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Closing Bell for Tuesday on Wall Street: Markets Open Higher, Manage to Hold Decent Gain

Paul Ausick — Tue, 21 May 2013 20:04:51 +0000

U.S. equity markets opened slightly higher this morning on another day when very little economic data was released anywhere around the globe. There was no data released at all in the U.S., and in Asia, Hong Kong’s inflation rate rose to 4% in the past 12 months, ahead of projections. In Europe, German PPI rose 0.1%, which was less than expected, and the U.K.’s CPI came in at 2.4%, below the estimate of 2.6%. Core CPI in the U.K. came in at 2%, well short of the predicted 2.3%. A substantial amount of U.S. economic data will be announced over the next few days to make up for the dearth of the last few days.

The U.S. dollar index is trading up 0.14% today, now at 83.8540. The GSCI commodity index is up 0.5% at 635.02. WTI crude oil closed down 0.6%, at $96.16 a barrel. Brent crude trades down 0.9% at $103.90 a barrel. Natural gas is up 2.5% today at about $4.19 per million BTUs. Gold settled down 0.5% today at $1,377.60.

The unofficial closing bells put the DJIA up about 52 points to 15,387.42 (0.34%), the NASDAQ rose nearly 6 points (0.16%) to 3,502.12, and the S&P 500 rose 0.17% or nearly 3 points to 1,669.16.

There were a several analyst upgrades and downgrades today, including:

Life Technologies Corp. (NASDAQ: LIFE) cut to ‘underperform’ at CLSA;
Beazer Homes USA Inc. (NYSE: BZH) cut to ‘neutral’ at Sterne Agee;
Sony Corp. (NYSE: SNE) started as ‘buy’ at Jefferies;
Aetna Inc. (NYSE: AET) reinstated as ‘buy’ at Goldman Sachs; and
Mattel Inc. (NASDAQ: MAT) started as ‘overweight’ at Piper Jaffray.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Kid Brands Inc. (NYSE: KID) is down 0.6% at $1.58;
TiVo Inc. (NASDAQ: TIVO) is up 2.5% at $12.97;
Best Buy Co. Inc. (NYSE: BBY) is down 3.7% at $25.83;
Dick’s Sporting Goods Inc. (NYSE: DKS) is up 1.2% at $52.83 after posting a new 52-week high of $54.25 earlier today;
The Home Depot Inc. (NYSE: HD) is up 2.8% at $78.89 after posting a new 52-week high of $79.47 earlier today;
Saks Inc. (NYSE: SKS) is up 9.8% at $13.48 after posting a new 52-week high of $13.60 earlier today;
TJX Companies Inc. (NYSE: TJX) is up 0.8% at $51.76; and
Vodafone plc (NASDAQ: VOD) is up 0.1% at $30.14.

Before markets open tomorrow morning we are scheduled to hear earnings from Intuit Inc. (NASDAQ: INTU), NetApp Inc. (NASDAQ: NTAP), American Eagle Outfitters Inc. (NYSE: AEO), Lowe’s Companies Inc. (NYSE: LOW), Staples Inc. (NASDAQ: SPLS), Target Corp. (NYSE: TGT), and Toll Brothers Inc. (NYSE: TOL).

Some standouts among heavily traded stocks today include:

Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) is up 19.3% at $3.70 after posting a new 52-week high of $4.83 earlier today. The Chinese solar panel maker increased its first quarter shipment forecast, although year-over-year volume will still be lower.

Clearwire Corp. (NASDAQ: CLWR) is up 4.9% at $3.42. The wireless carrier received a sweetened offer this morning from Sprint Nextel Corp. (NYSE: S).

SolarCity Corp. (NASDAQ: SCTY) is down 11.1% at $45.85. The solar energy installer is giving back some recent gains, as investors may have figured out that there is a limit to optimism.

Stay tuned for Wednesday. Fed Chairman Ben Bernanke will testify in front of a joint House/Senate committee and Dallas Fed President Richard Fisher is giving a speech. We have also noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
10:00 a.m. – Existing home sales
10:30 a.m. – EIA weekly petroleum status report
2:00 p.m. – FOMC minutes released

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AEO, AET, BBY, BZH, CLWR, DKS, HD, INTU, KID, LIFE, LOW, MAT, NTAP, S, SCTY, SKS, SNE, SPLS, TGT, TIVO, TJX, TOL, VOD, YGE

Closing Bell for Monday on Wall Street: Markets Open Lower, Bounce Once, Then Go Flat

Paul Ausick — Mon, 20 May 2013 20:06:15 +0000

U.S. equity markets opened lower this morning but soon rose above the break-even line where it stayed until noon when share prices began to dip. That was quite a shift from Asian markets, where the three major indexes were all higher, with the Nikkei at a five-and-a-half year high. In Europe the only economic data of note came from Italy, where industrial new orders rose 1.6% in April and industrial sales declined 0.9%. In the U.S., there was no economic data of note released today. Gold and silver took a beating early, but came back to close higher. Remarks by Chicago Fed President William Evans, however, sent equities markets back into negative territory.

