Portfolio Crafter
10-20-2006, 07:54 AM
End of Day Market Summary Thursday, 10/19/2006
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Stocks ended higher with the Dow Jones Industrial Average closing above 12,000 for the first time after a raft of upbeat earnings reports led by Apple Computer Inc., eBay Inc and the Coca-Cola Co. eased concerns about a slowing economy. This record close came on the 19th anniversary of the stock market crash of 1987, in which the Dow fell 508 points, or 22.6% to 1,738.40.
Today, the Dow Jones Industrial average closed up 19.05 or 0.16% to 12,011.73, the broader S&P 500 index closed up 1.00 or 0.1% to 1,366.96, while the Nasdaq composite index closed up 3.79 or 0.16% to 2,340.94.
Market breadth was positive. On the New York Stock Exchange, winners beat losers five to three on volume of 1.6 billion shares. On the Nasdaq market advancers topped decliners 17 to 12 as 2 billion shares changed hands.
The 12,000 mark signifies a good strong market, and is particularly important for investor confidence because it comes in the middle of earnings season amid concerns of a slowing U.S. economy. A lot of companies are beating expectations giving us the likelihood of double-digit earnings growth in the third quarter, and possibly another quarter of double-digit growth in the fourth. This suggests the economy is not weakening as much as people expected and that we may get something a little bit better than a soft landing which will help to power earnings.
The factory sector in the Philadelphia region was flat for a second straight month in October, with the index falling to negative 0.7 from negative 0.4 in September. The new orders index rose to 13.4 in October vs. negative 1.3 in September. The shipments index rose to 5.3 in October vs. negative 6.8 in September. The price paid index fell to 32.0 in October vs. 38.1 in September. The index of leading indicators, a gauge of future growth, rose 0.1% in September after falling in July and August. This suggests that economic growth should continue at the slow rate in the near term.
Stock of Apple Computer closed up $4.46 to $78.99, on reporting earnings that topped Wall Street expectations. Its profit soared 27% on strong sales of its Macintosh computers and iPod digital music players. Its income rose to $546 million, from $430 million last tear. Revenue jumped nearly 32% to $4.84 billion.
Shares of eBay closed down $0.29 to $28.49, despite better results that fell below expectations. The company also expects fourth-quarter revenue in a range from $1.62 billion to $1.68 billion, against the expected $1.60 billion to $1.73 billion. Net income during the third-quarter grew to $281 million, from the $255 million last year. Profit grew 30% to $332 million while net revenue rose 31% to $1.45 billion.
Stock of Advanced Micro Devices showed sign of the price war and closed down $3.22 or 13% to $21.01, on reporting improved earnings that fell short of expectations. Its third quarter net profit was $134.5 million, versus $76 million a year ago. These include a tax benefit of $21 million. Its average revenue rose 9% from the previous quarter while unit shipments were up 18%. This shows that the average selling price fell about 9%.
Shares of Citigroup closed down $0.32 to $49.87, despite reporting better-than-expected earnings. However, its revenue that fell short of forecasts. Its net income fell to $5.51 billion, from $7.14 billion last year. Income from continuing operations rose 6% to $5.3 billion, from $4.99 billion a year earlier.
Stock of Bank of America Corp closed down $0.55 to $53.26, despite reporting profits that topped estimate. Its third-quarter profit rose 41% to $5.42 billion, from $3.84 billion a year earlier. The EPS of $1.22 topped the average forecast of $1.16. Its revenue increased 32% to $18.65 billion. Card services revenue increased 137% to $5.33 billion. Fee income soared 57% to $10.07 billion, while lending income rose 11% to $8.59 billion.
Shares of Pfizer fell 1.5% to $27.48, despite reporting a dramatic jump in third-quarter earnings. It also announced that its top-line isn't expected to grow again until 2009. It plans to buyback $10 billion in its stock during 2007. For the quarter, it reported a net income of $3.36 billion, compared to $1.59 billion last year.
Shares of Nokia fell 2.6% to $19.35 after it reported a 4% drop in third-quarter profit as it booked a restructuring charge and margins eroded at its mobile-phone business. Nokia's results, nevertheless, topped expectations.
U.S. light crude gained 85 cents to settle at $58.50 a barrel on the New York Mercantile Exchange. Oil prices rose after Saudi Arabia said it supports a production cut of 1 million barrels a day.
