LONDON (SHARECAST) - US stocks slipped lower after an unexpected drop in June durable goods orders.
Across the markets, the Dow dropped 39 points to 10,497, with the Nasdaq down 23 points to 2,264. The S&P 500 was 7 points lower at 1,106.
Orders for durable goods fell 1% in June after a revised 0.8% drop in May and versus expectations of a 1% gain. However, that is mainly down to aircraft orders. Orders for capital equipment, excluding aircraft, were higher. That suggests that companies are more confident about investing for the future.
Elsewhere, Boeing, the world’s second biggest aircraft-maker, posted a forecast-beating quarterly profit and reaffirmed its 2010 outlook.
Sprint Nextel gained subscribers in its second quarter, for the first time in three years, while losses came in lower than feared.
ConocoPhillips reported a surge in profit in its latest quarter to $4.16bn from $982m last time as oil prices increased.
CB Richard Ellis, the world’s largest property adviser, produced second quarter earnings ahead of expectations.
Wyndham Worldwide, which is the franchiser of Days Inn hotels and Super 8 motels, has raised its 2010 earnings forecast because of increased demand.
DNA analysis equipment maker Illumina also increased its full year forecast after better than expected second quarter earnings. In contrast, Eastman Kodak reported a higher than expected loss.
Nelson Peltz’s hedge fund acquired a 6.6% stake in discount store chain Family Dollar Stores.
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