Post Market Update
Stocks that were active in U.S. trading on Wednesday include Facebook Inc (NASDAQ:FB), Apple Inc. (NASDAQ:AAPL), Ford Motor Company (NYSE:F), VMware, Inc. (NYSE:VMW) and Hanesbrands Inc. (NYSE:HBI).
- U.S.: Dow Jones: 15,522.95 (-0.29%), S&P 500: 1,684.0 (-0.49%), Nasdaq: 3,577.58 (-0.05%)
- World Markets: Shanghai: 2,033.33 (-0.52%), Nikkei 225: 14,731.28 (-0.32%), Hang Seng Index: 21,968.93 (+0.24%), TSEC: 8,196.19 (-0.22%), FTSE 100: 6,620.43 (+0.35%), EURO STOXX 50: 2,752.25 (+1.08%), BSE Sensex: 20,090.68 (-1.04%)
- Metals: Gold: $1,319.70 (-1.12%), Silver: $20.02 (-1.16%), Platinum: $1,455.20 (+0.84%)
- Currency: EUR/USD: 1.3195 (-0.29%), USD/JPY: 100.17 (+0.72%), GBP/USD: 1.5315 (-0.50%), USD/CAD: 1.0317 (+0.35%), USD/CNY: 6.1360 (-0.02%), AUD/USD: 0.9155 (-1.52%)
- 10 year U.S. Treasury: 2.49% (-0.03), 30 year U.S. Treasury: 3.58% (-0.03)
Market & Economy Update
Data showed today that new home sales in the U.S. rose 8.35 in June, the fastest pace in five years. The Commerce Department said that the housing market is strengthening. The benchmark stock indexes headed lower after President Barack Obama unveiled his much-awaited economic agenda. Dow Jones Industrial Average skidded 26.11 points to 15,541.63, the S&P 500 Index fell 6.44 points to 1,685.95, while Nasdaq rose 0.33 points to 3,579.60.
Stocks In Focus
Facebook Inc (NASDAQ:FB)
Facebook reported its second quarter earnings today after the bell. Facebook posted 19 cents a share in earnings and $1.81 billion in revenues, beating the consensus estimate of 14 cents and $1.62 billion respectively. Facebook shares closed the session up 1.45%, but surged another 15.20% in after hours trading to $30.54 as results crushed Wall Street expectations. Facebook said the number of active mobile users surged 51% to 819 million.
Apple Inc. (NASDAQ:AAPL)
Apple’s third quarter earnings declined 22% as iPad sales fell and gross margins weakened. However, results handily beat Wall Street expectations due to stronger than expected iPhone sales. Apple posted Q3 earnings of $7.47 a share with $35.3 billion in revenues. Analysts polled by Thompson Reuters were expecting $7.32 in earnings and $35 billion in revenues. Apple shipped 31.2 million iPhones and 14.6 million iPads during the quarter. Apple shares surged 5.16% to end the trading session at $440.61.
Ford Motor Company (NYSE:F)
The second largest U.S. automaker reported second quarter earnings of 45 cents a share or $1.2 billion, beating the consensus estimate of 37 cents per share. Revenues surged 15% to $38.1 billion amid strong demand for F-Series trucks and Fusion cars. The automaker also issued upbeat guidance for the full year. Shares soared 2.54% to $17.40 at the end of the trading session.
VMware, Inc. (NYSE:VMW)
The company’s Q2 earnings surged 27% due to stronger margins and double-digit increase in services revenues. The virtualization software maker also raised its full year revenue guidance. Shares jumped 16.72% to close the trading session at $83.20.
Hanesbrands Inc. (NYSE:HBI)
The consumer goods company has agreed to acquire Maidenform in a $575 million deal. Hanesbrands said Maidenform complements its intimate apparel brands. Hanesbrands announced it will pay $23.50 cash per Maidenform share, a 23% to Maidenform’s closing price on Tuesday. Hanesbrands shares gained 7.91% to $57.58.