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Stocks Wobble After Amex Earnings, Jobless Claims

Stocks in this article: EBAY GOOG JNJ MMI

American Express reported quarterly revenue late Wednesday that fell short of Wall Street's expectations even though earnings were in line. Amex said card holders' rate of spending has slowed in recent months. Its stock lost $1.76 to $57.61.

Strong profits for the insurer Travelers sent its stock up 3.6 percent. The company said claims from catastrophes plunged compared to the same quarter last year, which helped earnings double. Travelers' stock gained $2.56 to $73.94.

BB&T bank, Philip Morris International and Boston Scientific all fell after reporting results that fell short of forecasts. Microsoft fell in after-hours trading after reporting its earnings.

Weekly applications for unemployment benefits surged to a four-month high, a sharp rise from the previous week. The Labor Department pointed to technical reasons behind the swing, mainly delayed figures from one large state, California.

Better earnings from Johnson & Johnson and other companies, along with encouraging reports on industrial production and the housing market, have pushed the stock market higher this week. The Dow is up 1.6 percent and the S&P 500 is up 2 percent.

In other trading Thursday, the yield on the 10-year Treasury note was 1.83 percent, up from 1.82 percent Wednesday. The euro lost 0.4 cent against the dollar to $1.307. Crude oil fell 2 cents to $92.10 per barrel.

Among other stocks making big moves:

â¿¿ EBay jumped $2.63, or 5.4 percent, to $50.83 after posting better net income and more revenue from its PayPal payments service and its online markets. The company also raised its full-year estimates for earnings and sales.

â¿¿ Verizon Communications surged $1.06, or 2.4 percent, to $45.78. The company said its wireless division signed up more customers in the quarter. Verizon said its customers also added more devices to its Share Everything plan.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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