New York markets advance on earnings reports

| April 19, 2006 | 0 Comments

The New York equities markets were up on Wednesday as more companies turned in strong quarterly earnings reports. The Dow Jones Industrial Average ended the day 0.1 percent higher to 11,278.77, while the Nasdaq Composite gained 0.6 percent to 2,370.88 and the S&P 500 added 0.2 percent to 1,309.93.

Internet search engines advanced on the day. Despite reporting lower earnings than last year, Yahoo gained 7.2 percent to $33.54 as revenues and adjusted earnings reached predicted levels. Yahoo’s gains in turn helped Google up 1.6 percent to $410.50 ahead of its quarterly earnings report.

In the semiconductor sector, Texas Instruments reported second-quarter earnings that were well above forecasts, adding 1.3 percent to $34.45 after a gain of 3.8 percent on Tuesday. Meanwhile, United Technologies was up 6.6 percent to $62.80 on an upgrade from “netural” to “buy” from Merrill Lynch.

Also in quarterly reports, JP Morgan Chase said that its first quarter net income was up by 36 percent. However, the report was good for only an 0.1 percent rise in share price, to $42.62.

Mobile phone maker Motorola dropped 6.6 percent to $22.49 eve though strong sales pushed its market share up by 5 percent.

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