Stock Market Today: Record Intraday Moves for S&P 500 on Apple, Pepsi Earnings
Apple, the most heavily traded stock of the day, was gaining 2.9% to $97.48 after reporting third-quarter profit up 12% from a year earlier and revenue 6% higher to $37.4 million.
PepsiCo shares were popping nearly 4% to $92.48 after the beverage and snacks giant booked stronger-than-forecast earnings and raised its full-year profit outlook.
Microsoft on Tuesday evening reported fiscal fourth-quarter earnings of 55 cents a share, 6 cents less than analysts' estimates, and revenue up 17.3% to $23.38 billion. Microsoft shares were inching 0.11% lower to $44.78.Delta Air Lines (DAL) was adding 3.6% to $39.05 after reporting quarterly net income 17% higher to $801 million as passenger revenue increased 9.1% to $9.27 billion. So far, 149 companies in the S&P 500 have reported earnings with 68.5% beating analysts' expectations. The S&P 500 was higher by 0.21% to 1,987.71, skimming record highs set earlier in the day. The Nasdaq was climbing 0.39% to 4,473.15. The Dow Jones Industrial Average was ticking 0.14% lower to 17,089.26. Must Read:
July 23 Premarket Briefing: 10 Things You Should Know Stock Market Today: S&P 500 in Record-Marking Zone as Chipotle, Comcast Boost Profits U.S. stocks moved back into record-making territory on Tuesday as positive earnings overshadowed continued unease in Eastern Europe and the Middle East. Boosting the index, Chipotle (CMG), Comcast (CMCSA) and Verizon VZ gained following better-than-expected earnings reports. S&P Capital IQ reported that S&P 500 second-quarter earnings growth is now expected to come in at 7% year over year, with earnings per share of $28.80. All 10 sectors are anticipated to have grown the second quarter. Meanwhile, a report from Yardeni Research said that S&P 500 forward earnings rose to a record high last week and have risen in 23 of the past 24 weeks. Aerospace giant Boeing (BA) hiked its 2014 earnings per share outlook to between $7.90 and $8.10 from its previous forecast of $7.15 to $7.35. Net earnings for the second quarter increased by 52% to $1.65 billion as its backlog remained strong at $440 billion with more than 5,200 commercial airplane orders. The stock is dragging on the Dow as it slips 2.3% to $126.71. AT&T (T) and Facebook (FB) will be reporting after the markets close. AT&T is expected by Wall Street to post second-quarter earnings of 63 cents a share on revenue of $33.22 billion. Social networker Facebook, which has worked to shift its business to mobile, is expected to report second-quarter earnings of 32 cents a share on revenue of $2.81 billion. Herbalife (HLF) was also drawing attention. Activist investor Bill Ackman denounced the weight loss and nutritional supplements company as a pyramid scheme in a three-hour presentation on Tuesday, but Wall Street shrugged off his criticism and sent the company's stock soaring more than 25% over the day's session. Shares were pulling back on Wednesday, dropping 3.7% to $65.27. -- By Andrea Tse and Keris Alison Lahiff in New York.
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