Stock Market Wrapup July 25th
Stocks went on a roller-coaster ride today but finished the session higher. Strong earnings reports from several companies contributed to early morning gains, but worrisome deal-financing issues sent the markets lower mid-day. The Dow, Nasdaq, and S&P all ended with modest gains. Oil prices rose sharply following a report showing that inventory levels fell. Crude ended the day higher by $2.32, closing at $75.88 a barrel.
In economic news, The National Association of Realtors reported that sales of existing homes in the U.S. fell more than forecasts last month. Purchases declined -3.8% to an annual rate of 5.75 million, the slowest pace since late 2002. However, the supply of homes dropped for the first time this year, while the median household price rose for the first time in 11 months.
In earnings news, aerospace giant Boeing (NYSE: BA - News) reported net earnings of $1.1 billion, or $1.35 a share. Revenues rose 14% to $17 billion in the period just ended. Analysts were looking for a profit of $1.16 a share. It also increased its full-year 2007 profit projections to $4.80-4.95 a share, up from $4.55-4.75 a share. Shares rose 3.3% on the day.
Specialty glass maker Corning (NYSE: GLW - News) said second-quarter earnings came in at $489 million, or 30 cents a share, down from $514 million, or 32 cents in the year-ago period. Sales rose 13% to $1.42 billion. On an adjusted basis excluding charges, it reported earnings of $546 million, or 34 cents a share. For the third quarter, it expects to earn 34-37 cents a share on sales of $1.525-1.575 billion.
Oil giant ConocoPhillips (NYSE: COP - News) said earnings excluding extraordinary items fell -7.5% to $4.8 billion, or $2.90 a share, down from earnings of $5.2 billion, or $3.09 a share a year ago. Sales came in at $47.4 billion in the second quarter, essentially flat from the same period a year ago. Analysts were expecting earnings of $2.68 a share. Its refinery business contributed to strong results, as profits from the segment roes 38%. Shares rose 2.4% on the trading session.
By Bullmarket.com Staff
In economic news, The National Association of Realtors reported that sales of existing homes in the U.S. fell more than forecasts last month. Purchases declined -3.8% to an annual rate of 5.75 million, the slowest pace since late 2002. However, the supply of homes dropped for the first time this year, while the median household price rose for the first time in 11 months.
In earnings news, aerospace giant Boeing (NYSE: BA - News) reported net earnings of $1.1 billion, or $1.35 a share. Revenues rose 14% to $17 billion in the period just ended. Analysts were looking for a profit of $1.16 a share. It also increased its full-year 2007 profit projections to $4.80-4.95 a share, up from $4.55-4.75 a share. Shares rose 3.3% on the day.
Specialty glass maker Corning (NYSE: GLW - News) said second-quarter earnings came in at $489 million, or 30 cents a share, down from $514 million, or 32 cents in the year-ago period. Sales rose 13% to $1.42 billion. On an adjusted basis excluding charges, it reported earnings of $546 million, or 34 cents a share. For the third quarter, it expects to earn 34-37 cents a share on sales of $1.525-1.575 billion.
Oil giant ConocoPhillips (NYSE: COP - News) said earnings excluding extraordinary items fell -7.5% to $4.8 billion, or $2.90 a share, down from earnings of $5.2 billion, or $3.09 a share a year ago. Sales came in at $47.4 billion in the second quarter, essentially flat from the same period a year ago. Analysts were expecting earnings of $2.68 a share. Its refinery business contributed to strong results, as profits from the segment roes 38%. Shares rose 2.4% on the trading session.
By Bullmarket.com Staff
posted by Stock Administrator @ 7:36 PM
1 Comments:
At 10:46 AM ,
Bill Cook said...
Why does't someone say something good about Conoco Phillips (COP) for bowing down to the Marxist president in Venezuela?
The guy is totally against the American Government and is committed to it's downfall!!
COP is not only smart for not being extorted by him but is also absolutely patriotic.
Why further his causes by suppling him with shareholder's money and resources just so he can steal them in the end like his hero Fedel did in Cuba?
There actions make perfect sense when you consider it is a losing proposition anyway - cut your loses and leave!!!
Bill Cook
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