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

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

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

IPMarketRecap Good News on the Jobs Front    Thursday's 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 InvestorPlace.com. As of this writing, he was long XOM.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/IPMarketRecap.gif
  2. government report: http://money.cnn.com/2013/04/25/news/economy/unemployment-benefits/index.html?iid=EL
  3. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  4. came in lower than expected: http://investorplace.com/2013/04/no-reason-to-buy-exxon-on-this-beat/
  5. MMM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MMM
  6. ZNGA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZNGA
  7. a gloomy forecast: http://investorplace.com/ipo-playbook/zyngas-not-dead-just-really-ill/
  8. DOW: http://studio-5.financialcontent.com/investplace/quote?Symbol=DOW
  9. UPS: http://studio-5.financialcontent.com/investplace/quote?Symbol=UPS
  10. VZ: http://studio-5.financialcontent.com/investplace/quote?Symbol=VZ
  11. VOD: http://studio-5.financialcontent.com/investplace/quote?Symbol=VOD
  12. remaining stake in Verizon Wireless: http://www.reuters.com/article/2013/04/25/us-verizonwireless-verizon-idUSBRE93O02C20130425
  13. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  14. GT: http://studio-5.financialcontent.com/investplace/quote?Symbol=GT
  15. BKW: http://studio-5.financialcontent.com/investplace/quote?Symbol=BKW
  16. ANGI: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANGI
  17. RRD: http://studio-5.financialcontent.com/investplace/quote?Symbol=RRD
  18. CDNS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDNS
  19. SWY: http://studio-5.financialcontent.com/investplace/quote?Symbol=SWY
  20. CTXS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CTXS
  21. QCOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=QCOM
  22. Read more here: http://investorplace.com/2013/04/bite-on-the-qualcomm-dip/

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