Market Wrap: Existing U.S. Home Sales Slow; A 'Royal' Family Addition; McDonald's Grilled
Market wrap for July 22nd
End of the Day: S&P 500 up 3.4 to 1,695.53; Dow Jones up 1.8 to 15,545.55; Nasdaq up 12.8 to 3,600.39
* Existing-home sales declined in June, but have stayed well above year-ago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the National Association of Realtors. Total existing-home sales dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 million in June from a downwardly revised 5.14 million in May, but are 15.2 percent higher than the 4.41 million-unit level in June 2012. The Street was looking for a reading of 5.28 million.
* The U.K. Royals had a baby today. The following is the release issued on the occasion:
Her Royal Highness The Duchess of Cambridge was safely delivered of a son at 4.24pm.
The baby weighs 8lbs 6oz.
The Duke of Cambridge was present for the birth.
The Queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall, Prince Harry and members of both families have been informed and are delighted with the news.
Her Royal Highness and her child are both doing well and will remain in hospital overnight.
* Netflix (Nasdaq: NFLX) reported Q2 EPS of $0.49, $0.09 better than the analyst estimate of $0.40. Revenue came in at $1.07 billion versus $1.07 billion expected. For more color on the results, click here.
* Spartan Stores, Inc. (Nasdaq: SPTN) and Nash Finch Company (Nasdaq: NAFC) have entered into a definitive merger agreement under which Spartan Stores and Nash Finch will combine in an all-stock merger valued at approximately $1.3 billion, including existing net debt at each company. Under the terms of the transaction, which has been unanimously approved by the boards of directors of both companies, Nash Finch shareholders will receive a fixed ratio of 1.20 shares of Spartan Stores common stock for each share of Nash Finch common stock they own.
* McDonald's Corp. (NYSE: MCD) reported Q2 EPS of $1.38, $0.02 worse than the analyst estimate of $1.40. Revenue for the quarter came in at $7.08 billion versus the consensus estimate of $7.1 billion. Global comps rose 1.0 percent in the quarter. For more color on the results, click here.
* Texas Instruments (TI) (Nasdaq: TXN) reported Q1 EPS of $0.42, versus the analyst estimate of $0.41. Revenue for the quarter came in at $3.05 billion versus the consensus estimate of $3.06 billion.
* Yahoo! Inc. (Nasdaq: YHOO) entered into an agreement to repurchase 40 million shares of Yahoo! common stock beneficially owned by Third Point LLC ("Third Point"), at a purchase price of $29.11 per share. The purchase price equals the closing price of Yahoo! common stock on July 19, 2013. Third Point directors have also surrendered nominations.
* USEC Inc. (NYSE: USU) rose over 160 percent today amid Japan's Liberal Democratic Party winning in upper-house elections Sunday. The win could signal a restart to nuclear plants in the country. Currently all but two of the county's 50 nuclear plants remain closed following the Fukushima Daiichi nuclear disaster. Other uranium companies also saw upside today following the news.
* Halliburton Co. (NYSE: HAL) reported Q2 EPS of $0.73, $0.01 better than the analyst estimate of $0.72. Revenue for the quarter came in at $7.32 billion versus the consensus estimate of $7.29 billion. Numbers compare with EPS of $0.80 and revs of $7.23 billion in the same period last year.
* Standard & Poor's Ratings Services said today it placed all ratings, including the 'BB' corporate credit rating, on New York City-based Saks Inc. (NYSE: SKS) on CreditWatch with negative implications.
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