The U.S. dollar index is trading down 0.6% today, now at 83.7490. The GSCI commodity index is up 0.7% at 632.05. WTI crude oil closed up 0.7%, at $96.71 a barrel. Brent crude trades up 0.1% at $103.80 a barrel. Natural gas is up 0.9% today at about $4.09 per million BTUs. Gold settled up 1.4% today at $1,384.10.

The unofficial closing bells put the DJIA down about 19 points to 15,335.28 (-0.12%), the NASDAQ fell more than 2 points (-0.07%) to 3,496.43, and the S&P 500 fell -0.07% or about 1 point to 1,666.29.

There were a several analyst upgrades and downgrades today, including:

Kansas City Southern (NYSE: KSU) cut to ‘sell’ at Stifel Nicolaus;
Leap Wireless International Inc. (NASDAQ: LEAP) cut to ‘sell’ at Deutsche Bank;
J.C. Penney Co. Inc. (NYSE: JCP) raised to ‘buy’ at Maxim Group;
Abbott Laboratories (NYSE: ABT) raised to ‘buy’ at Goldman Sachs; and
Pandora Media Inc. (NYSE: P) raised to ‘equal weight’ at Barclays.

Earnings reports released since markets closed last Friday have resulted in some price changes for reporting companies as of the last half hour of trading today:

Campbell Soup Co. (NYSE: CPB) is down 3.9% at $45.78 and
Qihoo 360 Technology Co. Ltd. (NASDAQ: QIHU) is up 6.6% at $43.77 after posting a new 52-week high of $45.11 earlier today.

Before markets open tomorrow morning we are scheduled to hear earnings from Kid Brands Inc. (NYSE: KID), TiVo Inc. (NASDAQ: TIVO), Best Buy Co. Inc. (NYSE: BBY), Dick’s Sporting Goods Inc. (NYSE: DKS), The Home Depot Inc. (NYSE: HD), Saks Inc. (NYSE: SKS), TJX Companies Inc. (NYSE: TJX), and Vodafone plc (NASDAQ: VOD).

Some standouts among heavily traded stocks today include:

National Bank of Greece SA (NYSE: NBG) is down 34% at $1.58. The Greek bank’s shares gave back last week’s gains after announcing a 1-for-10 reverse split and an issuance of 2.27 billion new shares following the split..

Real Goods Solar Inc. (NASDAQ: RSOL) is up 68% at $6.77, after posting a new 52-week high of $7.17 earlier today. The solar PV installation company has mysteriously appeared on investors’ radar screens and shares have more than tripled in the last 2 trading days.

JA Solar Holding Co. Ltd. (NASDAQ: JASO) is up 69% at $9.46 after posting a new 52-week high of $9.53 earlier today. The solar PV panel maker reported earnings this morning, and they were better than expected..

Stay tuned for Tuesday. St. Louis Fed President James Bullard and New York Fed President William Dudley are giving speeches. We have also noted the following event on the schedule (all times Eastern):

11:30 a.m. – 4-week bill auctions

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ABT, BBY, CPB, DKS, HD, JASO, JCP, KID, KSU, LEAP, NBG, P, QIHU, RSOL, SKS, TIVO, TJX, VOD

Closing Bell for Friday on Wall Street: Stock Markets Open Higher Today, March Upward

Paul Ausick — Fri, 17 May 2013 20:06:51 +0000

U.S. equity markets opened higher this morning, taking advantage of buying opportunities after yesterday’s slide in equities’ prices. In the U.S., the Thomson Reuters/University of Michigan consumer sentiment index and the Conference Board leading indicators both posted better-than-expected numbers and added more buying enthusiasm. In Europe, Spain recorded its first ever trade surplus, but there was no other economic news of note. In Asia, the Hong Kong exchange was closed for a holiday. In Japan, the Nikkei rose to a five-and-a-half-year high and the Shanghai exchange closed at a seven-week high after regulators eased some refinancing restrictions.

The U.S. dollar index is trading up 0.8% today, now at 84.2540. The GSCI commodity index is up 0.5% at 627.99. WTI crude oil closed up 0.9%, at $96.02 a barrel. Brent crude trades up 0.1% at $103.80 a barrel. Natural gas is up 3.1% today at about $4.06 per million BTUs. Gold settled down 1.6% today at $1,364.70, down nearly $72 for the week.

The unofficial closing bells put the DJIA up more than 121 points to 15,354.79 (0.80%), the NASDAQ rose nearly 34 points (0.97%) to 3,498.97, and the S&P 500 rose 0.95% or nearly 16 points to 1,666.12.

There were a several analyst upgrades and downgrades today, including:

Deere & Co. (NYSE: DE) cut to ‘sell’ and price target slashed to $85 at Goldman Sachs;
The Walt Disney Co. (NYSE: DIS) cut to ‘neutral’ at Atlantic Securities;
General Motors Co. (NYSE: GM) raised to ‘buy’ at Credit Agricole;
United Continental Holdings plc (NYSE: UAL) raised to ‘market perform’ at Avondale Partners; and
Pandora Media Inc. (NYSE: P) cut to ‘hold’ at Maxim Group on a valuation call.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today (more coverage is linked to the company’s name):

Autodesk Inc. (NASDAQ: ADSK) is down 7% at $37.00;
Dell Inc. (NYSE: DELL) is down 0.2% at $13.40;
J.C. Penney Co. Inc. (NYSE: JCP) is down 3.6% at $18.11;
Nordstrom Inc. (NYSE: JWN) is down 0.7% at $60.72; and
Stage Stores Inc. (NYSE: SSI) is down 7.6% at $24.11;

Before markets open Monday morning we are scheduled to hear earnings from Campbell Soup Co. (NYSE: CPB), JA Solar Holdings Co. Ltd. (NASDAQ: JASO), and Qihoo 360 Technology Co. Ltd. (NYSE: QIHU).

