The U.S. dollar index rose today, now up 0.32% at 79.624. The GSCI commodity index is up fractionally at 665.13, with commodities prices mixed today. WTI crude oil closed down 2.2% today, at $90.05 a barrel, down 2% for the week. Brent crude trades down 2% at $110.20 a barrel. Natural gas is up 0.8% today at about $3.62 per thousand cubic feet. Gold closed at $1,724.00 an ounce, down 1.2% for the day and down 2% for the week.
The unofficial closing bells put the DJIA fell more than 205 points to 13.343.59 (-1.52%), the NASDAQ fell more than 67 points (-2.19%) to 3,005.62, and the S&P 500 fell -1.66% or more than 24 points to 1,433.19.
There were several analyst upgrades and downgrades today, including Verizon Communications Inc. (NYSE: VZ) maintained as ‘hold’ but target price raised to $47 at Canaccord Genuity; Nvidia Corp. (NASDAQ: NVDA) cut to ‘market perform’ at FBR; Google Inc. (NASDAQ: GOOG) cut to ‘neutral’ at BofA/ML and cut to ‘perform’ at Oppenheimer; Nokia Corp. (NYSE: NOK) maintained as ‘hold’ and target price raised to $3 at Canaccord Genuity; and SanDisk Corp. (NASDAQ: SNDK) raised to ‘overweight’ at Piper Jaffray.
Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: McDonald’s Corp. (NYSE: MCD) is down 4.3% at $88.897 (more coverage here); Capital One Financial Corp. (NYSE: COF) is up 5.8% at $60.62 after posting a new 52-week high of $60.80 earlier today; Chipotle Mexican Grill Inc. (NYSE: CMG) is down 14.8% at $243.51 after posting a new 52-week low of $239.54 earlier today; Microsoft Corp. (NASDAQ: MSFT) is down 3.3% at $28.53 (more coverage here); Riverbed Technology Inc. (NASDAQ: RVBD) is up 11.3% at $23.02; Baker Hughes Inc. (NYSE: BHI) is down 4.6% at $44.95 (more coverage here); Honeywell International Inc. (NYSE: HON) is up 1.7% at $62.49 after posting a new 52-week high of $63.48 (more coverage here); Kansas City Southern (NYSE: KSU) is up 1.3% at $78.35; and Schlumberger Ltd. (NYSE: SLB) is down 0.8% at $74.22.
Before markets open on Monday we are scheduled to hear from Edwards Lifesciences Corp. (NYSE: EW), Caterpillar Inc. (NYSE: CAT), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Hasbro Inc. (NASDAQ: HAS), Peabody Energy Corp. (NYSE: BTU), SunTrust Banks Inc. (NYSE: STI), and VF Corp. (NYSE: VF).
Some standouts from today include the following stocks:
Advanced Micro Devices Inc. (NYSE: AMD) is down 16.6% at $2.19 after posting a new 52-week low of $2.17 earlier today. The chipmaker posted terrible earnings last night.
Marvell Technology Group Inc. (NASDAQ: MRVL) is down 14% at $7.59 after posting a new 52-week low of $7.52 earlier today. This chipmaker saw its CFO depart yesterday, it warned on third quarter earnings, and cut its outlook.
A123 Systems Inc. (NASDAQ: AONE) is up 52% at $0.11. The advanced battery maker appears to positioned for a bidding war now that it is in bankruptcy. More coverage here.
Stay tuned for Monday. We have noted the following event on the schedule (all times Eastern):
- 11:30 a.m. – 3- and 6-month Treasury bill auctions
Have a great weekend!
Paul Ausick
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