Tech Sector Drags Down Markets; Detroit Files for Bankruptcy (MSFT, GE)
After hitting new highs yesterday the major US indices ended mixed on Friday on several missed earnings reports. The technology industry disappointed many after both Microsoft (MSFT) and Google (GOOG) posted results that were below expectations. General Electric (GE) jumped 4.7% after beating earnings expectations and shares were at their highest since the economic crisis in 2008. Officials from the G-20 nations met on Friday and for the first time in more than a decade decided to support a plan to shift corporate tax policy and help boost economic growth.The dollar declined against most other major currencies as this G-20 meeting kicked off. The city of Detroit was in focus after filing for bankruptcy, making it the largest municipal bankruptcy in US history.
Word on the Street
- G20 countries back change that would close loopholes for how big companies are taxed.
- General Electric (GE) shares reach highest level since 2008 on economic outlook.
- US oil prices reach the highest level in sixteen months.
- Microsoft (MSFT) has worst one-day selloff in over a decade after releasing Q2 results.
- Pinnacle Foods (PF) Eyes Two Potential Acquisition Targets.
Published on Jul 19, 2013By InvestorGuide Staff