From Briefing.com: 4:15 pm : Positive financial results from select retailers and lower oil prices prompted buyers to enter the market in the early going. However, oil bounced back and sent the stock market into the red for the majority of the session, but a late surge in buying helped the S&P 500 close at its session high.
Chico's FAS (CHS 8.14, +0.97) and American Eagle Outfitters (AEO 18.61, +1.39) announced this morning earnings results that surpassed analysts’ estimates for the most recent quarter. Polo Ralph Lauren (RL 69.00, +7.25) also reported pleasing quarterly results, which helped the apparel and accessories industry advance more than 4.0% on the session.
Oil slipped below $126 per barrel in electronic trading earlier this morning, but ended its trading session on the Nymex $2.03 higher at $130.88 per barrel. In turn, the advance helped offset yesterday's declines. Oil has not closed lower for two consecutive sessions since early May.
The Dow Jones Transportation Average was unfazed by oil’s rebound. The index advanced nearly 1.0% Wednesday, helped by component United Parcel Service (UPS 70.54, +2.14). Reports indicated the global delivery and shipment company may see its sales climb if it can complete a deal to provide services for competitor DHL Express. Shares of UPS were also upgraded to Buy from Hold at Merrill Lynch.
Of the major economic sectors, materials (+2.8%) made the largest advance of the session. The sector was helped by fertilizer and agricultural chemical company Monsanto (MON 125.19, +6.12).
9:09AM On The Wires (WIRES) : Tegal (TGAL) announces that the co received an order for an Endeavor AT PVD cluster tool from a leading global manufacturer of discrete and analog semiconductor components for the consumer electronics, industrial, and automotive markets...
Cree (CREE) announces that it has entered into an agreement with Toyoda Gosei providing the companies with access to each other's patented L.E.D chip and packaged L.E.D technology. Toyoda Gosei and Cree have agreed in the future to discuss "have made" rights for LED chips...
7:09AM On The Wires (WIRES) : Rudolph Technologies (RTEC) announces that a major disk drive manufacturer has ordered a suite of inspection and metrology systems...
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