U.S. Market Indexes Trade Sideways, Berkshire Hathaway Net Jumps

Nichole Harper
04 Aug, 2014
New York City

U.S. market indexes traded sideways after the largest weekly losses in two years. Berkshire Hathaway Inc said second quarter net income soared 41% to $6.4 billion. CNA Financial said quarterly sales declined 4% and Loews Corp sales fell 0.5%.

[R]12:30 New York – U.S. market indexes traded sideways after the largest weekly losses in two years. Berkshire Hathaway Inc said second quarter net income soared 41% to $6.4 billion. CNA Financial said quarterly sales declined 4% and Loews Corp sales fell 0.5%.[/R]

U.S. stocks traded sideways after broader indexes suffered biggest weekly losses in two years and investors digested more earnings announcements.

S&P 500 index increased 0.81 to 1,925.95 and the Nasdaq Composite Index added 9.88 to 4,362.49.

U.S. Movers

Berkshire Hathaway Inc ((BRK.A)) jumped 1.9% or $3,670 to $192,949 after the insurance company said total revenue in the second-quarter ending in June climbed 11.3% to $49.76 billion from a year ago period.

Net income in the quarter surged 40.9% to $3.89 million compared to $2.76 million from a same quarter last year.

CNA Financial Corp ((CNA)) decreased 25 cents to $37.81 after the insurance company said revenue in the second-quarter ending in June slumped 4% to $1.65 billion from a year ago period.

Net income in the quarter soared 37.6% to $267 million or 98 cents a diluted share compared to $194 million or 72 cents from a same quarter last year.

Loews Corporation ((L)) fell 22 cents to $42.03 after the property and insurance conglomerate reported total revenue in the second-quarter ending in June slid 0.5% to $3.59 billion from a year ago period.

Net income in the quarter tumbled 56.9% to $116 million or 30 cents a diluted share compared to $269 million or 69 cents from a same quarter last year.

European Markets

Euro zone developments were in focus after Portugal was forced to bailout Banco Espirito Santo SA for 4.9 billion euros or $6.6 billion in a deal that will protect depositors but junior bond holders will face losses.

In London trading, FTSE 100 index rose 0.2% or 14.33 to 6,693.51 and in Frankfurt the DAX index fell 0.2% or 21.25 to 9,188.83.

In Paris, CAC 40 index increased 0.6% or 25.27 to 4,228.05.

On the corporate front, Co-operative Group agreed to sell its farms business to Wellcome Trust for £249 million. HSBC profit declined 11% to £1.5 billion.

Immofinanz net surged 63% to €180 million. Keller Group net swung to a loss £5.1 million while revenue soared 22% to £788 million.

Asian Markets

Stocks in Tokyo declined for a third day and financial and banking stocks led the decline and Softbank was in focus after a competing bid emerged for its proposed merger of U.S. wireless carriers Sprint and T Mobile.

The Nikkei 225 Stock Average slipped 48.61 or 0.3% to 15,474.50 and the broader Topix index slid 5.11 to 1,276.19.

The yen closed at 102.65 against one U.S. dollar.

In Mumbai trading, the Sensex Index climbed 242.32 or 0.9% to close at 25,723.16 The CNX Nifty jumped 81.05 to 7,683.65.

Mahindra & Mahindra reported domestic auto sales in July declined 4% Tata Motors sales in the month decreased 23%. TVS Motor, the second largest motorcycles maker reported sales soared 32%.