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U.S. Markets Open Higher, General Electric Q2 Meets Forecasts

Susannah Lee
7/18/14 9:54 AM EDT
U.S. markets opened higher on Friday after digesting the impact of the crash of a Malaysia Airlines plane carrying 295 passengers in Ukraine on Thursday afternoon. Investors are focusing on a few earnings reports and some M&A activity in the pharmaceutical space. General Electric (GE) posted second quarter results which met expectations. The conglomerate is pushing forward with plans to refocus its business. Late Thursday, Google reported earnings that missed Wall Street forecasts, but its revenue did beat street estimates. IBM reported revenue dropped for a ninth quarter in a row. The maker of personal computers said Q2 sales fell 2 percent from a year earlier as demand for hardware and computer services declined. On the deals front, U.S. drug maker AbbVie has agreed to buy the UK's Shire Pharmaceuticals in a deal valued at nearly $55 billion. The merger will allow AbbVie to shift its tax residence overseas. TheStreet's Susannah Lee has details from New York.
Stocks in this video: GEGOOGIBMABBV

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