Roundup: U.S. stocks end mixed amid earnings reports
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E-mail Xinhua, July 23, 2017
NEW YORK, July 22 (Xinhua) -- U.S. stocks wavered and ended mixed for the week amid earnings reports, with the S&P and the Nasdaq eking out gains and the Dow mildly falling.
For the week, the blue-chip Dow fell 0.3 percent, and the broader S&P 500 gained 0.5 percent, while the tech-heavy Nasdaq increased 1.2 percent, respectively.
Investors mainly focused on second-quarter earnings reports from major companies.
General Electric reported a 12-percent drop in revenue from a year earlier on Friday. Its net profit slumped 58 percent to 15 cents a share, in the quarter ended June 30, from 36 cents a share a year earlier.
The wireless network operator T-Mobile U.S. said on Thursday that its profit surged to 67 cents a share from 25 cents a year earlier and came in far higher than expectations of 38 cents. Moreover, the company added 1.3 million customers over the three-month period.
Wall Street giant Morgan Stanley said on Wednesday that the company earned 87 cents per share for the second quarter, 11 cents a share above market estimates.
Morgan Stanley also raised its dividend 25 percent and added 5 billion U.S. dollars to its share repurchase program. The company's shares rose more than 3 percent after the report.
U.S. technology company IBM reported on Wednesday that its adjusted quarterly profit was 2.97 dollars per share, beating estimates of 2.74 dollars a share.
However, the firm's revenue fell short of estimates and declined for the 21st consecutive quarter. IBM also saw profit margins drop across all its units. Its stock slumped over 4 percent after the report.
The online video company Netflix said it added 5.2 million total memberships during its second quarter.
Goldman Sachs reported earnings of 3.95 dollars a share earlier Tuesday, beating market estimates of 3.39 dollars. Goldman's revenue of 7.89 billion dollars fell from 7.93 billion dollars, but beat expectations of 7.52 billion dollars.
However, the bank reported a 17-percent decrease in trading revenues, the steepest of any big bank to report second-quarter earnings yet.
Bank of America also posted quarterly results that beat expectations. Its stock, however, was pressured by a 9-percent decline in trading revenue.
On the economic front, the number of Americans filing for unemployment benefits fell more than expected last week, touching its lowest level in nearly five months, suggesting another month of strong job growth.
In the week ending July 15, the advance figure for seasonally adjusted initial jobless claims was 233,000, a decrease of 15,000 from the previous week's revised level, the Labor Department said on Thursday. The latest reading was lower than market consensus of a 246,000-decline. Enditem
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