Close

Market Wrap: Google's '+1' Report; Initial Claims Creep Higher; H-P Rips; BofA's Moynihan to Dispose

April 12, 2012 5:58 PM EDT
Market wrap-up for April 12th

End of the Day: Dow Jones up 181.2 to 12,986.58; Nasdaq up 39.1 to 3,055.55; S&P 500 up 18.9 to 1,387.57

The following is a brief summary of events moving markets today:
  • Great googly moogly!: Google (Nasdaq: GOOG) reported first-quarter earnings of $10.08 and revs of $10.65 billion, versus EPS of $9.65 and revs of $8.15 billion expected on the Street.

    Google's board also unanimously approved a 2-for-1 stock split in the form of Class C non-voting shares.

    For more color on the numbers, click here.

  • Nonfarm, first-time jobless claims begin syncing: First-time claims for jobless benefits totaled 380,000 last week, up from 367,000 the prior week and expectations for a gain of 355,000. The number is the highest its been since the end of January 2012. Numbers come following a lighter-than-expected nonfarm payroll report last Friday, showing the addition of just 120,000 positions.

    Despite the numbers, many believe the Fed will continue keeping rates low until at least the end of 2014, though more easing might occur between now and then.

  • Cost-savings at its finest: Sony Corporation (NYSE: SNE) today announced a series of strategic initiatives to be introduced under the new management team established on April 1, 2012. Items include cutting 10,000 positions and sales of over ¥14.5 trillion with operating margin of 5 percent by 2015.

  • Jump for joy! PCs aren't dead!: Hewlett-Packard (NYSE: HPQ) made its biggest one-day jump in over three years following recent research that it not only held on to the lead in global PC shipments, but actually increased its numbers. Shares popped 7.2 percent to close at $25.10, its biggest move since March 2009, Bloomberg and market data show.

    Gartner reported H-Ps global PC market share in the first quarter of 2012 improved from 26.2 percent last year to 29.0 percent. IDC said its market share moved from 26.5 percent to 28.0 percent.

  • Okay, we'll see ya there!: Bank of America (NYSE: BAC) CEO Brian Moynihan will need to testify in a legal suit with MBIA (NYSE: MBI) with regard to a dispute about proper disclosure by Countrywide over the sales of mortgage-backed securities in 2008. The ruling was made by New York Supreme Court Justice Eileen Bransten.

    The move is good for MBIA, now having a little more pressure on BofA to settle the case. Shares of MBIA finished about 13 percent better Thursday.
Click here to go to Streetinsider's Full News Feed and never miss a beat!


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Market Check

Related Entities

Standard & Poor's, Layoffs, Earnings