Markets Gain as Week Ends; Microsoft's CEO Ballmer Announces Exit (MSFT, HAL)
On Friday it was shared that the rate of new home sales dropped significantly in July, ending 13.4% lower that one month earlier. This is the biggest plunge in over three years and was larger than expected. Although this data was disappointing, it erased some fear of Fed tapering and stocks ended higher for the day. CEO of Microsoft (MSFT) Steve Ballmer announced he would soon retire after working with the company for many years. Pandora (P) stumbled 12% after announcing weak earnings late on Thursday while Expedia (EXPE) gained about 6% on word that it entered into an agreement with competitor Travelocity.Global markets were up on Friday as the UK revised its Q2 GDP growth higher and Chinese stocks recovered from liquidity worries.
Word on the Street
- Single-family home sales in the US drop to lowest level in nine months.
- Economist and policy expert Robert Hall urges Fed to resist pressure.
- Ross Stores (ROST) reach one-year high after posting higher earnings.
- Gap Inc. (GPS) announces increase of 25% in Q2 profits.
- Two electronic companies in merger talks that would create the second-biggest stock market operator in the US.
- Macy's (M) Reports a Sour Second Quarter.
Published on Aug 23, 2013By InvestorGuide Staff