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April 15, 2015

US shares in the blue ahead of the Beige Book release

For once, the US was following Europe’s lead as shares shifted higher, ahead of the release this afternoon of the Federal Reserve’s Beige Book.

The Dow Jones average was up 95 at 18,1312, while the broader-based S&P 500 was 11 points to the good at 2,106; the tech-heavy NASDAQ Composite was 17 points higher at 4,994.

As expected, advertising firm Google has been hit by European Union (EU) monopoly charges, with the European regulators not only het up about the company’s undeniable dominance of the search engine sector but also its Android operating system.

The EU regulators claim Google “systematically positions and prominently displays its comparison shopping service in its general search results pages, irrespective of its merits.”

Elsewhere in the tech sector, chip giant Intel – referred to as Chipzilla by many in the world of geekdom – announced first quarter revenues of US$12.8bn that exactly met the consensus forecast.

Earnings per share of 41 cents was a cent higher than analysts had predicted.

Bank of America’s first quarter earnings per share (EPS) of 27 cents were a couple of cents lower than the market had been expecting, while revenue of US$21.4bn also fell short of expectations of US$21.6bn.

Delta Air Lines’ first quarter numbers, however, just about topped expectations. EPS of 45 cents was a cent higher than expected while revenue of US$9.39bn was on the money.

Finally, Elon Musk, the founder of electric car maker Tesla, suffered disappointment in his other gig as boss of SpaceX, after another of the company’s rockets failed to make a safe landing after delivering supplies to the International Space Station. @MasterMetals MasterMetals Blog

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