Stocks End Mostly Lower on Wednesday; Apple Soars (AAPL, CAT)
Although stronger-than-expected US housing data and factory activity was released on Wednesday, the major indices continued their retreat. Several big companies reported poor earnings including Caterpillar (CAT) and Broadcom Corp. (BRCM). Michael Dell and Silver Lake Management raised their bid for Dell (DELL) to gather more support while the next shareholder vote was postponed to August 2. In an effort to reign the focus in on efforts of improving the economy, President Obama spoke on Wednesday about Americans' resilience but warned that the political distractions need to end.The dollar gained today against most currencies, spurring a profit in gold.
Word on the Street
- New-home sales reach a five year high, factory activity accelerates.
- European markets gain on upbeat economic data.
- Google (GOOG) reveals two new key products based on Android and Chrome.
- Broadcom (BRCM) sharply drops after reporting a Q2 loss in profit and sales.
- Financial sector struggles on Wednesday as T. Rowe Price (TROW) drops over 5%.
- Apple (AAPL) Stock Rises on Third Quarter Earnings.
Published on Jul 24, 2013By InvestorGuide Staff