IBM, once again, reported lower revenues. But, overall, stocks moved higher in Monday's session, driven by Hasbro and Halliburton. Bobbi Rebell reports.
Strong earnings from the likes of Hasbro and Halliburton drove stocks higher as investors put aside concerns over the Greek debt crisis. The Nasdaq rose for a third straight session. After the closing bell, IBM reported lower revenue for the 13th straight quarter, as it continues to shed low margin businesses. Hasbro was among the day's top gainers on the S&P 500. The toy maker's quarterly profit surged nearly 25 percent, and strong demand for movie-themed toys helped revenue top forecasts. S&P Capital IQ's Tuna Amobi: SOUNDBITE: TUNA AMOBI, SENIOR EQUITY ANALYST, S&P CAPITAL IQ (ENGLISH) SAYING: "Jurassic World has been a major catalyst. I think, it will become even more so in the second half of the year. And, I think, one thing with Hasbro is that, the franchise pipeline, as we see it right now, is particularly strong." PayPal's stock shot up in heavy trading on its return to the Nasdaq. Marketplace operator eBay spun off the digital payment service provider it bought 13 years ago. eBay's shares fell. Gold tumbling to a five-year low. That pulled down stocks like Barrick Gold and Newmont Mining, which was the S&P's biggest loser on the day. Drilling activity has been dropping, but cost cuts helped oilfield services company Halliburton post profit that breezed past analysts estimates. Also joining the parade of earnings beats: Morgan Stanley. Equities trading revenue jumped and beat rival Goldman's gains. News of merger talks involving Dutch chemicals company, OCI, lifted shares in Europe.