Midday movers: Amazon, P&G, Expedia
Stocks edge higher despite Spain's credit downgrade and slower-than-expected growth in US GDP.
Amazon.com (AMZN), Ford (F) and Starbucks (SBUX) all exceeded expectations on the top and bottom lines, but only Amazon was rewarded by investors. Shares of the internet giant advanced more than 14% on the heels of upgrades from Goldman, Merrill Lynch, Nomura and Sun Trust on its strong results.
The three Dow components reporting earnings, Chevron (CVX), Merck (MRK) and Procter & Gamble (PG), all declined in spite of the fact that each beat consensus earnings expectations.
P&G was the Dow's worst performer, sliding 3.5%, after lowering its outlook for next quarter.
Among the many other companies reporting earnings, advancers included Expedia (EXPE), Cray (CRAY) and Cerner (CERN); decliners included Maxwell (MXWL), Silicon Motion (SIMO) and Coventry Health (CVH).
Among the notable gainers in the market on Friday were Jazz Pharmaceuticals (JAZZ), up over 15%, after announcing plans to acquire EUSA Pharma for $650M, and Warner Chilcott (WCRX), up 9%, after the Times of London said that Bayer (BAYRY) may offer $32 per share for the company.
Noteworthy losers included Allscripts (MDRX), down 41%, following downgrades by at least eight firms after its earnings and guidance severely missed consensus and the company reported the ouster of its board chairman, three other board members and its CFO, and Deckers Outdoor (DECK), down more than 25%, after lowering its full-year sales and profit outlook.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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