Amazon, Microsoft Rise on Mixed Results
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Shares of Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) were rising in late trading Thursday despite quarterly results that were initially seen as disappointing.
Microsoft's non-GAAP earnings met analysts' estimates of 39 cents a share, but the company's first-ever year-over-year quarterly sales decline to $13.65 billion was below the Thomson Reuters forecast of $14.09 billion. Still, the company's ability to hit profit targets was viewed as a positive, and its shares gained 4% in late trading.
Amazon reported much better than expected earnings and sales for the March quarter, but operating income was below forecasts and the company's June quarter sales guidance was potentially below estimates. Still, the results were viewed as good enough in a bad economy, and Amazon shares gained 2% in after-hours trading.
Also after the close, Juniper (NASDAQ: JNPR) shares were up 9% after the company met estimates.
Stocks rose during the day despite a bigger than expected decline in existing home sales and persistently high jobless claims.
The Nasdaq rose 6 to 1652, the S&P 500 gained 8 to 851, and the Dow climbed 70 to 7957. Volume declined to 7.77 billion shares on the NYSE, and 2.52 billion on the Nasdaq. Advancers led by a 20-14 margin on the NYSE, while decliners led 16-10 on the Nasdaq. Upside volume was 64% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 6-46 on the NYSE, and 14-16 on the Nasdaq.