Some standouts among heavily traded stocks today include:

National Bank of Greece SA (NYSE: NBG) is up 19% at $2.38. The Greek bank’s shares rise following a boost to the country’s sovereign debt rating earlier this week.

Real Goods Solar Inc. (NASDAQ: RSOL) is up 98.4% at $3.48, after posting a new 52-week high of $3.63 earlier today. The solar PV installation company is finally getting some attention from investors, even though its first quarter earnings released last week were weak.

Tableau Software Inc. (NYSE: DATA) is up 62.5% at $50.38. The cloud-based, big data visualization maker held its IPO today.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – Chicago Fed national activity index
11:30 a.m. – 3- and 6-month bill auctions

Have a great weekend!

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ADSK, CPB, DATA, DE, DELL, DIS, GM, JASO, JCP, JWN, NBG, P, QIHU, RSOL, SSI, UAL

Closing Bell for Thursday on Wall Street: Markets Open Mixed, Fail to Hold Gains

Paul Ausick — Thu, 16 May 2013 20:06:48 +0000

U.S. equity markets opened mixed this morning following a blizzard of data releases on the U.S. economy. Before that data came out, however, there was some positive data out of both Europe and Asia. In Europe, the eurozone trade surplus came in much higher than expected and the consumer price index rose just 1.2% year-over-year. In Asia, Japan reported an annualized GDP growth rate of 3.5% and a drop in the GDP deflator of 1.2%, mixed signals at best. In the U.S., new claims for unemployment benefits rose more than expected and the Philadelphia Fed survey fell when an increase was expected, and new housing starts were sharply lower on a steep drop in new construction of multi-family residences.

The U.S. dollar index is trading down 0.28% today, now at 83.5980. The GSCI commodity index is down 0.1% at 624.91. WTI crude oil closed up 0.9%, at $95.16 a barrel. Brent crude trades up 0.2% at $103.93 a barrel. Natural gas is down 3.3% today at about $3.94 per million BTUs following a larger-than-expected addition to U.S. inventories<>. Gold settled down 0.7% today at $1,386.90.

The unofficial closing bells put the DJIA down more than 42 points to 15,233.22 (-0.28%), the NASDAQ fell more than 6 points (-0.18%) to 3,465.24, and the S&P 500 fell 0.50% or more than 8 points to 1,650.47.

There were a several analyst upgrades and downgrades today, including:

Barrick Gold Corp (NYSE: ABX) was cut to ‘underperform’ at Macquarie;
Chesapeake Energy Corp. (NYSE: CHK) cut to ‘neutral’ with a $20 price target at J.P. Morgan;
Constellation Brands Inc. (NYSE: STZ) raised to ‘buy’ with a price target of $64 at Stifel Nicolaus;
Palo Alto Networks Inc. (NYSE: PANW) raised to ‘overweight’ with a price target of $65 at Morgan Stanley; and
SunPower Corp. (NASDAQ: SPWR) raised to ‘outperform’ at Cowen Securities.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Dillard’s Inc. (NYSE: DDS) is up 2.6% at $91.36 after posting a new 52-week high of $92.93 earlier today;
Jack in the Box Inc. (NASDAQ: JACK) is down 4.1% at $36.78;
Skechers USA Inc. (NYSE: SKX) is down 3.6% at $20.64;
E Commerce China Dangdang Inc. (NYSE: DANG) is up 5.3% at $5.20;
Kohl’s Corp. (NYSE: KSS) is up 4.6% at $51.97;
ReneSola Ltd. (NYSE: SOL) is down 14.5% at $1.89; and
Wal-Mart Stores Inc. (NYSE: WMT) is down 2.1% at $78.21.

Before markets open tomorrow morning we are scheduled to hear earnings from Autodesk Inc. (NASDAQ: ADSK), Dell Inc. (NASDAQ: DELL), J.C. Penney Co. Inc. (NYSE: JCP), Nordstrom Inc. (NYSE: JWN), and Stage Stores Inc. (NYSE: SSI).

Some standouts among heavily traded stocks today include:

Cisco Systems Inc. (NASDAQ: CSCO) is up 13.1% at $23.98, after posting a new 52-week high of $24.24 earlier today. The networking equipment giant posted strong earnings last night.

National Bank of Greece SA (NYSE: NBG) is up 20.1% at $2.03. The Greek bank’s shares have risen by a third since the country’s sovereign debt rating was upgraded earlier this week.

Advanced Micro Devices Inc. (NYSE: AMD) is down 13.4% at $3.80. The chipmaker’s shares took a beating today after Goldman said that the stock was overpriced.

