24/7 Wall St. Closing Bell — April 12, 2013: Markets Start, Stay Negative (V, HD, APO, AMZN, KORS, CRMB, JPM, WFC, C, RALY, EVTC, RAD, ABX)April 12, 2013 by Paul Ausick
The U.S. dollar index is trading up 0.06% today, now at 82.291. The GSCI commodity index is down 0.7% at 631.61. WTI crude oil closed down 2.4% today, at $91.29 a barrel, and closed the week down 1.5% (more oil coverage here). Brent crude trades down 1.2% at $103.05 a barrel. Natural gas is up 2.3% today at about $4.21 per million BTUs. Gold settled down 4.1% today at $1,501.40 an ounce, the yellow metal’s lowest level in nearly two years and down 4.7% for the week.
The unofficial closing bells put the DJIA flat at 14,864.91, the NASDAQ fell about 5 points (-0.16%) to 3,294.95, and the S&P 500 fell -0.28% or nearly 5 points to 1,588.85.
There were a several analyst upgrades and downgrades today, including Visa Inc. (NYSE: V) cut to ‘neutral’ at Sterne Agee; Home Depot Inc. (NYSE: HD) raised to ‘buy’ at Jefferies; Apollo Global Management LLC (NYSE: APO) started as ‘outperform’ at Wells Fargo; Amazon.com Inc. (NASDAQ: AMZN) reiterated as ‘outperform’ with a price target of $334 at Credit Suisse; and Michael Kors Holding Ltd. (NYSE: KORS) started as ‘underperform’ at CSLA.
Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: Wells Fargo & Co. (NYSE: WFC) is down 1% at $37.15 (more coverage here); JPMorgan Chase & Co. (NYSE: JPM) is down 0.6% at $49.04 (more coverage here); and Crumbs Bake Shop Inc. (NASDAQ: CRMB) is down 34.5% at $1.97.
Before markets open Monday morning we are scheduled to hear from Citigroup Inc. (NYSE: C).
Some standouts among heavily traded stocks today include:
Rally Software Development Corp. (NYSE: RALY) is up 27.3% at $17.82. The cloud-based software development firm held its IPO today, as did Latin American transaction processing firm Evertec Inc. (NYSE: EVTC), which is also up 2.4% at $20.48. More coverage here.
Rite Aid Corp. (NYSE: RAD) is up 8.9% at $2.31 after posting a new 52-week high of $2.33 earlier today. The drug store chain continues to attract investors after its solid earnings report earlier this week.
Barrick Gold Corp. (NYSE: ABX) is down 8.5% at $22.64 after posting a new 52-week low of $22.60 earlier today. The gold miner is reacting to today’s sharp drop in the price of gold. Earlier in the week operations were halted by a court order at a Chilean mine. The drop in gold prices very likely has no relationship to Bitcoin.
Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):
- 8:30 a.m. – Empire State manufacturing survey
- 9:00 a.m. – Treasury international capital (TIC) data
- 10:00 a.m. – National Association of Home Builders housing market index
- 11:30 a.m. – 3- and 6-month Treasury bill auctions