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Three Dow components reported for their last quarters today and all three saw a decline in their share price, even though the results were fairly strong. Verizon saw a 3.4% rise in quarterly revenue after better-then-expected growth in its wireless business. The company announced earnings of $1.76 per share, compared to a loss of $1.48 per share in the same quarter in 2012. This was a better result than had been expected by Wall Street analysts, but still saw its shares drop 1.6%.
Travelers also surprised to the upside with its earnings and also saw a similar percentage fall in its share price. It was a similar story for drugmaker Johnson & Johnson, which achieved earnings of $1.24 per share for the quarter, compared to a consensus estimate of $1.20, but the company provided slightly disappointing forward guidance for 2014, estimating earnings in the range of $5.75 to $5.85 per share, which is towards the low end of where analysts had been forecasting earnings for the this year. Its shares slipped 1.4%.
By early afternoon in New York, the Dow Jones was off by 0.47%, the S&P 500 was up 0.23% and the NASDAQ 100 had risen 0.61%.
The Bank of Canada is scheduled to announce its latest rate decision tomorrow. Speculation that the central bank could be thinking about introducing an easing bias has helped push USD/CAD to its highest rate in more than four years today. The currency pair was up 0.22% at 1.0970 after earlier breaking above 1.1000 for the first time since September 2009.