Market Snapshot July 24, 2009, 4:30PM EST

Stocks Finish Mixed, with Techs Lagging

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In a CNBC interview, Warren Buffett maintained that equities were the place to invest after the rally, though his businesses remained flat, noting that "by the time you see the Robin, spring is over." The Berkshire Hathaway (BRKA) chief said he would rather own equities at Dow 9,000 than Treasuries or money market funds returning little, and heartily endorsed Bernanke, according to Action Economics.

Bloomberg News reports a ban on "naked" trading in the $26.4 trillion credit-default swaps market being considered by U.S. lawmakers would have the unintended consequence of making it more expensive for companies to borrow, traders said. "It will inevitably lead to higher costs of funding across all U.S. corporations, significantly reduce liquidity in credit markets, and further widen the opacity" of other instruments that rely on credit swaps for pricing, said Tim Backshall, chief strategist at hedge fund adviser Credit Derivatives Research LLC in Walnut Creek, California.

Former Fed Vice Chariman Alan Blinder, in a Wall Street Journal op-ed, said "the economy is hitting bottom, but it's a long, uphill climb to get out".

In earnings news Friday, Burlington Northern Santa Fe Corp. (BNI) posted better-than-expected second-quarter earnings per share (EPS) of $1.18, vs. $1.00 one year earlier, despite a 26% decline in freight revenues. The prior-year quarter included a charge of $0.31 per share related to environmental matters in Montana. Wall Street was looking for second-quarter 2009 EPS of $1.01.

Con-Way Inc. (CNW) posted better-than-expected second-quarter EPS of $0.64, vs. $1.02, on a 21% revenue decline. Wall Street was looking for $0.13 EPS.

Ingersoll-Rand PLC (IR) reported second-quarter EPS from continuing operations of $0.41, vs. $0.90, as higher costs and expenses offset a 13% revenue rise. Wall Street was looking for EPS of $0.39.

Juniper Networks (JNPR) reported second-quarter non-GAAP EPS of $0.19, vs. $0.28, on 11% lower revenues. Juniper posted $0.03 second-quarter GAAP EPS.

CA Inc. (CA) reported first-quarter EPS of $0.42, vs. $0.40, on a 4% revenue rise (constant currency).

In economic news Friday, U.S. consumer sentiment improved to 66.0 in July for the final reading from the University of Michigan survey, compared to 64.6 for the preliminary print. The index is down from the 70.8 in June, the highest reading since February 2008. But, it's still above its year-ago level of 61.2. The current conditions index was little changed at 70.5 from the preliminary 70.4 in July and 73.2 in June. It was 73.1 last year. The future index rose to 63.2 from 60.9 in the preliminary July reading, and compares to 69.2 in June. The index was 53.5 a year ago.

Bloomberg News reports the U.K. gross domestic product contracted 0.8% from the first quarter, the Office for National Statistics said in London. Economists predicted a 0.3% drop, according to the median of 32 forecasts in a Bloomberg News survey. From a year earlier, the economy shrank 5.6%, the most since records began in 1955.

The German Ifo institute said its business climate index, based on a survey of 7,000 executives, increased to 87.3 from 85.9 in June, according to a Bloomberg news report. Economists expected a gain to 86.5, the median of 32 forecasts in a Bloomberg News survey showed. The index reached a 26-year low of 82.2 in March.