plunged -48% due to a -13% fall in sales of cholesterol drug Lipitor. Net income was $1.27 billion, or 18 cents a share, below a profit of 33 cents a year earlier. Revenue dropped -5.6% to $11.1 billion, lower than a forecast of $11.5 billion. Excluding restructuring and acquisition costs, EPS would have been 42 cents a share, below analyst estimates of a profit of 50 cents a share. Shares slipped -3.2%. Subscribers can read our analysis of Pfizer in today's issue.
Internet giant Yahoo (Nasdaq: YHOO - News) said profit came in at $160.6 million, or 11 cents a share, which matched analyst estimates, but was down -2% from year-ago levels. Total revenue for the second quarter modestly rose to $1.7 billion from $1.58 billion in the year-ago period. Subscribers can read our analysis of Yahoo in today's issue. Shares of Macy's (NYSE: M - News) surged 7.6% on an otherwise sour session on a report that Kohlberg Kravis & Roberts was mulling a bid for the retailer valued at around $24 billion.
By Bullmarket.com Staff
The consumer price index, which excludes food and energy, rose 0.2% this month, the Labor Department said. The rise was in line with what Wall St. had expected. Also in economic news, the Commerce Department reported that building permits dropped to an annual pace of 1.406 million last month, the lowest level in a decade.
The earnings parade was in full force today, with a number of big-cap players reporting results. Banking behemoth JP Morgan Chase (NYSE: JPM - News) reported Q2 earnings of $4.23 billion, or $1.20 a share, up from $3.54 billion, or 99 cents a share, a year earlier. On the top line, JP Morgan reported revenue of $18.91 billion, representing year-over-year growth of 25%, and coming in well ahead of analyst estimates for revenue of $17.62 billion. JP Morgan's EPS for the quarter easily surpassed the consensus estimate of $1.09. Despite the strong quarter the shares fell -2.4% due to a -10% profit slide in its Financial Services unit, which was dragged down by troubles in home equity loans.
Altria Group (NYSE: MO - News) posted earnings of $2.22 billion, or $1.05 a share, as revenues rose 9.7% to $18.8 billion fueled by strong results at its international tobacco business. The stock fell -1.0%, however, after it lowered fiscal 2007 earnings estimates. It now expects to post EPS, including charges, of $4.05-4.10 compared to the $4.20-4.25 previously thought. Subscribers can read our analysis of Altria Group in today's issue.
Another Dow component, United Technologies (NYSE: UTX - News), reported robust earnings of $1.15 billion, or $1.16 a share. Sales rose to $13.9 billion from $12.26 billion a year earlier on strength in its commercial aerospace business. Chip and technology giant Intel (Nasdaq: INTC - News), meanwhile, reported a mixed quarter when it said net income in the second quarter rose 44% from year-ago levels to $1.28 billion, or 22 cents a share. Revenue came in at $8.68 billion, a rise of 8%. However, a decline in gross margins to 46.9% sent shares down -4.8%.
Pharmaceutical powerhouse Pfizer (NYSE: PFE - News) said net income plunged -48% due to a -13% fall in sales of cholesterol drug Lipitor. Net income was $1.27 billion, or 18 cents a share, below a profit of 33 cents a year earlier. Revenue dropped -5.6% to $11.1 billion, lower than a forecast of $11.5 billion. Excluding restructuring and acquisition costs, EPS would have been 42 cents a share, below analyst estimates of a profit of 50 cents a share. Shares slipped -3.2%. Subscribers can read our analysis of Pfizer in today's issue.
Internet giant Yahoo (Nasdaq: YHOO - News) said profit came in at $160.6 million, or 11 cents a share, which matched analyst estimates, but was down -2% from year-ago levels. Total revenue for the second quarter modestly rose to $1.7 billion from $1.58 billion in the year-ago period. Subscribers can read our analysis of Yahoo in today's issue. Shares of Macy's (NYSE: M - News) surged 7.6% on an otherwise sour session on a report that Kohlberg Kravis & Roberts was mulling a bid for the retailer valued at around $24 billion.
By Bullmarket.com Staff
posted by Stock Administrator @ 7:42 PM
0 Comments:
Post a Comment
<< Home