More Earnings Reports and Another Drop for Wall Street (MSFT, MS)
Wall Street ended another day in the red on Thursday as more disappointing economic data was released. Unemployment claims ticked higher last week, adding to fears that labor market recovery is slowing down. Manufacturing data indicated that the industry is losing momentum as well. After yesterday's tumble by Apple (AAPL), Exxon Mobil (XOM) has now regained the market cap crown. After the bell several corporations released results, including Microsoft (MSFT) who announced a rise in earnings and IBM (IBM) whose shares fell 3% after reporting revenue for Q1.Morgan Stanley (MS) shared their trading revenue on Thursday as well and dropped 4% after disappointing investors. The US dollar declined slightly against the euro and most other currencies after the recent data pointed to a slowing American economy.
Word on the Street
- Jobless claims up last week as factory data signals a slowing economy.
- Morgan Stanley (MS) reports stronger-than-expected Q1 profit of $958 million.
- The IMF warns of "three-speed" recovery during meetings with the World Bank.
- JC Penney (JCP) may be involved in talks with investors for a $500 million loan.
- Microsoft (MSFT) and other tech stocks report earnings in after hours trading.
- General Motors (GM) Could Be Overtaken by Volkswagen Soon.
Published on Apr 18, 2013By InvestorGuide Staff