Market Wrap-up for October 24 – Wrapping Up the Positive Market Week

We are in the final day of what has been the best week for the markets in 2014. While we saw a very choppy market last week, the market was generally positive this week. As the third quarter earning season continues, we saw several big-names release financial results this week – including 130 companies in the S&P 500. Below is an overview of the week ended October 24.

Monday

While there was upside for the markets on Monday, the Dow was dragged down by IBM’s Disastrous Q3 Earnings Report. Excluding IBM’s results, the markets had a relatively calm day. In the premarket, we saw earnings from dividend payers including Halliburton Company (HAL) (who also boosted its dividend) and Hasbro (HAS). Both of these company’s beat analysts’ expectations. After hours, Apple (AAPL) stole the spotlight as the country’s largest company reported positive earnings.

It is also notable to mention that Google (GOOG) reported lower results after hours, which fell below estimates.

Tuesday

We began the day on Tuesday with a ton of big name earnings as well as a positive Existing Home Sales report which was released at 10 A.M. Overall the market remained positive as a result of Apple’s upbeat earnings and positive economic news from abroad.

Reynolds American (RAI) - reported higher earnings; beat estimates. In-line outlook Coca-Cola (KO) – Profits plunged, but matched estimates. Shares fell Lockheed Martin (LMT) – Reported higher results, which came in above estimates. Boosted outlook. McDonald’s (MCD) – Sales and net income fell. Missed estimates Travelers Companies (TRV) – Profits and revenue increased. Profits met expectations while revenue fell short. Verizon (VZ) – Profits and revenue increased. Beat estimates.

Wednesday

The market took a dip on Wednesday after the week’s gains as some of last week’s nervousness returned. As for earnings, there were a few names worth noting.

Boeing (BA) – Net income and revenue rose, beating estimates. Increased outlook. Abbott (ABT) – Revenue and earnings increased. Earnings beat estimates, but revenue fell short. Dow Chemical (DOW) – Reported increased earnings and revenue, which beat estimates. Share increased.

After hours, we saw disappointing results from AT&T (T) – who reported lower results that missed estimates.

Thursday

The markets surged on Thursday, coming close to marking the best day for the Dow in 2014, until reports that a doctor in New York City had been exposed to Ebola – spooking the market that the deadly virus could be in the big city. Despite these fears, the market performed well – primarily due to good earnings for some big names in the premarket and a positive Jobless Claims report.

Lorillard (LO)  - Earnings and revenue increased. Met estimates. Comcast (CMCSA) – Reported higher results. Earnings exceeded expectations, while revenue missed. 3M (MMM) – Posted higher results. Earning beat estimates, but revenue fell short. Caterpillar (CAT)  - Earnings increased and crushed estimates. General Motors (GM) – posted higher earnings and beats estimates.

After hours, we saw a positive earnings release from Microsoft (MSFT) – resulting in several bullish analyst remarks today. In addition, Amazon (AMZN) reported a larger than expected loss for the quarter – sending shares for a steep decline on Friday.

Friday

The market has been relatively calm so far as it awaits a New Home Sales report and the European stress tests on Sunday. This morning, the earnings reports continued to compile.

Ford (F) – Posted lower results, but beat EPS estimates. Shares declined. United Parcel Service