US stocks finished higher on Tuesday as weaker-than-expected coporate earnings dented investor confidence.
The Dow Jones Industrial Average rose 0.15 points, or less than 1%, to finish at 12,807.51. The S&P 500 shedd 4.60 points, or 0.34%, to close at 1,356.62. The Nasdaq Composite dropped 20.22 points, or 0.71%, to 2,841.62.
The Commerce Department reported Tuesday that factory orders rose 3% in March. Economists had expected a rise of 2.5%.
Pfizer Inc. (NYSE: PFE) said that its first-quarter net income rose to $2.22 billion, or 28 cents per share, from $2.03 billion, or 25 cents per share, in the year-ago quarter. On an adjusted basis, the company earned 60 cents per share in the latest quarter. Revenue dropped slightly to $16.5 billion, from $16.6 billion. Analysts, on average, expected the drug maker to earn 58 cents a share on revenue of $16.6 billion. Pfizer shares dropped 58 cents, or 2.76%, to $20.44.
Sirius XM Radio Inc. (NASDAQ: SIRI) reported Thursday that its first-quarter net income was $78.12 million, up from the year-ago quarter's $41.6 million. Earnings per share remained flat at 1 cent. Revenue rose to $723.84 million from $663.78 million in the same quarter last year. Analysts, on average, expected the company to report earnings of 1 cent per share on revenue of $736.34 million. Shares of the company soared 16 cents, or 8.32%, to $2.07.
MetroPCS Communications Inc. (NYSE: PCS) reported that its first-quarter net income surged to $56.4 million, or 15 cents a share, from $22.7 million, or 6 cents, in the year-ago quarter. Revenue rose to $1.19 billion from $970.5 million. Analysts, on average, expected the company to report earnings of 19 cents a share on revenue of $1.13 billion. Shares of the company jumped $1.67, or 10.13%, to close at $18.15.
Shares of Bank of America Corporation (NYSE: BAC) rallied 26 cents, or 2.11%, to close at $12.60.
European stocks closed mixed. The UK FTSE rose 12.98 points, or 0.21% to 6,082.88. The German DAX and French CAC decreased 0.36% and 0.29% respectively.
Asian stocks finished mixed. The Nikkei 225 rose 154.46 points, or 1.61%, to 10,004.20. The Hang Seng index of Hong Kong declined 87.56 points, or 0.37%, to 23,633.25.
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