The markets have drifted lower all afternoon with the one bright spot being the Nasdaq which has managed to stay in the green. The largest holding of the Nasdaq is Apple (NASDAQ:AAPL) which is up more than 5% following a strong second quarter earnings report last night. So far today, advancing stocks have trailed declining stocks by a ratio of 3 to 1 on the NYSE and 2 to 1 on the Nasdaq. Investors have opted to take profits off the table today despite some very strong earnings reports this morning.
Ford (NYSE:F) reported second quarter earnings of $1.2 billion, or 30 cents per share, as revenue climbed to $38.1 billion -- topping consensus estimates. Boeing (NYSE:BA) reported second quarter earnings of $1.09 billion, or $1.43 per share also topping Wall Street estimates. And PepsiCo (NASDAQ:PEP) reported second quarter earnings of just over $2 billion, or $1.28 per share, as revenue climbed by 2% to $16.81 billion. Excluding one-time items, the company would have earned $1.31 per share, topping Wall Street estimates.
Two notable earnings reports being released after the bell today are from Qualcomm (NASDAQ:QCOM) and Visa (NYSE:V), while tomorrow morning before the open, investors will be reviewing earnings reports from 3M (NYSE:MMM) and Starwood Hotels & Resorts (HOT).
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