Market Wrap: Techs Fried; U.S. Outlook Boosted; Dell Cuts Meeting Short...Real Short

Market wrap for July 18th

End of the Day: S&P 500 up 8.5 to 1,689.37; Dow Jones up 78.0 to 15,548.54; Nasdaq up 1.3 to 3,611.28

* Latest data from the U.S. Labor Department put initial jobless claims at 334,000 for the week ending July 13th, a 24,000 reduction from the prior week. Economists were looking for a drop to 345,000 apps. The number is the lowest since early May 2013.

* Moody

's Investors Servicetoday moved the outlook on the Aaa government bond rating of the United States back to stable, replacing the negative outlook that has been in place since August 2011. At the same time, Moody's also affirmed the US government's Aaa rating.

* Verizon Communications, Inc. (NYSE: VZ) reported Q2 adjusted EPS of $0.73, in-line with the analyst estimate of $0.73. Revenue for the quarter came in at $27.79 billion versus the consensus estimate of $29.83 billion. Revs in the same period last year were $28.55 billion, with adjusted EPS of $0.64.

* Google, Inc. (Nasdaq: GOOG) reported Q2 EPS of $9.56, $1.22 worse than the analyst estimate of $10.78. Revenue for the quarter came in at $14.11 billion versus the consensus estimate of $14.42 billion. For more color, click here.

* Nokia Corp. (NYSE: NOK) posted Q2 non-IFRS loss of €0.00 per share, versus the analyst estimate calling for a loss of €0.02 per share and a loss of €0.08 per share reported in the same period last year. Revenue for the quarter came in at EUR5.67 billion, from €7.54 billion reported in the same period last year. * Dell Inc. (Nasdaq: DELL) announced that today's Special Meeting of Stockholders was convened and adjourned to provide additional time to solicit proxies from Dell stockholders. No vote was taken on the proposed transaction prior to the adjournment. The Special Meeting will reconvene on July 24, 2013 at 5 p.m. Central Daylight Time. Icahn and Southeastern also issued a response following early adjournment of the meeting.

* Onyx Pharma (Nasdaq: ONXX) shares fell today following headlines that pharmaceutical giant Pfizer (NYSE: PFE) won't likely place a bid for the company. That puts Amgen (Nasdaq: AMGN) as the current front-runner and Amgen's last bid for Onyx was at $120.

* Microsoft Corp. (Nasdaq: MSFT) reported Q4 EPS of $0.66, $0.09 worse than the analyst estimate of $0.75. Revenue for the quarter came in at $19.9 billion versus the consensus estimate of $20.73 billion. Microsoft is revising operating expense guidance downward to $31.3 billion to $31.9 billion for the full fiscal year ending June 30, 2014.

* Apache Corporation (NYSE, Nasdaq: APA) has agreed to sell its Gulf of Mexico Shelf operations and properties to Fieldwood Energy LLC (Fieldwood), an affiliate of Riverstone Holdings, for cash proceeds of $3.75 billion. In addition, Fieldwood will assume all asset retirement obligations for these properties, which, as of June 30, 2013, Apache estimated at a discounted value of approximately $1.5 billion.

begin ad tag (tile=12) -- End ad tag -- Ad: news_below:adblade --

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks