New York, July 26th TradersHuddle.com) – Stocks closed lower amid some disappointing quarterly results and the growing concern over the blind is the debt ceiling for the streets of Washington, with the participants on the level of concern over possible downgrade credit rating of the USA and its effects on interest rates and economic growth.
The Dow Jones Industrial Average fell 91.5 points, or 0.73%. The S & P 500 lost 5.49 points, or 0.41%, while the NASDAQ slid 2.84 points or 0.10%.
Earnings reports and the debt ceiling between the straight line market is a dead end near the market sentiment worldwide began a flurry of mixed with Washington Weighing performance Abroad. Housing market good news on a monthly basis in may from the previous month, prices almost continuously in the light of the fallen is the first time in a year, not home prices held; But still down home prices were on an annual basis.
Asian stock markets rebounded despite impasse Washington on debt ceiling as a reliable earnings from Canon (NYSE: CAJ) outweighed the strength of the Yen push Japanese stocks and above. Meanwhile in China, shares jumped slightly as investors were cautious ahead of earnings reports and rail related shares continued their slid on concern about the consequences of the accident train would have on China's ambitious growth plans for the industry.
In Europe, the markets in the middle of the lower end of the merits of the weak (f) reports of the BP (NYSE:BP), STMicroelectronics (NYSE:STM) and UBS (NYSE:UBS), and the ongoing situation of debt-to-murheet with the euro zone, climbing or contagion fears following the increased yields from Spain and Italy bond auctions, after both sides over the Atlantic.
Economic annual rate in the middle of a jump in new house prices and falling supply fell home sales more than 1% to a seasonally adjusted 312.00 unit expected. And edges higher consumer confidence beat expectations in July. According to the Conference Board index of consumer attitudes to 59.5 57.6 downwards-revised in the previous month increased. Economists expected a reading of 56,0 had.
But economic data with little impact on trade as profit and debt woes in the center of attention, which ultimately. Press share lower than most in the S & P 500 technology only posted gains while industrials and healthcare, the biggest declines posted approaching.
Techs get lift from better than expected results from Lexmark International (NYSE: LXK), manufacturer of printers and imaging solutions. The company beat the expectations of $ 0.33 per share on revenue that climbed 1.2% year over year to $ 1.04 billion and much better than expected margins. Lexmark has risen to the top of the S & P 500, with shares jumping 17.65% at $ 33.93, closing above $ 30.26 calculated resistance.
Broadcom (NASDAQ: BRCM), the provider of chips that allow the transmission of digital data, broadband was also a top artist in space, with shares surging 9.42%, to $ $38,2, closing above resistance based on $ 35.58 in reaction to their quarterly results, in which the company beat consensus by $ $0,09 per share and said he expects strong sequential growth in the current quarter in all its marketswith the company seeing revenue of $ 1.9 to $ 2 billion against the consensus of $ $1,93 billion. FBR Capital helped the high being by hitting his target price of r $ 50 to $ 48.
Sector has also gained support from F5 Networks (NASDAQ: FFIV), application delivery network of the company, which jumped 86% to $ .99.31 after his father shares to buy from neutral, while setting the target price of $ 180. The firm upgraded shares to decline last Tuesday, when the company posted a profit of $ 1.00 on revenue of $ 290.17 million.
Meanwhile, Apple (NASDAQ: AAPL), iPads and iPhones maker that is climbed 1.3% $ 403.70 after posting high upon a new $ 404.5 as the momentum in the stock following stellar earnings report from last week and as many brokerage house has raised its target price above $ 500, as they expected outperformance in two years to continue with the release of the next version of iPhone in September Apple crossed the $ 400 for the first time ever in regular session. After HTC Corp., a Taiwanese smartphone maker said it welcomed the negotiations with Apple for the exercise of the card. After Commission international trade, the United States ruled on 15 July that HTC has infringed patents Apple 2.
The industrial sector was affected by disappointing results and guidance on some of the components of the uncertainty of small debt ceiling, the angle is also weighing on the sector.
3 M (NYSE: MMM), sticky notes and tape maker, tumbled 5.41% to $89,93, publishing the higher percentage decline in the Dow Jones Industrial Average and closing below its day 200 average movement in $90.67. Company exceeds profit expectations by a penny in revenue online 7,68 millions of dollars, but revenues projected 2011 fell below estimates as demand for LCD televisions curbed sales in its display and graphics business. The company said disruptions since the March earthquake in Japan reduced the sales growth by 2.4 per cent, margin by 50 bps and EPS by $0.07.
UPS (NYSE: UPS), the package delivery and logistics company, urged also the sector, such as shares fell to 3.32% to $71.59, their profitability could impress participants, despite the company book highest ever quarter earnings per share, in the midst of soft economic conditions second. UPS beat analysts expectations by a penny on the income, the inline with consensus at $8.1 billion.
But not all was not gloomy about industrial, Cummins (NYSE: CMI), the engine manufacturer, jumping to $ 110.82 3.90%, closing above $ 109.14 resistance calculation, after an upside surprise earnings and improved prospects.
Materials were also under pressure after AK Steel (NYSE: AKS), the Ohio-based steel company, located at the bottom of the S & P 500 after the disappointing quarterly results. Steel works of non-consensus by $ 0.17 per share on revenues which rose 12.3% year on year to $ 1.79 billion. AK Steel also said it expects shipments to decline and commodity costs to rise in the current quarter. Rival U.S. Steel (NYSE: X), fell to 9% closed after it posted a profit of $ 1.33 per share on revenue that rose 9.4% year over year to $ 5.12 billion, which was under the age of consent.
In the trade of precious metals, but does not more than 0.3% to $1617.20 per ounce, while silver seven won 1.1% $40.80 per ounce. The two metals spend most of the session to cut around the unchanged line, but he managed to trade into positive territory.
Consumer discretionary stocks were also active, with Netflix (NASDAQ: NFLX), the video rental company, dropped to $ 266.9 5.29%, closing below calculated support at $ 270.55 and after trading as low as $ 251.46 after negative reaction to its guidance for the current quarter, downside despite record earnings and revenues were better than expected. Netflix said that its efforts to increase income by separating its DVD-by-mail and Internet video streaming plans that will lead to higher prices for its subscribers probably will weigh in the current results, as the company expects that some subscribers will cancel or downgrade their plans, but most will stay in one of the plans for $ 7.99. Earlier in the month, Netflix has been able to post an all-time high of $ 305.79 on the back of news of international expansion and the announcement of a price rise.
Amazon (NASDAQ: AMZN), the largest online retailer, rose 0.32% to $214.18 ahead of its results. In after hours, the stock was surging 6.34% $227.76 a new record, after the reaction of its upside earnings and guidance surprising. The company said it earned $0.042 per share, better than consensus, on the revenue that climbed to 50.8% in 9.91 billion dollars against a consensus of $ 0.07 $ 9.37 billion. Amazon also provided orientation inline for the current quarter, as he said that its active customer accounts grew up to 141 million in the second quarter to 137 million in the prior quarter.
More about → Shares in earnings and debt ceiling impasse (AAPL, AKS, AMZN, BP, BRCM, CMI, FFIV, LXK, MMM, NFLX, UPS, X)
