July 15, 2014: Markets opened higher on Tuesday following good earnings reports from two of Wall Street’s biggest banks. Momentum stocks in biotech and social media were called out by Fed chair Janet Yellen as likely being overvalued. Shortly before the closing bell markets appeared headed for a mixed close, with the DJIA up 0.03% for the day, the S&P 500 down 0.20%, and the Nasdaq Composite down 0.57%.
International Business Machines Corp. (NYSE: IBM) traded lower by 0.77% at $188.40. The stock’s 52-week range is $172.19 to $200.94. Volume was about 25% lower than the daily average of around 4 million shares traded. There was no news on the company today, Yellen’s comments on overvalued tech stocks didn’t help Big Blue.
The Walt Disney Co. (NYSE: DIS) traded down 0.68% at $86.17 today, in a 52-week range of $60.41 to $87.61. Volume was about equal to the daily average of around 6 million shares traded. The bank easily topped analysts’ estimates this morning and Goldman and JPMorgan kept the DJIA in (barely) positive territory most of the day.
Johnson & Johnson (NYSE: JNJ) traded down 2.05% at $103.22. The stock’s 52-week range is $85.50 to $106.74. Share volume was about double the daily average of around 6.3 million shares traded. J&J’s second-quarter earnings were solid, but guidance was not what analysts were looking for.
The Coca-Cola Co. (NYSE: KO) traded down 0.71% at $42.08 in a 52-week range of $36.83 to $42.49. Volume was about 20% below the daily average of nearly 13 million shares. No news of note today, and modest volume indicates not much.
Today’s loss would have been worse but for JPMorgan Chase & Co. (NYSE: JPM) and The Goldman Sachs Group Inc. (NYSE: GS). Both banks beat estimates this morning and the high value Goldman stock did the heavy lifting. Morgan traded up 3.45% and Goldman traded up 1.16%.
Of the Dow 30 stocks 15 are set to close higher today and 15 look to close lower.
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