Stocks Drop as Amazon Misses Forecasts, Durable Goods Disappoints
NEW YORK ( TheStreet) -- U.S. stocks were falling Friday, marking the first dip for the S&P 500
The weak open arrives also as investors await next week's July job report and Federal Reserve policy update, and digest soft data out of Europe overnight. But the market remains optimistic on the second-quarter earnings outlook, steadily raising growth predictions.
The S&P 500
Read More: Amazon.com Shares Plunge On Weak Earnings
Despite a handful of disappointments, including Amazon's earnings miss Thursday , S&P Capital IQ wrote that second-quarter S&P 500 earnings growth is now expected to come in at 8.1% year-over-year, with earnings per share of $29.11. That's up from the prior day's estimate of 7.3% year-over-year growth, with EPS of $28.89.
Amazon shares were plunging 10.2% to $322.01 after reporting Thursday evening quarterly results that were in line with revenue estimates but missed on earnings per share.
Widely-watched corporate headlines Friday also include those on Zillow
The Chinese tainted-meat scandal is still in the headlines. While Yum! Brands
Rupert Murdoch isn't just convulsing American media markets with his 21st Century Fox bid for Time Warner
Real estate site Zillow is seeking to buy out rival Trulia for up to $2 billion in cash and stock. Both companies collect fees from real-estate agents as well as advertising revenue on a combined 85 million unique visitors in June alone. Zillow shares are up 6.8% to $155.60 and Trulia was gaining 3.7% to $55.74.