Stocks Ended Up after Late-session Rebound
U.S. stock market erased losses to end marginally higher Monday, with the technology sector posting the biggest gains as investors considered corporate earnings reports. The Dow Jones Industrial Average rose 2.38 points,or 0.02%, to 13,345.89. The S&P 500 index gained 0.63 point,or 0.04%, to end at 1,433.82. The Nasdaq Composite rose 11.34 points, or 0.38%, to end at 3,016.96.
Yahoo (YHOO) reported quarterly earnings and revenue that beat analysts’ expectations on Monday. The company posted third-quarter earnings excluding items of 35 cents per share, up from 23 cents a share in the year-earlier period. Revenue increased 2 percent to $1.09 billion from $1.07 billion a year ago.
Texas Instruments Inc.(TXN) reported a jump in earnings despite a small drop in sales for the third quarter. For the period ended Sept. 30, it reported net income of $784 million, or 67 cents per share, compared to net income of $601 million, or 51 cents a share, for the same period last year. Revenue slipped 2% to $3.39 billion.
Western Digital Corp.’s (WDC) fiscal first-quarter profit more than doubled as hard-drive shipments continued to grow, though the company noted short-term demand weakness. For the quarter ended Sept. 28, Western Digital reported a profit of $519 million, or $2.06 a share, up from $239 million, or $1.01 a share in the year-earlier period. Revenue jumped 50% to $4.04 billion.
Zions Bancorporation (ZION) decrease in third-quarter profit on special items. The company said it earned $62.3 million, or 34 cents a share, compared with a profit of $65.2 million, or 35 cents, in the year-ago period. Net interest income fell to $444.2 million from $470.6 million.