Stocks Recover on Monday; Housing Market Releases Weak Data (CAT, MSFT)
After what was the worst week of 2013, stocks mostly rose on Monday and reversed some of those declines. Several large corporations released upbeat results, including Halliburton (HAL) whose stock rose close to 5%. Despite disappointing investors initially with a cut in its full year outlook, Caterpillar (CAT) was up by the end of the day after announcing plans to buy back stock. Hedge fund CEO Jeffrey Ubben announced that he is taking a $2 billion stake in Microsoft (MSFT), sending shares up 5%.Both GE (GE) and McDonald's (MCD) continued to drop on Monday. The housing market surprised many after sharing that existing home sales fell slightly in March, while analysts had expected a slight gain. After dropping below $90 a barrel last week for the first time this year, oil prices edged higher on Monday to $88.76.
Word on the Street
- Existing home sales drop in March and surprise many analysts.
- Hedge fund CEO to take $2 billion stake in Microsoft (MSFT).
- Caterpillar (CAT) quarterly results miss expectations but shares rise on buyback.
- European markets and Japanese stocks continue their post-G20 climb.
- New Corp. agrees to settle their suit for $139 million.
- General Electric (GE) Slumps Despite Strong 1Q Earnings.
- Builder of electricity networks Power-One Inc. (PWER) purchases ABB Ltd. (ABB) for $1 billion.
Published on Apr 22, 2013By InvestorGuide Staff