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The Markets Now: Stocks Mixed After Tech Company Earnings Reports


Plus, Google and Microsoft beat earnings estimates.

The Dow (INDEXDJX:.DJI) lagged behind the other indices today, decreasing 0.30% to 14372.58. The S&P 500 (INDEXSP:.INX) climbed 0.56% to 1,550.22, and the Nasdaq (INDEXNASDAQ:.IXIC) rose 1.07% to 3,200.12, helped by earnings reports from Google (NASDAQ:GOOG) and Microsoft (NASDAQ:MSFT).

No major economic reports were released today.

Google rose 2.75% to $787. Yesterday the Internet company reported a first-quarter profit of $3.35 billion, or $9.94 per share, versus $2.89 billion, or $8.75 per share, in the prior-year quarter. Adjusted profit was $11.58 per share, beating analysts' projections of $10.68 according to Bloomberg. Adjusted revenue was $11.01 billion compared to $8.14 billion in the prior year quarter.

Microsoft increased 3.09% to $29.68. The software and technology company reported that its third-quarter net income increased 19% year-over-year to $6.06 billion, or $0.72 per share, beating the average analyst estimate of $0.68, according to Bloomberg. Revenue increased 18% year-over-year to $20.5 billion.

Dell (NASDAQ:DELL) fell 3.73% to $13.43. Blackstone (NYSE:BX) has pulled out of bidding for Dell. CEO Michael Dell and Silver Lake Partners remain the two active bidders.

IBM (NYSE:IBM) plunged 7.65% to $191.30. The technology company reported a first-quarter net income of $3 billion, or $2.70 per share, versus $3.8 billion, or $2.61 per share. Analysts expected net income of $3.05, according to Bloomberg. Revenue declined 5% to $23.4 billion.

The company also announced today that it may cut up to 1,400 jobs in France over the next two years.

Gilead Sciences (NASDAQ:GILD) spiked 5.79% to $53.81. Gilead has hit a new 52-week high. The biopharmaceutical company reached its previous 52-week high of $52.01 on April 16.

Twitter: @ChrisWitrak
No positions in stocks mentioned.
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