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Daily Wrap: 5/3/2011
Tuesday, May 3, 3:56 PM ET

It was a mixed day on Wall Street, led down by energy and materials.

Anadarko Petroleum reported a significant drop in first quarter earnings, but still managed to beat expectations. Chesapeake Energy (NYSE:CHK) also posted a loss for the first quarter, compared to a profit last year.  Revenue also came in below analyst expectations. FirstEnergy (NYSE:FE) reported a plunge in first quarter earnings, but a 9 percent increase in revenue, beat forecasts. Duke Energy (NYSE:DUK) bucked the trend with an increase in first quarter earnings. Both adjusted earnings and revenue beat expectations.

In economic news, the Commerce Department reported that US factory orders gained 3 percent to a seasonally adjusted $463 billion in March. That number was better than economist expectations.

Tomorrow, we'll take a look at weekly mortgage applications as well as earnings from AOL and Time Warner.

For Marketnewsvideo.com, I'm Sayoko Murase.

Daily Wrap: 5/3/2011 picture
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Daily Wrap: 5/3/2011 | Market News Video | Copyright © 2008 - 2014, All Rights Reserved

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