(MENAFN- ProactiveInvestors) U.S. shares dropped amid concern over economies in Europe and Russia as data showed slower growth in America. The S&P 500 (INDEXSP:.INX) slipped 0.8 percent to 2004 at 11:47 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.8 percent to 17274.The tech-heavy Nasdaq Composite (INDEXNASDAQ:.IXIC) retreated 0.4 percent to 4665. Most followed shares included Wholesale Altria and Biogen.
In communications (NASDAQ:GOOGL) rose 4 percent to $533.68. The world’s largest Internet search engine reported slower-than-expected revenue growth in the fourth quarter hurt by falling online ad prices and a strong U.S. dollar. Net income rose to $4.76 billion or $6.91 per share in the October-to-December quarter from $3.38 billion or $4.95 per share a year earlier. Adjusted earnings per share of $6.88 missed analysts' expectations of $7.11. Revenue excluding payments to other companies that syndicate its ads rose 17 percent to $14.5 billion from $12.4 billion in the same period a year earlier. Analysts polled by Capital IQ had projected revenue on that basis of $14.7 billion.
In consumer-discretionary shares () climbed 11 percent to $347.01. The online commerce giant posted stronger-than-estimated earnings in the fourth quarter as revenue grew amid robust North American sales and decelerated expenses. Net income totalled $214 million or $0.45 per share in the October-to-December quarter down from $239 million or $0.51 per share a year earlier. That trounced market expectations of $0.17 per share in profit. Sales rose 15 percent to $29.3 billion compared with the analyst-consensus forecast of $29.7 billion. Operating expenses of $28.7 billion were up 14 percent slowing down from the full-year growth pace of 20 percent. By geography sales leapt 22 percent in North America to $18.7 billion compared to 3 percent to $10.6 billion for everywhere else.
In energy stocks () fell 1 percent to $101.92 even as the second-largest U.S. oil producer reported stronger-than-expected results in the fourth quarter as asset sales and refining segment helped overpower falling crude prices. Net income fell to $3.47 billion or $1.85 per share in the October-to-December quarter compared with $4.93 billion or $2.57 per share a year earlier. Results included a net $570 million gain on asset sales. Revenue fell 18 percent to $46.1 billion. Analysts on average had expected earnings of $1.63 per share and revenue of $30.65 billion according to Capital IQ.
In financials () the world's largest payments network hit a record high of $263.62 and was trading at $259.99 up 4.8 percent. Earnings for the December quarter exceeded Wall Street expectations payment volume grew and the company announced a four-for-one stock split.
() the second-largest U.S. payments network inched up 0.7 percent to $81.94. The Purchase New York-based company said its fourth-quarter profit jumped 29 percent on higher purchase volume and revenue.
In technology stocks () the provider of printers and business services tumbled 3.2 percent to $13.13 after cutting its outlook for 2015 pointing to a weakening euro. The Norwalk Connecticut-based company gave a disappointing outlook for its current quarter.
() a chip maker jumped 4.5 percent to $43.16. Fourth-quarter earnings surged thanks to continued growth in the broadband and connectivity business as well as lower costs.
In consumer-staples shares Wholesale (NASDAQ:COST) the largest U.S. warehouse-club chain advanced 1.6 percent to C$142.97 after unveiling a special one-time dividend of $5 a move that will cost the bulk retailer $2.2 billion.
Altria () fell 1.1 percent to $53.76. The largest seller of tobacco in the U.S. posted higher revenue in the most-recent quarter as higher prices offset a decline in cigarette volume. The company’s earnings matched analysts’ projections while its top line exceeded them.
In other stocks Biogen Idec () a biotechnology company surged 10 percent to $389.50. Fourth-quarter profit nearly doubled as its portfolio of multiple sclerosis treatments drove a 34 percent growth in revenue.
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