Daily Wrap: July 26, 2013 Friday, July 26, 4:16 PM ET
The major indices were lower on Friday afternoon, but are trading well off their lows for the day. The Nasdaq remains close to breakeven as Amazon.com's (NASDAQ:AMZN) stock performance today is lifting the index. The online retailer reported it's best fiscal third quarter ever and continues to plow profits back into its ever-growing infrastructure.
Also released today was a report by ABI Research that noted Apple's (NASDAQ:AAPL) share of the global smartphone market slipped in the second quarter to 13.1% from a 16.6% share one year ago. This marks the lowest level seen by Apple since the third quarter of 2009 despite the company selling 31.2 million phones in the second quarter.
After a full week of earnings reports, Wall Street analysts issued a number of new reports factoring in the new second quarter results and commentary. Citigroup increased its price target on shares of General Motors (NYSE:GM) to $45 following strong second quarter. BMO Capital increased its EPS estimates on shares of Hershey (NYSE:HSY) through 2014 as second quarter results revealed strong sales and better margins. Deutsche Bank upgraded shares of Tesla Motors (NASDAQ:TSLA) as the company has been able to execute its growth story perfectly.
On Monday morning, investors will have earnings reports from Coach (NYSE:COH), Franklin Resources (NYSE:BEN) and Hertz Global Holdings.
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