U.S. shares are opening mixed as investors assess the latest batch of earnings news. The S&P 500 (INDEXSP:.INX) skidded 0.2 percent to 2,121.88 at 12:08 p.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) slipped 0.4 percent to 18,045.02, and the tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) advanced 0.6 percent to 5,192.27. Most followed shares included Google, AMD, SolarWinds, Mattel, GE, Boeing, Honeywell, Hertz, SunTrust, and ConocoPhillips.
In technology stocks, Google (NASDAQ:GOOGL) jumped 16 percent to $701.78 after the search engine company’s profit beat forecasts for the first time in six quarters and the company said it would be more disciplined on spending. Net income rose 17 percent to $3.93 billion, or $4.93 for each Class A and B share, from $3.35 billion, or $4.88 per share. Excluding one-time items, Google earned $6.99 per share. Analysts on average had expected a profit of $6.70 per share, and revenue of $17.75 billion, according to Capital IQ. Google generated $17.7 billion in sales over the past three months, an 11 percent growth from last year. Wall Street was looking for about $17.8 billion to $18 billion, a 13 percent acceleration.
Advanced Micro Devices (NASDAQ:AMD) declined 4 percent to $1.79 as the semiconductor company’s second-quarter loss widened sharply and revenue declined 35 percent from the year earlier as the chip maker continued to struggle with a declining market for personal computers.
SolarWinds (NYSE:SWI) slipped 24 percent to $23.93 as Robert W. Baird & Co. downgraded the company’s stock to “neutral” from “outperform” after the provider of management software cut its revenue forecast.
In consumer shares, Mattel (NASDAQ:MAT) fell 4.9 percent to $23.93 as the world’s largest toymaker swung to a second-quarter loss as sales fell for the seventh straight quarter on weak international demand for its Barbie dolls. Net loss was $11.4 million, or $0.03 per share, in the April-to-June quarter, compared with a profit of $28.3 million, or $0.08 per share, a year earlier. Profit amounted to 1 cent a share in the period, excluding some items. That beat analysts’ predictions for a 4-cent loss, according to data compiled by Capital IQ. Net sales fell 7 percent to $988.2 million, lagging behind the Wall Street consensus of $991.9 million. Sales for Barbie dropped 11 percent but are up slightly for the year.
In industrials, General Electric (NYSE:GE) rose 0.6 percent to $27.20 after the conglomerate raised its 2015 outlook for its industrial manufacturing businesses. Separately, GE offered concessions in its bid to win European approval for its proposed $13.5 billion acquisition of Alstom's power unit. The deal for the French company's power business would be GE's biggest-ever acquisition, but it's been running into antitrust concerns. GE did not provide details on exactly what concessions it offered.
Boeing (NYSE:BA) declined 1.6 percent to $146.09 after saying it will book a $536 million after-tax charge in its recently-ended quarter as it spends more on its KC-46 aerial refueling tanker program.
Honeywell (NYSE:HON) gained 1.9 percent to $105.55 after the U.S. manufacturer of aerospace parts and climate control systems reported a 9 percent rise in quarterly profit. Revenue was slightly above forecasts, and the company also raised the low end of its 2015 guidance. Honeywell's results were helped by a drop in costs.
Hertz Global Holdings (NYSE:HTZ) surged 13.8 percent to $19.32 after the rental-car company said it finished restating more than two years of financial results and expects to reach annualized cost savings of $300 million by year-end, $100 million more than its goal.
In other stocks, SunTrust Banks (NYSE:STI) fell 1.6 percent to $44.66. The bank earned an adjusted $0.86 per share for its latest quarter, $0.05 above estimates, with revenue also beating forecasts.
ConocoPhillips (NYSE:COP) sank 1.7 percent to $56.94. The independent exploration and production company said it would increase its dividend but reduce deepwater exploration spending, its latest cut, because of low oil prices. As part of the cuts, ConocoPhillips will terminate a contract with Ensco PLC for a deepwater drill ship and will pay a termination fee. It will record the charge in the third quarter.