US Stocks Ended July 28, 2017

Bob Carey
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US Stocks Ended July 28, 2017

Posted Under: Weekly Market Commentary

Another week, another all-time high as the S&P 500 closed Wednesday above 2477.8 for the first time. The high was short lived after some disappointing mega-cap earnings announcements later in the week. Google's parent company Alphabet Inc. fell close to 3% on a very slight revenue miss. Despite strong earnings and ad growth, results were muted by a slide in revenues per click. Amazon.com was next to disappoint, as their earnings per share came in well below consensus estimates and contributed to a slide of nearly 2.5%. The online giant did have nearly 25% revenue growth over 3Q16, however, some trepidation formed in the name as challengers like Wal-Mart Inc. have been aggressively vying to grow their online ordering business. There were some positive earnings announcements as well. Verizon Communications Inc. rallied nearly 8% after announcing robust subscriber growth on the back of their unlimited data initiative. They took market share from other cell phone service providers which in the short run has boosted profits, but longer-term there is likely to be margin compression as the overall cost of cellular data falls. The Boeing Co. was the top performing stock in the S&P 500 up over 13% on the week. News that the company boosted full year guidance as they continue to clamp down on costs sent shares up as margins grew. Caterpillar Inc. saw its shares rise over 7% for the week as they announced strong earnings on their positive outlook for global growth. They cited strength in Chinese construction as a catalyst for improved 2017 guidance. Looking ahead to next week earnings season continues as over 130 S&P 500 names are expected to report quarterly results.

Posted on Monday, July 31, 2017 @ 8:20 AM • Post Link	Share:
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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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