July 16--TODAY'S INDEXES -- Dow industrials 17,138.20 + 77.52
S&P 500 1981.57 + 8.29
Nasdaq 4425.97 + 9.58
WINTEL WINNERS: Back in the PC era, investors couldn't get enough of the so-called Wintel twins. Intel made the chips for Windows-based personal computers and Microsoft made the software, and the two companies were bellwethers for the entire technology industry. That's not true any more, with mobile computing and social media grabbing much more attention, but the Wintel twins did have a good day. Intel jumped 9 percent after beating earnings forecasts and saying that corporate demand for PCs has been strong. Microsoft got a 4-percent boost on news that wasn't so rosy: The software giant reportedly is getting ready to lay off thousands of employees, many of them at the mobile-phone unit it bought from Nokia.
DOW RECORD: The Dow Jones industrials climbed to a new record, while the S&P 500 closed just short 4 points of the record it set on July 3.
MURDOCH'S TARGET: Time Warner rejected Rupert Murdoch's takeover offer, but shareholders didn't take that as a final answer. They bid Time Warner shares up by 17 percent, while Murdoch's Twenty First Century Fox fell 6 percent.
YAHOO GETS BOOS: Yahoo shares dropped 5 percent after the company's disappointing earnings report late Tuesday. One big problem: Sales of display ads on the company's websites fell 7 percent during the most recent quarter.
LOCAL INDEX: The Bloomberg St. Louis Index fell 3.60 points to 900.40.
STL STOCKS GAINERS LOSERS
SunEdison Semiconductor 5.3% Reliv -7.4%
Isle of Capri 3.4% Express Scripts -3.1%
Viasystems 2.4% Stereotaxis -2.8%
ANALYST'S INSIGHTS: Peyton Green of Sterne Agee lowered his 2014 and 2015 earnings estimates for Commerce Bancshares after Tuesday's second-quarter report. He noted a decline in the yield Commerce earns on loans, but said earnings potential "is solidly higher" if and when the Federal Reserve raises interest rates to a more normal level.
THE DAY AHEAD: Morgan Stanley reports earnings in the morning, along with toymaker Mattel and restaurant operator Yum Brands. The big economic indicator of the day is U.S. housing starts, which economists think rebounded in June after declining in May.
David Nicklaus is business columnist at the St. Louis Post-Dispatch. Subscribe to his Facebook page or follow him on Twitter @dnickbiz.
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