Stocks End Higher, Facebook Boosts Nasdaq
- Thursday, July 25, 2013, 16:55
- Stock Market
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U.S. stocks ended higher on Thursday, with the Nasdaq Composite propelled higher by strong momentum from Facebook. The Dow Jones Industrial Average added 13.37 points, or 0.09%, to 15,555.61. The S&P 500 index climbed 4.31 points, or 0.26%, to
1,690.25. The Nasdaq Composite rose 25.59 points, or 0.71%, to end at 3,605.19, with Facebook shares soaring nearly 30%.
Facebook (FB) was by far the biggest star of the day, with shares of the social network climbing nearly 30% after quarterly earnings released yesterday afternoon surprised and impressed investors and analysts alike. The company reported adjusted earnings of 19-cents a share, a nickel better than expectations. In addition, revenue was also higher than expected at $1.81 billion versus $1.62 billion
Zynga Inc reported $231 million in quarterly revenue, a 31 percent drop from a year ago. Zynga said the number of active monthly players dropped to 187 million this quarter from 306 million a year ago, its lowest since mid-2010. Excluding certain items, Zynga posted a 1 cent per share loss, compared with a 1 cent profit a year ago.
Amazon.com Inc reported a second-quarter net loss and issued cautious third-quarter forecasts on Thursday. It reported a second-quarter loss of $7 million, or 2 cents a share, on revenue of $15.7 billion. For its third-quarter, Amazon forecast revenue in a range of $15.45 billion to $17.15 billion.
Starbucks Corp.’s (NASDAQ:SBUX) fiscal third-quarter earnings jumped 25% as the coffee giant booked same-store sales growth across all its regions. For fiscal 2014, Starbucks sees earnings of $2.55 to $2.65 a share on revenue growth of 10% to 13%.
U.S. prosecutors charged six foreign nationals with hacking crimes, including credit and debit card thefts that authorities say cost U.S. and European companies more than $300 million in losses, and charged one of them with breaching Nasdaq computers.
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