Stock Market News for April 23, 2012 - Market News
23 Abril 2012 - 6:06AM
Zacks
A slew of strong corporate results
countered the slump in financial and technology shares to help
benchmarks end mixed. The Dow and S&P 500 ended modestly higher
on Friday and recorded their first weekly gains for the month. The
Nasdaq not only finished in the negative territory on Friday, but
also lost out on a seat in the green for the week.
The Dow Jones Industrial Average
(DJI) gained 0.5% to settle at 13,029.26. The Standard & Poor
500 (S&P 500) edged up 0.1% to finish Friday’s trading session
at 1,378.53. The tech-laden Nasdaq Composite Index dropped 0.2% and
ended lower at 3,000.45. The CBOE Volatility Index (VIX) plunged
5.0% to settle at 17.44. Consolidated volumes on the New York Stock
Exchange, the Nasdaq and American Stock Exchange were roughly 6.68
billion shares, somewhat lower than this year’s daily average of
6.78 billion. Advancers had a better day than the declining stocks;
as for every couple of stocks that climbed on the NYSE, a single
stock traded lower.
This was a week when the benchmarks
recorded their best performance in almost a month, with Nasdaq
enjoying its best run of the year. However, the robust gains were
pitted against declines on few other days of the week. Eventually,
the gains for Dow and S&P 500 were uninspiring, and the Nasdaq
lost all its gains for the week. With the earnings season in full
force, corporate results impacted the markets alongside European
economic developments through the week. Separately, domestic
economic data also guided the benchmarks on certain occasions, both
positively and negatively. At the end of the week, the Dow and
S&P 500 gained 1.4% and 0.6%, respectively, but Nasdaq dropped
0.4%.
While the Dow managed to climb back
over its key level of 13, 000, Nasdaq just about managed to sustain
its own key level. Movement in shares of Apple Inc. (NASDAQ:AAPL)
often guides the Nasdaq since it is Nasdaq’s biggest component and
is also the most valued company in the world. On Friday, shares of
the iPad and iPhone maker declined 2.5%.
Nasdaq’s fall on Friday was not
only linked to Apple’s decline, but the broader technology sector
also ended in the red. The Technology Select Sector SPDR (XLK)
ended 0.4% lower, limiting the gains of other benchmarks. Among
tech shares, SanDisk Corp. (NASDAQ:SNDK) suffered one its biggest
declines and it slumped 11.3%. The chipmaker not only failed to
beat estimates but issued a weak guidance. It issued its second
warning on revenues and management stated that they believe price
declines will continue into the second quarter. With these concerns
weighing on investors’ mind, the company’s rivals Broadcom Corp.
(NASDAQ:BRCM) and Micron Technology Inc. (NASDAQ:MU) lost 2.7% and
5.2%, respectively.
Dismal performance by financial
stocks further dampened sentiment and dragged the benchmarks from
day’s highs. The Financial Select Sector SPDR (XLF) was down 0.5%
and shares including Bank of America Corporation (NYSE:BAC),
Citigroup, Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM) and
Morgan Stanley (NYSE:MS) slumped 4.7%, 2.8%, 1.2% and 3.3%,
respectively.
Declines in technology and
financial stocks somewhat disrupted the benchmarks’ rally, which
was sparked off by encouraging corporate results. Investor
sentiment was buoyed since the morning by encouraging earnings
surprises from Schlumberger Limited (NYSE:SLB), Honeywell
International Inc. (NYSE:HON) and General Electric Company
(NYSE:GE). Each of these companies is a key element for their
individual sectors and they gained 2.7%, 2.4% and 1.2%,
respectively, following the results. Separately, McDonald's Corp.
(NYSE:MCD) also came out with its results and reported in-line
earnings and revenues in its first quarter. Tech bellwether
Microsoft Corporation (NASDAQ:MSFT) had reported earnings that
topped the estimates after the closing bell on Thursday. Microsoft
did lower its estimates, but strength in the PC market was a key
positive for the company.
APPLE INC (AAPL): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BROADCOM CORP-A (BRCM): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
GENL ELECTRIC (GE): Free Stock Analysis Report
HONEYWELL INTL (HON): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
MCDONALDS CORP (MCD): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
MICROSOFT CORP (MSFT): Free Stock Analysis Report
MICRON TECH (MU): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
SANDISK CORP (SNDK): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Schlumberger (NYSE:SLB)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024