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20/07/05

Permalink 07:20:27 am, Categories: Markets, 208 words  

New York equities faced losses from technology

The New York equities markets had to recover from losses incurred by disappointing quarterly results from General Motors, Intel, and Yahoo.

The Dow, the S&P and Nasdaq all managed to finish the day in positive territory, though.

The Dow Jones Industrial Average gained 0.4 percent to 10,689.15, the S&P 500 was up 0.5 percent to 1,235.2, and the Nasdaq composite finished the day up 0.7 percent at 2,188.57.

Intel lost 4.4 percent on the day to $27.44 after reporting on Tuesday while it had met Wall Street’s earnings expectations, its margins were less than had been expected.

Yahoo lost 11.5 percent to $33.40 when it reported that it had achieved its earnings predictions but couldn’t hit revenue targets.

The news from Yahoo also pulled Google down by 0.7 percent.

Meanwhile, GM dropped 0.7 percent to $36.58 on what it characterized as “very disappointing” results.

The S&P, which was down 0.3 percent at one point in the day, was helped by biotechnology company Amgen, which reported an increase of 38 percent in second quarter profits, upon which it raised its forecast for the year. Amgen shares rose 15 percent on the day to $81.17.

Eastman Kodak lost 2.2 percent to $28.10 on the news of its third straight quarterly loss and on the announcement that it would eliminate an additional 10,000 jobs.

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