The Duncan Banner

Local News

April 18, 2013

Slight decline in midday trading on Wall Street

NEW YORK (AP) — — Disappointing earnings from a range of companies pushed the stock market lower on Thursday, giving major indexes their third loss this week.

Morgan Stanley, UnitedHealth Group and others sank in Thursday trading after turning in their quarterly financial results. Earnings and revenue dropped at Morgan Stanley as the bank made less money from trading bonds and commodities, a common theme for many investment banks this earnings season. Morgan Stanley lost 4 percent to $20.59.

Shortly after 1 p.m., the Standard & Poor's 500 was down five points to 1,547, a decline of 0.3 percent.

Compared to the steep drops earlier this week, the losses on Thursday looked tame. The S&P 500 lost 2 percent on Monday, its worst day of the year, when a slowdown in China's economic growth set off a rout in prices for oil, copper and other commodities and pummeled the stocks of companies that make them. After reaching an all-time high a week ago, the index has slumped 3 percent.

"Earnings are always important," said Randy Frederick, managing director of active trading and derivatives at the brokerage Charles Schwab. "But this week they've taken a back seat to all the other headlines, like slower growth in China, the sharp sell-off in gold and then the bombing in Boston."

UnitedHealth's earnings fell short of analysts' estimates, and the country's largest health insurer said it expects federal budget cuts to pressure its profits this year. Its stock lost 4 percent to $59.65. Ebay fell 5 percent to $53.38 after the online auction company cut its forecast for profits in the current quarter.

Verizon, Pepsi and Union Pacific surged after reporting better quarterly results. Verizon Communications' profits beat analysts' predictions as wireless revenue kept rising at a rate that's the envy of the industry. Profits and sales for Pepsi also surpassed estimates.

Verizon's stock gained 3 percent to $51.23, while Pepsi's climbed 4 percent to $81.94.

Higher shipping rates pushed Union Pacific's profit up 11 percent, and the railroad said it expects to ship more goods later this year. Union Pacific rose 4 percent to $142.87.

After the closing bell, the tech sector weighs in with earnings from IBM, Google and Microsoft.

The market didn't get any help from economic news early Thursday.

The Labor Department reported that the number of Americans seeking unemployment benefits increased 4,000 last week to 352,000. The Philadelphia branch of the Federal Reserve reported a slowdown in manufacturing in the mid-Atlantic region. That survey was weaker than economists had been expecting.

In other trading, the Dow Jones industrial average fell 40 points to 14,579, down 0.3 percent. The Nasdaq composite fell 25 points to 3,179, down 0.8 percent.

Frederick said the market would be down even more were it not for buying from traders who jump in when certain benchmarks in the S&P 500 index are crossed. The S&P 500 index briefly slipped beneath its 50-day moving average of 1,543 in morning trading, then quickly bounced back.

"The technicians watch the 50-day moving average closely," Frederick said. "Anytime the market breaks below it, they're going to jump in and buy."

In the market for U.S. government bonds, Treasury prices rose and their yields fell as traders moved money into low-risk assets.

The yield on the 10-year Treasury note slipped back to 1.68 percent, near its lowest level of the year. That's down from 1.70 percent late Wednesday.

Commodities prices held steady following sharp falls earlier this week. Crude oil was little changed at $87 a barrel and copper was up 2 cents at $3.21 a pound. Gold edged up $4 to $1,387 an ounce.

Crude has lost $10 a barrel over the past two weeks as the outlook for the global economy weakens and oil supplies remain high. Gold had its biggest plunge in 30 years on Monday as inflation in the U.S. remained weak and worries escalated that European central banks might start selling gold.

 

1
Text Only
Local News
  • 4-20 bestinshow - carshow.jpg Gawkers and gearheads gather for car show on Main Street

    A fairly accurate timeline of the internal combustion engine was represented at the 7th Annual Cruisin’ the Chisolm Trail car show this weekend in dowtown Duncan.

    April 20, 2014 10 Photos

  • 4-20dragsterphoto.jpg Car show had a big bang this year

    Nothing at the previous car shows ever went kablooey quite like the featured vehicle at Cruisin’ the Chisolm Trail’s opening night on Friday.

    April 20, 2014 1 Photo

  • Inaugural prayer breakfast in Duncan patterned after National Day of Prayer

    A new tradition will begin in Duncan on May 1 -- an annual Mayor’s Prayer Breakfast.

    April 20, 2014

  • The Well Outreach plans mentoring program for kids at risk

    The Well Outreach, Inc., will unveil its plans for an in-school mentoring program it will launch this fall during a Tuesday night meeting at its 913 W. Main Street storefront.

    April 20, 2014

  • Bench murder trial to be returned to August docket

    Although the first-degree murder trial for Miles Bench has been set to begin Monday, District Attorney Jason Hicks said the trial is unlikely to begin before August.

    April 20, 2014

  • Bench found competent, trial to start Monday

    A jury took 50 minutes on Thursday to find Miles Sterling Bench competent to stand trial for first-degree murder  and District Judge Joe Enos scheduled the trial to begin Monday.
    Bench, 23, of, Velma, is accused of the bludgeoning death of 16-year-old Braylee Henry of Velma. She was killed in June 2012 in the Teepee Totem convenience store in Velma where Bench was employed.

    April 18, 2014

  • 4-18 Miller and Decathlon 0016.jpg Miller pumps up decathlon students

    Dr. Ché Miller, who helped bridge a funding gap needed to send the Duncan High School Decathlon Team to the national competition in Hawaii, gave the team a pep talk on Thursday.
    Miller, recently recognized as the Man of the Year by the Duncan Chamber of Commerce and Industry, told the students they are about to embark on a once-in-a-lifetime opportunity and advised them to absorb as much of the experience as they can.

    April 18, 2014 1 Photo

  • Churches prepare for Easter Sunday

    Churches throughout Duncan and Stephens County are preparing to celebrate Easter this Sunday, the day Christians celebrate the ascension of Jesus Christ into heaven.
    Today is known as Good Friday to mark the day Christ was crucified on a cross.

    April 18, 2014

  • 4-18 lauren-ellis mug.jpg Ellis named new CEO of regional United Way

    Lauren Ellis, who’s led the United Way of Stephens County for more than two years, has been named the new chief executive officer of the United Way of Southwest Oklahoma.
    Her new job will be based in Lawton but Ellis said she will remain in Duncan and commute.

    April 18, 2014 1 Photo

  • Jurors to decide Bench competency issue today

    Jurors will hear final arguments on Thursday and then be asked to determine whether  23-year-old Miles Sterling Bench is mentally competent to stand trial for first-degree murder in the bludgeoning death of 16-year-old Braylee Henry nearly two years ago.

    April 17, 2014