The Standard & Poor’s 500 Index was resting from yesterday’s rout, sitting just a point lower at 1,140 early Friday. Robust earnings were settling the S&P, serving to remind investors that the second quarter of 2011 was a record term, with estimates by the analyst community topped by an average of 17% from reporting companies. Even though the S&P was down slightly, advancers still outnumbered declining stocks this morning by an almost 2-to-1 ratio.
Intuit (NASDAQ:INTU) was up about 11.75% to over $45, picking up about $4.75 per share in early morning buying and selling. Intuit reported rising revenues, declared its first dividend ever and received an analyst upgrade today. Down about 4% for the week, Intuit is up about 4% for the year.
Another software company, Salesforce.com (NYSE:CRM) was higher by more than $2.85, or 2.5%, to more than $123. Salesforce reported results and an outlook that pleased Wall Street. CRM also received a “buy” recommendation this morning. Down more than 15% for the week, Salesforce is up more than 18% for the year.
Proving the principle of mean reversion, Dell (NASDAQ:DELL) was up about 6% to more than $14.60, picking up more than 80 cents per share. Dell is down about 6% for the week on disappointing earnings, but bargain shoppers and an analyst upgrade have it leading the S&P higher in the morning session. For the year, Dell is up more than 14%.
Recovering was Western Union (NYSE:WU), initially heading lower but reversing to go up more than 20 cents, about a 1.4% gain, to about $16.25. A “buy” rating from Stern Agree led to the U-turn for Western Union shares. Western Union is down about 7% for the week and 17% for the month.
Concerns about local economic conditions had Regions Financial (NYSE:RF) lower by more than 0.7%, around a nickel, to under $4.20 per share. Recently, Regions has seen major investor interest from John Paulson, Citadel and others. But deteriorating economic conditions for its customer base and a negative outlook for the entire financial sector has Regions down more than 6% for the week, 30% for the month and 40% for the quarter.
J. M. Smucker (NYSE:SJM) developed a bad taste this morning, as the jelly maker fell by more than $1.30 per share, about a 2% drop, to under $68.70. Smuckers’ earnings disappointed analysts, even though net income increased. Revenues rose to $1.19 billion, short of the expected $1.26 billion. Smuckers is now down more than 5% for the week and 10% for the month.
Jonathan Yates does not own any of the stocks mentioned in this article.
