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Stock Market News for July 16, 2010
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ShareThe Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in the Senate by 60 votes to 39, on July 15, 2010. The question now turns to the complex issue of implementation. President Obama is expected to shortly sign it into law
The Dow reversed a 126 point drop and the S&P500 turned around from a 1.3% decline, earlier in the day. In the end, stocks stagnated on Thursday given a spate of lacklustre economic reports. The Dow retreated a few points, the S&P500 ended just above breakeven point, and the Nasdaq slipped marginally lower. The market breadth was negative and losing stocks beat winners, on the NYSE, by a thin margin, on volume of about 1.12 billion shares. The CBOE volatility index was just short of 25 at the close of business.
Goldman Sachs (NYSE:GS - Analyst Report) rallied 4.4% after it agreed to pay $550 million toward a settlement with the SEC in its civil fraud case. The strong results of JP Morgan (NYSE:JPM - Analyst Report) raised hopes that loan losses for the banking sector may have peaked out, thereby paving the way for an eventual boost to lending. JP Morgan reported second quarter profit of $4.8 billion, or $1.09 per share, beating expectations, but failing to impress analysts. Its shares ended 0.3% higher. Bank of America (NYSE:BAC - Analyst Report) and Citigroup (NYSE:C - Analyst Report) lost over 1% ahead of their earnings announcement.
Tech stock were mixed despite getting a boost from Intel’s (Nasdaq:INTC - Analyst Report) earnings reported earlier. Apple (Nasdaq:AAPL - Analyst Report) dropped 0.5% after it scheduled a press conference to discuss problems with the iPhone 4. However, shares of Nokia (NYSE:NOK - Analyst Report), Research In Motion (Nasdaq:RIMM - Analyst Report), and Motorola (NYSE:MOT) increased 3%, 1.5% and 3.5% respectively. After the closing bell, Google (Nasdaq:GOOG - Analyst Report) announced quarterly results that missed expectations, sending the stock lower during after-hours trading. Advanced Micro Devices (NYSE:AMD - Analyst Report) beat expectations and its shares moved up 4.6% in extended hours trading.
IDC reported encouraging news for the tech sector that global PC shipments increased 22% in the second quarter as businesses appeared more willing to replace old technology. Dell (Nasdaq:DELL - Analyst Report) rose 0.9% and it climbed to the number two position in the industry, behind Hewlett-Packard (NYSE:HPQ - Analyst Report). Shares of Hewlett-Packard inched up 0.2%.
BP (NYSE:BP - Analyst Report) shares sharply rose 7.6% after it stated that the oil flow into the Gulf of Mexico had been stopped, after all valves on the cap were shut. BP shares have gained about 46% after bottoming out at a 14-year low of $27.02. However, it is still trading well below its level of $60.48, on April 20, 2010, when a rig exploded and set off a spill that lasted 85 days.
Boeing (NYSE:BA - Analyst Report) shares gave up 0.6% after announcing that there may be another delay with the Dreamliner, which is already substantially behind schedule.
The private equity firm, Carlyle Group announced its purchase of nutritional supplement-maker NBTY (NYSE:NTY) for $3.8 billion in cash, or $55 per share, a 47% premium over its closing price on Wednesday. The long-awaited US stock debut of Kohlberg Kravis Roberts (NYSE:KKR - Snapshot Report) proved a disappointment. KKR shares opened at $10.50, and closed down 3%.
Read the full analyst report on GS
Read the full analyst report on JPM
Read the full analyst report on BAC
Read the full analyst report on C
Read the full analyst report on INTC
Read the full analyst report on AAPL
Read the full analyst report on NOK
Read the full analyst report on RIMM
Read the full analyst report on MOT
Read the full analyst report on GOOG
Read the full analyst report on AMD
Read the full analyst report on DELL
Read the full analyst report on HP
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