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| Subject: S&P Hits All Time High,Thursday 17/10/2013 | |
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] Date Posted: 03:18:07 10/18/13 Fri Social by gigya Log in with your social account: Social by gigya -------------------------------------------------------------------------------- Or, you can log in or sign up using Forbes. 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Inside The Forbes Investment Guide Can Twitter Save TV? (And Can TV Save Twitter?) Free Trial Issue Give A Gift Renew Other Publications New Posts +3 posts this hour Most Popular What To Buy With $1B Lists The Best Small Companies Video America's Richest Women 2 FREE Issues of Forbes Help|Connect |Sign up|Log in Samantha Sharf, Forbes Staff I cover markets, millennials and money. Follow Following Unfollow (99) Investing |10/17/2013 @ 11:58AM |59 views S&P Hits All Time High, IBM Slide Keeps Dow In The Redcomments, called-out Comment Now Follow Comments Following Comments Unfollow Comments Comment Now Follow Comments Following Comments Unfollow Comments Stocks rose Thursday at midday, reversing earlier losses after Congress passed an 11th hour debt deal overnight. The move pushed the S&P 500 to a fresh record high, but it wasn’t all good news in the market as a trio of disappointing corporate earnings kept the Dow Jones industrial average from joining the party. The Dow slid .4% in morning trading due to disappointing earnings results from IBM IBM, Goldman Sachs Group Goldman Sachs Group and UnitedHealth Group UnitedHealth Group. The Dow dropped 53 points to 15,321. Move up http://i.forbesimg.com t Move down IBM Falls Off A Cliff As Q3 Sales Fall On Services And Hardware Weakness Agustino Fontevecchia Forbes Staff UnitedHealth Slides On Smaller Earnings Upside Samantha Sharf Forbes Staff Goldman Profits Flat After Summer Trading Slowdown Maggie McGrath Forbes Staff With the S&P 50o up .2% to 1,726 points and the Nasdaq up .3% to 3,850 points, it is clear that the Dow’s bad day is due entirely to corporate earnings. Shortly before noon the IBM loss was taking 71 points off the Dow, Goldman 25 and UnitedHealth 21, more than accounting for the drop in the index. IBM alone dropped more than enough to keep the 30-stock Dow from joining the S&P and Nasdaq in positive territory even with more than half the average’s components in the green. Wednesday, IBM announced that earnings per share hit $3.99, beating estimates, but sales fell 4% to $23.7 billion. The stock slid 6.1% to $175.40 on Thursday morning, continuing a downward trend for the year. (See, “IBM Falls Off A Cliff As Q3 Sales Fall On Services And Hardware Weakness“.) Goldman shares were down 2.4% to $158.36 after mixed results including $2.88 per share earnings that beat analyst consensus, and $6.7 billion revenue that did not. CEO Lloyd Blankfein cited slower client activity and economic uncertainty as reasons for the lack of revenue growth and weakness in the firm’s trading business. (See, “Goldman Profits Flat After Summer Trading Slowdown“.) UnitedHealth hit consensus estimates, but investors apparently expected more out of the top end of its revised full-year forecast. The stock dropped 5.5% to $71.09. (See, “UnitedHealth Slides On Smaller Earnings Upside“.) [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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