IBM (IBM), Google (GOOGL) and UnitedHealth (UNH) were all lower on the day after disappointing earnings. Shares of Goldman Sachs (GS) and Morgan Stanley (MS) were both up after both reported better-than-expected earnings.
The mixed bag of earnings news overshadowed two positive reports on the economy. Initial jobless claims rose less than expected in the latest week to 304,000. Economists were expecting to see 315,000 new claims for unemployment benefits. And the Philadelphia Federal Reserve’s index of manufacturing activity for April rose to the highest levels since September.
Meanwhile, a pair of tech stocks debuted today. China’s version of Twitter, Weibo (WB) ended its first day of trading on the Nasdaq up 19%. The stock priced at $17 a share and opened at $16.27. And Sabre (SABR), the online reservations system and cloud computing company ended up 3.13% in its first day of trading. The company last night priced below its expected range of $18 to $20 at $16 a share.