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by Portfolio Crafter (http://www.portfoliocrafter.com?a_aid=fiasco)
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Stocks ended higher with the Dow Jones Industrial Average closing above 12,000 for the first time after a raft of upbeat earnings reports led by Apple Computer Inc., eBay Inc and the Coca-Cola Co. eased concerns about a slowing economy. This record close came on the 19th anniversary of the stock market crash of 1987, in which the Dow fell 508 points, or 22.6% to 1,738.40.
Today, the Dow Jones Industrial average closed up 19.05 or 0.16% to 12,011.73, the broader S&P 500 index closed up 1.00 or 0.1% to 1,366.96, while the Nasdaq composite index closed up 3.79 or 0.16% to 2,340.94.
Market breadth was positive. On the New York Stock Exchange, winners beat losers five to three on volume of 1.6 billion shares. On the Nasdaq market advancers topped decliners 17 to 12 as 2 billion shares changed hands.
The 12,000 mark signifies a good strong market, and is particularly important for investor confidence because it comes in the middle of earnings season amid concerns of a slowing U.S. economy. A lot of companies are beating expectations giving us the likelihood of double-digit earnings growth in the third quarter, and possibly another quarter of double-digit growth in the fourth. This suggests the economy is not weakening as much as people expected and that we may get something a little bit better than a soft landing which will help to power earnings.
The factory sector in the Philadelphia region was flat for a second straight month in October, with the index falling to negative 0.7 from negative 0.4 in September. The new orders index rose to 13.4 in October vs. negative 1.3 in September. The shipments index rose to 5.3 in October vs. negative 6.8 in September. The price paid index fell to 32.0 in October vs. 38.1 in September. The index of leading indicators, a gauge of future growth, rose 0.1% in September after falling in July and August. This suggests that economic growth should continue at the slow rate in the near term.
Stock of Apple Computer closed up $4.46 to $78.99, on reporting earnings that topped Wall Street expectations. Its profit soared 27% on strong sales of its Macintosh computers and iPod digital music players. Its income rose to $546 million, from $430 million last tear. Revenue jumped nearly 32% to $4.84 billion.
Shares of eBay closed down $0.29 to $28.49, despite better results that fell below expectations. The company also expects fourth-quarter revenue in a range from $1.62 billion to $1.68 billion, against the expected $1.60 billion to $1.73 billion. Net income during the third-quarter grew to $281 million, from the $255 million last year. Profit grew 30% to $332 million while net revenue rose 31% to $1.45 billion.
Stock of Advanced Micro Devices showed sign of the price war and closed down $3.22 or 13% to $21.01, on reporting improved earnings that fell short of expectations. Its third quarter net profit was $134.5 million, versus $76 million a year ago. These include a tax benefit of $21 million. Its average revenue rose 9% from the previous quarter while unit shipments were up 18%. This shows that the average selling price fell about 9%.
Shares of Citigroup closed down $0.32 to $49.87, despite reporting better-than-expected earnings. However, its revenue that fell short of forecasts. Its net income fell to $5.51 billion, from $7.14 billion last year. Income from continuing operations rose 6% to $5.3 billion, from $4.99 billion a year earlier.
Stock of Bank of America Corp closed down $0.55 to $53.26, despite reporting profits that topped estimate. Its third-quarter profit rose 41% to $5.42 billion, from $3.84 billion a year earlier. The EPS of $1.22 topped the average forecast of $1.16. Its revenue increased 32% to $18.65 billion. Card services revenue increased 137% to $5.33 billion. Fee income soared 57% to $10.07 billion, while lending income rose 11% to $8.59 billion.
Shares of Pfizer fell 1.5% to $27.48, despite reporting a dramatic jump in third-quarter earnings. It also announced that its top-line isn't expected to grow again until 2009. It plans to buyback $10 billion in its stock during 2007. For the quarter, it reported a net income of $3.36 billion, compared to $1.59 billion last year.
Shares of Nokia fell 2.6% to $19.35 after it reported a 4% drop in third-quarter profit as it booked a restructuring charge and margins eroded at its mobile-phone business. Nokia's results, nevertheless, topped expectations.
U.S. light crude gained 85 cents to settle at $58.50 a barrel on the New York Mercantile Exchange. Oil prices rose after Saudi Arabia said it supports a production cut of 1 million barrels a day.
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