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July 22, 2009 -- 16:15 ET
Moving the Market:
Earnings remain in focus, but participants show continued signs of willingness to sell positive announcements. Lower oil prices undercut energy stocks.
homebuilding; construction materials; general merchandisers; consumer electronics; automakers; apparel and accessories; autoparts and equipment
household appliances; steel; diversified banks; coal and consumable fuel; oil and gas drillers; oil and gas equipment; health care equipment; biotech
07/22/09 16:15 ET Dow -34.68 at 8881.26, Nasdaq +10.18 at 1926.38, S&P -0.51 at 954.07:
[BRIEFING.COM] The S&P 500 saw its winning streak come to an end by logging a fractional loss amid mixed trading, but continued strength among large-cap tech helped the Nasdaq successfully log its eleventh straight advance.
Apple (AAPL 156.74, +5.23) helped win additional favor for tech issues by posting better-than-expected earnings of $1.35 per share, which is $0.18 better than analysts had come to expect. The company did issue a rather conservative outlook, but Apple has made a habit of that practice and then over delivering.
Better-than-expected earnings headlines from major financial players during recent weeks have many investors looking for earnings of a higher quality and an optimistic outlook. In turn, better-than-expected earnings from Wells Fargo (WFC 24.45, -0.90) were partly overshadowed by news that the company's revenues fell short of the consensus and net charge-offs increased markedly to almost $4.4 billion.
Commentary from several earnings and conference calls helped garner support for the financial sector and turn a near 2% loss into a respectable gain. However, the rebound proved unsustainable and financials finished with a 0.2% loss.
Health care also finished lower. It shed 0.6% even though Eli Lilly (LLY 33.79, -0.66) and Pfizer (PFE 15.87, +0.17) both posted upside earnings surprises.
More than 150 companies are expected to announce their latest quarterly results between this evening and Thursday's opening bell.
Energy stocks lagged for the entire session and finished with a 1.0% loss, more than any other sector. Without any major oil companies announcing their latest results, participants generally took their cues from energy contracts. Crude oil futures prices finished 0.4% lower at $65.36 per barrel. Still, that is well above the near 2% loss that oil traded with in early pit trade. A smaller-than-expected draw in weekly inventories seemed to stymie a push into positive territory, though.
Fed Chairman Bernanke testified today before the Senate Banking Committee, but stocks were unaffected by the speech since his comments reflected those previously presented. There weren't any major economic releases out, but stocks did have a modestly, though briefly sustained, positive reaction to news that home prices made a surprise increase in May. Home prices had slid in each of the two preceding months.
Nasdaq +10.18 at 1926.38... S&P Midcap 400 +0.4... NYSE Adv/Dec 1701/1293... Nasdaq Adv/Dec 1600/1022.
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Weekly & Daily Stock Earnings Calendar:
Apple AAPL 7/21
Advanced Micro Devices AMD 7/21
Merck MRK 7/21
Starbucks SBUX 7/21
Yahoo YHOO 7/21
Eli Lilly ELY 7/22 8am
PepsiCo PEP 7/22 8am
Pfizer PFE 7/22 8am
Boeing BA 7/22 8am
U.S Bancorp USB 7/22 8am
Wells Fargo WFC 7/22 8am
Ebay EBAY 7/22 4pm
Qualcomm QCOM 7/22 4pm
SanDisk SNDK 7/22 4pm
AT&T T 7/23 8am
Chicago Mercantile Exchange CME 7/23 8am
Potash POT 7/23 8am
United Parcel Service UPS 7/23 8am
McDonald's MCD 7/23 8am
Ford F 7/23 8am
American Express AXP 7/23 4pm
Broadcom BRCM 7/23 4pm
Microsoft MSFT 7/23 4pm
Netflix NFLX 7/23 4pm
Amazon AMZN 7/23 4pm
Baidu BIDU 7/24 8am
Amgen AMGN 7/27 4pm
United Steel X 7/28 8am