YAHOO [BRIEFING.COM]: After opening higher by 0.5%, stocks
maintained their gains throughout the session. Similar to yesterday, low volume
kept the markets relatively flat following the opening thrust higher. With no
economic data of note being released, stocks maintained their gains and came
off their highs towards the end of the session. As the day ended, the S&P
500 faded towards its opening level and the index ended up 0.5%.
Fossil (FOSL 91.77,
+21.98) surged by 31.5% after the company increased full-year guidance
following an earnings and revenue beat. Today's buying lifted the stock out of
a range which has held for three months. Competitor Movado (MOV 25.78, +3.06) benefited
from Fossil's strength as investors expect Movado to also surprise to the
upside. Shares of the luxury goods producer ended higher by 13.5%.
US Home Systems (USHS
12.53, +3.47) gained 38.3% after Home
Depot (HD 52.40, +0.40) agreed to buy the company for $12.50
per share.
Energy was today's strongest performer. Within the group, Overseas Shipholding Group
(OSG 6.66, +0.62) leaped 10.3% after a company director purchased 100,000
shares at $5.82.
Financials showed considerable strength. The SPDR Financial Select Sector ETF (XLF 14.94, +0.06)
advanced 0.4%. Within the sector, JPMorgan
Chase (JPM 37.01, +0.71) and Citigroup (C 28.89, +0.33) rose by 2.0% and 1.2%
respectively. In addition, Morgan
Stanley (MS 14.50, +0.36) gained 2.6%.
Telecommunications was one of the weakest sectors. Inteliquent (IQNT 12.14,
-1.78) weighed down the group after posting earnings and revenues
below-expectations. The company also lowered their full-year forecast. Today's
12.8% decline puts the stock back at its mid-May levels.
Shares of major pharmaceutical producers did not participate in today's
advance. Elan
(ELN 11.15, -0.10), Pfizer
(PFE 23.74, -0.52), and Johnson &
Johnson (JNJ 68.29, -0.55) announced that they will stop
developing a treatment for Alzheimer's disease because of disappointing
clinical results. All three stocks posted losses with Elan
and Pfizer losing 0.9% and 2.1% respectively while Johnson & Johnson was
off by 0.8%.
The dollar index was virtually unchanged as the dollar's performance against
the major currencies was mixed. The reserve currency gained 0.5% against the
Japanese yen, and currently trades near 78.60. The British pound advanced 0.2%
against the greenback to near 1.5630. The euro came off session highs and ended
unchanged versus the dollar. The single currency trades around 1.2400. Also of
note, the Australian dollar crossed 1.0600 which was a level not seen in five
months. The Aussie has pulled back slightly since, to 1.0555.
As earnings season winds down, a few notable companies have yet to report their
quarterly results. Express Scripts
(ESRX 56.02, +0.04), Priceline.com
(PCLN 679.80, +14.68), and Walt Disney
(DIS 49.81, +0.16) will release their earnings following today's close.
In addition, Dean Foods
(DF 12.42, +0.20), Dish Network
(DISH 30.67, +0.16), and Polo Ralph
Lauren (RL 153.03, +2.97) will report tomorrow morning.
Tomorrow's economic data includes the MBA Mortgage Index due out at 7 AM ET.
Energy:
Sept crude oil ($92.30
+0.90) rallied this morning for over $1/barrel, off its session low of $90.63,
which was hit 15 minutes after floor trading began. Crude went on to rise as
high as $92.39 right when pit trading was ending.
Aug natural gas ($2.91
+0.03) started the overnight session and the early morning session in negative
territory before gaining steam, which began an uptrend that has basically
lasted since morning action. After bottoming out in the morning at $2.80, nat gas went on to climb 12 cents of 4.3% to its floor
trading high of $2.92/MMBtu. In after hours trade, nat
gas has extended those gains are just hit $2.94.
Metals: August gold ($1616.00 +7.20) and Sept silver ($27.87 +0.09) began to
move higher this morning and rose to their session highs mid-morning (Gold
$1617.90, Silver $27.95). Gold went on to inch lower for the rest of the
session and in after hours activity, but has only pulled back $2 per ounce.
Silver, in after hours trade, is back neat the unchanged mark. July copper closed 2 cents higher at
$3.39.
In addition, preliminary nonfarm productivity and unit labor costs will be
released at 8:30 AM ET. Treasury will auction off 10-yr notes.DJ30 +51.09 NASDAQ
+25.95 SP500 +7.12 NASDAQ Adv/Vol/Dec 1599/1.85
bln/880 NYSE Adv/Vol/Dec 1949/728.4 mln/1065