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Apple Earnings Help Propel US Stocks to New Record High
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities jumped higher thanks to a strong post-earnings rally from Apple (NASDAQ:AAPL). The tech stock was as much as 3% higher today despite earnings being worse-than-expected and lowering its guidance for the coming quarter. The S&P 500 (INDEXSP:.INX) traded in a four point range for most of the session, but managed to close at a new record high. Healthcare stocks led today thanks to a positive report from Puma Biotech (NASDAQ:PBYI) that its breast cancer drug yielded positive results, which caused the stock to quadruple.

The SEC adopted a new set of rules for money-markets funds that will allow institutional class funds to use a floating share price and impose withdrawal fees during times of stress. Funds for individual investor will continue to have a fixed share price of $1 and will not be subject to any exit fees. The new rules were adopted by a 3-2 vote.

Facebook (NYSE:FB) reported earnings after the close, beating expectations by a country mile. Earnings-per-share rose to $0.42 versus $0.32 expected and revenues of $2.91 billion versus $2.81 billion expected. Mobile ad revenues accounted for 62% of total revenues, as was expected. However, user growth continued to slow, and was not up to expectations. Mobile users only rose by 39% from the prior quarter. The stock was little changed in post-market trading immediately after the report.

Tomorrow's Financial Outlook

The most significant economic report scheduled in the US tomorrow is June new home sales. The sales, which represent contracts signed within the last month, is expected to fall to an annualized rate of 475,000 from 504,000 in the month prior. Weekly jobless claims are expected to remain near their 4-week average of 309,000. Lastly, the preliminary July manufacturing index from Markit will be released.

Overnight the Chinese private preliminary manufacturing PMI for July will be released. It is expected to show a further increase to 51.0 from 50.7 last month, the fourth straight of increases. Last month was the first time this year that the index was above 50, which signals expansion in the manufacturing survey. A similar report is scheduled to be reported in the eurozone in the morning.

Tomorrow will be the busiest day of the week for earnings report, and perhaps for the entire season with 71 major companies reporting. Notable reports include General Motors (NYSE:GM), Ford (NYSE:F), Nasdaq (NASDAQ:NDAQ), Caterpillar (NYSE:CAT), Cliffs Natural Resources (NYSE:CLF), Starbucks (NASDAQ:SBUX), Amazon.com (NASDAQ:AMZN), Visa (NYSE:V), Dunkin Brands (NASDAQ:DNKN), and Bristol-Myers (NYSE:BMY).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Apple Earnings Help Propel US Stocks to New Record High
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities jumped higher thanks to a strong post-earnings rally from Apple (NASDAQ:AAPL). The tech stock was as much as 3% higher today despite earnings being worse-than-expected and lowering its guidance for the coming quarter. The S&P 500 (INDEXSP:.INX) traded in a four point range for most of the session, but managed to close at a new record high. Healthcare stocks led today thanks to a positive report from Puma Biotech (NASDAQ:PBYI) that its breast cancer drug yielded positive results, which caused the stock to quadruple.

The SEC adopted a new set of rules for money-markets funds that will allow institutional class funds to use a floating share price and impose withdrawal fees during times of stress. Funds for individual investor will continue to have a fixed share price of $1 and will not be subject to any exit fees. The new rules were adopted by a 3-2 vote.

Facebook (NYSE:FB) reported earnings after the close, beating expectations by a country mile. Earnings-per-share rose to $0.42 versus $0.32 expected and revenues of $2.91 billion versus $2.81 billion expected. Mobile ad revenues accounted for 62% of total revenues, as was expected. However, user growth continued to slow, and was not up to expectations. Mobile users only rose by 39% from the prior quarter. The stock was little changed in post-market trading immediately after the report.

Tomorrow's Financial Outlook

The most significant economic report scheduled in the US tomorrow is June new home sales. The sales, which represent contracts signed within the last month, is expected to fall to an annualized rate of 475,000 from 504,000 in the month prior. Weekly jobless claims are expected to remain near their 4-week average of 309,000. Lastly, the preliminary July manufacturing index from Markit will be released.

Overnight the Chinese private preliminary manufacturing PMI for July will be released. It is expected to show a further increase to 51.0 from 50.7 last month, the fourth straight of increases. Last month was the first time this year that the index was above 50, which signals expansion in the manufacturing survey. A similar report is scheduled to be reported in the eurozone in the morning.

Tomorrow will be the busiest day of the week for earnings report, and perhaps for the entire season with 71 major companies reporting. Notable reports include General Motors (NYSE:GM), Ford (NYSE:F), Nasdaq (NASDAQ:NDAQ), Caterpillar (NYSE:CAT), Cliffs Natural Resources (NYSE:CLF), Starbucks (NASDAQ:SBUX), Amazon.com (NASDAQ:AMZN), Visa (NYSE:V), Dunkin Brands (NASDAQ:DNKN), and Bristol-Myers (NYSE:BMY).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Daily Recap
Apple Earnings Help Propel US Stocks to New Record High
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US equities jumped higher thanks to a strong post-earnings rally from Apple (NASDAQ:AAPL). The tech stock was as much as 3% higher today despite earnings being worse-than-expected and lowering its guidance for the coming quarter. The S&P 500 (INDEXSP:.INX) traded in a four point range for most of the session, but managed to close at a new record high. Healthcare stocks led today thanks to a positive report from Puma Biotech (NASDAQ:PBYI) that its breast cancer drug yielded positive results, which caused the stock to quadruple.

The SEC adopted a new set of rules for money-markets funds that will allow institutional class funds to use a floating share price and impose withdrawal fees during times of stress. Funds for individual investor will continue to have a fixed share price of $1 and will not be subject to any exit fees. The new rules were adopted by a 3-2 vote.

Facebook (NYSE:FB) reported earnings after the close, beating expectations by a country mile. Earnings-per-share rose to $0.42 versus $0.32 expected and revenues of $2.91 billion versus $2.81 billion expected. Mobile ad revenues accounted for 62% of total revenues, as was expected. However, user growth continued to slow, and was not up to expectations. Mobile users only rose by 39% from the prior quarter. The stock was little changed in post-market trading immediately after the report.

Tomorrow's Financial Outlook

The most significant economic report scheduled in the US tomorrow is June new home sales. The sales, which represent contracts signed within the last month, is expected to fall to an annualized rate of 475,000 from 504,000 in the month prior. Weekly jobless claims are expected to remain near their 4-week average of 309,000. Lastly, the preliminary July manufacturing index from Markit will be released.

Overnight the Chinese private preliminary manufacturing PMI for July will be released. It is expected to show a further increase to 51.0 from 50.7 last month, the fourth straight of increases. Last month was the first time this year that the index was above 50, which signals expansion in the manufacturing survey. A similar report is scheduled to be reported in the eurozone in the morning.

Tomorrow will be the busiest day of the week for earnings report, and perhaps for the entire season with 71 major companies reporting. Notable reports include General Motors (NYSE:GM), Ford (NYSE:F), Nasdaq (NASDAQ:NDAQ), Caterpillar (NYSE:CAT), Cliffs Natural Resources (NYSE:CLF), Starbucks (NASDAQ:SBUX), Amazon.com (NASDAQ:AMZN), Visa (NYSE:V), Dunkin Brands (NASDAQ:DNKN), and Bristol-Myers (NYSE:BMY).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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