Stocks continue to bounce around but not making any real trend here. The S&P 500 gained 0.48% and the NASDAQ 0.72% as hard hit growth stocks bounced back some. On the economic front, consumer confidence came in just below expectations in April. Separately, the S&P Case-Shiller home price index was slightly better than expected in February.
Indexes are in the same areas they have been of late – S&P is fine due to conservative parts of the market seeing inflows while the NASDAQ is weak and could be forming a bearish head and shoulders formation.
After the close came results from Twitter (TWTR) and Ebay (EBAY). Twitter disappointed on user growth and shares reversed their strong gains of the day, down 11% in after hours (below $38) and is now below where it closed on its first day of trading.
Twitter Inc on Tuesday reported 255 million monthly active users, up 5.8 percent from the previous quarter but not enough to satisfy investors increasingly concerned about its struggle to gain a mass following. The San Francisco-based company also said viewers refreshed their “timelines” – Twitter’s equivalent of Web page views – 157 billion times in the first quarter, slightly fewer than some analysts’ estimates.
The company posted better-than-expected quarterly revenue of $250 million, as its mobile ads drew more viewer responses Excluding certain items, Twitter broke even against Wall Street expectations of a 3 cent per share loss. But the company said its net loss in absolute terms widened nearly fivefold to $132 million from $27 million a year ago.
Ebay fell 4% in after hours, down to the $52 range as it reported. Paypal continues to be the star of this company.
EBay recorded a loss in the first-quarter due to a hefty tax charge on foreign earnings, but revenue jumped in part because of its thriving PayPal payments business. Adjusted results beat expectations but the company offered weak second-quarter guidance.
Worth highlighting the two main safety sectors – utilities and consumer staples – via their ETFs to show how strong they have been. They are both quite overbought so saw come giveback today.
Shares of Coach (COH) dropped after the seller of upscale leather goods reported sales at North American stores open at least a year fell for a fourth quarter, down 21 percent and worse than the nearly 15 percent decline anticipated by analysts.