A late-day move lands all major stock averages in the green at
today's bell. The DJIA closed up 0.2%, scratching out of negative
territory in the final minutes of the session. The S&P 500 closes
up 0.3%, at 982.18, its highest level since Nov. 4. The Nasdaq is up
0.1%.
Stocks chopped in mixed trading after a spate of mixed earnings
results from Honeywell (
), Verizon (
) and other companies dimmed
some investor optimism.
Although stocks got a brief lift from session lows on
better-than-expected new home sales, it was not enough to calm earnings
jitters and some consolidation that was widely expected to follow the
robust gains seen over the past two weeks. The broad S&P 500
advanced 4% last week alone. The DJIA pushed above 9,000 last week for
the first time since January.
June new-home sales rose by the biggest amount since November 2008,
climbing by 11% to a seasonally adjusted annual rate of 384,000, the
Commerce Department said. Economists had expected a modest increase in
new-home sales to 355,000, annualized.
Among the day's earnings, Verizon (
) reports adjusted Q2 EPS
$0.63 vs $0.67 a year earlier but just topping the Thomson Reuters mean
analyst estimate for $0.62. Operating revenue was up 11.3% to $26.9
billion, in line with the Street view.
Honeywell (
) reports Q2 EPS of $0.60 vs $0.96 a year earlier
though meeting the Thomson Reuters mean analyst estimate. Sales fell to
$7.57 billion from $9.67 billion. The Street looked for $7.73 billion.
Honeywell expects 2009 earnings of $2.85 a share. The Street is at
$2.82.
RadioShack (
) reports Q2 earnings of $0.39 per share, up from
$0.32 per share a year ago. The Street view was $0.29 per share. Sales
were $965.7 mln, down from $995 mln a year ago. The analyst mean was
$980 mln.
