Market Update 080213 http://biz.yahoo.com/mu/update.html 4:35 pm : After a late-day push, stocks finished Wednesday near their session highs. Each of the major indices posted gains in excess of 1% as all ten economic sectors finished in positive territory. Today marked the stock market's third consecutive advance.
Stocks opened trading higher after January retail sales increased 0.3%, which is better than the 0.3% decline economists expected. Sales, excluding autos, increased 0.3%, also ahead of the expected 0.2% increase. The data are reasonably good and should help cool recessionary talk.
Applied Materials (AMAT 19.91, +1.84) topped earnings estimates for its most recent quarter. The company posted profits of $0.23 per share, which is above the $0.20 per share consensus. Riding along with Applied Materials, Google (GOOG 534.62, +16.53) and Apple (AAPL 129.40, +4.54) finished the day on higher ground, helping the technology sector (+2.5%) finish the day as a relative leader. Their performance lent support to large cap tech stocks. The Nasdaq 100 outperformed the broader market on a relative basis, finishing 2.4% higher.
In other earnings news, Coca-Cola (KO 59.39, -0.53), Deere (DE 85.54, -0.94) and Waste Management (WMI 34.04, +0.91) also reported better than expected results today, though the market showed mixed reaction to their announcements.
Energy stocks (+2.3%) provided support for the market's late day push. The oil and gas industry (+2.4%) was helped by oil equipment and services companies (+4.2%). Schlumberger (SLB 84.89, +3.40) was upgraded at Bear Stearns to Outperform from Peer Perform. Crude oil finished the day $0.44 higher at $93.22 per barrel after inventories grew less than expected.
The health care sector (+0.6%) was a relative underperformer today. Health care insurers were pressured by news that New York Attorney General Cuomo issued 16 subpoenas to various HMO companies for manipulating bids, according to Dow Jones News. Cuomo officially charged Ingenix, a subsidiary of UnitedHealth Group (UNH 46.97, -1.30), while issuing a portion of the subpoenas to Aetna (AET 49.26, -1.32), Humana (HUM 69.84, -1.15), and WellPoint (WLP 74.42, -1.46).
Yahoo! (YHOO 29.88, +0.31) made its way back into the news today. News Corp. (NWS.A 19.25, -0.12) is interested in combining MySpace and other online properties, according to The Wall Street Journal. The move is likely intended to stave off Microsoft's (MSFT 28.96, +0.62) bid to acquire Yahoo!.
Separately, President Bush signed into law a $168 billion stimulus plan. U.S. Treasury Secretary Paulson believes 130 million recipients will begin receiving checks in early May, according to Reuters.
(Disclosure: Briefing.com has a business relationship with Yahoo! and Microsoft.)DJ30 +178.83 NASDAQ +53.89 NQ100 +2.4% R2K +2.3% SP400 +1.3% SP500 +18.35 NASDAQ Dec/Adv/Vol 811/2190/2.24 bln NYSE Dec/Adv/Vol 1088/2084/1.41 bln
3:30 pm : Stocks are pushing to their highest levels as they head toward the session's close. Energy is providing a helping hand to the market's late-day lift.
Oil service companies are riding a 3.9% gain for the session. Schlumberger (SLB 85.40, +3.91) and Transocean (RIG 130.88, +4.87) are both standouts.DJ30 +175.18 NASDAQ +51.45 SP500 +17.74 NASDAQ Dec/Adv/Vol 848/2105/1.77 bln NYSE Dec/Adv/Vol 1131/2012/1.02 bln
3:00 pm : The market is holding on to the majority of this session's gains, but looking for direction heading into the final hour of trading.
The Wall Street Journal reported News Corp. (NWS.A 19.23, -0.14) is in discussions with Yahoo! (YHOO 29.94, +0.37) about combining MySpace and other online properties. The discussions are likely aimed at staving off Microsoft's (MSFT 29.01, +0.67) bid to acquire Yahoo!.
Speaking on CNBC, Treasury Secretary Paulson said the IRS is already working on the check rebates that are included in the stimulus package. Paulson expects most of them to be sent out by midsummer. He emphasized he expects the economy to continue to grow, but noted it does face downside risks.
Crude prices closed higher today, up $0.44 to $93.22 per barrel.DJ30 +137.86 NASDAQ +46.29 SP500 +13.77 NASDAQ Dec/Adv/Vol 852/2078/1.60 bln NYSE Dec/Adv/Vol 1196/1925/921 mln
2:30 pm : Stocks have ceded a portion of their latest gains, stepping back from recent highs.
President Bush signed the $168 billion economic stimulus plan into law. U.S. Treasury Secretary Paulson believes more than 130 million Americans will begin receiving tax rebates in early May, according to Reuters.
