|Day's Range||2,926.05 - 2,936.83|
|52 Week Range||2,346.58 - 2,940.91|
U.S. stocks slipped amid another busy day for corporate earnings, which featured mixed results from industrial heavyweights Caterpillar and Boeing.
Dow Jones futures: Facebook, ServiceNow, Microsoft and Lam Research were big earnings movers late, but Xilinx tumbled. Tesla and Chipotle were up and down.
Stocks saw modest gains in Japan and slipped in Korea. Earlier, the S&P 500 Index slid after mixed reaction to results from AT&T Inc., Caterpillar Inc. and Boeing Co., though Nasdaq futures climbed after better-than-expected revenue from Facebook Inc. The yen steadied ahead of the Bank of Japan’s policy decision, while the won fell after first-quarter South Korean gross domestic product unexpectedly contracted.
The futures market is moving back toward pricing in a full quarter-point Federal Reserve rate cut this year, even as U.S. and Chinese economic data show signs of improvement and American stocks rally to record highs. Luke Tilley of Wilmington Trust Investment Advisors and strategists at BMO Capital Markets interpret that as a sign the market has 1998 on its mind: That’s when the central bank pre-emptively lowered rates to keep events abroad from pushing the U.S. into recession.
Shares in Asia were mixed in morning trade. U.S. stocks slipped from record levels on Wednesday as Wall Street digested a mixed batch of corporate earnings. The Bank of Japan is set to release its monetary policy statement later on Thursday, with interest rates expected to remain unchanged.
In a week when the S&P 500 hit an all-time high, the global chief market strategist at Cantor Fitzgerald boosted his year-end target for the benchmark to 2,500 from 2,390. The new forecast represents a 15 percent drop from the current level, still putting him as the most pessimistic among 25 strategists tracked by Bloomberg. Stocks have surged this year, sending the S&P 500 up 17 percent, as investors jubilate over a dovish Federal Reserve and bet a profit slowdown will be short-lived.
The payments pioneer grew its active accounts base by 15% in the first quarter. The company says it now has 277 million active accounts.
The Dow Jones Industrial Average fell 0.22% to close at 26,597.05. The S&P 500 lost 0.22% to end at 2927.27, and the Nasdaq Composite slipped 0.23% to close at 8102.01.
Stocks gave up an early gain to finish with modest losses Wednesday as investors continued weighing a steady flow of corporate earnings. Energy and communications companies took some of the biggest losses ...
Citrix Systems Inc. shares fell 4.6% in the extended session Wednesday after the company beat analyst earnings projections. The company reported first-quarter net income of $110 million, or 78 cents a share, compared with $144 million, or 99 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation and changes to the U.S. tax code, earnings were $1.27 a share. Revenue rose to $719 million from $697 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of $1.17 a share on revenue of $707.8 million. For the second quarter, analysts model earnings of $1.42 a share and sales $768 million. Citrix said it expects fiscal 2019 earnings of roughly $3.69 a share and revenue of $3.08 billion to $3.09 billion. Citrix stock has gained 4% in the past year, with the S&P 500 index rising 11.4%.
O'Reilly Automotive Inc. shares were falling 5% in after-hours trading on Wednesday after the auto parts retailer missed earnings expectations for the first quarter and delivered a weak profit forecast for the second quarter. The company reported net income of $321 million, or $4.05 a share, up from $305 million, or $3.61 a share, a year earlier. Analysts surveyed by FactSet had been modeling GAAP earnings per share of $4.67. O'Reilly's sales rose to $2.41 billion from $2.28 billion a year earlier and came in slightly below the consensus estimate of $2.44 billion. For the second quarter, the company expects EPS of $4.55 to $4.65, below the FactSet consensus of $4.82. Shares have gained 15% so far this year, as the S&P 500 has gained 17%.
The S&P 500 slipped on Wednesday after ending the previous session with a record and the Nasdaq failed to hold all-time highs reached earlier in the day while investors waited for more earnings reports. Energy stocks were the biggest drag on the S&P as oil prices fell. While the tech-heavy Nasdaq had help from eBay Inc's upbeat earnings and a chipmaker rally, investors were digesting a mixed bag of reports.
Xilinx Inc. shares plunged more than 10% in the extended session Wednesday after the company reported earnings that beat analyst models. The company reported fiscal fourth-quarter net income of $244.6 million, or 95 cents a share, compared with $145.5 million, or 56 cents a share, in the year-ago period. Adjusted for items such as acquisition-related costs and the effects due to changes to the U.S. tax code, earnings were 94 cents a share. Revenue rose to $828.4 million from $638.2 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 94 cents a share on revenue of $826 million. For the fiscal-first quarter, analysts model earnings of 92 cents a share and sales of $833 million. Xilinx said it expects fiscal first quarter revenue of $835 million to $865 million. Xilinx stock has gained 118% in the past year, with the S&P 500 index rising 11.4%.
The stock market roars back into record territory, but investment inflows remain a trickle. That’s because investors are already heavily weighted to equities and other risky assets, say Société Générale analysts.
Shares of Lam Research Corp. were up nearly 5% in after-hours trading Wednesday after the company posted a big earnings beat for its March quarter. The company posted net income of $547 million, or $3.47 a share, down from $779 million, or $4.33 a share, a year earlier. Adjusted earnings per share fell to $3.70 from $4.79 but came in ahead of the FactSet consensus, which called for $3.38. Revenue fell to $2.44 billion from $2.89 billion a year ago and came in a bit above the consensus estimate of $2.4 billion. For the June quarter, Lam expects revenue of $2.215 billion to $2.485 billion and adjusted earnings per share of $3.20 to $3.60. Analysts had been modeling revenue of $2.31 billion and EPS of $3.38. Shares of peers Applied Materials Inc. and KLA-Tencor Corp. were up 2.7% and 1.5%, respectively, in the aftermarket. Lam's results came as the PHLX Semiconductor Index closed at a sixth-straight record high. Lam shares have gained 44% so far this year, as the S&P 500 has risen 17%.