Posts by Dan Hoffman
- Dan Hoffman at Hot Stock Minute11 mths ago
The major indexes ended the day mixed, influenced in part by weak earnings out of the tech sector. The S&P 500 eked out a fractional gain, while the Dow fell less than a tenth of a percent. The tech-heavy Nasdaq was off nearly 1%. This coming after Fed chairman Ben Bernanke reaffirmed plans to keep the central bank's bond buying program in place earlier in the week, which sent the Dow and S&P to hit fresh record highs on Thursday.
Today's main plot line was a tale of two tech companies. Microsoft (MSFT) and Google (GOOG) both saw their shares decline on disappointing earnings reports which were released after Thursday's closing bell.
In the case of Microsoft, shares tumbled more than 11%. That made for the stock's worst day since 2009. Microsoft made 66-cents a share when estimates were for 75-cents. Revenue was $19.9 billion, short of the consensus for $20.73 billion. One of the biggest problems was disappointing sales of the Surface tablet. It took a $900 million charge for unsold inventory of the devices. The company is also hurting from the weak PC market.