The U.S. dollar index is higher today, now up 0.11% at 81.300. The GSCI commodity index is up 1.2% today at 675.03, with commodities prices mixed and corn rising to $8.00/bushel again. WTI crude oil closed down 1.2% today, at $95.30/barrel. Brent crude trades down 1.5% at $114.10/barrel. Natural gas is up 2% today to $2.855/thousand cubic feet. Gold closed at $1,696.00/ounce, up 0.5% today, and the highest close in more than 5 months.
The unofficial closing bells put the DJIA down nearly 55 points to 13,035.86 (-0.42%), the NASDAQ rose more than 8 points (0.26%) to 3,075.06, and the S&P 500 fell -0.12% or nearly 2 points to 1,404.94.
There were several analyst upgrades and downgrades today, including ARM Holdings PLC (NASDAQ: ARMH) cut to ‘sell’ at Deutsche Bank; GameStop Corp. (NYSE: GME) raised to ‘buy’ at Goldman Sachs; News Corp. (NASDAQ: NWSA) raised to ‘overweight’ at Barclays; International Business Machines Corp. (NYSE: IBM) raised to ‘overweight’ with a target price of $240 at Barclays; and ArcelorMittal (NYSE: MT) started as ‘buy’ at Jefferies.
Some companies that reported earnings since markets closed last Friday and have recent share price changes today include Campbell Soup Co. (NYSE: CPB)is down 0.1% at $35.10 after posting a new 52-week high of $36.28 earlier today (our coverage here) and Smithfield Foods Inc. (NYSE: SFD) is up 3.2% at $19.93 (our coverage here). Hanwha Solarone Co. Ltd. (NASDAQ: HSOL) was scheduled to announce earnings today, but postponed the release until next Tuesday.
Earnings releases scheduled before markets open on Wednesday morning include Bloomin’ Brands Inc. (NASDAQ: BLMN), Finisar Corp. (NASDAQ: FNSR), Pep Boys – Manny, Moe & Jack (NYSE: PBY), and Dollar General Corp. (NYSE: DG).
Some standouts from today include the following stocks:
Medicis Pharmaceutical Corp. (NYSE: MRX) is up 38.3% at $43.65 after posting a new 52-week high of $43.70 earlier today. The specialty drugmaker has agreed to be acquired Valeant Pharmaceuticals International Inc. (NYSE: VRX) for $2.6 billion in a deal that was announced yesterday. More coverage here.
Heckmann Corp. (NYSE: HEK) is up 42.2% at $3.83. The water and waste-water services provider to shale oil & gas producers will acquire privately-held Power Fuels for $381 million, doubling the company’s revenue stream and adding immediately to EPS.
Questcor Pharmaceuticals Inc. (NASDAQ: QCOR) is up 9.6% at $47.62. The biopharmaceutical maker has been told by the federal government that it may be able to reduce the Medicaid rebate it currently pays by 77%.
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. – Productivity and costs
- 11:30 a.m. – 4-week bill auctions
Paul Ausick
Top Gaining Stocks
Top Losing Stocks