After a big two week run up, the averages are pulling back following disappointing earnings last night from Microsoft, Amazon, and American Express. The Dow Jones Industrial Average fell 25 points to 9,039. American Express is down 3% even though they beat estimates by a penny. The S&P 500 index fell 5 points to 971, and the tech-heavy Nasdaq Composite Index fell 25 points to 1,948. The techs are under the most selling pressure with Microsoft and Amazon both down 7%. Juniper Networks is down 3% even though they beat estimates. Broadcom is down 9% as profits tumbled year over year. But not all techs are lower. Computer Associates is up 9% after beating estimates by 4 cents. Baidu is up 7% after beating estimates helping lift rival Google. Solar company, Sunpower is jumping 27% following strong earnings. In the retail sector, Deckers Outdoors is down 11% following earnings. I guess the Uggs aren't selling as well. Cheesecake Factory is down 6% even though they beat estimates. Black & Decker is up 10% after beating estimates by a wide margin. Yesterday, Radio Shack signed Lance Armstrong for next years' Tour de France and then this morning, they received two upgrades. Not bad. After the first hour, the averages pushed lower. The Dow dropped 45 points. The Nasdaq declined 33 points. The financials are modestly lower. T. Rowe Price is down 3% even though they beat estimates. Wilmington Trust is down 2% after losing money. Through the morning, the averages remained in the red, but off the lows. Not much of a sell off. A number of techs look good including Google, Baidu, and Apple. In the afternoon, the averages slowly crept back toward the unchanged level. Resilient market. The Dow Jones Industrial Average finished up 23 points at 9,093. The Dow industrials were up 4% for the week. The tech-heavy Nasdaq Composite fell 7 points to 1,965 points, but gained 4.2% on the week. The S&P 500 stock index gained 2.97 points to close at 979, posting a 4.1% gain for the week. Another great week.
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