Market Wrap: Earnings Galore; Notable IPOs Have Notable Day; Initial Claims Look Dour


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April 19, 2012 5:59 PM EDT Send to a Friend
Market wrap-up for April 19th

End of the Day: Dow Jones down 68.7 to 12,964.10; Nasdaq down 23.9 to 3,007.56; S&P 500 down 8.2 to 1,376.92

The following is a brief summary of events moving markets today:
  • Initial claims climb again: Data out from the Labor Department Thursday had 386,000 Americans filing for jobless claims last week, from a revised higher 380,000 number the prior week and views calling for claims of 370,000.

    The gain in claims may have the Fed re-evaluating its outlook for loose money and further quantitative easing.

  • Only T-Minus several months until new OS cycle: Microsoft (Nasdaq: MSFT) beat views on the top- and bottom-lines for its third-quarter report as its Windows Division posted some surprise gains. EPS for the period was 60 cents on revs of $17.41 billion, compared with views calling for EPS of 58 cents and revs of $17.20 billion.

    For more color on the quarter, click here.

  • IPOs rule the day: Splunk (Nasdaq: SPLK) and Tumi Holdings (NYSE: TUMI) had IPOs today and both have done very well, especially Splunk which ripped north 108 percent. Tumi Holdings banked a solid gain of 46 percent.

    Splunk is a software company that collects and indexes large scale data, allowing users to search and analyze information in real time. Tumi Holdings is a high end luggage company with net sales of $329.97 million in 2011.

  • In other earnings:
    • Verizon (NYSE: VZ) posted Q1 EPS of 59 cents on revs of $28.24 billion, versus views calling for EPS of 58 cents and revs of $28.17 billion;
    • BofA (NYSE: BAC) posted sales of $22.49 billion and EPS of 31 cents, compared with views expecting revs of $22.89 billion and EPS of 11 cents.
    • Morgan Stanley (NYSE: MS) reported Q1 EPS of $0.71, which may not compare to the analyst estimate of $0.45. GAAP loss was for 6 cents per share. Revenue for the quarter came in at $6.94 billion versus the consensus estimate of $7.33 billion.
    • Chipotle Mexican Grill (NYSE: CMG) reported Q1 EPS of $1.97, which was 6 cents better than the analyst estimate of $1.91. Revenue for the quarter came in at $640.6 million versus the consensus estimate of $627 million.
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