Markets were flat despite a slightly higher than average trading volume today, the likely culprit being the slew of mixed earnings reports being released. The Dow was up as high as 80 points early this afternoon, but a selloff late in the day pushed it back to a 20.42 point gain, to close at 18,058.69. The NASDAQ performed the best of the major indexes, adding 20.89 points to close at 5,056.06. The S&P 500 lagged behind with a 4.97 point gain, and closed the day's trading at 2,112.93. In overseas trading, Germany's DAX continued to tumble, dropping another -142.05 points.
Polaris Industries Up On Acquisition News. News broke today that snowmobile and ATV manufacturer Polaris Industries (PII) is set to acquire privately held Timbersled for an undisclosed sum. Timbersled in a niche accessories manufacturer that will shore up Polaris' offerings and allow more factory customization options for the consumer. Polaris also posted a strong Q1 earnings report, and shares of the company rose 5.72 points to $146.70.
Apple, Microsoft, Google All Gearing Up To Release Earnings. The big three tech stocks all posted gains today, helping to push the NASDAQ ahead of the Dow in terms of real growth. Apple (AAPL) isn't set to announce earnings until later this month, but it grew by 1.05 points today and closed at $129.67 per share. Microsoft (MSFT) added 0.35 points to close at $43.34, and it will release its likely mixed earnings report tomorrow. Google (GOOG) is also set to release an earnings statement tomorrow, and shares of its stock grew by 7.63 points in anticipation of the numbers. Google closed at $547.00 per share.
Texas Instruments, Qualcomm Both Downgraded On Earnings. Both Texas Instruments (TXN) and Qualcomm (QCOM) were downgraded by major analysts after both chip-makers missed their earnings forecasts. Texas Instruments fell by 6.83%, or -4.01 points, to close the day at $54.72 per share. Qualcomm investors didn't take the news nearly as hard, and the company's stock only dipped 0.87%. Qualcomm lost -0.60 points and closed at $68.34 per share.
Facebook Misses On Revenue, Beats Growth Expectations. Social media giant Facebook (FB) has clearly been paying attention to BusinessDictionary.com CEO Thomas Murcko's advice about setting smart goals in order to succeed in business. While the company did deliver mixed earnings, their growth in key demographics has increased, which helped to push their earnings per share (EPS) above expectations. Facebook stock fell slightly today, losing -2.22 points to close at $82.41. Some analysts are saying that, with the demographic growth the company is experiencing, Facebook stock could be up as high as $100 by the end of the year.