logo
  Join        Login             Stock Quote

Market Report For Friday: Apr 17, 2009

 April 17, 2009 09:05 AM
 


(7:11am ET) There was plenty of economic data released in the US during the day; however the equity market sidetracked until 2pm ET, when with prices at modest losing levels on the week until that point, suddenly, and for no discernable reason, there was a rally that left the indexes with small gains through Thursday.

Perhaps traders were anticipating a positive quarterly report from Google (http:www.istockanalyst.comgoog+2.4% on +151% of average daily trading volume)? After the close, the company did not disappoint, beating both revenue and EPS estimates.

The company posted net income of $1.42 billion ($5.16/share), up +8% from the $1.31 billion ($4.84/share) recorded during the same period a year ago. Revenue for 1Q2009 increased +10% to $4.07 billion, from $3.7 billion, excluding traffic acquisition costs. On average, analysts had expected earnings per share of $4.93 and revenue of $4.08 billion, according to Yahoo Finance. For the first time in the Google's history though, net revenue declined quarter to quarter. The company posted revenue of $4.22 billion during the 4Q2008. But EPS were up from $5.10.

[Related -Starbucks Corporation (SBUX): How Q1 Earnings Will Fare?]

The economic data added up to a lot of pain on many fronts, but the media spin was that perhaps there is a little less pain. In any case, the data was expected, and there was no remarkable affect on share prices.

By the close Thursday, the DJIA (+95.81 +1.19% to 8125.43, S&P 500 (+13.24 +1.55% to 865.30), and NASDAQ Composite (+43.64 +2.68% to 1670.44) were all higher, all of it in the final two hours.

[Related -International Business Machines Corp. (IBM): Hardware Woes Weigh On IBM Results]

The Toronto Composite (+97.26 +1.05% to 9343.37) and the Toronto Venture Board (-5.81 -0.59% to 982.13) were headed in opposite directions, mostly because the junior market is over-weighted with precious metals exploration companies, which suffered as $GOLD pulled back sharply (-$15.60/oz to 875.60) to technical support levels.

Ahead of the Citigroup (http:www.istockanalyst.comC) and General Electric (http:www.istockanalyst.comge), trading in the major international equity markets today has been slightly positive, but uninspiring. Japan's Nikkei 225 index (+1.74% to 8907.6) was the best gain on the board. Australia's All Ordinaries index (+0.07% to 3728.1), Hong Kong (-0.12% to 15601.3), Shanghai (-1.19% to 2503.9) and India (+0.96% to 11052.9) were mixed.


Next Page >>12
iOnTheMarket Premium
Advertisement

Advertisement


Comments Closed


rss feed

Latest Stories

article imageMBIA Inc. (MBI) : BTI's $12 a Tough Task

MBIA Inc. (NYSE:MBI) is doing well on a day stocks are struggling The guarantee insurance company is the read on...

article imageUrban Outfitters, Inc. (URBN) Q2 Earnings Preview: A Snug Fit

Urban Outfitters, Inc. (NASDAQ:URBN) will hold a webcast to discuss its second quarter of fiscal-year 2015 read on...

article imageEstee Lauder Companies Inc. (EL) Q4 Earnings Preview: Options Player Betting On EL’s EPS Looking Pretty

Estee Lauder Companies Inc. (NYSE:EL) will release fiscal 2014 fourth quarter and full year financial read on...

article imageHerbalife Ltd. (HLF): 3 Reasons To Pay Attention to Recent Insider Buying

Well, well, well… it looks as if boardroom buyers viewed the recent selloff as an opportunity to buy. read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.