Market Wrap: Battle of the Tech Titans; A Chemical Merger; Nokia Beats, Rises; The Dark Knight Rises


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July 19, 2012 6:00 PM EDT Send to a Friend
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Market wrap-up for July 19th

End of the Day: Dow Jones up 34.7 to 12,943.36; S&P 500 up 3.7 to 1,376.51; Nasdaq up23.3 to 2,965.90

The following is a brief summary of events moving markets today:
  • Battle of the search/tech/OS giants: Google (Nasdaq: GOOG) and Microsoft (Nasdaq: MSFT) each reported quarterly results today:
    • On an adjusted basis, Microsoft reported Q2 EPS of 73 cents on revs of $18.6 billion, both number beating views. For more color, click here;
    • Google (Nasdaq: GOOG) posted Q2 EPS of 10.12 on ex-TAC revs of $9.61 billion, versus views calling for EPS of $10.04 and revs of $8.41 billion. click here for more.
  • Georgia Gulf gets gulped: Georgia Gulf (NYSE: GGC) said it agreed to merge with a unit of PPG Industries (NYSE: PPG) in a $2.1 billion deal. Both PPG and Georgia Gulf shares rose following the news, PPG ending 7.5 percent better ($7.77!) while Georgia Gulf rose 13.2 percent.

    From the release: "The transaction value of approximately $2.1 billion consists of $900 million of cash to be paid to PPG, approximately $95 million of assumed debt, about $87 million of minority interest, and Georgia Gulf shares to be received by PPG shareholders valued at $1.0 billion based on Georgia Gulf’s closing stock price on July 18, 2012."

  • Here's where it starts to get tough: You can argue up and down the block of whether Nokia (NYSE: NOK) should have risen 7 percent amid reporting a loss of €0.08 per share, but they did. Analysts were looking for a wider loss of €0.09 per share.

    With the stock getting clobbered over the last 18 months or so, investors were jumping on any signs of hope. The Street believes there's going to be at least one or two more quarters until some firmness is seen, as Nokia is hoping to bank on adaptation of Windows Phone 8.

    For more on Nokia's quarter, click here.

  • Fe-Fi-Foe-Done!: Massachusetts, the State of, has opted to cut ties with Fidelity Investments, following a 35-year relationship with the venerable brokerage. Replacing Fidelity will be another 'FI"-initialed house: Federated Investors Inc. (NYSE: FII).

  • Where my jobs at?: Getting almost no attention today was jobless claims data, so here's a summary: initial claims rose 34 thousand to 386 thousand last week, compared with expectations of 365 thousand. Continuing claims were 3.314 million, versus views of 3.300 million.

    Continuing claims rose 1,000 to 3.31 million in the week ended July 7th. Those on emergency benefits fell 85 thousand to 2.57 million for the week ended June 30th.

    Bloomberg pointed to data being a little sketchy on auto plant shutdowns. Ford (NYSE: F) and Chrysler said some plants would skip normal summer stoppages due to increased demand.

  • The Dark Knight Rises will be coming out in theaters tomorrow. Just a reminder.
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