U.K. stocks slipped from their highest level in seven weeks, trimming the FTSE 100 (UKX) Index’s fourth consecutive weekly gain, as Google Inc. and Microsoft Corp. posted worse-than-projected earnings.
ARM Holdings Plc (ARM) lost 2.6 percent, leading European technology companies lower before it publishes half-year results next week. IMI Plc (IMI) gained 2 percent as Citigroup Inc. listed the engineering company among its most preferred stocks.
The FTSE 100 declined 3.69 points, or 0.1 percent, to 6,630.67 at the close, paring a loss of as much as 0.6 percent in the final 30 minutes of trading in London. The gauge still advanced 1.3 percent this week as Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank remains flexible on when to reduce its asset purchases. The FTSE All-Share Index lost 0.1 percent today, while Ireland’s ISEQ Index fell 0.3 percent.
“An altogether more repressed sentiment prevails today,” Brenda Kelly, a market strategist at IG Group, wrote in a note to clients today. “Disappointing earnings from the global technology sector threaten to take the wind out of the stock market’s sails.”
Google, the owner of the Internet’s most popular search engine, posted second-quarter sales and profit that missed estimates as advertisers shifted their budgets toward mobile devices, lowering the average cost per click. Microsoft posted fiscal fourth-quarter profit that fell short of analysts’ projections because of weaker demand for personal computers running its Windows operating system.
ARM Holdings lost 2.6 percent to 897.5 pence for its fourth decline this month. The company, which designs chips for devices running Google’s Android software, will release half-year earnings on July 24.
src : bloomberg
ARM Holdings Plc (ARM) lost 2.6 percent, leading European technology companies lower before it publishes half-year results next week. IMI Plc (IMI) gained 2 percent as Citigroup Inc. listed the engineering company among its most preferred stocks.
The FTSE 100 declined 3.69 points, or 0.1 percent, to 6,630.67 at the close, paring a loss of as much as 0.6 percent in the final 30 minutes of trading in London. The gauge still advanced 1.3 percent this week as Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank remains flexible on when to reduce its asset purchases. The FTSE All-Share Index lost 0.1 percent today, while Ireland’s ISEQ Index fell 0.3 percent.
“An altogether more repressed sentiment prevails today,” Brenda Kelly, a market strategist at IG Group, wrote in a note to clients today. “Disappointing earnings from the global technology sector threaten to take the wind out of the stock market’s sails.”
Google, the owner of the Internet’s most popular search engine, posted second-quarter sales and profit that missed estimates as advertisers shifted their budgets toward mobile devices, lowering the average cost per click. Microsoft posted fiscal fourth-quarter profit that fell short of analysts’ projections because of weaker demand for personal computers running its Windows operating system.
ARM Holdings lost 2.6 percent to 897.5 pence for its fourth decline this month. The company, which designs chips for devices running Google’s Android software, will release half-year earnings on July 24.
src : bloomberg
