Markets
dropped after earnings reports from Microsoft and Google did not meet analyst expectations.
The Dow Jones Industrial Average fell
by 0.2 percent, the S&P 500 dipped
0.1 percent, and the Nasdaq
dropped 0.8 percent. The pullback comes a day after both the DJIA and S&P
500 climbed to record highs. For the year, the Dow and S&P 500 have gained
nearly 19%, while the Nasdaq has grown by almost 20%.
Unexpected Tech Earnings
Reports: Google (GOOG) and Microsoft (MSFT) reported quarterly
earnings numbers after the close Thursday. Neither met analyst expectations
and both opened to sharp market losses. Microsoft was hit especially hard by a
big write-down on its Surface
tablet.
Positive Reports: There
were several positive reports from a variety of industrial players. With positive
earnings reports from General Electric and Honeywell come indications of a strengthening
global economy.
General Electric (GE) reported earnings and sales roughly in line with
estimates, and said it saw strong growth in U.S. orders.
Honeywell (HON) raised its outlook for the year, after the company
reported better-than-expected earnings.
Whirlpool (WHR) raised its guidance for the year as the appliance
maker reported a significant gain in quarterly sales and profit.
Schlumberger's (SLB) stock rose after the energy company reported a bump
in sales and profit, driven by drilling successes on land and deepwater.
Chipotle Mexican Grill's (CMG) stock jumped after the restaurant chain reported strong
growth in same-store sales and profits.