Stocks finished mixed, as investors digested another round of earnings reports. In economic news, the Treasury Department posted a budget surplus of almost $2.9 billion for January, above expectation. Overseas, G-7 finance ministers reaffirmed their commitment to have "market determined exchange rates" early Tuesday. McGraw-Hill edged 0.6% lower after the co. reported earnings and sales in line with expectations. Coca-Cola declined 2.7% after the co.’s quarterly revenue growth came in below analyst estimates. Declines from Apple, Facebook and Zynga weighed on the tech sector. Apple gave up 2.5% after CEO Tim Cook dismissed a recent suit launched against Apple by activist investor David Einhorn. Facebook shed 3.2% to after Bernstein Research cut its rating to market perform, or neutral, from outperform. Qualcomm lost 1.9% after J.P. Morgan cut its rating to neutral from overweight over the chances that smartphone adoption rates will begin to slow down by 2014. Dell rose 0.7% after T. Rowe Price announced that it will oppose the buyout deal led by Michael Dell and Silver Lake for $13.65 per share. Netflix edged up a notch after the co. said it signed a deal with DreamWorks Animation to create its first original series for children. Also, President Barack Obama in his State of the Union address vowed not to increase deficit with new plans.
Wednesday, February 13, 2013
Mixed finish on corporate news and earnings
Stocks finished mixed, as investors digested another round of earnings reports. In economic news, the Treasury Department posted a budget surplus of almost $2.9 billion for January, above expectation. Overseas, G-7 finance ministers reaffirmed their commitment to have "market determined exchange rates" early Tuesday. McGraw-Hill edged 0.6% lower after the co. reported earnings and sales in line with expectations. Coca-Cola declined 2.7% after the co.’s quarterly revenue growth came in below analyst estimates. Declines from Apple, Facebook and Zynga weighed on the tech sector. Apple gave up 2.5% after CEO Tim Cook dismissed a recent suit launched against Apple by activist investor David Einhorn. Facebook shed 3.2% to after Bernstein Research cut its rating to market perform, or neutral, from outperform. Qualcomm lost 1.9% after J.P. Morgan cut its rating to neutral from overweight over the chances that smartphone adoption rates will begin to slow down by 2014. Dell rose 0.7% after T. Rowe Price announced that it will oppose the buyout deal led by Michael Dell and Silver Lake for $13.65 per share. Netflix edged up a notch after the co. said it signed a deal with DreamWorks Animation to create its first original series for children. Also, President Barack Obama in his State of the Union address vowed not to increase deficit with new plans.
