Join        Login             Stock Quote

U.S. Stocks Jump On Strong Manufacturing Data; Hot Stocks: CHK, SHLD, PFCB, AVP, PBY, IDTI, PLXT

 May 01, 2012 04:47 PM

(By Balachander) U.S. stocks closed on a higher note after a data showed that manufacturing in the world's largest economy expanded last month at a faster pace in nearly a year.

S&P 500 Index added 0.57 percent to finish at 1,405.82. The Dow Jones Industrial Average gained 0.50 percent to end at 13,279.40. The Nasdaq Composite Index closed at 3,050.44, up 0.13 percent.

The Institute for Supply Management reported that its purchasing managers index advanced to 54.8 in April from 53.4 in March, while economists expected a reading of 53.0. Meanwhile, construction spending inched 0.1 percent higher in March, versus expectations for a 0.5 percent increase.


[Related -Sears (SHLD) Puts Active As Stock Touches Lowest Since Sept. 5th]

In corporate news, Chesapeake Energy Corp. (NYSE:CHK) jumped 5.9 percent after Oklahoma-based natural gas and oil explorer announced it will name an independent, non-executive Chairman to replace Aubrey McClendon. The company also agreed with McClendon to early termination of a controversial program related to McClendon minority stakes in the company's wells.

Sears Holdings Corp. (NASDAQ:SHLD) spiked 15.49 percent after the operator of Kmart and Sears stores anticipates to report first-quarter earnings driven by a gain from the sale of some U.S. and Canadian stores.

[Related -Macy's, Inc. (NYSE:M): Cyber-Monday’S Biggest Winner?]

P.F. Chang's China Bistro (NASDAQ:PFCB) shot up 29.6 percent after the restaurant chain agreed to be bought for $51.50 per share or about $1.1 billion in cash by private investment company Centerbridge Partners, L.P. The company also posted a fall in quarterly earnings.

Avon Products Inc. (NYSE:AVP) slumped 8.01 percent after the maker of beauty products posted a decline in quarterly earnings and sales amid a sharp drop in margins. Excluding charges, EPS from continuing operations was 10 cents, down from 37 cents last year. Gross margin shrank by 310 basis points.

Huntsman Corp. (NYSE:HUN) added 9.4 percent after the chemical company posted a jump in first-quarter earnings.

Next Page >>12
iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageOld Bank's New Breakout has Big Rally Potential

One of my favorite things to see in a long candidate is a pattern of beating Wall Street's earnings read on...

article imageIs The Stock Market's 5-Year Return A Useful Proxy For Valuation?

Tobin’s Q, a market-valuation metric, is back in the news, in part thanks to a widely read Bloomberg read on...

article image4 Dogs To Sell Immediately

Despite the chorus of analysts and investors calling for the long-awaited correction, the market is showing read on...

article imageThe Fed's Magical Mystery Tour

What's going on at the Fed? Notorious dove, Charles Evans of the Chicago Fed, gave a speech in read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.