Tuesday Closing Bell: Markets Sink on Syria Worries

Paul Ausick

August 27, 2013: U.S. markets opened lower Tuesday morning with worries over possible U.S. actions in Syria weighing prices down all day. The S&P Case-Shiller house price index was strong again in June, but homebuilders’ stocks and home improvement shares followed stocks lower. The July consumer confidence index from the Conference Board came in higher than expected as short-term expectations rose. Germany’s Ifo business climate index posted a two-year high this morning as well.

European and Latin American markets closed lower today, while Asian markets closed mixed.

Wednesday’s calendar includes the following data releases and events:

  • 7:00 a.m. – Mortgage Bankers Association purchase applications
  • 10:00 a.m. – National Association of Realtors pending home sales
  • 10:30 a.m. – EIA weekly petroleum status report
  • 1:00 p.m. – 5-year note auction

We also broke out the top Wall Street calls with analyst upgrades and analyst downgrades.

Here are the closing bell levels for Tuesday:

  • S&P500 1,630.48 (-26.30 -1.59%)
  • DJIA 14,776.13 (-170.33; -1.14%)
  • NASDAQ 3,578.52 (-79.05; -2.16%)
  • 10YR TNOTE 2.716% (+0.625%)
  • Gold $1,415.30 (+22.30; +1.59%)
  • Euro/Dollar: 1.3371 (+0.0020; +0.14%)

Big earnings movers: Tiffany & Co. (NYSE: TIF) reported better-than-expected earnings and revenues and raised its guidance slightly, but even posting a new 52-week high early could hold the stock from dropping about 1.3% today. Brown Shoe Co. Inc. (NYSE: BWS) also posted good earnings, but followed with slightly lower EPS guidance and the stock lost about 9%, trading around $21.60 in a 52-week range of $13.68 to $24.78. Another footwear maker, DSW Inc. (NYSE: DSW) put up good results and raised its guidance as well, sending shares up more than 9% to a new 52-week high of $88.73 in the mid-morning.

Stocks on the move: Catalyst Pharmaceutical Partners Inc. (NASDAQ: CPRX) is up about 40% at $1.98 after its firdapse drug treatment for certain kinds of muscle weakness was designated a breakthrough therapy by the FDA. Food maker Dean Foods Inc. (NYSE: DF) held a 1-for-2 reverse stock split this morning and the shares are up about 95%, as might be expected.

In all, 13 stocks put up new 52-week highs today, while 77 stocks posted new lows.