Here Are 4 Hot Things to Know About Stocks Right Now

  • The S&P 500 and Nasdaq traded lower Friday for the second time in five sessions. 
  • The Dow Jones Industrial Average declined Friday for the third day in a row.
  • Despite declines Friday, the three U.S. benchmark stock indexes finished higher for the week. The Dow rose 0.42% for the week, the S&P 500 gained 0.52% and the Nasdaq increased 0.56%.
  • The Dow is now more than 2,100 points below its all-time high of 26,616 on Jan. 26.

Wall Street Overview

Stocks fell sharply on Friday, April 20, as strong gains in General Electric Co. (GE)  were offset by a continued slump in shares of Apple Inc. (AAPL) .

The Dow Jones Industrial Average declined 201 points, or 0.82%. The S&P 500 fell 0.85% and the Nasdaq dropped 1.27%.

General Electric reported first-quarter adjusted profit of 16 cents a share, topping Wall Street forecasts of 12 cents. Revenue for the company came in at $26.87 billion, below estimates of $27.6 billion. The stock jumped 3.9% on Friday.

Apple was down 4.1%, continuing declines from a day earlier after supplier Taiwan Semiconductor Manufacturing Co. (TSM) issued a weak forecast, suggesting that iPhone X sales have come under pressure.

Schlumberger NV (SLB) posted first-quarter adjusted earnings of 38 cents a share, beating estimates by 1 cent. Revenue of $7.83 billion also topped analysts' views. The stock was down 1.48%.

Honeywell International Inc. (HON) rose 1.6 after earnings and sales beat expectations, and the company raised its 2018 earnings outlook.

Apple, Schlumberger and Honeywell are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stocks? Learn more now.

Wells Fargo & Co. ( WFC)  agreed to pay a fine of $1 billion by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for lending abuses in its auto insurance and mortgage lending businesses. Shares rose 1.9%.

Chipmaker Qualcomm Inc. (QCOM) has begun to lay off employees in an effort to shed $1 billion in expenses. Qualcomm will cut more than 4% of its workforce starting in June, according to documents filed California's Employment Development Department. More than 1,500 layoffs will be in California, including San Diego, where the company's headquarters are located.

Skechers USA Inc. (SKX)  plunged 27% on Friday after the footwear maker issued softer-than-expected sales and earnings forecasts for its fiscal second quarter following a solid start to the year.

Toymaker Mattel Inc. (MAT)  named Ynon Kreiz its new CEO. He will assume the post on April 26. Shares fell 3.6%.

Kreiz, who has been a director since June 2017, also will be board chairman, effective upon his election to the post during the annual stockholders meeting on May 17. He replaces Margaret Georgiadis who informed that board she was resigning.
 
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