A wave of big names came out with earnings results that fell short of expectations after hours on Thursday. The Dow fell below 18,000. Bobbi Rebell reports.
Alphabet, parent of Google, out with a miss on earnings, though revenue did rise more than 17 percent in the quarter because of strong advertising sales on mobile devices. Microsoft earnings per share and revenue coming in short of expectations.. hurt by the weak PC market. Starbucks also having a tough time- global cafe sales growth fell short of Wall Street expectations for the world's biggest coffee chain. Visa profits rose 10 percent, helped by higher payment volumes, but the company had cautious comments about the second half of the year. The news came after tough session with the Dow closing below 18,000. Mark Newton of Newton advisors SOUNDBITE: MARK NEWTON, MANAGING MEMBER, NEWTON ADVISORS, (ENGLISH) SAYING: "I'm still encouraged between now and early summer the market can move to new highs." Volkswagen has reached a deal with the U.S. Justice department regarding the excess diesel emissions in nearly 600,000 polluting vehicles. The settlement will include buyback offers and a possible fix, along with additional compensation to owners to sell back or have vehicles fixed. SunEdison has filed for Chapter 11 bankruptcy protection. Years of debt fueled acquisitions were unsustainable for the once fastest-growing U.S. renewable energy company. Viacom shares jumped after the company reached a new agreement with Dish Networks avoiding a blackout of its programs on the satellite TV network. To the downside: Travelers after the insurer reported a 17 percent fall in profit. And Verizon after it warned the workers strike could hurt earnings this quarter. U.S. weekly jobless claims fell unexpectedly last week, hitting their lowest level since 1973. In Europe, stocks fell after the ECB kept rates unchanged.