Post Market Update
Stocks that were active in the U.S. trading on Wednesday were Google Inc. (NASDAQ:GOOG), Apple Inc. (NASDAQ:AAPL), Macy’s, Inc. (NYSE:M), Vipshop Holdings Ltd. (NYSE:VIPS) and Agilent Technologies Inc. (NYSE:A).
- U.S.: Dow Jones: 15,269.16 (+0.35%), S&P 500: 1,658.77 (+0.51%), Nasdaq: 3,471.62 (+0.26%)
- World Markets: Shanghai: 2,224.80 (+0.35%), Nikkei 225: 15,096.03 (+2.29%), Hang Seng Index: 23,044.24 (+0.50%), TSEC: 8,318.59 (+0.81%), FTSE 100: 6,693.55 (+0.11%), EURO STOXX 50: 2,809.58 (+0.50%), BSE Sensex: 20,212.96 (+2.49%)
- Metals: Gold: $1396.20 (-1.99%), Silver: $22.66 (-3.08%), Platinum: $1490.70 (-0.75%)
- Currency: EUR/USD: 1.2876 (-0.46%), USD/JPY: 102.31 (+0.06%), GBP/USD: 1.5221 (+0.01%), USD/CAD: 1.0175 (-0.03%), USD/CNY: 6.1459 (+0.05%), AUD/USD: 0.9873 (-0.05%)
- 10 year U.S. Treasury: 1.95% (0.00%), 30 year U.S. Treasury: 3.17% (+0.01)
Market & Economy Update
Eurozone economy slipped back into recession after poor GDP data from Germany and France. The European Union economy shrank 0.2 percent in the first quarter, and ECB estimates the 17-nation economy to contract 0.5 percent this year. However, the Bank of England upgraded its growth outlook for British economy.
Stock markets around the world ended the day higher. The Dow Jones Industrial Average gained 53.91 points to 15,269.16, the S&P 500 Index surged 8.44 points to 1,658.78, while Nasdaq was up 9.01 points to 3,471.62.
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Stocks In Focus
Google Inc. (NASDAQ:GOOG)
The search engine giant has signed licensing agreements with Sony Music Entertainment, Warner Music Group and Universal Music Group to provide subscription music streaming service similar to Spotify. Google said at its I/O conference that it has also overhauled its mapping service. Shares soared 3.25 percent to $915.89 at the end of trading.
Apple Inc. (NASDAQ:AAPL)
Shares of the iPhone maker plunged after David Tepper’s Appaloosa Management LP and Julian Robertson’s Tiger Management LLC dumped Apple shares in the first quarter. Appaloosa Management reduced its holdings in Apple by 41 percent, while Tiger Management sold its entire stake in the company. Shares slipped 3.38 percent to close the session at $428.85.
Macy’s, Inc. (NYSE:M)
The department store operator posted better than expected first quarter profits and boosted quarterly dividend by 25 percent. Profits for the first three months of this year came at 55 cents per share or $217 million, up from $181 million or 43 cents in the same period last year. Net sales rose 3.8 percent to $6.39 billion. The company reiterated its upbeat full year guidance. Shares jumped 2.49 percent to end the session at $48.57.
Vipshop Holdings Ltd – ADR (NYSE:VIPS)
The Chinese online retailer swung to a first quarter profit amid strong sales and orders. Revenues and earnings topped Wall Street estimates and the company issued a positive outlook for the current quarter. However, it failed to lure investors. Shares slumped 5.04 percent to $31.70.
Agilent Technologies Inc. (NYSE:A)
Agilent reported a 35 percent decline in its second quarter profits due to restructuring costs and weaker margins. However, adjusted earnings were better than Wall Street expectations. The company also unveiled a restructuring plan. Shares rose 3.89 percent to close trading at $45.68.