Led by banks, tech and an IPO, stocks rise
Tech stocks like Microsoft (MSFT) and Hewlett-Packard (HPQ) were among the market's biggest gainers today, while Exxon Mobil (XOM) and Chevron (CVX) were among just a few Dow components that fell.
Some of the stocks making news today:
JPMorgan Chase (JPM) beat earnings at $0.40 EPS vs. $0.32 estimates, and revenues came in at $26.9 billion rather than the estimates of $22.96 billion. Despite Jamie Dimon being VERY cautious on the conference call, shares were up over 3% at $33.63 shortly before the close today.
Rosetta Stone (RST) priced a 6.25 million share IPO at some $18.00 per share, above the $15 to $17 expected price range. There was talk of a premium, but this stock was north of $25.00 shortly before the close today.
Starbucks (SBUX) took another downgrade today. We saw the coffee retailer get downgraded at UBS to a 'Neutral' from a prior 'Buy' rating after Deutsche Bank cut it to 'Sell' yesterday. Shares were actually back up to flat at $11.66 late in the day after being down 2% earlier.
Southwest Airlines (LUV) lost money with -$0.12 net EPS and -$0.03 EPS from operations. The estimate was a -$0.01 number, but investors are not used to losses here at Southwest. Revenues were also lower at -6.8% or $2.357 billion. Shares were down 7% at $7.07 late in the day.
Regions Financial (RF) filed its annual meeting presentation this morning in an SEC filing, and said it will report a profit for the quarter ended March 31, 2009. The estimate from Wall Street was -$0.42 EPS. So while this was very unclear and undetermined, shares soared today. This stock was up way over 30% at $6.97 late in the day.