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April 24, 2019, 4:23 p.m. EDT

Stocks close lower as earnings paint mixed picture of corporate sector

Boeing falls short of targets, suspends share buybacks

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By Sue Chang and Chris Matthews, MarketWatch

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“Expectations were set back in January and February when the economic outlook was worse than today, and I don’t think they were adjusted up as they should have been as we saw overall signs of economic improvement,” she said.

“Apparently, we are stuck in a stock market rally that no one likes, as you would be troubled to find another record-breaking U.S. session that was received which such low-spirited appeal from Asian investors,” Stephen Innes, head of trading at SPI Asset Management, wrote in a daily research note.

What stocks were in focus?

Shares of Occidental Petroleum Corp . /zigman2/quotes/207018272/composite OXY +2.98% fell 0.6% after the firm announced a $76-per-share takeover bid for Anadarko Petroleum Corp . , in a half-cash, half-stock deal. Anadarko shares surged 12%.

The offer comes after Chevron Corp . /zigman2/quotes/205871374/composite CVX +0.66% had announced an agreement to buy Anadarko that would value the company at $65 per share.

AT&T Inc . /zigman2/quotes/203165245/composite T 0.00% stock slid 4.1% after the media and telecommunications giant fell short of first-quarter revenue expectations.

Shares of Northrop Grumman Corp . /zigman2/quotes/205518355/composite NOC -2.05% dropped 4.3% after the defense and aerospace firm topped profit estimates for the first quarter, but fell short on revenue targets.

Boston Scientific Corp . /zigman2/quotes/203726728/composite BSX +2.46% shares declined 1.3% after the pharmaceutical company reported that it missed first-quarter profit and revenue expectations.

How did other markets perform?

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.19%  gained 0.1% and the CSI 300 Index /zigman2/quotes/210598128/delayed XX:000300 -0.47%  rose 0.3%, while major European stock markets, as measured by the Stoxx Europe 600 index, /zigman2/quotes/210599654/delayed XX:SXXP -1.19% fell.

Gold prices settled lower while the ICE Dollar Index /zigman2/quotes/210598269/delayed DXY +0.15% strengthened against peers.

—Mark DeCambre contributed to this article

/zigman2/quotes/207018272/composite
US : U.S.: NYSE
$ 13.84
+0.40 +2.98%
Volume: 54.73M
April 7, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
3.18%
Market Cap
$12.45 billion
Rev. per Employee
$1.60M
loading...
/zigman2/quotes/205871374/composite
US : U.S.: NYSE
$ 80.92
+0.53 +0.66%
Volume: 16.39M
April 7, 2020 6:30p
P/E Ratio
54.39
Dividend Yield
6.38%
Market Cap
$152.08 billion
Rev. per Employee
$3.27M
loading...
/zigman2/quotes/203165245/composite
US : U.S.: NYSE
$ 29.56
0.00 0.00%
Volume: 0.00
April 7, 2020 6:30p
P/E Ratio
15.56
Dividend Yield
7.04%
Market Cap
$215.76 billion
Rev. per Employee
$637,332
loading...
/zigman2/quotes/205518355/composite
US : U.S.: NYSE
$ 325.52
-6.81 -2.05%
Volume: 1.10M
April 7, 2020 6:30p
P/E Ratio
24.71
Dividend Yield
1.62%
Market Cap
$54.46 billion
Rev. per Employee
$354,059
loading...
/zigman2/quotes/203726728/composite
US : U.S.: NYSE
$ 33.69
+0.81 +2.46%
Volume: 21.34M
April 7, 2020 6:30p
P/E Ratio
10.13
Dividend Yield
N/A
Market Cap
$47.14 billion
Rev. per Employee
$306,969
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,815.37
-5.39 -0.19%
Volume: 24.35B
April 8, 2020 3:01p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
3,780.34
-17.68 -0.47%
Volume: 11.14B
April 8, 2020 3:00p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
322.72
-3.89 -1.19%
Volume: 0.00
April 8, 2020 12:47p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
100.05
+0.15 +0.15%
Volume: 0.00
April 8, 2020 6:52a
loading...

Sue Chang is a MarketWatch reporter in San Francisco. You can follow her on Twitter at @SueChangMW.

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