Yahoo’s Strong Earnings and Chevron’s Legal Troubles: Market Recap
The markets were mixed. The S&P 500 closed just a fraction above 1,500, weighed down by housing data that showed that pending home sales declined in December. On the other end of the spectrum, durable goods orders rose 4.6 percent for December, following just a 0.7 percent gain in November.
At the close: DJIA: -0.10%, S&P 500: -0.18%, NASDAQ: +0.15%.
On the commodities front, Oil (NYSE:USO) climbed 0.69 percent to $96.54 per barrel. Precious metals dropped, with Gold (NYSE:GLD) falling 0.13 percent to $1,656.60 per ounce, and Silver (NYSE:SLV) falling 1.04 percent to $30.88 per ounce. The yield on the 10-year T-bill climbed 0.013 points to 1.962 percent.
Caterpillar (NYSE:CAT) climbed 1.96 percent after its fourth-quarter earnings came in stronger than expected. Net income dropped 55 percent year over year to $697 million, or $1.91 per diluted share, while revenue decreased 6.7 percent to $16.08 billion… (Read more.)
Seagate Technology (NASDAQ:STX) reported fiscal second-quarter results that came in ahead of expectations but still had the stock off slightly in after-hours trading. The company reported net income of $1.38 per share, ahead of expectations for $1.28 per share, and a 7.1 percent decline year over year. Revenue climbed to $3.7 billion, beating expectations for $3.58 billion.
Yahoo (NASDAQ:YHOO) climbed nearly 4 percent in after-hours trading after releasing fourth-quarter results that beat expectations. Net income dropped 4.25 percent to $283 million, or $0.32 per share, ahead of expectations for $0.28 per share. Revenue of $1.22 billion came in just ahead of estimates for $1.21 billion… (Read more.)
Research in Motion (NASDAQ:RIMM) tripped over an analyst comment on Monday morning and fell as much as 7.6 percent before bouncing back slightly. RBC Capital predicts that the company’s stock will will fall after the BlackBerry 10 event on Wednesday because many of the details of the new platform have been leaked already. RIM’s BlackBerry 10 launch has been framed as an all-or-nothing ordeal for months, and just two days before the event it’s clear that investor sentiment is all over the place…. (Read more.)
Amazon (NASDAQ:AMZN) is expected to post a loss for 2012 this Thursday, yet the company’s stock price is at an all-time high and a majority of analysts rate it a ‘buy.’ For the fourth quarter, current estimates call for the Internet retailer to post revenues of $22.27 billion, an increase of 27.8 percent from the year-ago quarter, with a profit of $0.28 per share, compared to the $0.38 per share reported in the fourth quarter last year… (Read more.)
Often, when a ruling is reached, legal wrangling comes to an end. But for Chevron (NYSE:CVX), it has been just the opposite. Since Ecuadorian authorities issued a $18.2 billion judgement against the oil and gas producer in February of 2011 for illegally dumping waste products in the Amazon by Lago Agrio, only more problems have materialized… (Read more.)
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