Quantcast
Channel: Express Inc.
Viewing all articles
Browse latest Browse all 5

Markets Lower Closing News 8/21/2012

0
0

Markets gradually drifted lower as investors booked profits as the indices have been trading at four-year highs.  Once Apple changed direction, off a fresh intraday all time high of $674.88, to trade into negative territory, the technology sector overshadowed any optimism over European developments particularly in the absence of U.S. economic data to drive the direction of the markets today.  Earlier, however, the S&P 500 crossed above this year's intraday high of 1,422.38, reaching highs not seen since May 2008.


Investors are looking to tomorrow’s FOMC minutes to offer some idea of market sentiment though it is unlikely that there will be a significant change in the Fed’s position.  Chairman Ben Bernanke is expected to speak at Jackson Hole, Wyoming at the end of the month.


Sources reported that Israel may consider an attack on Iran’s nuclear program as early as October or early November ahead of the U.S. presidential election spurred on by an upgraded short range missile out of Iran.   The ongoing conflict is picking up attention and concern among investors especially in the face of rising oil and natural gas prices.


Have a good Tuesday night.


Market Indices/Statistics:



  • Dow closed down 68.06 pts/-0.51% to 13,203.58

  • S&P closed down 4.96 pts/-0.35% to 1,413.17

  • Nasdaq closed down 8.95 pts/-0.29% to 3,067.26

  • 8 of the 30 Dow stocks closed higher

  • 1 of the 10 S&P 500 sectors closed up

  • Financials was the only positive sector (+0.24%); Telecom was the most negative sector (-1.02%)

  • The VIX ended up 1.00 at 15.02

  • Oil is up $0.67 to $96.93

  • Nat Gas is up $0.029 to $3.027

  • Gold is up $16.90 to $1,639.90

  • Euro vs. Dollar is up $0.0001 to $1.2471

  • Dollar vs. Yen is down $0.01 at $79.26

Top Headlines:


Alpha Natural (ANR, +$0.40/+6.2% to $6.90) and Peabody Energy Corp. (BTU, +$0.85/+3.7% to $23.79) were both among the biggest S&P movers after a federal appeals court said the EPA’s ruling limiting emissions that cross state lines exceeds the agency’s authority and must be revised.


Barclays plc (BCS, +$0.31/+2.6% to $12.30) and its subsidiary Absa Group Limited are engaged in discussions about combining the majority of the Barclays Africa operations with Absa. This is in line with Barclays’ strategy to operate as One Bank in Africa; Barclays Bank PLC remains the majority shareholder of the combined African operations.


Urban Outfitters Inc (URBN, +$5.74/+18.4% to $36.98) rose after several brokerages raised their price targets on the stock citing strong sales growth and gross margin expansion for the latter half of the year.  Improved fashion, better inventory management, a consecutive quarter of higher full-price selling and recent investments in its digital selling and marketing platforms are all noted as indications that sales and margin trends may be improving.


Earnings:


Best Buy Co. Inc. (BBY, -$0.25/-1.4% to $17.91)  reported Q2 adjusted EPS of $0.20 vs. estimates of $0.31; revenue was $10.55 billion, lower than the $10.63 billion expected by analysts and less than the year ago period level of $11.35 billion.  The company reduced its fiscal-year profit outlook, citing lower expectations for industry wide sales and uncertainty about key product introductions; the company suspended its share buybacks for 2013 and noted that it will not provide an earnings guidance update for 2013.


Coca-Cola Hellenic Bottling Co. (CCH, -$0.14/-0.8% to $18.17) net sales revenue grew by 1% while volume declined by 2% in the first half of 2012. Volume was flat in emerging markets and declined by 5% and 4% in established and developing markets, respectively. Revenue growth initiatives fully off-set both total input cost increases and higher operating expenses in the first half on a currency neutral basis. A combination of lower volume and unfavorable foreign currency movements resulted in a €57 million year on year decrease in comparable EBIT.


DSW Inc. (DSW, +$3.27/+5.3% to $64.50) reported Q2 adjusted EPS of $0.66 vs. estimates of $0.62; revenue was $512.2 million, higher than the $510.9 million expected by analysts.  Revenue beat expectations as discounts attracted cost conscious shoppers.


Medtronic Inc. (MDT, -$0.31/-0.8% to $41.14) reported Q1 EPS of $0.83 vs. estimates of $0.85; revenue was $4.01 billion, better than the $4.00 billion expected by analysts.  The company reiterated its FYE EPS of $3.62-3.70 vs. expectations of $3.66 per share.  Revenue was higher despite Medtronic having to battle slow sales in its heart rhythm and spine segments, though it has seen signs of stabilization.


Williams-Sonoma Inc. (WSM, +$0.90/+2.4% to $38.23) reported Q2 adjusted EPS of $0.43 vs. estimates of $0.41; revenue was $874.3 million, better than the $864.4 million expected by analysts.  The company anticipates FYE adjusted EPS of $2.44-$2.51 on revenue of $3.975-4.025 billion vs. estimates of $2.50 per share on revenue expectations of $4.00 billion.  Strength at the company’s Pottery Barn and West Elm stores are driving profits; WSM shares are up 9% in the aftermarket.


Coming Wednesday: 


Economic Reports:  Weekly Mortgage Applications (-4.5% previously) at 7:00 a.m.; July Existing Home Sales (4.51 mil. expected) at 10:00 a.m.; FOMC Minutes at 2:00 p.m.; the SEC is expected to vote on Conflict Minerals disclosure rules


Earnings:  American Eagle Outfitters Inc. (est: $0.21), Chico's FAS Inc. (est: $0.3), Delhaize Grp ADS (est: $1.05), Express Inc. (est: $0.17), Guess? Inc. (est: $0.51), Hewlett-Packard Co. (est: $0.98), PetroChina Co. Ltd. ADS (est: $2.44), Toll Brothers Inc. (est: $0.18)


 


 


 


 


Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


Viewing all articles
Browse latest Browse all 5

Latest Images

Trending Articles





Latest Images