Mixed-Up Markets Finish Up — Thursday’s IP Market Recap

The momentum of earnings helps keep the markets moving forward

   
Mixed-Up Markets Finish Up — Thursday’s IP Market Recap

IPMarketRecap Mixed Up Markets Finish Up    Thursdays IP Market RecapU.S. stocks followed up on Wednesday’s positive momentum with another move north Thursday despite weak news on the unemployment front and a mixed bag of earnings reports.

The Dow finished the day up 0.91% to 13,000, while the S&P rose 0.69% to 1,400 and the Nasdaq 0.71% to 3,050.

A number of big names declined on earnings news Thursday, including Exxon Mobil (NYSE:XOM), UPS (NYSE:UPS) and Aetna (NYSE:AET).

Health care giant Aetna was pummeled by more than 8% after it reported a first-quarter earnings decline of 13% to $411 million ($1.43 per share), falling short of Wall Street expectations of $1.40. UPS fell 1.75% as earnings rose 6% to $970 million ($1 per share) but just missed analyst estimates.  Exxon reported first-quarter earnings of $9.45 billion ($2 per share), down from $10.65 billion ($2.14) it earned a year earlier and missing estimates of $2.09 per share. XOM fell less than 1% on the news.

Meanwhile, first-quarter profit at Citrix (NASDAQ:CTXS) slid 7%; however, core results still topped expectations, and the company lifted its full-year guidance, sending shares rocketing up 12% to a close of over $86.

The auto industry continues to see a rebound, as Chrysler reported its best quarter in more than 13 years. The automaker earned $473 million in the quarter, more than quadruple the $116 million it earned in the year-earlier period. All eyes will now turn to Ford (NYSE:F) and General Motors (NYSE:GM) who report tomorrow and May 3, respectively.

Afternoon headlines were dominated by earnings news from Amazon (NASDAQ:AMZN) and Starbucks (NASDAQ:SBUX).

Amazon was soaring by more than 12% in early after-hours trading after it reported first-quarter net income of 28 cents per share. The figure was down from 44 cents per share last year, but better than estimates for 7 cents per share. Sales also increased, to $13.18 billion from $9.86 billion in the previous year.

Net income for Starbucks rose to $309.9 million (40 cents per share) vs. $261.6 million (34 cents per share) in the same quarter a year earlier, with revenues up 14.7% to $3.2 billion; analysts were looking for EPS of 39 cents. SBUX shares were trading down nearly 5%.

Three Up

  • Cirrus Logic (NASDAQ:CRUS): Up 18.6% ($4.30) to $27.39.
  • PulteGroup (NYSE:PHM): Up 10.1% (88 cents) to $9.58.
  • Cabot Oil & Gas (NYSE:COG): Up 7.2% ($2.22) to $33.

Three Down

  • Akamai (NASDAQ:AKAM): Down 14.5% ($5.60) to $33.15.
  • H&R Block (NYSE:HRB): Down 10.7% ($1.79) to $14.95.
  • Crocs (NASDAQ:CROX): Down 8.1% ($1.78) to $20.26.

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL and XOM.


Article printed from InvestorPlace Media, http://investorplace.com/2012/04/thursdays-ip-market-recap-xom-ups-aet-ctxs-cvx/.

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