Sector Wrap: Dow Components, Technology Thursday, July 22, 4:57 PM ET
Earnings season is in full swing this week with positive and negative results being announced by major companies. AT&T (NYSE:T), 3M (NYSE:MMM) and Caterpillar (NYSE:CAT) all posted impressive second quarter results, while Travelers (NYSE:TRV), IBM (NYSE:IBM) and Texas Instruments (NASDAQ:TXN) missed the mark. So far this week, the good news has outpaced the bad as the Nasdaq has gained 3%, the S&P 500 has added 2.9% and the Dow has climbed 2.4%.
So far this week, we've seen earnings come across the wires from a number of Dow components. AT&T saw earnings climb to $4.02 billion in the second quarter as iPhone sales boosted their subscriber base. 3M raise their guidance for 2010 as the company turned in yet another stellar quarter with net income climbing 43% and revenue easily topping Wall Street estimates. And Caterpillar announced impressive second quarter numbers as both revenue and net income topped the consensus numbers.
With so many Dow components outperforming, investors might want to take a look at the Dividend Achievers Portfolio ETF (NASDAQ:PFM) which is up 2.1% on the week, including today's strong gains.
Also making headlines this week have been companies in the tech sector. Apple (NASDAQ:AAPL) posted strong earnings Tuesday night as both the iPhone and the iPad were released in the second quarter. The tech giant earned $3.25 billion on revenues of $15.7 billion. The earnings beats ended there however, as IBM, Texas Instruments and Yahoo! (YHOO) all disappointed investors with weak revenue in the quarter. While all three companies did post higher earnings, investor focus seems to be on the top line number as macroeconomic issues remain a concerns.
The iShares US Technology ETF (NYSE:IYW) is showing gains of about 3% on the week, matching the gains by the Nasdaq.
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