Stay tuned for Friday. Minneapolis Fed President Narayana Kocherlakota is giving a speech. We have (also) noted the following events on the schedule (all times Eastern):

9:55 a.m. – University of Michigan/Thomson Reuters consumer sentiment index
10:00 a.m. – Leading indicators

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ABX, ADSK, AMD, CHK, CSCO, DANG, DELL, JACK, JCP, JWN, KSS, NBG, PANW, SKX, SOL, SPWR, SSI, STZ, WMT

Closing Bell for Wednesday on Wall Street: Markets Open Soft, Close with a Flourish

Paul Ausick — Wed, 15 May 2013 20:04:07 +0000

U.S. equity markets opened slightly lower this morning following a number of data releases related to the U.S. economy. Producer prices declined in April and the New York manufacturing index came in much lower than expected. U.S. industrial production was also lower than expected. There was little significant data out of Asia, but in Europe, the eurozone economy continued to contract in the first quarter. Eurozone GDP fell 0.2% in the first quarter, slightly more than the 0.1% drop expected by economists.

The U.S. dollar index is trading up 0.29% today, now at 83.8370. The GSCI commodity index is down 0.4% at 627.87. WTI crude oil closed up 0.1%, at $94.30 a barrel following the release of the EIA’s inventory data. Brent crude trades 1.1% at $103.72 a barrel. Natural gas is up 1% today at about $4.06 per million BTUs. Gold settled down 2% today at $1,396.20.

The unofficial closing bells put the DJIA up about 60 points to 15,275.15 (0.39%), the NASDAQ rose about 9 points (0.26%) to 3,471.62, and the S&P 500 rose 0.51% or more than 8 points to 1,658.71.

There were a several analyst upgrades and downgrades today, including:

Golar LNG Ltd. (NASDAQ: GLNG) cut to ‘sell’ at Goldman Sachs;
BlackBerry (NASDAQ: BBRY) cut to ‘market perform’ at Bernstein;
Lowe’s Companies Inc. (NYSE: LOW) reiterated as ‘buy’ and price target raised to $48 at Argus;
Gap Inc. (NYSE: GPS) raised to ‘buy’ at Citigroup; and
Charles Schwab Corp. (NYSE: SCHW) cut to ‘underweight’ at Barclays.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Agilent Technologies Inc. (NYSE: A) is up 3.7% at $45.60 after posting a new 52-week high of $46.49 earlier today;
Primo Water Corp. (NASDAQ: PRMW) is down 7.2% at $1.42;
Computer Sciences Corp. (NYSE: CSCO) is down 9.9% at $44.61;
Deere & Co. (NYSE: DE) is down 4.6% at $89.46;
First Majestic Silver Corp. (NYSE: AG) is down 9.8% at $10.15 after posting a new 52-week low of $10.13 earlier today; and
Macy’s Inc. (NYSE: M) is up 2.7% at $48.66 after posting a new 52-week high of $48.91 earlier today.

Before markets open tomorrow morning we are scheduled to hear earnings from Cisco Systems Inc. (NASDAQ: CSCO), Dillard’s Inc. (NYSE: DDS), Jack in the Box Inc. (NASDAQ: JACK), Skechers USA Inc. (NYSE: SKX), E Commerce China Dangdang Inc. (NASDAQ: DANG), Kohl’s Corp. (NYSE: KSS), ReneSola Ltd. (NYSE: SOL), and Wal-Mart Stores Inc. (NYSE: WMT).

Some standouts among heavily traded stocks today include:

Bristol-Myers Squibb Co. (NYSE: BMY) is up 5.2% at $44.40, after posting a new 52-week high of $45.59 earlier today. The biopharmaceutical firm gave an upbeat presentation on its plans for new cancer and heart drugs.

Apple Inc. (NASDAQ: AAPL) is down 3.6% at $427.92. The PC and consumer electronics product maker is being sued by the U.S. Justice Department for leading a price-fixing scheme in the book publishing business.

Zynga Inc. (NASDAQ: ZNGA) is up 3.5% at $3.45. The social games producer got a big boost from a purchase of 25 million of the company’s shares by activist investor Jana Partners.

Stay tuned for Thursday. Philadelphia Fed President Charles Plosser, Boston Fed President Eric Rosengren, Dallas Fed President Richard Fisher, Fed Governor Sarah Bloom Raskin, and San Francisco Fed President John Williams are all giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Consumer price index
8:30 a.m. – Housing starts
8:30 a.m. – New claims for unemployment benefits
10:00 a.m. – Philadelphia Fed survey
10:30 a.m. – EIA weekly natural gas storage report
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AAPL, AG, BBRY, BMY, CSC, CSCO, DANG, DDS, DE, GLNG, GPS, JACK, KSS, LOW, M, PRMW, SCHW, SKX, SOL, WMT, ZNGA

Closing Bell for Tuesday on Wall Street: Markets Open Up, Finish Strong

Paul Ausick — Tue, 14 May 2013 20:07:17 +0000

U.S. equity markets opened slightly higher this morning an inline report from the U.S. Department of Labor on export and import prices. In Europe, eurozone industrial production rose 1%, above the expected gain of 0.4%. A survey on economic sentiment also came in higher than expected. In Asia, markets closed lower in Shanghai, Hong Kong, and Tokyo following limited data releases. In the U.S., equities rose steadily in morning trading although prices leveled off in the afternoon.

