Tech Giants Report and Unemployment Claims Rise: Market Recap
Stocks declined on Wall Street on Thursday. Although it has been a rough week for precious metals, gold closed the day nearly $60 above the low made on Monday. Meanwhile, the Dow and S&P 500 both declined and are on pace for their worst week of the year.
|DJIA: -0.56% to 14,537.10||S&P 500: -0.67% to 1,541.61||NASDAQ: -1.20% to 3,166.36|
|Gold: +$9.80 to $1,392.20 per ounce||Oil: +1.72% to $88.17 per barrel||U.S. 10-Year: -0.009 points to 1.686%|
The idea that the labor market recovery is losing steam is gaining more adherents. After the Labor Departments Employment situation report showed that employers added just 88,000 workers to their payrolls last month, following the solid 268,000 added in February, last weeks unemployment data showed that the number of Americans filing new claims for unemployment benefits rose 4,000 to a seasonally adjusted 352,000.
The Philadelphia Federal Reserve released the results of its Business Outlook Survey today. The general conditions diffusion index for manufacturing conditions within the district was 1.3 in April, slightly higher than the 2.0 reading registered in March. All told, 22 percent of firms reported increasing activity, while 21 percent of firms reported decreasing activity.
Unfortunately, labor market conditions turn a turn for the worst, with the employment index posting its first negative reading (-6.8) in three months. Seventeen percent of firms reported a decrease in employment, while just 10 percent reported an increase. The workweek index remained negative (-12.9) for the fourth consecutive month.
Here’s your Cheat Sheet to today’s top stock stories:
Google (NASDAQ:GOOG) closed the day down 2.13 percent but made back most of the losses early in post-market trading. The company reported that adjusted earnings increased 14.88 percent to $11.58 per share year over year, while revenue increased 3.43 percent to $11.01 billion… (Read more.)
IBM (NYSE:IBM) closed the day down 1.2 percent and fell as much as 4.6 percent more in post-market trading. The company reported that adjusted earnings increased 7.91 percent to $3.00 per share year over year, while revenue decreased 5.13 percent to $23.41 billion… (Read more.)
Microsoft (NASDAQ:MSFT) closed the day down fractionally but climbed as much as 2.3 percent in post-market trading. The company7 reported that adjusted earnings increased 20 percent to $0.72 per share year over year. Revenue rose 17.71 percent to $20.49 billion… (Read more.)
Verizon (NYSE:VZ) closed the day up 2.77 percent and was up fractionally in post-market trading. The company reported earnings of $0.68 per share, $0.02 above estimates. Revenue of $29.4 billion missed expectations by $0.16 billion. Wireless revenue was up 6.8 percent. Four million iPhone activations exceeded estimates, and188K FiOS Internet and 169K FiOS Video net additions as FiOS revenue rose 15.1 percent to $2.6 billion.
UnitedHealth (NYSE:UNH) closed the day down 3.77 percent after reporting first-quarter results. Earnings fell 11.45 percent on the quarter to $1.16 per share, beating estimates by 2 cents. Revenue increased 11 percent to $30.3 billion. The company lowered its 2013 revenue expectation by $2.5 billion to $122 billion, but maintained its earnings expectation of $5.52 per share.
Philip Morris (NYSE:PM) closed the day down 2.5 percent after reporting first-quarter results. Reported diluted earnings per share increased 2.4 percent to $1.28 (adjusted up 3.2 percent to $1.29). Cigarette shipment volume declined 6.5 percent, but reported net revenues (excluding excise tax) still increased 1.8% to $7.6 billion.
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