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US Stocks Week Ended July 20, 2012 Posted Under: Weekly Market Commentary   Strong corporate earnings spurred a mid week rally as the S&P 500 edged up nearly 6 points on the week. Microsoft Corp., International Business Machines Corp., The Coca-Cola Co. and Mattel Inc. had positive earnings reports. The financial sector struggled as American Express Co., Morgan Stanley and Bank of America Inc. each announced revenues that missed analyst estimates. On Thursday night Chipotle Mexican Grill Inc. announced revenue that trailed estimates and on Friday the stock tumbled -21%. Walgreen Co. announced, after a long-standing impasse, a renewed pharmacy network agreement with Express Scripts Holding Co. which buoyed their stock price over 10% the most in nearly four years. SanDisk Corp. was the best performing stock in the S&P 500 for the week, rising over 15% as the company experienced strong demand for their flash memory from corporate customers and international markets. Turning to Europe, earlier in the week Spanish financial issues seemed to strengthen as Germany extended a fiscal hand to ease economic pressure on Spanish banks. However, on Friday Spain stated that their recession would last into next year which sent the Euro to its lowest level since 2010 against the US Dollar and the lowest level since 2000 relative to the Yen. China announced they will not relax property control policies which intensified concerns that they will continue to see slower economic growth. Looking ahead to next week, earnings season will continue with a bevy of mega cap company earnings announcements. McDonalds Corp., Apple Inc., AT&T Inc., Amazon.Com Inc., Chevron Corp. and Exxon Mobil Corp. are all expected to report. Posted on Monday, July 23, 2012 @ 8:32 AM • Post Link Share:   Printer Friendly

These posts were prepared by First Trust Advisors L. P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.

 

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