The U.S. dollar index is trading up 0.38% today, now at 83.5910. The GSCI commodity index is down 0.2% at 627.87. WTI crude oil closed down 1%, at $95.1794.21 a barrel following the release of the International Energy Agency’s mid-term outlook predicting that growing U.S. crude oil will set off a “supply shock” that will drive down the price of crude. Brent crude trades down 0.2% at $102.61 a barrel. Natural gas is up 2.3% today at about $4.02 per million BTUs. Gold settled down 0.7% today at $1,424.50.

The unofficial closing bells put the DJIA up more than 123 points to 15,215.25 (0.82%), the NASDAQ rose nearly 24 points (0.69%) to 3,462.61, and the S&P 500 rose 1.01% or nearly 17 points to 1,650.34.

There were a several analyst upgrades and downgrades today, including:

KB Home (NYSE: KBH) cut to ‘market perform’ at Raymond James;
Cree Inc. (NASDAQ: CREE) cut to ‘hold’ at Jefferies;
Fusion-io Inc. (NYSE: FIO) raised to ‘buy’ at UBS;
Yahoo! Inc. (NASDAQ: YHOO) maintained on ‘Conviction Buy’ list and price target raised to $30 at Goldman Sachs; and
AllScripts Healthcare Solutions Inc. (NASDAQ: MDRX) raised to ‘buy’ at Citigroup.

Earnings reports since markets closed last night have resulted in some price changes for reporting companies as of the last half hour of trading today:

Copa Holdings SA (NYSE: CPA) is up 8.2% at $135.25 after posting a new 52-week high of $138.99 earlier today;
Renren Inc. (NYSE: RENN) is up 0.2% at $3.00;
Take-Two Interactive Software Inc. (NASDAQ: TTWO) is up 1.3% at $16.60 after posting a new 52-week high of $17.54;
Pan American Silver Corp. (NASDAQ: PAAS) is down 1.4% at $12.43; and
SolarCity Corp. (NASDAQ: SCTY) is down 12.2% at $31.50, and we’ve noted something to watch for that could help this company and probably many other alt energy players.

Before markets open tomorrow morning we are scheduled to hear earnings from Agilent Technologies Inc. (NYSE: A), Dillard’s Inc. (NYSE: DDS), Primo Water Corp. (NASDAQ: PRMW), Computer Sciences Corp. (NYSE: CSC), Deere & Co. (NYSE: DE), First Majestic Silver Corp. (NYSE: AG), and Macy’s Inc. (NYSE: M).

Some standouts among heavily traded stocks today include:

Sony Corp. (NYSE: SNE) is up 9.6% at $20.70, after posting a new 52-week high of $22.22 earlier today. The consumer electronics firm is being encouraged by activist investor Daniel Loeb to break into pieces, which may not be the best idea he’s ever had.

Nokia Corp. (NYSE: NOK) is down 5.5% at $3.63. The mobile phone maker introduced a new phone today. Investors apparently were not impressed.

Groupon Inc. (NASDAQ: GRPN) is up 7.8% at $6.86. The daily deals company had no news today, but heavier than normal volume indicates demand was good for the stock.

Stay tuned for Wednesday. We have noted the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
8:30 a.m. – Producer price index
8:30 a.m. – Empire State manufacturing survey
9:00 a.m. – Treasury International Capital (TIC) data
9:15 a.m. – Industrial production
10:00 a.m. – Housing market index
10:00 a.m. – E-commerce retail sales
10:30 a.m. – EIA weekly petroleum status report

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: A, AG, CPA, CREE, CSC, DDS, DE, FIO, GRPN, KBH, M, MDRX, NOK, PAAS, PRMW, RENN, SCTY, SNE, TTWO, YHOO

Closing Bell for Monday on Wall Street: Markets Open Lower, Fail to Gain Much Traction

Paul Ausick — Mon, 13 May 2013 20:04:56 +0000

U.S. equity markets opened lower this morning following a report from China that the country’s industrial production rose 9.3% in April, a smaller rise than economists expected. China also reported retail sales up 12.8%, inline with expectations, and fixed asset investment up 20.6%, just under the expectation of 21%. Elsewhere in Asia, Japan’s Nikkei rose more than 1% today as the yen fell to more than 102 against the U.S. dollar. There was no economic data of note in Europe. In the U.S., April retail sales posted a surprising 0.1% gain, even though sales at gasoline stations declined by 4.7% in the month.

The U.S. dollar index is trading up 0.16% today, now at 83.2770. The GSCI commodity index is down 0.9% at 629.36. WTI crude oil closed down 0.9%, at $95.17 a barrel on more news of plentiful crude oil supplies. Brent crude trades down 1.1% at $102.80 a barrel. Natural gas is up 0.4% today at about $3.93 per million BTUs. Gold settled down 0.2% today at $1,434.30.

The unofficial closing bells put the DJIA down more than 26 points to 15,091.91 (-0.18%), the NASDAQ rose about 2 points (0.06%) to 3,438.79, and the S&P 500 was flat at 1,633.77.

