U.S. stocks post mixed weekly results amid earnings, data

Source: Xinhua| 2018-07-29 01:27:44|Editor: Mu Xuequan
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NEW YORK, July 28 (Xinhua) -- U.S. stocks posted mixed weekly results as investors digested a batch of second-quarter corporate earnings reports as well as key economic data.

For the week, the Dow Jones Industrial Average gained 1.6 percent, the S&P 500 increased 0.6 percent, and the Nasdaq fell 1.1 percent.

On the earnings front, shares of Twitter plunged 20.54 percent at Friday's market closing after the company reported a decline in active users, a key measure for social media platforms. Its revenues were almost in line with estimates.

Shares of Intel also slid 8.59 percent though the company reported better-than-expected quarterly results.

Facebook's shares plunged nearly 19 percent on Thursday after the company missed projections on revenue and global daily active users for the second quarter. The social media giant posted revenue of 13.23 billion U.S. dollars and 1.47 billion global daily active users.

In addition, the company advised at a call with analysts that it expected its revenue growth rates to be lower than the previous year.

Facebook's earnings per share, however, stood at 1.74 dollars, topping Wall Street estimates.

The shares of Qualcomm and Advanced Micro Devices rose 7 percent and 14.3 percent on Thursday after both company posted stronger-than-forecast earnings per share and revenue.

Comcast reported mixed quarterly results, beating Wall Street estimates on earnings but falling short on revenue.

U.S. planemaker Boeing posted earnings per share of 3.33 dollars and revenue of 24.3 billion dollars, both topping Wall Street's estimates. But the Dow component stuck to its full-year earnings per share guidance to 14.3 dollars to 14.5 dollars, below analysts' expectations.

Another Dow component, Coca-Cola, reported adjusted earnings per share of 61 cents, topping the forecast as its diet drinks fueled global growth. Its second-quarter revenue stood at 8.9 billion dollars, also beating expectations.

General Motors cut its full-year profit outlook to 6 dollars per share from a range of 6.3 dollars to 6.6 dollars per share as steel and aluminum costs have been rising. Its second-quarter earnings per share and revenue were both higher than estimates.

So far, over 50 percent of S&P 500 companies have reported earnings. Of those companies, 79.8 percent reported better-than-expected earnings, according to data from FactSet.

On the economic front, the U.S. economy grew by 4.1 percent in the second quarter, matching the market expectations, the Commerce Department reported on Friday.

U.S. consumer sentiment fell in July, according to the University of Michigan. The index fell to 97.9 from 98.2 in June as both the assessment of current economic conditions and expectations dropped.

In the week ending July 21, the advance figure for seasonally adjusted initial claims was 217,000, an increase of 9,000 from the previous week's revised level, according to the Labor Department on Thursday. The previous week's level was revised up by 1,000 from 207,000 to 208,000.

The four-week moving average was 218,000, a decrease of 2,750 from the previous week's revised average. The previous week's average was revised up by 250 from 220,500 to 220,750, said the department.

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