Post Market News
Stocks that were active in U.S. trading today include Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), Halliburton Company (NYSE:HAL), Caterpillar Inc. (NYSE:CAT) and Power One Inc (NASDAQ:PWER).
Dov Gertzulin's DG Capital is having a strong year. According to a copy of the hedge fund's letter to investors of its DG Value Partners Class C strategy, the fund is up 36.4% of the year to the end of June, after a performance of 12.8% in the second quarter. The Class C strategy is Read More
- U.S.: Dow Jones: 14,567.09 (+0.13%), S&P 500: 1,562.50 (+0.47%), Nasdaq: 3,233.55 (+0.86%)
- World Markets: Shanghai: 2,242.17 (-0.11%), Nikkei 225: 13,568.37 (+1.89%), Hang Seng Index: 22,044.37 (+0.14%), TSEC: 7,970.38 (+0.50%), FTSE 100: 6,280.62 (-0.09%), EURO STOXX 50: 2,583.62 (+0.33%), BSE Sensex: 19,169.83 (+0.83%)
- Metals: Gold: $1421.20 (+1.83%), Silver: $23.32 (+1.59%), Platinum: $1436.80 (+0.91%)
- Currency: EUR/USD: 1.3059 (-0.02%), USD/JPY: 99.41 (-0.14%), GBP/USD: 1.5279 (+0.31%), USD/CAD: 1.0260 (-0.04%), USD/CNY: 6.1826 (+0.08%), AUD/USD: 1.0269 (-0.11%)
- 10 year U.S. Treasury: 1.69% (-0.01), 30 year U.S. Treasury: 2.89% (-0.01)
Market And Economy News
U.S. markets started the week on a positive note. The Dow Jones Industrial Average surged 19.58 points to close the session at 14,567.09, S&P 500 Index rose 7.25 points to 1,562.50, and Nasdaq was up 27.49 points to 3,233.54. As the equity markets rose, the dollar fell against the yen to 98.28 after the G20 countries approved Japan’s massive stimulus program.
Data suggested that existing home sales declined in March. The National Association of Realtors said that the existing home sales were down 0.6 percent to 4.92 million units in March.
Stocks In Focus
Microsoft Corporation (NASDAQ:MSFT)
ValueAct Capital has taken a massive position in the world’s largest software company. The activist investor has spent $2 billion to purchase about 67.2 million shares of Microsoft, which brings ValueAct among the top 15 investors in the company. ValueAct invests in companies that are fundamentally undervalued, and then works with the company management to generate superior returns. Microsoft shares closed the session 3.58 percent higher to $30.83.
Apple Inc. (NASDAQ:AAPL)
The iPhone maker is scheduled to announce its second quarter earnings tomorrow. Wall Street expects the company’s profits to decline for the first time in a decade despite strong sales. Analysts expect $42.49 billion in revenues and $10.07 in earnings. Apple Inc. (NASDAQ:AAPL) had earned $12.30 on sales of $39.19 billion in the same period a year ago. Many expect Apple to raise quarterly dividends. Shares were up 2.08 percent to $398.67.
Halliburton Company (NYSE:HAL)
The oil services company incurred $18 million in losses in the first quarter due to litigation charges. Excluding one-time items, Halliburton earned a profit of 67 cents per share on sales of $6.97 billion. Earnings and revenues handily beat Wall Street expectations. Shares closed the session 5.59 percent higher at $39.29.
Caterpillar Inc. (NYSE:CAT)
After posting a 55 percent decline in fourth quarter 2012 earnings, the heavy equipment maker again disappointed investors as first quarter profits fell 45 percent. The Peoria, Illinois-based company earned $880 million or $1.31 share, about 45 percent lower than 1Q 2012. Sales also plunged 17 percent YoY to $13.2 billion. Analysts were expecting $1.39 in earnings and $13.69 billion in revenues. The company also lowered its full-year forecast. However, losses were much less than the average decline in mining and construction equipment sales. Shares were up 2.83 percent to $82.71 at the end of today’s session.
Power One Inc (NASDAQ:PWER)
Swiss automation giant ABB Ltd. announced today that it will acquire the power supply products maker for $1.03 billion or $6.35 per share. The Power One board has agreed to ABB’s proposal. Shares surged 56.68 percent to $6.33 at the end of the session.