News That Moved Friday's Market

U.S. Markets

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News That Moved the Market

Citi and Google Spark Rally. Markets finished the week with solid gains, after two large caps gave investors reasons to cheer. Late Thursday, Google (GOOG, +20.0%) reported earnings that beat estimates by an average of $0.30 and said international sales more than made up for weakness in the U.S. economy. Google's rally was especially extended because many investors and analysts were down on the company and were not expecting such an outstanding quarter. Early Friday, Citigroup (C, +5.5%) reported a Q1 loss of $5.1 billion and cut 9,000 more employees. The market was relieved that the numbers were not worse, and the stock was heavily bid on the belief that this would be the bottom. During the afternoon, trading slowed down as traders left early for the weekend. We are near the top of the trading range that the market has been in for a couple months. Whether this market is able to break out will be one of the major stories next week.

Quick Tics: Honeywell (HON, +6.3%) and Caterpillar (CAT, +8.5%) both posted hefty gains after beating expectations…Signs of a stronger economy spurred demand for energies, crude rose $1.83 to $116.69/barrel...Google gave some investors a 17,530% gain today.

Tomorrow

Notable Earnings (Full List Here):
Bank of America Corporation (BAC) Before Open
Boston Scientific Corporation (BSX) After Close
Halliburton Company (HAL) Time Not Supplied
Merck & Co., Inc. (MRK) Time Not Supplied
Texas Instruments (TXN) After Close

Economic Events:
None

Comments

[Theodore De...:]

Congrats to everyone who had Calls on GOOG Thursday!

2008 Apr 19 11:54 PM

[vaduz:]

i guess we will resume the downmove towards the end of the month

2008 Apr 21 07:10 AM