This was a very light economic day that was again sort of trumped by a Ben Bernanke speech, but this was to the Senate panel rather than yesterday's House panel. Earnings dominated the trends of the news and the markets spent all day trying to figure out if they wanted to be up or down. However, tech stocks have managed to rise and rise. And rise. Right before the closing bell, this looked to be the eleventh day up in a row. Here were today's unofficial closing bell levels:
Dow 8,881.26 -34.68 (-0.39%)
S&P 500 954.06 -0.52 (-0.05%)
Nasdaq 1,926.38 +10.18 (0.53%)
Major Analyst Upgrades
Advanced Micro Devices (NYSE: AMD) has changed its name to "Another Maddening Disappointment" after its earnings. It posted another loss and no actual earnings are in sight. Shares were down a whopping 13% at $3.52 late in the trading day.
Apple Inc. (NASDAQ: AAPL) beat earnings mightily as sales of Mac, iPhone, and iPods all were solid. Even the usual conservative guidance seemed better than what many expected as a usual tempering down or sandbagging of estimates. Shares were up $7.00 in early trading, but the end of day trading had shares up by about $5.50 at $157.00.
The Boeing Company (NYSE: BA) managed to beat tepid estimates with $1.41 EPS vs. $1.21 estimates. Despite maintaining some targets, further guidance will be updated later in the quarter and many of the metrics lacked much to be desired. Boeing stock was down 2% at $42.14 late in the trading session.
General Electric Company (NYSE: GE) noted that its GE Capital has received approval to exit the TLGP plan and will no longer issue government guaranteed short-term debt. Shares were up 1.3% at $11.62 late in the day.
Starbucks Corporation (NASDAQ: SBUX) proved that it doesn't always die with its boots on for earnings releases. The coffee retail destination was up 17% at $17.30 late in the trading day.
Yahoo! Inc. (NASDAQ: YHOO) was the surprise of the day after shares were down 4% initially. The number 2 search player managed to beat earnings with a report of $0.10 EPS vs. $0.08 estimates last night, but guidance looked soft on revenues. Shares were actually up 2.4% at $17.16 late in the trading day.
Nuclear power is on the comeback trail
Apple backs AT&T in continuing spat with Verizon
Closing Bell: The recession is still over, still... do you feel it?
Reader Comments (Page 1 of 1)
7-22-2009 @ 5:00PM
Wily said...
No need to worry about the American economy. America is doing A OK when a corporation that sells overpriced coffee can do as well as SBUX did today. Forget the foreclosures. Forget the deficit. Don't worry about a little public health care plan. America can obviously afford it.