STOCKS HIT ALL-TIME HIGH: Detroit Files Largest Municipal Bankruptcy In History, GOOGLE and MICROSOFT Badly Misses Profit Expectations, Restaurant Spending Plunges By Most….Weather’s Fault?
STOCKS HIT ALL-TIME HIGH
Financial stocks helped push the market further into record territory after strong readings from the labor and manufacturing sectors.
The Dow Jones Industrial Average rose 78.02 points, or 0.5%, to 15548.54. The Standard & Poor’s 500-stock index tacked on 8.46 points, or 0.5%, to 1689.37. The Dow industrials and S&P 500 closed at records.
The bulk of the Dow’s advance was attributable to strong gains in UnitedHealth GroupUNH +6.52% and International Business Machines. UnitedHealth jumped 6.5% after beating earnings estimates and affirming its revenue outlook for the year.
http://online.wsj.com/article/SB10001424127887323993804578613350309766768.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Moody’s upgrades outlook on US debt to ‘stable,’ keeps the Aaa rating
http://www.cnbc.com/id/100893512
Largest municipal bankruptcy in U.S. history
http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-prepares-file-bankruptcy-soon-Friday
http://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7
Pension Funds Sue to Block
http://www.bloomberg.com/news/2013-07-18/detroit-pension-funds-sue-to-block-city-bankruptcy-filing.html
$20 BILLION IN DEBT
http://www.cnbc.com/id/100764427
City official demands federal taxpayer bailout
http://detroit.cbslocal.com/2013/07/18/detroit-bankruptcy-filing-could-come-friday/
LIVE: Google Tanks After Earnings Miss
http://www.businessinsider.com/google-earnings-2013-7
MICROSOFT WHIFFS ON EARNINGS, STOCK FALLS
Microsoft’s numbers are out!
Looks like a big miss due to the collapse of the PC market.
EPS is $0.59, versus expectations of $0.75.
In the release, Microsoft says it’s taking a $900 million charge, or a $0.07 per share impact, due to the Surface RT inventory adjustments.
If don’t include the RT charge, then its EPS is $0.66, which is still a very big miss.
Read more: http://www.businessinsider.com/microsoft-q4-2013-earnings-2013-7#ixzz2ZQuQGSNX
Google, Microsoft Miss Top And Bottom Line; Stocks Tumble
Following yesterday’s disappointing results from Intel, and the IBM revenue miss, completing the sad state of Q2 earnings season for tech companies are the just reported GOOG and MSFT results, both which missed not only on the topline but also on
the bottom line. Guess they didn’t have billions in reserve releases
and Available For Sale MTM fudges to confuse HFT algos and pundits with.
On GOOG:
Wait, we know: weather’s fault.
http://www.zerohedge.com/news/2013-07-18/google-microsoft-miss-top-and-bottom-line-stocks-tumble
America In A Nutshell: S&P Hits All Time High As Detroit Files For Bankruptcy
http://www.zerohedge.com/news/2013-07-18/america-nutshell-sp-hits-all-time-high-detroit-files-bankruptcy
Signs Of An Overbought Market Are Multiplying
http://seekingalpha.com/article/1552512-signs-of-an-overbought-market-are-multiplying?source=google_news
A crisis for the very old: They’re outliving their assets
Nearly half of all Americans will die with practically no money at all. It’s a problem that policymakers and financial services firms must address.
http://www.latimes.com/business/la-fi-hiltzik-20130717,0,2211926.column
June Restaurant Spending Plunges By Most Since February 2008
According to this week’s very weak retail sales report, Food-service sales fell 1.2% in June, the largest decline since February 2008 and the year over year change in “eating out” rose by just 3.1% – the lowest annual increase since June 2010. But at least all those empty restaurant seats have a record number of waiters catering to the non-existent clients which on the surface should mean the speediest service in history.
http://www.zerohedge.com/news/2013-07-18/restaurant-spending-june-plunges-most-february-2008
STOCKS HIT ALL-TIME HIGH
Financial stocks helped push the market further into record territory after strong readings from the labor and manufacturing sectors.
