Photo: Wikimedia Commons
Apple fell.First the scoreboard:
Dow: 12,921.4, +71.8, +0.5%
S&P 500: 1,369.5, -0.6, -0.0%
NASDAQ: 2,988.4, -22.9, -0.7%
And now the top stories:
- Spanish borrowing costs continued to surge higher, reminding everyone that Europe’s debt crisis remains unresolved. 14 jaw-dropping facts about the Spanish economy >
- The most anticipated newsmaker for the day was Citigroup, which announced Q1 earnings this morning. EPS came in at $0.95, missing analysts’ estimates for $1.02. Revenue also fell short of expectations. However, shares rallied as the bank reported strength in their fixed income trading business.
- Shares of Mattel got smased today on disappointing earnings. The company missed Wall Street’s EPS estimate by a penny. Management warned that retailers were being cautious with their orders. Worldwide sales of Barbie fell 6 per cent during the quarter.
- However Mattel’s warning about retailers may be specific to the company. March retail sales climbed 0.8 per cent, beating economists’ expectation for 0.3 per cent growth. Excluding autos, sales jumped 0.7 per cent, which was also ahead of expectations.
- Then again, the Empire State Manufacturing Survey index fell to 6.56, missing estimates of 18 by a mile. These regional Fed surveys provide some of the most crucial reads on the economy. Jim O’Neill, Chairman of Goldman Sachs Asset Management, believes this week’s Philly Fed survey (and initial jobless claims report) will prove to be “extremely important.”
- The April NAHB homebuilder sentiment index unexpectedly fell to 25 from 28. Economists were hoping for the number to be flat. This just adds to string of misses in the housing data reports. 10 States Where Homebuyers Are Saving Big On Foreclosed Homes >
- The big losers in today’s trading session were definitely Apple and Google, which were huge drags on the Nasdaq and S&P 500. The stocks sold off on no obvious news.
- Among the key companies announcing earnings tomorrow are Goldman Sachs and railroad giant CSX.
- Don’t Miss: Joe Stiglitz’s Presentation On Why The Entire Global Economic System Is Doomed To Fail >
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