Post Market News
Stocks that were active in U.S. trading on Thursday were The Dow Chemical Company (NYSE:DOW), Verizon Communications Inc. (NYSE:VZ), United Parcel Service, Inc. (NYSE:UPS), Zynga Inc (NASDAQ:ZNGA) and Intuit Inc. (NASDAQ:INTU).
- U.S.: Dow Jones: 14,692.92 (+0.11%), S&P 500: 1,585.17 (+0.40%), Nasdaq: 3,289.99 (+0.62%)
- World Markets: Shanghai: 2,199.31 (-0.86%), Nikkei 225: 13,926.08 (+0.60%), Hang Seng Index: 22,401.24 (+0.98%), TSEC: 8,021.75 (-0.02%), FTSE 100: 6,442.59 (+0.17%), EURO STOXX 50: 2,704.41 (+0.09%), BSE Sensex: 19,406.85 (+1.19%)
- Metals: Gold: $1462 (+2.69%), Silver: $24.14 (+5.72%), Platinum: $1464.10 (+2.33%)
- Currency: EUR/USD: 1.3016 (-0.05%), USD/JPY: 99.34 (-0.17%), GBP/USD: 1.5443 (+1.15%), USD/CAD: 1.0202 (-0.52%), USD/CNY: 6.1710 (-0.12%), AUD/USD: 1.0297 (+0.13%)
- 10 year U.S. Treasury: 1.71% (-0.01), 30 year U.S. Treasury: 2.93% (+0.01)
Market And Economy Update
U.S. markets ended the session higher today as the Dow Jones Industrial Average gained 16.62 points to 14,692.92, S&P 500 Index rose 6.37 points to 1585.16 and Nasdaq was up 20.34 points to 3289.99. European and Asian markets also ended the session higher today, except Shanghai which was down 0.86 percent. The derivatives market was negatively affected as the Chicago Board Options Exchange opened three-and-a-half hours late for trading today due to a problem with its computers.
Data showed that jobless claims last week fell to 339,000, the second lowest figure in over five years.
Stocks In Focus
The Dow Chemical Company (NYSE:DOW)
The Midland, Michigan-based chemical giant reported its first quarter earnings today which handily beat Wall Street estimates due to better expense controls and lower costs of raw materials. Dow Chemical earned 69 cents per share, compared to analysts' average estimate of 61 cents. Revenues came at $14.4 billion. Shares surged 5.35 percent to close the session at $33.89.
Verizon Communications Inc. (NYSE:VZ)
The wireless carrier has hired legal and banking advisers to prepare for a $100 billion deal with its British joint venture partner Vodafone Group Plc (ADR) (NASDAQ:VOD) to acquire the remaining stake in Verizon Wireless. Verizon Communications already owns a 55 percent stake in Verizon Wireless. Though the company will start a friendly discussion with its British partner, it may push aggressively for the deal. Verizon shares were up 2.74 percent to $53.22 at the end of the trading session.
United Parcel Service, Inc. (NYSE:UPS)
The company's first quarter earnings crushed Wall Street estimates despite a challenging global economic environment. UPS said its revenues and earnings were helped by exports and e-commerce. The company's net profit rose 4 percent to $1.04 a share, while revenues came in at $13.43 billion. UPS reiterates its full-year earnings guidance of $4.80 to $5.06 per share. The stock rose 2.30 percent to close the session at $85.42.
Zynga Inc (NASDAQ:ZNGA)
The social game developer swung to a first quarter profit. The company earned 1 cent per share on revenues of $230 million. Analysts were expecting a loss of 3 cents a share on revenues of $210 million. However, Zynga issued downbeat guidance for the current quarter revenues. It expects a revenue of $225 million to $235 million, much lower than the consensus estimate of $260.1 million. Shares plunged 6.54 percent to $3.13 at the end of the session.
Intuit Inc. (NASDAQ:INTU)
The business and financial management solutions provider lowered its forecast for the current quarter and full year to below Wall Street consensus. Intuit is hit hard by continued weaknesses in its core tax-preparation business. The company expects Q3 earnings of $2.92 to $2.94 a share with $2.17 billion to $2.18 billion n revenues. Analysts were expecting $2.25 billion in revenues and $3.01 in earnings. Shares skidded 11.06 percent to close the trading session at $57.09.