Is Bankruptcy The Light At The End Of Your Tunnel?

Is Bankruptcy The Light At The End Of Your Tunnel?

Many things can happen in life that can cause personal financial strain. It can be brought on by poor decisions, loss of income or even, a death in the family. No matter More »

How To Pick The Best Personal Bankruptcy Lawyer To Help Your Case

How To Pick The Best Personal Bankruptcy Lawyer To Help Your Case

Personal bankruptcy can be a scary situation for those who are facing repossession from the government and constant calls from debt collectors. If you find yourself in a hole that you cannot More »

Bankruptcy: What Are My Options And Limitations?

Bankruptcy: What Are My Options And Limitations?

Even though filing for personal bankruptcy can seem like something to put off, you should not wait too long to do it. Know what you are about to go through and then More »

Why Personal Bankruptcy Is The Best Option For Some People

Why Personal Bankruptcy Is The Best Option For Some People

Looking into bankruptcy can be like looking into a murky sea. With so many laws and regulations, how do you know what steps to take so you can file for bankruptcy and More »

 

S&P 500 turns negative, erases earlier gains

The S&P 500 turned negative on Friday, giving back its gains from earlier in the day as investors wrapped up a choppy week of trading. 

The broad index hovered just below the flatline as losses in the energy, health care and financials sectors offset a 0.7% rise in tech. 

Meanwhile, the Dow Jones Industrial Average traded 80 points higher, or 0.3%, after the release of better-than-expected earnings from American Express and Intel. The Nasdaq Composite also advanced 0.3% and reached a record high.

American Express reported a quarterly profit and revenue that beat analyst expectations. Those results were driven in part by strong card fee revenues. The stock gained more than 3%.

Intel, meanwhile, climbed more than 8% after its fourth-quarter numbers topped estimates. The company also gave an optimistic outlook for the first quarter of 2020.

Those results add to what has been a solid start to the earnings season. More than 16% of the S&P 500 has released quarterly results thus far. Of those companies, about 70% have reported better-than-expected earnings, FactSet data shows.

Traders work on the floor of the New York Stock Exchange (NYSE) on January 21, 2020 in New York City.

Spencer Platt | Getty Images

Nick Raich, CEO of The Earnings Scout, pointed out that S&P 500 earnings expectations are also improving, which is “a reason why stocks continue to rise. The rise in price has been more than the underlying improvement in overall EPS expectations. This is what has made stock prices expensive in our opinion.”

Stocks have been on a record-setting tear since last year, with the S&P 500 rising more than 28% in 2019 and gaining more than 2% to start off 2020.

U.S. equities followed their European counterparts higher after IHS Markit data showed business activity in the region showed signs of stabilizing after weakening throughout 2019.

The Stoxx 600 index, which tracks a broad swath of European shares, advanced 1.1%. Germany’s Dax climbed 1.5% while the French CAC 40 gained 1.1%.

“Global economic activity is slowly firming, but is not likely to be sufficiently strong as to unnerve government bond markets over the next few months,” strategists at MRB Partners said in a note. “Nevertheless, the macro backdrop is sufficiently positive, and likely to remain so, to suggest that no worse than a digestion phase or mild correction will be necessary to better align equity prices with the slow-moving uptrend in earnings.”

Stocks have been subdued this week by fears of the China coronavirus spreading, with the death toll rising to 26 and the number of confirmed cases increasing to 830. The S&P 500 and Dow entered Friday’s session on pace for their first weekly loss of the year while the Nasdaq Composite was barely higher week to date.

The virus originated in China, but cases have also been reported in the U.S., Japan, and South Korea. The World Health Organization on Thursday called the outbreak an “emergency in China,” but stopped short of saying it constituted a global public health emergency. This led to a sigh of relief for investors, who were worried the situation had escalated to a global health emergency.

—CNBC’s Ryan Browne contributed to this report.

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10-year Treasury yield hits a seven-week low

The benchmark 10-year Treasury yield hit its lowest level in seven weeks on Friday as fears of the coronavirus persist.

The yield on the benchmark 10-year Treasury note fell 2 basis points to 1.712%, the lowest since Dec.3. The yield on the 30-year Treasury bond was also lower at 2.161%. Bond yields move inversely to prices.

Market players continue to monitor the spread of the China coronavirus, as the death toll rose to 25 and the amount of confirmed cases increased to 830. The virus originated in China, but cases have also been reported in the U.S., Japan and South Korea.

The World Health Organization on Thursday called the outbreak an “emergency in China,” but said it didn’t yet constitute a global public health emergency, helping to slightly ease fears over the epidemic.

Meanwhile, investors will be watching for economic data Friday, with manufacturing figures for January expected at 9:45 a.m. ET.

