Disappointing Earnings From EBay, UnitedHealth Group Weigh On Wall Street

Category: Companies / Apr 18, 2013 11:03AM EDT
Wall Street fell early in the session Thursday after disappointing earnings from EBay Inc. (EBAY) and UnitedHealth Group Inc. (UNH) weighed on investor sentiment. EBay fell 3.82 percent to $53.96 after first-quarter sales amounted to $3.75 billion, missing the average Bloomberg analyst estimate of $3.77 billion. UnitedHealth slumped 2.5 percent to $59.53 as the company reported higher costs for patients on Medicare and slashed its full-year revenue forecast by about $2 billion. Jobless claims also weighed on the market as the number of Americans filing new claims for unemployment benefits rose in the prior week. Other earnings releases for Thursday showed Verizon Communications Inc. (VZ) gained 2.1 percent to $51.66 per share as growth in wireless customers helped profit beat estimates, while PepsiCo Inc. (PEP) added 5.09 percent to $82.81 after sales increased. (Video Source: REUTERS)