There were a several analyst upgrades and downgrades today, including:

Autozone Inc. (NYSE: AZO) cut to ‘hold’ at Deutsche Bank;
Express Scripts Inc. (NASDAQ: ESRX) raised to ‘buy’ at Jefferies;
T-Mobile US Inc. (NASDAQ: TMUS) raised to ‘buy’ at UBS;
Corning Inc. (NYSE: GLW) raised to ‘overweight’ at Barclays; and
Apollo Global Management LLC (NYSE: APO) raised to ‘outperform’ at Keefe Bruyette Woods..

Earnings reports since markets closed last Friday have resulted in some price changes for reporting companies as of the last half hour of trading today:

Silver Wheaton Corp. (NYSE: SLW) is down 3.4% at $23.50; and
Stratasys Ltd. (NASDAQ: SSYS) is up 2.8% at $85.76 as EPS topped estimates.

Before markets open tomorrow morning we are scheduled to hear earnings from Copa Holdings SA (NYSE: CPA), Renren Inc. (NYSE: RENN), Take-Two Interactive Software Inc. (NASDAQ: TTWO), Pan American Silver Corp. (NASDAQ: PAAS), and European Aeronautic Defence and Space Co. (EADS.PA).

Some standouts among heavily traded stocks today include:

Tesla Motors Inc. (NASDAQ: TSLA) is up 12.3% at $86.22, after posting a new all-time high of $87.29 earlier today. The all-electric automaker continues to bask in the glow of its first ever quarterly profit.

Warner Chilcott plc (NASDAQ: WCRX) is up 5.2% at $18.95. The generic drugs maker is confirmed to be in merger discussions with Actavis Inc. (NYSE: ACT), although no details have been revealed. The stock’s 52-week high is $22.11.

Molycorp Inc. (NYSE: MCP) is down 1.7% at $7.22. The rare earths miner is giving back of some of its 30% gain last Friday, following a good report on earnings.

Stay tuned for Tuesday. Philadelphia Fed President Charles Plosser is giving a speech. We have also noted the following events on the schedule (all times Eastern):

7:30 a.m. – National Federation of Independent Business optimism index
8:30 a.m. – Import and export prices
11:30 a.m. – 4-week bill auction

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: APO, AZO, CPA, ESRX, GLW, MCP, PAAS, RENN, SLW, SSYS, TMUS, TSLA, TTWO, WCRX

Closing Bell for Friday on Wall Street: Markets Open Mixed, Close Higher

Paul Ausick — Fri, 10 May 2013 20:07:01 +0000

U.S. equity markets opened mixed this morning and failed to find a direction driver throughout the trading day. In Europe, Germany reported a stronger-than-expected trade surplus, while the U.K.’s trade deficit was slightly larger than expected. Italian industrial production slipped and the county’s 3-month debt yields were significantly higher than in the previous auction. Yields on 12-month bills were substantially lower though. In Asia, Hong Kong GDP rose less than expected and Japan reported a wider current account surplus. The U.S. dollar now buys more than 100 Japanese yen (more coverage here). In the U.S., the U.S. Treasury reported a larger-than-expected budget surplus for April (more coverage here).

The U.S. dollar index is trading up 0.43% today, now at 83.1490. The GSCI commodity index is up 0.3% at 634.91. WTI crude oil closed down 0.4%, at $96.04 a barrel, and closed the week 0.5% higher. Brent crude trades down 0.7% at $103.79 a barrel. Natural gas is down 1.8% today at about $3.91 per million BTUs. Gold settled down 2.2% today at $1,436.60, and tallied a loss for the week of nearly 2%.

The unofficial closing bells put the DJIA up about 36 points to 15,118.49 (0.24%), the NASDAQ rose more than 27 points (0.80%) to 3,436.58, and the S&P 500 rose 0.43% or about 7 points to 1,633.70.

There were a several analyst upgrades and downgrades today, including:

Dendreon Corp. (NASDAQ: DNDN) cut to ‘sell’ at Citigroup;
L Brands Inc. (NYSE: LTD) cut to ‘neutral’ at Lazard (formerly Limited Brands Inc.);
Workday Inc. (NYSE: WDAY) started as ‘outperform’ at Oppenheimer;
American Water Works Co. Inc. (NYSE: AWK) raised to ‘buy’ at Citigroup; and
Boeing Co. (NYSE: BA) raised to ‘hold’ at SocGen.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading:

magicJack Vocaltec Ltd. (NASDAQ: CALL) is down 12.4% at $16.86;
Net 1 UEPS Technologies Inc. (NASDAQ: UEPS) is up 0.4% at $7.82;
Nvidia Corp. (NASDAQ: NVDA) is up 4.6% at $14.55;
Priceline.com Inc. (NASDAQ: PCLN) is up 4% at $766.98 after posting a new 52-week high of $769.67 earlier today (more coverage here);
TheStreet Inc. (NASDAQ: TST) is down 0.2% at $1.90; and
Hecla Mining Co. (NYSE: HL) is down 2.1% at $3.23.

Before markets open Monday morning we are scheduled to hear notable earnings from only Silver Wheaton Corp. (NYSE: SLW). Another mining firm that trades in London, Lonmin PLC, reports earnings Monday morning. Lonmin, a platinum miner, could face some of the same difficulties we noted in our story today about the platinum sector.