The Dow Jones Industrial Average rose 78.02 points, or 0.5%, to 15548.54. The Standard & Poor’s 500-stock index tacked on 8.46 points, or 0.5%, to 1689.37. The Dow industrials and S&P 500 closed at records.
The bulk of the Dow’s advance was attributable to strong gains in UnitedHealth GroupUNH +6.52% and International Business Machines. UnitedHealth jumped 6.5% after beating earnings estimates and affirming its revenue outlook for the year.
http://online.wsj.com/article/SB10001424127887323993804578613350309766768.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Moody’s upgrades outlook on US debt to ‘stable,’ keeps the Aaa rating
http://www.cnbc.com/id/100893512
Largest municipal bankruptcy in U.S. history
http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-prepares-file-bankruptcy-soon-Friday
http://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7
Pension Funds Sue to Block
http://www.bloomberg.com/news/2013-07-18/detroit-pension-funds-sue-to-block-city-bankruptcy-filing.html
$20 BILLION IN DEBT
http://www.cnbc.com/id/100764427
City official demands federal taxpayer bailout
http://detroit.cbslocal.com/2013/07/18/detroit-bankruptcy-filing-could-come-friday/
LIVE: Google Tanks After Earnings Miss
http://www.businessinsider.com/google-earnings-2013-7
MICROSOFT WHIFFS ON EARNINGS, STOCK FALLS
Microsoft’s numbers are out!
Looks like a big miss due to the collapse of the PC market.
EPS is $0.59, versus expectations of $0.75.
In the release, Microsoft says it’s taking a $900 million charge, or a $0.07 per share impact, due to the Surface RT inventory adjustments.
If don’t include the RT charge, then its EPS is $0.66, which is still a very big miss.
Read more: http://www.businessinsider.com/microsoft-q4-2013-earnings-2013-7#ixzz2ZQuQGSNX
Google, Microsoft Miss Top And Bottom Line; Stocks Tumble
- GOOGLE 2Q REV. EX-TAC $11.10, EST. $11.33B
- GOOGLE 2Q NON-GAAP EPS $9.56, EST. $10.80
- GOOGLE 2Q AVERAGE COST-PER-CLICK FELL 6% VS YEAR AGO
- GOOGLE 2Q SITES REVENUE $8.87 BILLION
- INTERNATIONAL REVENUE $7.28 BILLION
- TRAFFIC ACQUISITION COSTS $3.01 BILLION
- MICROSOFT 4Q REV. $19.90B, EST. $20.72B
- MICROSOFT 4Q EPS 59C, EST. 75C
- MICROSOFT SAYS 4Q AFFECTED BY DECLINE IN PC MARKET
Wait, we know: weather’s fault.
http://www.zerohedge.com/news/2013-07-18/google-microsoft-miss-top-and-bottom-line-stocks-tumble
America In A Nutshell: S&P Hits All Time High As Detroit Files For Bankruptcy
http://www.zerohedge.com/news/2013-07-18/america-nutshell-sp-hits-all-time-high-detroit-files-bankruptcy
Signs Of An Overbought Market Are Multiplying
http://seekingalpha.com/article/1552512-signs-of-an-overbought-market-are-multiplying?source=google_news
A crisis for the very old: They’re outliving their assets
Nearly half of all Americans will die with practically no money at all. It’s a problem that policymakers and financial services firms must address.
http://www.latimes.com/business/la-fi-hiltzik-20130717,0,2211926.column
June Restaurant Spending Plunges By Most Since February 2008
According to this week’s very weak retail sales report, Food-service sales fell 1.2% in June, the largest decline since February 2008 and the year over year change in “eating out” rose by just 3.1% – the lowest annual increase since June 2010. But at least all those empty restaurant seats have a record number of waiters catering to the non-existent clients which on the surface should mean the speediest service in history.
http://www.zerohedge.com/news/2013-07-18/restaurant-spending-june-plunges-most-february-2008