Stocks were higher this morning after housing data, earnings.
Existing-home sales dropped a larger-than-expected 5.1% in January from December levels according to the National Association of Realtors. The Realtors say the drop is likely being driven by higher mortgage rates, poor weather and low levels of inventory.
Jeremy Glaser is the Markets Editor for Morningstar.com.
At midday the Dow
, S&P 500
were all up 0.3%.
Stocks on the Move
fiscal first-quarter results came in ahead of expectations
, as management continues to exceed the operational and financial benchmarks it sets forth. First-quarter results and management's second-quarter guidance put the firm on pace to outperform our full-year expectations, and HP's enterprise group continues to perform much better than our expectations. HP's industry standard server unit and networking unit each posted year-over-year revenue growth, with the firm's x86 server growth standing out as surprisingly strong. Still, mix shift and price competition weighed on enterprise group profitability, and segment margins fell roughly 1 percentage point year over year and came in flattish sequentially. Shares initially rose on the news, but were down 1.8% at midday.
Shares of Intuit were up over 4.5% after the firm reported fiscal second-quarter results that were in line with expectations and the company reiterated its full-year guidance. For the quarter revenue fell 12% to $782 million, which reflected the late start to the tax season. However, the impact will not have any influence on full-year results and is a mere timing difference. Intuit still expects revenue to grow 6%-8% for the full year. The small business segment is expected to be the strongest performer and we forecast a healthy 11% growth rate for the year as the company’s connected services strategy attracts more clients. Notably, QuickBooks Online subscribers grew 45,000 to 561,000 during the quarter, with 30% growth in the U.S. and 90% in international markets.
European markets rose today. In late trading, The FTSE 100
and Germany’s DAX
were each up 0.4% while the Paris CAC
was 0.6% higher.
Asian shares were mixed. The Shanghai Composite was off 1.2%, while the Nikkei 225 and Hang Seng were up 2.9% and 0.8% respectively.