Some standouts among heavily traded stocks today include:

Molycorp Inc. (NYSE: MCP) is up 31%% at $7.32. The rare earths miner reported solid results after markets closed last night. More coverage here.

Warner Chilcott plc (NASDAQ: WCRX) is up 24.1% at $18.62. The generic drugs maker is said to be in merger discussions with Actavis Inc. (NYSE: ACT).

Affymax Inc. (NASDAQ: AFFY) is down 25.4% at $1.35. The drug maker said in its 10-K filing today that the February recall of its Omontys drug “has severely harmed our business, financial condition and prospects as a going concern.”

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – Retail sales
10:00 a.m. – Business inventories
11:30 a.m. – 3- and 6-month bill auctions

Have a great weekend!

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: ACT, AFFY, AWK, BA, CALL, DNDN, HL, LTD, MCP, NVDA, PCLN, SLW, TST, UEPS, WCRX, WDAY

Closing Bell for Thursday on Wall Street: Lower Opening and Close Despite Jobs Report

Paul Ausick — Thu, 09 May 2013 20:07:43 +0000

U.S. equity markets opened slightly lower this morning after the Bank of England left its key interest rate and asset purchase program unchanged (more coverage here). In Asia, China’s consumer price index rose 2.4% year-over-year and 0.2% in the last month, a bit more than expected on both measures and largely due to food price increases (more coverage here). In the U.S., the number of new claims for jobless benefits fell to a 5-year low and continuing claims fell by 27,000 (more coverage here). The three major indexes all closed the day down slightly, right about where the opened.

The U.S. dollar index is trading up 1.01% today, now at 82.710. The GSCI commodity index is up 0.4% at 632.85. WTI crude oil closed down 0.2%, at $96.39 a barrel. Brent crude trades up 0.1% at $104.41 a barrel. Natural gas is up 0.2% today at about $3.99 per million BTUs, after a larger-than-expected inventory build (more coverage here). Gold settled down 0.4% today at $1,468.60.

The unofficial closing bells put the DJIA down more than 22 points to 15,082.62 (-0.15%), the NASDAQ fell about 4 points (-0.12%) to 3,409.17, and the S&P 500 fell -0.37% or about 6 points to 1,626.67.

There were a several analyst upgrades and downgrades today, including:

Clean Energy Fuels Corp. (NASDAQ: CLNE) cut to ‘underperform’ at Raymond James;
American Water Works Co. Inc. (NYSE: AWK) raised to ‘outperform’ at Wells Fargo;
Fluor Corp. (NYSE: FLR) started as ‘buy’ with a price target of $84 at Deutsche Bank;
Sina Corp. (NASDAQ: SINA) raised to ‘overweight’ at HSBC; and
Tumi Holdings Inc. (NYSE: TUMI) cut to ‘neutral’ at Citigroup.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading:

Groupon Inc. (NASDAQ: GRPN) is up 11.9% at $6.26 (more coverage here);
Continental Resources Inc. (NYSE: CLR) is down 0.8% at $84.24;
Monster Beverage Corp. (NASDAQ: MNST) is down 7.1% at $52.95 (more coverage here);
Pacific Ethanol Inc. (NASDAQ: PEIX) is down 6.7% at $0.29;
Rackspace Hosting Inc. (NYSE: RAX) is down 24.5% at $39.42;
Transocean Ltd. (NYSE: RIG) is down 0.5% at $54.98;
Agrium Inc. (NYSE: AGU) is up 0.8% at $95.00;
Cablevision Systems Corp. (NYSE: CVC) is up 1.6% at $15.72;
Coeur d’Alene Mines Corp. (NYSE: CDE) is down 5.3% at $14.41; and
Dish Network Corp. (NASDAQ: DISH) is down 2.2% at $38.76 (more coverage here).

Before markets open tomorrow morning we are scheduled to hear earnings reports from magicJack Vocaltec Ltd. (NASDAQ: CALL), Molycorp Inc. (NYSE: MCP), Net 1 UEPS Technologies Inc. (NASDAQ: UEPS), Nvidia Corp. (NASDAQ: NVDA), priceline.com Inc. (NASDAQ: PCLN), TheStreet Inc. (NASDAQ: TST), and Hecla Mining Co. (NYSE: HL).

Some standouts among heavily traded stocks today include:

Affymax Inc. (NASDAQ: AFFY) is up 25.7% at $1.81. The biopharmaceutical firm continues to rise on no news. Be careful though, forward P/E is negative, even after two days of gains in the neighborhood of 20% each.

Tesla Motors Inc. (NASDAQ: TSLA) is up 32.1% at $73.67 after posting a new all-time high of $75.77 earlier today. The all-electric car maker reported a profit for the first quarter, and the bulls cannot be stopped.

Windstream Corp. (NASDAQ: WIN) is down 4% at $8.18. The communications and technology solutions company posted unappealing results and the stock’s massive dividend could be a casualty. More coverage here.

