DJIA Flat; Nasdaq, S&P up on Apple Stock Jump

Jacob Harper  |

Earnings season is in full swing, and the markets started off the April  23 trading day with a bang on the previous day’s reporting form the world’s largest company.  Apple Inc.’s (AAPL) April 22 earnings call led an up day for the market, countering a slightly disappointing earnings report from fellow tech giant Facebook Inc. (FB) .

While Apple beat earnings expectations handily, the most exciting news came in the form of a triumvirate of significant changes concerning their stock. Apple announced they would both be upping the dividend while buying back 7 percent of existing shares. At the same time, the company revealed plans to split the stock down in early June in a bid to entice retail investors. The move sent the world’s largest company up 8 percent by the end of the day. This more than countered the earnings call from Facebook, who beat earnings. After initially gapping to nearly $64 a share, heavy selling sent shares back down, causing the social media behemoth to end the day down .80 percent, on double normal volume.

An after the bell earnings call from Amazon that revealed the company beat expectations did not factor into the day’s movement.

Aside from tech’s gains, the rest of the market was a mixed bag. The S&P gained, but was kept in check by big down days from Xilinx Inc. (XLNX) and Helmerich & Payne (HP) . The Dow was perfectly flat, with stronger than expected earnings from Caterpillar (CAT) tempered by a 2.42 percent drop from Verizon (VZ) , who saw wireless subscriber growth drop 20 percent.  

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Results for April 23, 2014

  • Standard & Poor’s 500: +.19 percent to 1,879 points
  • Dow Jones Industrial Average: Flat to remain at 16,502 points
  • NASDAQ Exchange: +.51 percent to 4,148 points

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