Positive Earnings on Thursday Are Overshadowed By Weak Housing and Job Data (IBM, WAG)
PUBLISHED ON: Jul 19, 2012
There were positive earnings on Thursday but were overshadowed by weak data on unemployment claims, home sales, and continuing concern over Spain's banking troubles. The tech industry remains a source of strength for the US, with IBM (IBM) posting higher than expected quarterly earnings. EBay Inc. (EBAY) also had a positive earnings report. Morgan Stanley's (MS) shares dropped after their quarterly report and will be planning more staffing cuts.Crude-oil futures rallied on Thursday as many worry about supplies in the Middle East, most likely due to the recent bombing in Bulgaria. Metals' futures advance and break a three day losing streak, attracting investors back into the market.
Word on the Street
- Walgreen Co. (WAG) and Express Scripts (ESRX) announce a deal to end of a seven-month dispute.
- After their disappointing second-quarter earnings report, Morgan Stanley (MS) plans further staff cuts.
- Global shares climbed on Thursday despite Spain's continuing financial troubles and weak US economic data.
- Rising concern over stability in the Middle East leads to an eight-week high for oil prices.
- Tech companies like IBM (IBM), Intel (INTC) and EMC Corp. (EMC) are still in the positive even in the troubled economy.
- Suddenlink Communications agrees to a buyout by BC Partners and the CPP Investment Board.
- While QE3 would most likely help the struggling economy, when will we see real growth and progress?
- The housing report for June looks positive, but still has far to go until it is fully recovered.
- Wynn Resorts (WYNN) Misses on Both Top and Bottom Lines on Weak Vegas and Macau Numbers.
- The mobile revolution and how these devices are becoming the center of everything we do.
- 3 questions that make the tough process of interviewing job candidates easier.
Posted in ...Daily Market Commentary