YAHOO[BRIEFING.COM]: Equities
finished just off their best levels of the session as traders took their cues
from Europe and bought stocks as a lack of headlines from was seen as a
positive. The Nasdaq was the top performer all session long, ending with a gain
of 0.8%.
NYSE Euronext (NYX 26.33, +0.36) ended up 1.4% after
the U.S. Justice Department approved the company's merger with Deutsche Boerse
as long as certain conditions are met. The approval requires the sale the
International Securities Exchange's minority stake in Direct Edge Holdings. The
company will have two years to complete the sale.
Financials were the best
performing sector within the S&P 500 Index, climbing 2.1%. Bank
of America (BAC 5.48, +0.25) continued to see gains following
yesterday's Department of Justice ruling that required the company to pay a
record $335 million in compensation to Countrywide borrowers who were charged
more for home loans based on their race and national origin.
Shares of Micron
Technology (MU 6.41, +0.87) rallied 15.7% after the company released a
disappointing earnings report. The company announced a loss of $0.19 per share,
$0.09 worse than the Capital IQ Consensus Estimate while indicating revenues
rose 20.9% year/year to $2.09 billion. The revenues number fell short of the
consensus estimate of $2.12 billion. The company said gross margins held at 15%
for the first quarter with improvements in NAND Flash margins being offset by
declines in DRAM.
Bed Bath & Beyond (BBBY 57.58, -3.85) saw heavy selling
pressure following the release of the company's mixed earnings report. Earnings
per share for the third quarter came in at $0.95 which was $0.06 better than
the Capital IQ Consensus Estimate. However, revenues rose 6.8% year/year to
$2.34 billion and fell short of the $2.36 billion consensus. The company did
issue upside guidance for fiscal year 2012, saying it now sees earnings per
share of $3.86-3.92 which is above the $3.83 Capital IQ Consensus Estimate.
Treasuries finished with small
gains as buying dropped the 10-yr yield two basis points to 1.953%. A small
loss for the dollar index pushed it down to 79.95 while the euro ticked
up to 1.3050.
Natural gas gained 0.4% to
finish at $3.15 per MMBtu. Futures sold off sharply on the back of this
morning's inventory data, which showed a drawdown that was in line with
expectations. Futures put in lows at $3.10, but spent the remainder of the day
rebounding off those lows to end near the flat line. Crude oil gained 0.9% to
settle at $99.53 per barrel. Futures rallied, albeit on light volume, back to
the $100 level. They pulled back from session highs, at $100.05, heading into
the close.
It was a quiet session for the
precious metals. Gold posted losses of 0.3% to settle at $1609.10 per ounce,
while silver shed 0.5% to finish at $29.11 per ounce. Both metals spent the
better part of the session chopping around just shy of the flat line.
Data today was mixed as third
quarter GDP expanded at a clip of just 1.8%, which is down from the 2.0% growth
rate that was posted in the second estimate. Initial weekly jobless claims for
the week ended December 17 totaled 364,000 which was less than the 380,000
initial claims that had been generally expected among economists polled by
Briefing.com. The final December reading on Consumer Sentiment from the
University of Michigan came in at 69.9 after a reading of 67.7 in the
preliminary post earlier this month. Leading indicators increased by 0.5%,
which exceeded the 0.3% increase that had been broadly anticipated. Also out
was the October FHFA Housing Price index which printed -0.2%.DJ30 +61.91 NASDAQ
+21.48 SP500 +10.28 NASDAQ Adv/Vol/Dec 1672/1.47 bln/846 NYSE Adv/Vol/Dec
2294/773.6 mln/769