What Happened in Today's Markets?

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July 17 (Bloomberg) -- Julie Hyman reports on the latest markets news on Bloomberg Television's "Street Smart."(Source: Bloomberg)

? it is the end of the hour, time to see where stocks ended the day.

We definitely had some gains, the s&p finished higher.

The dow jones eking out a gain of 19 points, 1/10 of 1%, or 11.5 points.

All of this as ben bernanke testified this morning before the house financial services subcommittee.

His comments were declared dovesih.

After the bell we have a number of different earnings reports i want to highlight, big companies reporting, like ibm, beating estimates to raise the forecast on the strength of cutting costs and buying back shares, shifting away from low-margin businesses.

The shares have been rising in the after hours.

Earnings per share, matching estimates.

They had seen a bit of an increase, shares taking a hit.

Ebay, short of estimates, those shares leaking a bit.

Finally, american express, shares down, beating revenue, that seems to be a trend we have seen quite a bit of.

Joining me now to talk a little bit more about what we have seen in the markets, lynn thomas, from bloomberg news, who looks at earnings.

One of the things we have definitely been noticing, earnings per share missing estimates.

This does not seem to indicate a lot of quality to the earnings season.

The main concern amongst investors has been that cost cutting has been such a huge part of how customers -- companies are boosting earnings per share.

That is what you see in these revenue numbers, cutting costs and cutting costs.

The real question is, how long is it sustainable?

The two biggest groups in the s&p 500, financials and technology, we heard a lot from financials and technology, we're probably halfway through with each of these big groups.

What is your read on them so far?

We have definitely seeing a lot of good numbers.

Bank of america, goldman sachs, they have all done really well in the past few weeks, a good sign, they are supposed to contribute a lot.

If you see them doing well, that is a good sign for the overall market.

I think that technology is overall a bit mixed.

You are seeing that reflected in the share price this year.

Up only 11% compared to 15%, you are seeing some weakness there.

Overall, when your team is talking to investors and are so focused on ben bernanke, they have talked about shifting the focus to earnings to some extent?

Are they waiting to see the end?

You see it come up so much you start to wonder how much more you can go.

Analysts estimates, every quarter they get the earnings growth getting smaller and smaller, companies are continually beat and theat some point, you wonder about that.

It is true.

The game that we see on wall street.

That is for the market.

"taking stock" is next.

This text has been automatically generated. It may not be 100% accurate.


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