Earnings reports continue to pour in from major companies this week as we've reached the height of earnings season. The results have been mixed, however, and the markets have been mixed with them. The Dow managed to climb 0.4% so far this week, but the S&P 500 has dipped 0.2% and the Nasdaq is lower by almost 1%.
Gold bugs have been happy with the news from the major gold mining companies this week. Goldcorp (NYSE:GG) said this morning that revenue climbed to $844 million in the second quarter as cash flow rose to $382 million. Newmont Mining (NYSE:NEM) reported earlier in the week that adjusted earnings came in at 77 cents per share as sales were higher by 34%. And Barrick Gold (NYSE:ABX) announced strong earnings of $783 million in the second quarter, 59% higher than results in the same quarter of last year. As means of rewarding shareholders, both Barrick Gold and Newmont Mining hiked their dividends this week.
Despite the strong results from the major gold miners, the Market Vectors Gold Miners ETF (AMEX:GDX) is off 3% this week, including today's modest gains, as gold prices have tumbled to $1167 per ounce.
Also reporting earnings this week have been the major oil companies. BP (NYSE:BP) began this week by replacing its CEO Tony Hayward, all while posting a loss of $17 billion for the second quarter. The company took a charge of $32.2 billion related to costs of the Gulf of Mexico spill and said it would be looking to sell off more assets to pay for future costs. Exxon Mobil (NYSE:XOM) said second quarter earnings jumped to $7.56 billion as oil prices continue to recover. Earnings per share topped Wall Street estimates, but revenue came in light during the quarter at just $92.5 billion.
On the week, oil stocks have climbed with the positive earnings results as the iShares US Energy ETF (AMEX:IYE) has gained 0.6%, including todays minor gains.
And aerospace stocks reported mixed results this week as revenues were in focus. Boeing (NYSE:BA) earned $787 million in the quarter, but said revenues were off more than 9%. The company confirmed its delievery schedule for the new 747 and 787 planes, but investors seemed wary as they've heard this story from the company before. Also reporting light revenue was General Dynamic (NYSE:GD). The company earned $648 million on $8.1 billion in revenue. While the company did raise full year guidance, investors fixated on the weaker-than-expected revenue in the quarter.
Despite the mixed results from the sector, the iShares US Aerospace & Defense ETF (AMEX:ITA) was up 0.4% on the week, including today's gains.
For MarketNewsVideo.com, I'm Sayoko Murase.
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