Join        Login             Stock Quote

Stocks End Flat As China, Earnings Weigh; Best Buy (BBY) Surges

 January 11, 2013 04:12 PM

(By Balachander) U.S. stocks closed on a flat note weighed by worries over rising inflation in China, mixed quarterly report from Wells Fargo & Co. (WFC) and a set of slightly downbeat domestic data.

The S&P 500 Index ended flat at 1,472.05. The Dow Jones Industrial Average added 0.13 percent to finish at 13,488.43. The Nasdaq Composite Index inched up 0.12 percent to close at 3,125.63.

Bank shares fell after Wells Fargo posted its quarterly numbers. U.S. earnings gathers steam with other major banks such as Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and Citigroup (C) reporting their results next week.

[Related -JPMorgan Chase & Co. (JPM): Capital Concerns Should Ease In 2014]

A report showed China's inflation accelerated more than expected, raising concerns that the Chinese government may limit further stimulus. China's consumer price index rose 2.5 percent in December, reaching a seven-month high, the National Bureau of Statistics (NBS) report showed.  

On the domestic data front, a government data showed that import prices unexpectedly fell 0.1 percent in December after a 0.8 percent fall in November, while economists expected a gain of 0.1 percent. Export prices also dropped 0.1 percent after a 0.7 percent decline in November.

[Related -Why dividend-paying utilities stocks could lag again in 2014]

In other data, U.S. trade deficit for November widened to $48.7 billion from $42.1 billion in October, while economists expected trade gap to narrow to $41.3 billion.


Hot Stocks Of The Day: WFC, BA, BBY, JCP, CVX, INFY, KBR, DNDN, BV, ARQL


In corporate news, Wells Fargo (NYSE: WFC) reduced losses to close 0.85 percent lower after the mortgage lender posted mixed quarterly results. Earnings and revenue increased for the fourth quarter, while net interest margin fell to 3.56 percent from 3.89 percent in the year-ago period.

Boeing Co. (NYSE: BA) lost 2.50 percent after the U.S. Federal Aviation Administration (FAA) said it will review the 787 Dreamliner's recent issues and critical systems.

Best Buy Co. Inc. (NYSE: BBY) jumped 16.38 percent after the consumer electronics giant posted flat comparable store sales at its Domestic segment for the holiday period.  Global comparable sales declined 1.4 percent, less than the 2 percent drop some Wall Street analysts expected.

J.C. Penney Company Inc. (NYSE: JCP) retreated 4.65 percent after UBS downgraded rating on the stock to "sell" from "neutral".

Chevron Corp. (NYSE: CVX) rose 1.14 percent after the company forecast fourth-quarter earnings to be notably higher than in the prior quarter.

Infosys Ltd. (NYSE: INFY) spiked 18.82 percent after the India-based software services provider lifted its revenue view for the full year following better-than-expected third quarter results.

KBR Inc. (NYSE: KBR) slumped 7.88 percent after the engineering services company reduced its 2012 earnings forecast and issued a downbeat view for the current year.

Dendreon Corp. (NASDAQ: DNDN) soared 20.98 percent after Sanford C. Bernstein upgraded the biotechnology company's stock to "outperform" from "market-perform".

Bazaarvoice Inc. (NASDAQ: BV) tumbled 11.21 percent. The social media marketing company's acquisition of PowerReviews Inc. has been challenged by the U.S. Department of Justice (DOJ).

ArQule Inc. (NASDAQ: ARQL) slumped 11.64 percent after the clinical-stage biotechnology company said its experimental colorectal cancer treatment did not meet the survival goal in a mid-stage study.


Global Markets


European markets closed in green, with Germany's DAX up 0.09 percent to close at 7,715.53. France's CAC40 added 0.08 percent to finish at 3,706.02. The U.K.'s FTSE 100 rose 0.33 percent to end at 6,121.58.

Among Asian markets, China's Shanghai Stock Exchange Composite Index tumbled 1.78 percent to close at 2,243. Japan's Nikkei 225 rose 1.40 percent to finish at 10,801.57. Hong Kong's Hang Seng Index shed 0.39 percent to end at 23,264.07. India's BSE Sensex ended flat at 19,663.64.


Commodity & Currency Scan


Crude oil futures slipped 0.09 percent to $93.74 per barrel, while natural gas futures jumped 4.26 percent to $3.33 per million metric British thermal units. Gold futures fell 0.93 percent to $1,662.30 per ounce and silver futures declined 1.48 percent to $30.46 per ounce.

In the currency market, the euro gained 0.49 percent against the U.S. dollar to 1.3337. The British pound lost 0.29 percent against the greenback to 1.6121, while the dollar advanced 0.48 percent against the Japanese yen to 88.2100.



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

rss feed

Latest Stories

article imageOversold Airline Ready For A Quick Rebound

Trading countertrend moves can be profitable but risky, so it pays to line up as many factors as possible read on...

article imageWhat Is Your Sell Criteria?

Every stock market cycle has its darlings—the stocks investors believe can do no wrong.  I remember 1999 read on...

article imageUS Employment Growth Continued To Slow In April

Company payrolls increased by a lower-than-expected 171,000 last month, the US Labor Department reports–the read on...

article imageMake America Great Again

Our weekly commentaries provide Euro Pacific Capital's latest thinking on developments in the global 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.