Stocks pulled back on Friday afternoon as disappointing earnings from the technology sector weighed on the markets. Thought despite weaker-than-expected earnings from Microsoft and Google yesterday, the S&P 500 is treading water, near breakeven on the day.
In corporate earnings, Honeywell (NASDAQ:HON) beat earnings expectations with a 13% rise in profits during the second quarter. Also reporting from the industrial sector, General Electric (NYSE:GE) posted strong earnings, despite a decline in revenue year-over-year. And from the energy sector, Schlumberger (NYSE:SLB) posted better-than-expected earnings, thanks to a boom in international deep-water drilling. With its strong earnings, Schlumberger announced its board of directors had approved a new $10 billion share repurchase plan.
In notable analyst upgrades today, Citigroup raised its ratings of both Seagate Technology (NASDAQ:STX) and Western Digital (NASDAQ:WDC) from sell to neutral. Citigroup assigned a $77 price target on shares of WDC and a $49 price target on shares of STX.
Looking ahead to the earnings calendar for next week, investors will have earnings Haliburton (NYSE:HAL) on Monday, Apple (NASDAQ:AAPL) and AT&T (NYSE:T) on Tuesday, and Amazon.com (NASDAQ:AMZN) on Thursday.
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