By IB Times Staff Reporter: Subscribe to IB's RSS feed
April 20, 2011 7:22 AM EDT
U.S. Markets
U.S. stock markets gained for the first time in four days on Tuesday as stronger-than-expected report on new home starts and encouraging quarterly results from Johnson & Johnson helped lift the markets.
The S&P 500 Index was up 7.48 points, or 0.57 percent, at 1,312.62. The Dow Jones Industrial Average was up 65.16 points, or 0.53 percent, at 12,266.75. The Nasdaq Composite Index advanced 0.35 percent.
The US Commerce Department reported that privately-owned housing starts in March jumped 7.2 percent to a seasonally adjusted annual rate of 549,000 from upwardly revised annual rate of 512,000 in February, while economists expected housing starts to climb to 520,000 in March.
Johnson & Johnson (NYSE:JNJ) shares gained 3.69 percent to $62.69. The company reported first quarter net income of $3.48 billion or $1.25 per share compared to $4.53 billion or $1.62 per share in the same quarter last year. The company raised its fiscal year 2011 earnings view to between $4.90 and $5.00 a share from its prior range of $4.80 to $4.90 per share.
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Steel Dynamics Inc. (NASDAQ:STLD) share surged 5.73 percent as its first quarter profit climbed 63 percent as sales rose due to higher shipments and selling prices.
Goldman Sachs Group Inc. (NYSE:GS) declined 1.25 percent after posting a decline in quarterly earnings as trading revenue dropped. Revenues for the first quarter were down 7 percent to $11.89 billion from last year's $12.78 billion, but well above analysts’ estimation of $10.89 billion. The company reported first quarter net income of $1.56 per share compared to analysts’ estimation of $0.82 per share.
U.S. Futures
Futures on major U.S. indices point to a higher opening on Wednesday as strong earnings from technology sector buoyed sentiment.
Futures on the S&P 500 are up 1.31 percent, futures on the Dow Jones Industrial Average are up 1.11 percent and Nasdaq100 futures are up 1.25 percent.
Intel Corp. (NASDAQ:INTC) shares surged 6.24 percent in pre-market trading session. The company reported first quarter net income of $3.3 billion or 59 cents a share compared to $2.5 billion or 43 cents a share last year, while analysts had expected profit of 46 cents a share on revenue of $11.6 billion.
Intel expects second quarter revenue of $12.8 billion, plus or minus $500 million, and adjusted revenue of $12.85 billion, plus or minus $500 million. Street analysts predict revenue of $11.87 billion.
Yahoo! Inc. (NASDAQ:YHOO) shares gained 4.84 percent to $16.90 in the pre-market trading session as its first quarter earnings exceeded Street view. Adjusted profit was $249 million or 19 cents a share, up from $217.1 million or 15 cents a share last year. Analysts had expected profit of 16 cents a share on revenue of $1.06 billion.
On the economic front, the National Association of Realtors (NAR) is due to report the sales of previously occupied homes before market opens. Economists are forecasting that existing home sales in March may increase to 5.00 million from 4.88 million in February.
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