The U.S. dollar index rose today, now up 0.27% at 79.962. The GSCI commodity index is down 0.4% at 664.18, with commodities prices mostly lower on the stronger greenback. WTI crude oil closed down 4.1% today, at $88.14 a barrel, a two-month low even following a drop in crude inventories (more coverage here). Brent crude trades down 3.1% at $108.09 a barrel. Natural gas is down 3.4% today to $3.392 per thousand cubic feet. Energy prices are turning down on the weak economic news, which is expected to depress demand. Gold closed at $1,779.80 an ounce, up 0.2%.
The unofficial closing bells put the DJIA up more than 12 points to 13,494.61 (0.09%), the NASDAQ rose about 15 points (0.49%) to 3,135.23, and the S&P 500 rose 0.36% or more than 5 points to 1,451.00.
There were several analyst upgrades and downgrades today, including Mosaic Co. (NYSE: MOS) cut to ‘neutral’ at Lazard; Cisco Systems Inc. (NASDAQ: CSCO) maintained as ‘outperform’ with a target price of $25 at Credit Suisse; McGraw Hill Companies Inc. (NYSE: MHP) started as ‘buy’ with a target price of $64 at UBS; Michael Kors Holdings Ltd. (NYSE: KORS) started as ‘outperform’ at William Blair; and Westport Innovations Inc. (NASDAQ: WPRT) started as ‘buy’ with a target price of $38 at UBS.
Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: Family Dollar Stores Inc. (NYSE: FDO) is up 3.6% at $68.40 (more coverage here); Monsanto Corp. (NYSE: MON) is down 2.4% at $88.44 (more coverage here); and RPM International Inc. (NYSE: RPM) is up 1.4% at $27.00.
Before markets open on Thursday we are scheduled to hear from Marriott International Inc. (NYSE: MAR) and International Speedway Corp. (NASDAQ: ISCA).
Some standouts from today include the following stocks:
Hewlett-Packard Co. (NYSE: HPQ) is down 12.6% at $14.97 after posting a new 52-week low of $14.89 earlier today. The computer maker lowered guidance and said it would be another three years before it was growing again. More coverage here.
Sarepta Therapeutics Inc. (NASDAQ: SRPT) is up 176.9% at $41.50 after posting a new 52-week high of $43.50 earlier today. The biopharma company reported good results for its muscular dystrophy drug. More coverage here.
Vringo Inc. (NYSEMKT: VRNG) is up 29.5% at $4.00. The intellectual property company will get a chance to make its case against Google Inc. (NASDAQ: GOOG) in open court. More coverage here.
Leap Wireless International Inc. (NASDAQ: LEAP) is down 20.6% at $6.03. The wireless carrier is suffering from the low value of the MetroPCS Communications Inc. (NYSE: PCS) merger with T-Mobile USA. More coverage here.
Stay tuned for Thursday. St. Louis Fed President James Bullard is giving a speech. We have noted the following events on the schedule (all times Eastern):
- 7:30 a.m. – Challenger job-cut report
- 8:30 a.m. – New claims for unemployment benefits
- 10:00 a.m. – Factory orders
- 10.30 a.m. – EIA weekly natural gas storage report
- 2:00 p.m. – FOMC minutes
- 3:00 p.m. – Treasury STRIPS
- 4:30 p.m. – Fed balance sheet and money supply
Paul Ausick
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