Markets Close Higher Ahead of First Earnings Reports (AA, AMD, MSFT)
Wall Street reversed earlier losses on Monday to finish positive ahead of the beginning of earnings season this week. After the bell, Alcoa Inc. (AA) reported first-quarter earnings of 11 cents per share and revenue of $5.83 billion against estimates of 8 cents per share and $5.88 billion. Most analysts predict this to be a fairly weak earnings session, with earnings expected to rise by just 1.6% vs. 6.2% last quarter. Chip maker Advanced Micro Devices (AMD) jumped over 13% after Microsoft (MSFT) announced that the next Xbox gaming system would be using it's technology.
Word on the Street
- Margaret Thatcher, former British PM, died at the age of 87.
- The U.S. Senate confirmed Mary Jo White as SEC Chairman.
- J.C. Penney (JCP) and Macy's (M) were back in court, fighting over Martha Stewart's Home Goods.
- General Electric (GE) announced an agreement to buy Lufkin Industries (LUFK) for $3.3 billion.
Published on Apr 8, 2013By InvestorGuide Staff