Gold closed at $910.70 per ounce, down $0.40 from its open. Silver, on the other hand, ended its session up $0.10 at $17.35 per ounce. DJ30 +113.72 NASDAQ +41.60 SP500 +11.63 NASDAQ Dec/Adv/Vol 881/2038/1.48 bln NYSE Dec/Adv/Vol 1103/2014/835 mln
2:00 pm : On the NYSE, issues hitting new 52-week lows are roughly in-line with those hitting highs. On the Nasdaq, the number of issues at their 52-week low is more than triple the number hitting highs.
The broader market continues to press higher as each of the major indices are sporting session gains in excess of 1%. The Nasdaq 100 is outperforming on a relative basis, up 2.4% today.
Apple (AAPL 129.06, +4.20), Applied Materials (AMAT 19.64, +1.57), and Research In Motion (RIMM 95.79, +4.29) are helping to provide tech stocks with a lift.
1:30 pm : Stocks have made a recent push higher. All three of the major indices have established fresh session highs.
Merrill Lynch (MER 52.87, +1.39) and Bank of America (BAC 43.33, +0.51) are lending support to the market's recent upturn. American Express (AXP 46.87, +1.79), which is currently boasting the largest percentage gain in the Dow, is also trading higher.DJ30 +149.81 NASDAQ +42.40 SP500 +15.16 NASDAQ Dec/Adv/Vol 855/2016/1.19 bln NYSE Dec/Adv/Vol 1154/1926/695 mln
1:00 pm : The market is holding steady in positive territory, trading in a relatively narrow range.
Jewelry retailers are being dragged lower after a disappointing outlook from online jewelry retailer Blue Nile (NILE 45.70, -8.15). The company guided its first quarter outlook below the consensus forecast amid consumer spending concerns. Shares of Tiffany Co. (TIF 39.39, -0.87) and Zales (ZLC 17.32, -0.41) are also trading lower in conjunction with Blue Nile's comments.DJ30 +95.51 NASDAQ +32.76 SP500 +9.62 NASDAQ Dec/Adv/Vol 875/1962/1.09 bln NYSE Dec/Adv/Vol 1138/1900/634 mln
12:30 pm : The major indices are climbing back toward their best levels with the Dow approaching triple digit territory. Financials are playing a large role in the recovery efforts.
Market breadth is not quite as good as it was in early trading, but advancers still hold an advantage over decliners. On the NYSE advancers outpace decliners by 5-to-3 and by 7-to-3 on the Nasdaq exchange.DJ30 +94.46 NASDAQ +9.12 SP500 +31.98 NASDAQ Dec/Adv/Vol 838/1993/989 mln NYSE Dec/Adv/Vol 1109/1901/570 mln
12:00 pm : The major indices have remained in positive territory throughout the session due to a better than expected retail sales report and several companies topping earnings estimates. At midday, stocks are off their best levels as some weakness in financials is offsetting strength in tech.
January retail sales came in better than expected with a rise of 0.3%, compared to the expected decline of 0.3%. Excluding autos, sales also rose 0.3%, slightly topping the consensus estimate of 0.2%. At this point, spending remains weak, but is not as soft as in some previous recessions. The data gave the market a noticeable boost and should help ease some recession talk.
For the most part, earnings reports have been better than expected, although reaction has been somewhat mixed even to companies that topped estimates.
One standout is Applied Materials (AMAT 19.39, +1.32), which is aiding the Nasdaq and tech's outperformance. Applied Materials reported fiscal first quarter earnings of $0.23 per share, topping the consensus estimate of $0.20.
Other notable companies that beat their estimates include, Coca-Cola (KO 59.43, -0.49), Deere (DE 85.29, -1.19), DirecTV (DTV 24.60, +0.72), and Waste Management (WMI 33.81, +0.68).
Financials are holding back the broader market in today's trade, although it has rebounded off its worst levels. Specifically, there is weakness in the mortgage industry, including Freddie Mac (FRE 28.77, -0.38) and Washington Mutual (WM 16.38, -0.24). Several Investment banks and brokerages are underperforming, with notable weakness in Lehman Brothers (LEH 54.93, -1.16) and Goldman Sachs (GS 179.32, -1.33).
Health insurers are also under pressure this session. Reuters reported that New York Attorney General Andrew Cuomo plans to announce the launch of an industry wide investigation into health insurers. He is expected to accuse the companies of deceptive practices. Some of the companies that saw declines on the report include Humana (HUM 68.40, -2.59), Aetna (AET 49.31, -1.27), UnitedHealth Group (UNH 46.54, -1.73) and WellPoint (WLP 74.47, -1.41).
