NYSE continues strong gains
by Brian Turner
In New York on Thursday, the equities markets had their thirteenth positive session in the last sixteen.
Today’s gains came courtesy of a new group of earnings reports, many of them showing results that were much better than had been expected.
Coffee retailer Starbucks gained 4.6 percent on the day to $52.68 on an announcement of better than expected earnings. Shares in Starbucks has lost 19 percent in value since the beginning of this year, after having gained 88 percent in value in 2004.
Briston-Myers Squibb also reported second quarter earnings that were higher than expected and it raised its 2005 earnings estimate. The pharmaceutical company’s shares were up slightly on the day to $25.17.
Exxon gained 0.7 percent to stand at $50, as it reported an increase in net profits. The oil company did better than had been expected largely due to higher oil prices.
Dow Chemical saw a 16 percent rise in sales in the second quarter that led to an 85 percent gain in net profits on higher prices for plastics and specialty chemicals. Dow was up 1.7 percent to $48.43.
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