The yields of the above stocks as of January 21 are as follows:
Verizon Communications soared after its quarterly results
Verizon Communications’ revenue grew 3.2% in its latest quarter, amounting to $34.3 billion. VZ reported a profit of $5.4 billion, or earnings of $1.32 per share, as against a loss in the corresponding period a year ago. The company has beat Wall Street expectations for its fourth quarter results. The growth in smartphones and tablets has contributed to its revenues a great deal, and the company went on to add 1.5 million net retail postpaid wireless subscribers in the fourth quarter. Such upbeat results from Verizon served to lift other telecommunication stocks ahead of their quarterly results.
As per the EIA petroleum status report, the crude oil inventory for the week ended January 15 went up 4.0 million barrels. Even though the oil inventory is at its record high, there was a surge in oil prices owing to the anticipation of monetary stimulus extension by the central banks.
New jobless claims for the week ended January 16 came in at 293,000 against the prior reading of 283,000. The rise in claims might signal weakness in the employment report ahead.
The general business condition index for January 2016 came in at -3.5 as against the prior reading of -10.2, according to the Philadelphia Fed Business Survey report. Although the reading is negative, the contraction in the factory sector seemed to have fallen, which is a positive for the material sector.
In the next article, let’s look at the key stocks of the SPDR S&P 500 ETF (SPY) as of January 21.