Home Business Post Market News: Intel, American Express, SanDisk, JPMorgan, Du Pont

Post Market News: Intel, American Express, SanDisk, JPMorgan, Du Pont

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Post Market Update

market news Morning News

Stocks that traded actively in U.S. markets on Wednesday include: Intel Corporation (NASDAQ:INTC), American Express Company (NYSE:AXP), SanDisk Corporation (NASDAQ:SNDK), JPMorgan Chase & Co. (NYSE:JPM), E I Du Pont De Nemours And Co (NYSE:DD), Zagg Inc (NASDAQ:ZAGG), American Tower Corp (NYSE:AMT).

Market Levels:

US: Dow: 15470.10 (0.12%), S&P 500: 1679.74 (0.21%), NASDAQ: 3609.60 (0.31%)
Europe: CAC: 3872.02 (0.54%), DAX: 8254.72 (0.65%), FTSE: 6571.93 (0.24%)
Asia-Pacific: Australia: 4981.70 (-0.09%), China: 2044.92 (-1.02%), Hong Kong: 21371.87 (0.28%), Japan: 14615.04 (0.11%).
Metals: Gold: 1277.50 (-1.00%), Silver: 19.42 (-2.58%), Copper: 3.13 (-1.82%)
Energy: Crude Oil: 106.48 (0.45%), Natural Gas: 3.63 (-1.31%)
Commodities: Corn: 5.02 (-1.71%), Soya Bean: 12.83 (-0.21%), Wheat: 6.65 (-0.67%)
Currency: EUR/USD: 1.3121 (-0.31%), GBP/USD: 1.5213 (0.35%), USD/JPY: 99.6600 (0.50%)
10-year US Treasury: 2.487% (-0.045)

U.S. markets end higher: Stocks closed modestly higher after Federal Reserve Chairman Ben Bernanke said the central bank’s rate of asset purchases is flexible. Bernanke said bond purchases “are by no means on a preset course” and could be reduced or expanded if the economic outlook shifted. In other economic news, the Federal Reserve’s Beige Book reported that the U.S. economy continued to expand at a moderate pace in June and early July, with the manufacturing sector growing in most parts of the country. The Dow Jones Industrial Average (INDEXDJX:.DJI) gained 8.21 points, or 0.1%, to 15,460.06, while the S&P 500 (INDEXSP:.INX) added 3.37 points, or 0.2%, to 1,679.63. The NASDAQ (INDEXNASDAQ:.IXIC) rose 4.71 points, or 0.1%, to 3,603.19.

Stocks in News:

Intel Corporation (NASDAQ:INTC)

The chipmaker reported second quarter net income of $2 billion, or 39 cents per share, compared to $2.83 billion, or 54 cents per share, in the same period last year. Revenue dropped 5% to $12.8 billion. Analysts had projected earnings of 39 cents per share on sales of $12.9 billion. Intel shares fell in after-hours trades following the results.

American Express Company (NYSE:AXP)

American Express Company (NYSE:AXP)’s second-quarter earnings rose 5% to $1.41 billion, or $1.27 a share, from $1.34 billion, or $1.15 a share, in the same period last year. Revenue increased to $8.23 billion from $7.97 billion a year earlier. Analysts were expecting earnings of $1.22 a share on revenue of $8.3 billion. Shares declined in post-market trading.

SanDisk Corporation (NASDAQ:SNDK)

SanDisk Corporation (NASDAQ:SNDK) posted second-quarter profit of $261.79 million, or $1.06 a share, compared with $12.97 million, or 5 cents a share, for the same period last year. Revenue jumped to $1.48 billion from $1.03 billion in the year-ago period, missing expectations for revenue of $1.4 billion. Excluding items, profit was 84 cents a share, trailing the average analysts’ estimate of 93 cents a share.

JPMorgan Chase & Co. (NYSE:JPM)

JPMorgan Chase & Co. (NYSE:JPM) is close to reaching a settlement with the U.S. Federal Energy Regulatory Commission that could see the bank making the largest ever payment to the U.S. energy market regulator, the Wall Street Journal reported on Wednesday. The two sides are working on a deal that would resolve allegations that JPMorgan manipulated electricity market prices in California and the Midwest, the report said, citing people familiar with the matter. JPMorgan shares closed up 0.5 percent.

E I Du Pont De Nemours And Co (NYSE:DD)

E I Du Pont De Nemours And Co (NYSE:DD) rallied in trade after activist investor Nelson Peltz’s Trian Fund Management revealed a sizeable stake in the Dow component. Separately, Peltz said PepsiCo Inc should buy Oreo cookie maker Mondelez International Inc for $35 to $38 a share. Peltz also said he wants PepsiCo to spin-off the beverage business after acquiring Mondelez.


The mobile-device accessory maker lowered its full-year sales outlook for the second time this year, citing slowdown in demand due to a lack of major device launches. The company now expects full-year revenue of $245 million-$252 million, down from its earlier forecast of $274 million-$280 million. Shares plunged 17 percent to close at $4.86.

American Tower Corp (NYSE:AMT)

Shares of American Tower Corp (NYSE:AMT) fell in trade after short-selling firm Muddy Waters put a strong sell recommendation on the stock, with a target price of $44.57 a share. In a report released on its website on Wednesday, Muddy Waters said American Tower faced “serious challenges” in the U.S. and abroad that analysts have so far overlooked.



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