In commodity trading, weekly crude oil inventories showed a smaller gain than expected. Crude is trading basically flat on the day.DJ30 +71.61 NASDAQ +26.78 SP500 +6.24 NASDAQ Dec/Adv/Vol 890/1905/840 mln NYSE Dec/Adv/Vol 1094/1887/482 mln
11:35 am : The major indices remain in the green, as the Dow climbs back toward the triple digit mark. Crude oil is now trading with a slight gain after inventories grew less than expected.
Treasuries have reversed earlier weakness they saw after the better than expected retail sales reading.DJ30 +92.99 NASDAQ +31.47 SP500 +9.04 NASDAQ Dec/Adv/Vol 877/1849/741 mln NYSE Dec/Adv/Vol 1117/1829/414 mln
11:00 am : Stocks are trading near the bottom of this session's range, although they remain in the green. Financials are playing the largest role in the recent pullback. The sector outperformed yesterday on news of Buffett's offer to bond insurers. The White House also announced a plan to help people facing foreclosure.
Specifically, the mortgage finance group (-2.4%) is a laggard, with Freddie Mac (FRE 28.44, -0.71) and Fannie Mae (FNM 29.77, -0.68) posting losses. Investment banks are also seeing some selling pressure. Goldman Sachs (GS 176.63, -4.02), Citigroup (C 25.68, -0.53), Lehman Brothers (LEH 54.56, -1.53), Merrill Lynch (MER 50.62, -0.86) and Morgan Stanley (MS 42.04, -0.67) are all weighing on the broader market.DJ30 +66.90 NASDAQ +24.35 SP500 +5.26 NASDAQ Dec/Adv/Vol 868/1764/579 mln NYSE Dec/Adv/Vol 1080/1797/298 mln
10:30 am : The major indices continue to post a gain, but are now well off their best level of the session.
The Nasdaq Composite is outperforming the S&P and Dow. Semiconductor company Applied Materials (AMAT 19.17, +1.10) is playing a large role in the Composite's strength. Applied Materials reported fiscal first quarter earnings of $0.23 per share, topping the consensus estimate of $0.20.
Just hitting the wires, crude oil inventories grew by 1.1 million barrels for the week ended Feb. 9. Analysts were expecting a larger increase of 2.4 million barrels.DJ30 +51.05 NASDAQ +21.62 SP500 +3.31 NASDAQ Dec/Adv/Vol 654/1856/407 mln NYSE Dec/Adv/Vol 810/1986/188 mln
10:00 am : The major indices have dipped off their best levels, but continue to post decent sized gains.
Some of the retreat is due to Coca-Cola (KO 59.72, -0.20), which has been unable to hold its opening gains as it falls into negative territory. Traders originally drove the stock higher after the company reported a 79% increase in net income that topped expectations. Some of that positive bias faded, after a negative response to the company's earnings call.
Just reported, business inventories rose 0.6% month over month, compared to the expected rise of 0.5%.DJ30 +89.90 NASDAQ +27.81 SP500 +7.39 NASDAQ Dec/Adv/Vol 563/1777/227 mln
09:40 am : Stocks open on a higher note, buoyed by better than expected earnings and retail sales data.
With regard to earnings, Coca-Cola (KO), Applied Materials (AMAT), Deere (DE) and Waste Management (WMI) topped expectations.
The Dept. of Commerce said January retail sales grew by 0.3%, and also grew by 0.3% when excluding autos. This topped the excepted decrease of 0.3% for retail sales, and rise of 0.2% when excluding autos.DJ30 118.92 NASDAQ 32.67 SP500 14.29
09:15 am : S&P futures vs fair value: +9.8. Nasdaq futures vs fair value: +21.2.
09:02 am : S&P futures vs fair value: +9.0. Nasdaq futures vs fair value: +22.0. A higher start is expected, as futures continue to hold onto most of their post retail sales data boost. Crude oil is trading basically flat ahead of the government's weekly energy inventory report at 10:30 ET.
08:30 am : S&P futures vs fair value: +10.9. Nasdaq futures vs fair value: +21.5. Futures get a lift on better than expected retail sales data. The Dept. of Commerce said January retail sales rose 0.3%, compared the expected decline of 0.3%. Excluding autos, sales rose 0.3%, compared to the expected rise of 0.2%.
08:00 am : S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: +12.5. Stock futures point to a modestly higher start to the trading session. Better than expected reports from Coca-Cola (KO), Waste Management (WMI) and Applied Materials (AMAT) are helping to give the market support. January retail sales are set for release by the Dept. of Commerce at 8:30 ET. Economists expected sales to decrease by 0.3%, although they do expect a 0.2% rise when excluding autos.
06:28 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +13.5.
06:28 am : FTSE...5865.50...-44.50...-0.8%. DAX...6935.09...-32.75...-0.5%.
06:28 am : Nikkei...13068.30...+46.34...+0.4%. Hang Seng...23169.55...+247.88...+1.1%.
05:28 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +13.5.
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