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Dow rises 100 points, led by American Express and Intel

Stocks rose on Friday to end a choppy week of trading after the release of better-than-expected earnings from American Express and Intel while worries over the deadly coronavirus eased.

American Express reported a quarterly profit and revenue that beat analyst expectations. Those results were driven in part by strong card fee revenues. The stock gained more than 2% in the premarket.

Intel, meanwhile, climbed more than 5% after its fourth-quarter numbers topped estimates. The company also gave an optimistic outlook for the first quarter of 2020.

Those results add to what has been a solid start to the earnings season. More than 16% of the S&P 500 has released quarterly results thus far. Of those companies, about 70% have reported better-than-expected earnings, FactSet data shows.

Traders work on the floor of the New York Stock Exchange (NYSE) on January 21, 2020 in New York City.

Spencer Platt | Getty Images

Nick Raich, CEO of The Earnings Scout, pointed out that S&P 500 earnings expectations are also improving, which is “a reason why stocks continue to rise. The rise in price has been more than the underlying improvement in overall EPS expectations. This is what has made stock prices expensive in our opinion.”

Stocks have been on a record-setting tear since last year, with the S&P 500 rising more than 28% in 2019 and gaining more than 2% to start off 2020.

However, stocks have been subdued this week by fears of the China coronavirus spreading, with the death toll rising to 26 and the number of confirmed cases increasing to 830. The S&P 500 and Dow entered Friday’s session on pace for their first weekly loss of the year while the Nasdaq Composite was barely higher week to date.

The virus originated in China, but cases have also been reported in the U.S., Japan, and South Korea. The World Health Organization on Thursday called the outbreak an “emergency in China,” but stopped short of saying it constituted a global public health emergency. This led to a sigh of relief for investors, who were worried the situation had escalated to a global health emergency.

Meanwhile in economic data, manufacturing figures for January are due at 9:45 a.m. ET.

—CNBC’s Ryan Browne contributed to this report.

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Stocks making the biggest moves premarket: Intel, American Express, Disney, Broadcom & more

Check out the companies making headlines before the bell:

American Express (AXP) – American Express reported quarterly earnings of $2.03 per share, 2 cents a share above estimates. Revenue was slightly above consensus. The financial services giant said revenue growth during 2019 was driven by higher card fee income as well as increased spending by cardholders.

Intel (INTC) – Intel reported quarterly profit of $1.52 per share, beating the consensus estimate of $1.25. The chipmaker’s revenue also exceeded Wall Street forecasts, helped by an improvement in personal computer and data center demand. Intel also gave an upbeat current-quarter outlook, as well as announcing a 5% dividend increase.

Walt Disney (DIS) – The Shanghai Disney resort will close until further notice, as officials try to stop the spread of the coronavirus. The closure comes during China’s seven-day Lunar New Year holiday, normally an extremely busy time for the resort.

Ericsson (ERIC) – Ericsson posted a smaller-than-expected profit for the fourth quarter, with the Swedish telecom equipment maker hit by higher costs for 5G development as well as a weaker U.S. market.

Broadcom (AVGO) – Broadcom struck a deal to supply Apple (AAPL) with wireless components for Apple products through 2023, in a transaction worth an estimated $15 billion. Apple currently accounts for about 20% of Broadcom’s annual revenue.

Skyworks Solutions (SWKS) – Skyworks shares are under pressure following the news that competitor Broadcom signed an Apple supply deal. Skyworks reported better-than-expected quarterly profit of $1.68 per share, 3 cents a share above estimates. Revenue also came in above forecasts.

Intuitive Surgical (ISRG) – Intuitive Surgical beat estimates by 10 cents a share, with adjusted quarterly earnings of $3.48 per share. The surgical instruments maker’s revenue also came in above Wall Street projections. Procedures performed with the company’s Da Vinci robotic surgical devices increased by 19% during the quarter compared to a year earlier.

E*Trade Financial (ETFC) – E*Trade earned an adjusted 84 cents per share for the fourth quarter, a penny a share above estimates. Revenue also came in above consensus. The bottom line number excludes 8 cents a share of negative impact from restructuring and special charges. The online brokerage company saw a drop in net interest income and higher non-interest expenses but also reported record customer trading activity.

Discover Financial (DFS) – Discover came in a penny a share above estimates, with quarterly earnings of $2.25 per share. Revenue was essentially in line with forecasts. Evercore downgraded the credit card and financial services provider to “underperform” from “in line” following the report, saying it sees pressure on Discover’s bottom line this year from higher investments, increased credit costs, and fewer buybacks.

Generac (GNRC) – Oppenheimer upgraded the maker of power generators to “outperform” from “perform,” based on expectations of solid revenue growth. Oppenheimer points to the emergence of the California market for Generac, as well as sustained strength in core demand fundamentals.

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