The US dollar index fell today, now down 0.15% at 82.469. The GSCI commodity index is essentially flat today at 667.56, with commodities prices mostly higher. WTI crude oil finished nearly flat as well today, closing down just $0.04 at $95.97/barrel. Brent crude trades down 0.29% at $113.38/barrel. Natural gas is up 2.2% today to $2.78/thousand cubic feet. Gold settled at $1,623.00/ounce, up 0.2%.
The unofficial closing bells put the DJIA down nearly 4 points to 13,271.64 (0.03%), the NASDAQ fell less than 1 point (0.01%) to 3,076.21, and the S&P 500 closed flat at 1,418.12.
There were several analyst upgrades and downgrades today, including Southern Copper Corp. (NYSE: SCCO) started as ‘outperform’ at Credit Suisse; Brocade Communications Systems Inc. (NASDAQ: BRCD) reiterated as ‘hold’ at Argus; AstraZeneca PLC (NYSE: AZN) cut to ‘underweight’ at JPMorgan; Ross Stores Inc. (NASDAQ: ROST) raised to ‘buy’ at BofA/ML; and Bebe Stores Inc. (NASDAQ: BEBE) cut to ‘neutral’ at Janney.
Earnings reports since markets closed last last Friday have led to some price changes as of the last half hour of trading today: Lowe’s Companies Inc. (NYSE: LOW) is down 6.3% at $26.10 (more coverage here) and Corinthian Colleges Inc. (NASDAQ: COCO) is down 4% at $2.35 (more coverage here).
Earnings releases have slowed way down, but reports scheduled for Tuesday include Urban Outfitters Inc. (NASDAQ: URBN), Best Buy Co. Inc. (NYSE: BBY), Tech Data Corp. (NASDAQ: TECD), Barnes & Noble Inc. (NYSE: BKS), Analog Devices Inc. (NASDAQ: ADI), Dell Inc. (NASDAQ: DELL), and Medtronic Inc. (NYSE: MDT) (more details here).
Some standouts from today include the following stocks:
Valero Energy Corp. (NYSE: VLO) is up 3% at $29.65, after setting a new 52-week high of $29.78 earlier today. The oil refiner got a bit of a boost from reports that ethanol stocks are being consumed. Even though ethanol makers are losing money on every gallon, the cattle feed by-product continues to provide margin of about $0.12/gallon. Refiner’s stocks are rising now, but that could change quickly as crude prices rise.
Coventry Health Care Inc. (NYSE: CVH) is up 19.6% at $41.80 after posting a new 52-week high of $41.90 earlier today. The health-care provider is being acquired by Aetna Inc. (NYSE: AET) for $5.7 billion in cash and stock. More coverage here.
LDK Solar Co. Ltd. (NYSE: LDK) is up 12.7% at $1.51. The solar PV module maker is leading a number of Chinese solar makers higher today, primarily on the strength of a government finding that the US government has unfairly funded several green energy projects in Ohio and other states. The belief is that US-suppliers will get booted from the contracts and be replaced by China’s own solar makers.
Stay tuned for Tuesday. Atlanta Fed President Dennis Lockhart is giving a speech.We have noted the following events on the schedule (all times Eastern):
- 8:30 a.m. – ICSC-Goldman store sales
- 11:30 a.m. – 4- and 52-week bill auctions
Paul Ausick
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