Good News on the Jobs Front — Thursday’s IP Market Recap

by Marc Bastow | April 25, 2013 4:58 pm

IPMarketRecap Good News on the Jobs Front    Thursdays IP Market Recap[1]A better-than-expected government report[2] showing unemployment claims dropped to 339,000 last week from 355,000 in the prior week provided a boost to stocks Thursday, which also were bid higher as investors digested another influx of earnings reports.

The Nasdaq led the way, up 0.62% to 3289.99, while the S&P 500 rose 0.4% to close at 1585.16 and the Dow Jones Industrial Average improved by 0.17% to finish the day at 14700.80.

Thinning the Dow’s gains was Exxon Mobil (NYSE:XOM[3]) which kicked off the day by announcing both an earnings beat and a dividend increase, but still ended as one of the index’s few losers. Revenues came in lower than expected[4], and the earnings increase was attributable to recent stock buybacks. XOM finished down around 1.5%.

3M (NYSE:MMM[5]) also took a beating, producing a Dow-worst 2.5% loss after missing earnings and revenue expectations and lowering its 2013 profit outlook.

Also going the wrong way was social gamemaker Zynga (NASDAQ:ZNGA[6]), which fell nearly 7% after the company issued a gloomy forecast[7].

On the other side of the ledger, Dow Chemical (NYSE:DOW[8]) impressed the Street on the earnings front and was bid up 5%. UPS (NYSE:UPS[9]) also headed higher, by 2%, thanks to a nice bump in its top and bottom lines.

In other corporate news, Verizon (NYSE:VZ[10]) moved ahead nearly 3% after Reuters reported that the company hired advisers to look at a bid to buy Vodafone‘s (NASDAQ:VOD[11]) remaining stake in Verizon Wireless[12].

Finally, after the bell, Amazon was trading slightly higher after its Q1 earnings report. The company’s profits did improve by 22% year-over-year to $16.07 billion, but earnings plunged 37% to $82 million. EPS of 18 cents per share did clear the analyst community’s bar.

Earnings notables for Friday include Chevron (NYSE:CVX[13]), Goodyear Tire (NASDAQ:GT[14]), and Burger King (NYSE:BKW[15]).

Three Up

Three Down

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

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  2. government report:
  3. XOM:
  4. came in lower than expected:
  5. MMM:
  6. ZNGA:
  7. a gloomy forecast:
  8. DOW:
  9. UPS:
  10. VZ:
  11. VOD:
  12. remaining stake in Verizon Wireless:
  13. CVX:
  14. GT:
  15. BKW:
  16. ANGI:
  17. RRD:
  18. CDNS:
  19. SWY:
  20. CTXS:
  21. QCOM:
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