US stocks open mixed on earnings reports

Written By Unknown on Jumat, 19 April 2013 | 22.33

US stocks have traded mixed in early trade after a deluge of earnings reports gave conflicting signals about the state of the economy.

About 30 minutes into trade on Friday, the Dow Jones Industrial Average dropped 42.85 (0.29 per cent) to 14,494.29.

The broad-based S&P 500 added 4.71 (0.31 per cent) at 1,546.32 while the tech-rich Nasdaq Composite Index put on 20.18 (0.64 per cent) at 3,186.54.

General Electric fell 4.4 per cent after revenues edged lower due to tough conditions in some industrial markets, especially Europe.

The huge conglomerate forecast a stronger performance in its key power and water division in the second half of the year.

Earnings reports from IBM and McDonald's missed expectations, while technology heavyweights Google and Microsoft outperformed analyst forecasts.

Microsoft jumped 3.9 per cent after reporting better-then-expected profits as a stronger performance in its online and entertainment businesses helped offset flat quarter-on-quarter revenues in its Windows division.

Google rose 2.4 per cent.

The world's leading internet search company made up for cheaper ad prices with a 20 per cent increase in the number of paid clicks on ads.

IBM sank 6.7 per cent after revenues came in 5.2 per cent below expectations.

McDonald's shed 2.0 per cent after reporting profits a cent below expectations, citing "the ongoing impact of global economic headwinds".

Dell dropped 3.3 per cent after announcing that a bidding consortium led by Blackstone Management had withdrawn its takeover offer, citing poor trends in personal computers and Dell's weakened financial prospects.

Fellow computer company Hewlett-Packard, a Dow component, fell 3.7 per cent.

Boeing rose 1.5 per cent on reports that the Federal Aviation Administration was expected to announce its 787 Dreamliner plane could return to service, as early as Friday.

The plane has been grounded globally since mid-January due to battery problems.

Consumer and health care products manufacturer Kimberly-Clark rose 3.6 per cent after reporting a 13.5 per cent increase in quarterly profits and raising its full-year earnings forecast.

Capital One rose 5.4 per cent after the bank beat earnings expectations by 20 cents per share.

Bond prices slipped.

The yield on the 10-year Treasury edged up to 1.70 per cent from 1.69 per cent late on Thursday, while the 30-year yield rose to 2.88 per cent from 2.86 per cent.

Bond prices move inversely to yields.


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