Daily Wrap: July 25, 2013 Thursday, July 25, 3:37 PM ET
After spending most of the day in negative territory, the Dow Jones Industrial Average and the S&P 500 have crept into positive territory this afternoon. While the two indices are struggling to stay above breakeven, the Nasdaq has had no trouble as the index has been in positive territory for most of the day. Supporting the Nasdaq has been strong earnings from Facebook (NASDAQ:FB), which said mobile advertising accounted for 40% of its revenue in the second quarter, and Qualcomm (NASDAQ:QCOM) which topped analyst estimates despite weakness in the smartphone market.
Strong earnings were not isolated to just the tech sector today, as General Motors (NYSE:GM) reported stronger-than-expected earnings of $1.2 billion, or 75 cents per share, on revenue of $39.1 billion. And United Continental (NYSE:UAL) reported second quarter earnings of $469 million, or $1.21 per share, despite passenger volumes dropping by 2%. The decline in volumes were offset by higher fares as revenues increased by 1% to $10 billion.
In economic news, the Labor Department reported initial jobless claims rose by 7,000 to a seasonally adjusted rate of 343,000 claims.
After the bell today, investors will have reports from Amazon.com (NASDAQ:AMZN) and Cliffs Natural Resources (NYSE:CLF), and in the morning, from NV Energy (NVE) and Newell Rubbermaid (NYSE:NWL).
Janus Capital Group Becomes Oversold Thursday, September 3, 3:57 PM ET, by Market News Video Staff The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, ...
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.