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STOCKS HIT ALL-TIME HIGH: Detroit Files Largest Municipal Bankruptcy In History, GOOGLE and MICROSOFT Badly Misses Profit Expectations, Restaurant Spending Plunges By Most….Weather’s Fault?


Nick Talks Trading: AAPL, U.S. Dollar, Copper, S&P

STOCKS HIT ALL-TIME HIGH

Financial stocks helped push the market further into record territory after strong readings from the labor and manufacturing sectors.

The Dow Jones Industrial Average rose 78.02 points, or 0.5%, to 15548.54. The Standard & Poor’s 500-stock index tacked on 8.46 points, or 0.5%, to 1689.37. The Dow industrials and S&P 500 closed at records.

The bulk of the Dow’s advance was attributable to strong gains in UnitedHealth GroupUNH +6.52% and International Business Machines. UnitedHealth jumped 6.5% after beating earnings estimates and affirming its revenue outlook for the year.

http://online.wsj.com/article/SB10001424127887323993804578613350309766768.html?mod=WSJ_hp_LEFTWhatsNewsCollection

Moody’s upgrades outlook on US debt to ‘stable,’ keeps the Aaa rating

http://www.cnbc.com/id/100893512

Largest municipal bankruptcy in U.S. history

http://www.freep.com/article/20130718/NEWS01/307180107/Detroit-prepares-file-bankruptcy-soon-Friday

http://www.businessinsider.com/detroit-likely-to-file-for-bankruptcy-2013-7

Pension Funds Sue to Block

http://www.bloomberg.com/news/2013-07-18/detroit-pension-funds-sue-to-block-city-bankruptcy-filing.html

$20 BILLION IN DEBT

http://www.cnbc.com/id/100764427

City official demands federal taxpayer bailout

http://detroit.cbslocal.com/2013/07/18/detroit-bankruptcy-filing-could-come-friday/

LIVE: Google Tanks After Earnings Miss

http://www.businessinsider.com/google-earnings-2013-7

MICROSOFT WHIFFS ON EARNINGS, STOCK FALLS

Microsoft’s numbers are out!

 

Looks like a big miss due to the collapse of the PC market.

EPS is $0.59, versus expectations of $0.75.

In the release, Microsoft says it’s taking a $900 million charge, or a $0.07 per share impact, due to the Surface RT inventory adjustments.

If don’t include the RT charge, then its EPS is $0.66, which is still a very big miss.

Read more: http://www.businessinsider.com/microsoft-q4-2013-earnings-2013-7#ixzz2ZQuQGSNX

Google, Microsoft Miss Top And Bottom Line; Stocks Tumble

Following yesterday’s disappointing results from Intel, and the IBM revenue miss, completing the sad state of Q2 earnings season for tech companies are the just reported GOOG and MSFT results, both which missed not only on the topline but also on the bottom line. Guess they didn’t have billions in reserve releases and Available For Sale MTM fudges to confuse HFT algos and pundits with.

On GOOG:

  • GOOGLE 2Q REV. EX-TAC $11.10, EST. $11.33B
  • GOOGLE 2Q NON-GAAP EPS $9.56, EST. $10.80
  • GOOGLE 2Q AVERAGE COST-PER-CLICK FELL 6% VS YEAR AGO
  • GOOGLE 2Q SITES REVENUE $8.87 BILLION
  • INTERNATIONAL REVENUE $7.28 BILLION
  • TRAFFIC ACQUISITION COSTS $3.01 BILLION

And MSFT:

  • MICROSOFT 4Q REV. $19.90B, EST. $20.72B
  • MICROSOFT 4Q EPS 59C, EST. 75C
  • MICROSOFT SAYS 4Q AFFECTED BY DECLINE IN PC MARKET

After hours: bloodbath, at least until the HFT algos start buying up NQ and ES futures. After all those never report and never disappoint.

Wait, we know: weather’s fault.

http://www.zerohedge.com/news/2013-07-18/google-microsoft-miss-top-and-bottom-line-stocks-tumble

America In A Nutshell: S&P Hits All Time High As Detroit Files For Bankruptcy

http://www.zerohedge.com/news/2013-07-18/america-nutshell-sp-hits-all-time-high-detroit-files-bankruptcy

Signs Of An Overbought Market Are Multiplying

http://seekingalpha.com/article/1552512-signs-of-an-overbought-market-are-multiplying?source=google_news

A crisis for the very old: They’re outliving their assets

Nearly half of all Americans will die with practically no money at all. It’s a problem that policymakers and financial services firms must address.

http://www.latimes.com/business/la-fi-hiltzik-20130717,0,2211926.column

June Restaurant Spending Plunges By Most Since February 2008

According to this week’s very weak retail sales report, Food-service sales fell 1.2% in June, the largest decline since February 2008 and the year over year change in “eating out” rose by just 3.1% – the lowest annual increase since June 2010. But at least all those empty restaurant seats have a record number of waiters catering to the non-existent clients which on the surface should mean the speediest service in history.

http://www.zerohedge.com/news/2013-07-18/restaurant-spending-june-plunges-most-february-2008

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