Market Wrap: Gas Pushes CPI Ahead of Views; Earnings and Mergers Galore!

Market wrap for July 16th

End of the Day: S&P 500 down 6.2 to 1,676.26; Dow Jones down 32.4 to 15,451.85; Nasdaq down 9.0 to 3,598.50

* The June Consumer Price Index (CPI) rose 0.5 percent, which topped consensus views calling for a gain of 0.3 percent. The gasoline index rose 6.3 percent during the month and accounted for about two thirds of the seasonally adjusted all items change. Food prices also rose 0.2 percent.

* Coca-Cola Co. (NYSE: KO) reported Q2 EPS of $0.63, in-line with the analyst estimate of $0.63. Revenue for the quarter came in at $12.75 billion versus the consensus estimate of $12.97 billion.

* Johnson & Johnson (NYSE: JNJ) posted Q2 EPS of $1.48, $0.09 better than the analyst estimate of $1.39. Revenue for the quarter came in at $17.88 billion versus the consensus estimate of $17.71 billion. J&J also boosted its FY13 EPS outlook.

* Yahoo, Inc. (Nasdaq: YHOO) posts Q2 EPS of $0.35, versus the analyst estimate of $0.30. Revenue for the quarter, ex-TAC, came in at $1.07 billion versus the consensus estimate of $1.08 billion. GAAP revenue was $1.135 billion, a 7 percent decrease from last year.

* Baidu, Inc. (Nasdaq: BIDU) will pay $1.9 billion to acquire 91 Wireless Websoft Limited from NetDragon.

* Bally Technologies, Inc. (NYSE: BYI) entered into a definitive agreement to acquire SHFL entertainment, Inc. (Nasdaq: SHFL) at a per share price of $23.25 in cash for total consideration of approximately $1.3 billion.

* Goldman Sachs (NYSE: GS) reported Q2 EPS of $3.70, $0.78 better than the analyst estimate of $2.92. Revenue for the quarter came in at $8.61 billion versus the consensus estimate of $8.26 billion.

*Realogy Holdings Corp. (NYSE: RLGY) fell after markets closed following issuance of preliminary Q2 results. Revs are expected to be $1.53 billion to $1.54 billion, while the consensus is at $1.48 billion. Adjusted EPS should be $1.03 to $1.09, while the Street is at $0.68. For more color, click here.

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