Stocks Rally, Reversing a Slump, as Earnings Give a Jolt
The benchmark 10-year Treasury was rising 3/32, diluting the yield to 1.971%. The dollar was up 0.1%, according to the U.S. dollar index.
In corporate news, United Airlines (UAL) said Thursday it would delay the grounded Boeing (BA) 787 Dreamliner from flying any routes through June 5, and it postponed a new Denver-to-Tokyo flight. United Airlines shares increased 1.7%, while Boeing ticked up 0.9%.
Abercrombie & Fitch (ANF) reported earnings on Friday of $1.95 a share on revenue of $1.47 billion. Analysts forecast the clothing retailer would post fourth-quarter earnings of $1.96 a share on revenue of $1.49 billion. Shares of the company tumbled 4.5%.Texas Instruments (TXN) increased its quarterly dividend by 33% to 28 cents a share and said it planned to buy back $5 billion of its stock. The chipmaker's shares climbed 5.2%. A Securities and Exchange Commission filing showed new Citigroup (C) CEO Michael Corbat received pay of $11.5 million in 2012. Shares of the company rose 1% on Friday. Charter Communications (CHTR) reported a fourth-quarter loss of 41 cents a share on revenue of $1.91 billion, which was a 4.3% increase from a year earlier. Analysts had been expecting the cable company to post a loss of 28 cents a share on revenue of $1.91 billion. Shares popped 10%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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