Stay tuned for Friday. Fed Chairman Ben Bernanke and Kansas City Fed President Esther George are giving speeches. We have also noted the following event on the schedule (all times Eastern):

2:00 p.m. – Treasury Budget

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AFFY, AGU, AWK, CALL, CDE, CLNE, CLR, CVC, DISH, FLR, GRPN, HL, MCP, MNST, NVDA, PCLN, PEIX, RAX, RIG, SINA, TSLA, TST, TUMI, UEPS, WIN

Closing Bell for Wednesday on Wall Street: Markets Open Lower, Stock Prices Rise All Day

Paul Ausick — Wed, 08 May 2013 20:05:50 +0000

U.S. equity markets opened lower this morning on relatively little economic data. In Europe, Germany reported that industrial production rose 1.2%, while a house price index in the U.K.rose 1.1% month-over-month. In Asia, China reported a stronger-than-expected trade surplus of $18.16 billion in April (more coverage here). In the U.S., demand for home mortgages rose, primarily on rising demand for refinancing (more coverage here). Share prices turned higher shortly after trading opened this morning, and indexes remained positive all day, with all three major indexes posting a decent gain by the closing bell.

The U.S. dollar index is trading down 0.43% today, now at 81.897. The GSCI commodity index is down 0.4% at 630.47. WTI crude oil closed up 1.1%, at $96.62 a barrel, following today’s report on inventories (more coverage here). Brent crude trades down 0.2% at $104.21 a barrel, creating the lowest spread between WTI and Brent in recent memory. Natural gas is up 1.4% today at about $3.98 per million BTUs. Gold settled up 1.7% today at $1,473.70.

The unofficial closing bells put the DJIA up more than 48 points to 15,104.97 (0.32%), the NASDAQ rose nearly 17 points (0.49%) to 3,413.27, and the S&P 500 rose 0.41% or nearly 7 points to 1,632.68.

There were a several analyst upgrades and downgrades today, including:

Bed Bath & Beyond Inc. (NASDAQ: BBBY) cut to ‘cautiousl’ at ISI group;
Lululemon Athletica Inc. (NASDAQ: LULU) Raised to ‘buy’ at Sterne Agee;
U.S. Auto Parts Inc. (NASDAQ: PRTS) raised to ‘buy’ at Roth Capital;
Plains All American Pipeline LP (NYSE: PAA) cut to ‘neutral’ at Credit Suisse; and
Comerica Inc. (NYSE: CMA) cut to ‘underperform at Baird.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading:

American Water Works Co. Inc. (NYSE: AWK) is down 0.9% at $41.61;
Demand Media Inc. (NYSE: DMD) is up 2.9% at $8.83;
Fuel Tech Inc. (NASDAQ: FTEK) is down 10.3% at $3.59;
Kinross Gold Corp. (NYSE: KGC) is up 6.3% at $5.62;
Marathon Oil Corp. (NYSE: MRO) is up 0.9% at $34.65;
SandRidge Energy Inc. (NYSE: SD) is down 3.5% at $5.20;
Zillow Inc. (NYSE: Z) is down 9.9% at $56.70;
AOL Inc. (NYSE: AOL) is down 9.8% at $37.36 (more coverage here);
Enbridge Inc. (NYSE: ENB) is up fractionally at $47.34;
The Wendy’s Co. (NYSE: WEN) is down 5.7% at $5.77; and
Vivus Inc. (NASDAQ: VVUS) is up 10.5% at $13.30.

Before markets open tomorrow morning we are scheduled to hear earnings reports from Groupon Inc. (NASDAQ: GRPN), Continental Resources Inc. (NYSE: CLR), Monster Beverage Corp. (NASDAQ: MNST), Pacific Ethanol Inc. (NASDAQ: PEIX), Rackspace Hosting Inc. (NYSE: RAX), Tesla Motors Inc. (NASDAQ: TSLA), Transocean Ltd. (NYSE: RIG), Agrium Inc. (NYSE: AGU), Cablevision Systems Corp. (NYSE: CVC), Coeur d’Alene Mines Corp. (NYSE: CDE), and Dish Network Corp. (NASDAQ: DISH).

Some standouts among heavily traded stocks today include:

Affymax Inc. (NASDAQ: AFFY) is up 18.9% at $1.37. The biopharmaceutical firm had no news today, but seemed to catch a wave from Amgen Inc. (NASDAQ: AMGN).

Electronic Arts Inc. (NASDAQ: EA) is up 17.3% at $21.59, a new 52-week high. The video game company posted good results and forecast a strong current quarter.

Fusion-io Inc. (NYSE: FIO) is down 19.4% at $14.51. The storage company’s CEO and founder resigned today.

Stay tuned for Thursday. Richmond Fed President Jeffrey Lacker and Philadelphia Fed President Charles Plosser are giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – New claims for unemployment benefits
10:00 a.m. – Wholesale trade
10:30 a.m. – EIA weekly petroleum status report
1:00 p.m. – 30-year bond auction
4:30 p.m. – Fed balance sheet and money supply

Filed under: 24/7 Wall St. Wire, HI/LOW, Market Close Tagged: AFFY, AGU, AMGN, AOL, AWK, BBBY, CDE, CLR, CMA, CVC, DISH, DMD, EA, ENB, FIO, FTEK, GRPN, KGC, LULU, MNST, MRO, PAA, PARTS, PEIX, RAX, RIG, SD, TSLA, VVUS, WEN, Z