The US dollar index rose today, now up 0.31% at 83.416. The GSCI commodity index also rose, up about 1.8% at 615.94, with commodities prices mostly lower today. WTI crude oil fell -0.9% today, closing at $85.25/barrel. Brent crude trades down -2.4% at $97.91/barrel, as a lockout in Norway’s North Sea fields was averted (our coverage here). Natural gas is down -4.8% today to $2.744/thousand cubic feet. Gold settled down -0.6%, at $1,579.80/ounce.
The unofficial closing bells put the DJIA down more than 83 points to 12,653.12 (-0.65%), the NASDAQ fell more than 29 points (-1.00%) to 2,902.33, and the S&P 500 fell -0.81% or nearly 11 points to 1,341.47.
There were several analyst upgrades and downgrades today, including American Express Co. (NYSE: AXP) raised to ‘buy’ at Nomura; J.C. Penney Company Inc. (NYSE: JCP) maintained as ‘neutral’ but estimates cut at Credit Suisse; Limited Brands Inc. (NYSE: LTD) cut to ‘hold’ at Argus; Southwest Airlines Co. (NYSE: LUV) raised to ‘buy’ at Sterne Agee; and Tyson Foods Inc. (NYSE: TSN) cut to ‘neutral’ at JPMorgan.
Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Alcoa Inc. (NYSE: AA) is down -4.6% at $8.36; WD-40 Co. (NASDAQ: WDFC) is down -4.2% at $48.33; Helen of Troy Ltd. (NASDAQ: HELE) is down -13.1% at $29.59; Shaw Group Inc. (NYSE: SHAW) is down -9.9% at $25.59; Wolverine World Wide Inc. (NYSE: WWW) is up 6.6% at $40.86; and SemiLEDS Corp. (NASDAQ: LEDS) is down -5% at $2.64 after posting a new 52-week low of $2.50 earlier today.
Tomorrow we are scheduled to get earnings results from Adtran Inc. (NASDAQ: ADTN), Itron Inc. (NASDAQ: ITRI), Marriott International Inc. (NYSE: MAR), and Texas Industries Inc. (NYSE: TXI).
Some standouts from today include the following stocks:
James River Coal Co. (NASDAQ: JRCC) is down -27.5% at $2.08. The coal miner is suffering the confirmation this morning of the bankruptcy filing by Patriot Coal Corp. (NYSE: PCX). More coverage here.
MAKO Surgical Corp. (NASDAQ: MAKO) is down -43.1% at $14.01 after posting a new 52-week low of $14.00 earlier today. The medical device maker cut its estimate on sales of its orthopedic robotic arm system.
Advanced Micro Devices Inc. (NYSE: AMD) is down -11.5% at $4.97. The semiconductor maker lowered its quarterly earnings forecast. More coverage here.
Chesapeake Energy Corp. (NYSE: CHK) is down -7.4% at $18.50. The natural gas producer’s shares went ex-dividend today in advance of the company’s dividend payment of $0.0875 on July 31st.
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. – International trade data
- 10:00 a.m. – Wholesale trade data
- 10:30 a.m. – EIA weekly petroleum status report
- 1:00 p.m. – 10-year note auction
- 2:00 p.m. – FOMC minutes released
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Paul Ausick
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