Stocks Mixed as Investors Weigh Corporate Earnings; Factory Orders Rise

By Staff,

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Stocks are mixed in mid-day trading even as new data showed a greater-than-expected increase in factory orders last month. At the same time, a mixed slate of earnings news, including results from pharmaceutical heavyweight Pfizer ( PFE ), weighed investor sentiment.

In the latest economic news, March factory orders rose 3% to $462.9 billion, the Commerce Department said. Economists polled by MarketWatch had expected a 2.2% increase. Shipments increased for the seventh straight month, rising 2.7% to $461.4 billion, reports. Inventories, up fourteen of the last fifteen months, increased 1.1%, and durable goods orders rose 2.9%, up from the previously published 2.5%, the story said.

In company news:

Deutsche Bank ( DB ) is down after the WSJ reports that U.S. authorities plan to sue DB and a mortgage subsidiary on Tuesday for allegedly "reckless" lending practices. Preet Bharara, the U.S. Attorney in Manhattan, and officials from the U.S. Department of Housing and Urban Development are expected to announce the filing of a civil mortgage fraud lawsuit against Deutsche Bank and its MortgageIT unit at a 1 p.m. EDT news conference Tuesday, according to a news advisory.

Shares of Apple ( AAPL ) are higher after the computer maker unveiled a new version of its iMac computer line. The new iMac features quad-core Intel Core i5 processors with an option for customers to choose Core i7 processors up to 3.4 GHz, the company said in statement.

Microsoft ( MSFT ) shares are down after Bloomberg reported that the software maker search engine Bing will be default search engine on Research in Motion ( RIMM ) BlackBerry smarphones. The move comes as the software maker looks to catch up with Google (GOOG) in Web search, the report said.

In earnings news:

--Shares of Pfizer ( PFE ) are lower after it said this morning that Q1 adjusted EPS is $0.60, matching the year-ago quarter and just topping the Thomson Reuters mean analyst estimate for $0.59. Q1 revenue of $16.5 billion is off the $16.57 billion recorded a year earlier. The Street looked for $16.62 billion. The company backs it current FY guidance for $2.16 to $2.26 a share on $65.2 billion to $67.2 billion in revs. The Street is at $2.24 on $66.8 billion.

--Marathon Oil (MRO) today reported its first quarter results, posting net income of $1.18 billion, adjusted for special items, or $1.65 per diluted share, compared with $315 million, or $0.44 per diluted share, for the prior-year period. This is $0.21 better than the Thomson Reuters consensus of $1.44.

--Mylan Laboratories (MYL) reports Q1 adjusted EPS of $0.44 compared to $0.36 a year earlier, in line with Street expectations. Revenue was up 12% at $1.44 billion. The company said its board has also authorized the repurchase of up to $350 million of stock, which is expected to be completed by the end of June. MYL reaffirmed its target for 2011 adjusted earnings of $1.90 to $2.10 a share. The Street is at $2.01.

Commodities are down. June gold contracts are down 0.66%, to $1,547 an ounce while June crude oil contacts are down 0.68% to $112.75 a barrel.

In energy ETFs, the United States Oil Fund (USO) is down 0.38% to $44.75 and the United States Natural Gas fund (UNG) is down 0.08%, to $12.10.

In precious metal ETFs, the SPDR Gold Trust (GLD) is up 0.01% at $150.82. Market Vectors Gold Miners (GDX) is down 2.06% to $58.88. iShares Silver Trust (SLV) is down 0.36% to $42.67.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: AAPL , DB , MSFT , PFE , RIMM

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