by Marc Bastow | July 22, 2013 4:58 pm
[1]McDonald’s (MCD[2]) and Kimberly-Clark (KMB[3]) slipped at the starting blocks of a week that will see 160 of the S&P 500’s components release earnings this week, though the broader indices still managed to move ahead for the day.
The Nasdaq led the way with 0.36% gains to finish at 3600.39. The S&P 500 rode a 0.2% uptick to close at a new all-time high high, closing at 1695.53, while the Dow Jones Industrial Average eked out a fractional gain, closing at 15545.55.
In early-week earnings news, McDonald’s (MCD[2]) announced a rise in both revenue and profit, but not enough to meet Street expectations. Specifically, MCD posted adjusted earnings of $1.38 per share, up 4% year-over-year, on a 2% gain in revenues to $7.08 billion. MCD fell around 3% to mark the largest loss in the Dow Jones.
Personal care products maker Kimberly-Clark (KMB[3]) also saw shares decline on the day, dropping nearly 2% after reporting strong second-quarter earnings that beat Street estimates, but revenue figures that fell flat on a year-to-year basis.
A few days after rival Mattel (MAT[4]) was crushed on earnings, Hasbro (HAS[5]) announced a 16% decline in profits for its second quarter, but still finished up more than 3% amid news of a two-year extension of its merchandising rights to Disney’s (DIS[6]) Marvel characters.
Taiwanese chip maker Himax (HIMX[7]) was one of the day’s biggest movers, soaring more than 30% after announcing Google (GOOG[8]) would take a 6% stake in the company that creates the chips for Google Project Glass. GOOG ticked up 1%.
In corporate news, Yahoo (YHOO[9]) fell over 4% after announcing it would buy back 40 million of its shares[10] from Third Point Capital at Friday’s closing price of $29.11, though Third Point will continue to own a 2% stake (20 million shares) in the company. Three Third Point board members, including CEO Dan Loeb, will step down from Yahoo’s board.
After the bell, Netflix (NFLX[11]) announced flat Q2 revenues of $1.07 billion to meet analyst estimates, earnings per share of 49 cents that came in 9 cents above the consensus, and 600,000 new subscribers. Nonetheless, NFLX was trading down nearly 7% in after-hours trading.
Notable earnings releases for Tuesday include Apple (AAPL[12]) and AT&T (T[13]).
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL and YHOO.
Source URL: https://investorplace.com/2013/07/earnings-swing-into-full-gear-monday-market-summary-mcd-kmb-has/
Copyright ©2024 InvestorPlace unless otherwise noted.