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The Markets Now: Stocks Little Changed After Mixed Earnings, Weak Durable Goods Reports


Plus, mortgage loan application volume increased last week.

The major stock indices have stayed near their opening values today after the release of mixed earnings results and the release of a weak durable goods reading for March. The Dow (INDEXDJX:.DJI) decreased 0.27% to 14,679.34. The S&P 500 (INDEXSP:.INX) dropped 0.07% to 1,577.72, and the Nasdaq (INDEXNASDAQ:.IXIC) fell 0.29% to 3,259.83.

The US Census Bureau reported today that new orders decreased $13.1 billion, or 5.7%, to $216.3 billion in March, the largest decrease in seven months. Excluding transportation, total new orders decreased 1.4%. New orders for transportation equipment fell $11 billion, or 15%, to $62.4 billion in March. Read the full report here.

The Mortgage Bankers Association, or MBA, reported in its Weekly Applications Survey today that the Market Composite Index, which measures mortgage loan application volume, increased a seasonally adjusted 0.2% for the week ending April 19. The Refinance Index increased 0.3% week-over-week. The Purchase Index increased a seasonally adjusted 0.3% week-over-week to its highest level since May 2010. Read the press release here.

The Energy Information Administration, or EIA, reported today that US commercial crude oil inventories, which excludes the inventories of the Strategic Petroleum Reserve, increased a weekly 0.9 million barrels for the week ending April 19 to 388.6 million barrels. Total motor gasoline inventories decreased by 3.9 million barrels last week, and distillate fuel inventories increased 0.1 million barrels last week. Refineries operated at 83.5% of their operable capacity last week. Read the full report here.

The US Treasury Department will conduct its monthly auction of the 5-year Treasury note today at 1 p.m. EDT.

AT&T (NYSE:T) plunged 5.64% to $36.80. The US mobile service company reported a first-quarter profit yesterday of $3.7 billion, or $0.67 per share, versus $3.58 billion, or $0.60 per share, in the prior-year quarter. Revenue declined to $31.36 billion from $31.82 billion from a year ago. The company added a net 296,000 subscribers during the first quarter.

Procter & Gamble (NYSE:PG) fell 5.11% to $77.75. The producer of consumer products reported a fiscal third-quarter net income of $2.57 billion, or $0.88 per share, compared to $2.41 billion, or $0.82 per share, in the prior-year quarter. Revenue climbed 2% year-over-year to $20.6 billion. The company expects to report earnings per share of between $0.69 and $0.77 for its fiscal fourth quarter ending on June 6. The average analyst estimate according to data compiled by Bloomberg is $0.81.

Boeing (NYSE:BA) increased 3.40% to $91.18. The aircraft maker reported a first-quarter profit today of $1.87 billion, or $1.73 per share, compared to $1.77 billion, or $1.40 per share, in the prior-year quarter. Revenue fell 2.5% year-over-year to $18.9 billion. A decline in 787 deliveries and US budget cuts hurt revenue.

Corning (NYSE:GLW) rose 5.14% to $13.81. The specialty glass maker reported today a first-quarter net income of $494 million, or $0.33 per share, compared to $474 million, or $0.31 per share, in the prior-year quarter. Excluding items, Corning earned $0.30 per share. Revenue remained little changed year-over-year at $1.81 billion. Strong demand for its Gorilla Glass helped sales.

First Solar (NASDAQ:FSLR) spiked 11.85% to $45.12. The solar energy company announced yesterday that it has sold its 139-megawatt Campo Verde Solar Project in California to Southern Power, a subsidiary of Southern Co. (NYSE:SO). The price has not been disclosed.

Twitter: @ChrisWitrak
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