Recent improvements in consumer confidence, in particular expectations, suggest the recent strengthening in growth is likely to continue into the second half of this year." 2. On the housing front, the S&P/Case-Shiller home price index fell 0.3% month-over-month in May, missing economists' expectations for a 0.3% gain. This was the index's first month-over-month decline since January 2012. On a year-over-year basis, prices rose 9.3%, also shy of the 9.9% that was expected."The slowdown in price appears to be indicative of the weakening in housing activity more generally, particularly after the very slow start to the spring selling season," said [source] TD Securities' Millan Mulraine.
US stocks open lower; Yum Brands sinks - Yahoo Finance
Southern Company (SO) reported second-quarter earnings results on Wednesday morning that showed a continuing modest improvement in the regional economy as well as the impact of new rates in Georgia and Mississippi, driven by the company's heavy investment program. During the quarter, Southern earned $0.68 per share, versus EPS of $0.66 for the prior-year period, excluding the charge that Southern took in second-quarter 2013 for cost overruns at the Kemper coal gasification facility under construction in Mississippi. Sprints (S) fiscal first-quarter results were largely in line with expectations, though the firms near-term outlook provided additional insight into the direction the firm is headed. Sprint again reported solid wireless margin improvement, with wireless EBITDA holding steady sequentially at 25% of wireless service revenue, up from 18% a year ago.
Stocks Likely To Come Under Pressure In Early Trading - U.S. Commentary - NASDAQ.com
Done US stocks open lower; Yum Brands sinks US stocks open lower as more earnings reports roll in; Yum Brands sinks on poor China sales 59 minutes ago Done NEW YORK (AP) -- Stocks are opening lower as investors react to more disappointing earnings from companies. L-3 Communications Holdings plunged 14 percent, the most in the Standard & Poor's 500 index, after the company reported that it was investigating accounting irregularities at is Aerospace Systems unit. Yum Brands lost 6 percent after the owner of the KFC and Pizza Hut fast-food chains said a food safety scandal in China is hurting its sales. The S&P 500 index fell 15 points, or 0.8 percent, to 1,955 in the first few minutes of trading Thursday. The Dow Jones industrial average lost 120 points, or 0.7 percent, to 16,761.
The Fed is scheduled to announce its latest monetary policy decision later this afternoon, leading to some trepidation on Wall Street. The central bank is widely expected to announce another $10 billion reduction in the pace of its asset purchases, slowing the pace of purchases to $25 billion a month. Traders are likely to pay close attention to the Fed's accompanying statement, looking for indications regarding the outlook for interest rates. Despite the pullback by the broader markets, notable strength remains visible among brokerage, trucking, and internet stocks. On the other hand, gold stocks have come under pressure in early trading, moving lower along with the price of the precious metal.
Stocks Fluctuate In Early Trading As Fed Announcement Looms - U.S. Commentary - NASDAQ.com
After failing to sustain an initial upward move, stocks fluctuated over the course of the trading session on Wednesday before ending the day mixed. The choppy trading came as traders digested upbeat GDP data as well as the Federal Reserve's monetary policy announcement. The major averages eventually closed on opposite sides of the unchanged line. While the Dow dipped 31.75 points or 0.2 percent to 16,880.36, the Nasdaq climbed 20.20 points or 0.5 percent to 4,462.90 and the S&P 500 inched up 0.12 points or less than a tenth of a percent to 1,970.07.