Join        Login             Stock Quote

Stocks Tumble On Italy Deadlock Fears; Lowe's (LOW) Drops

 February 25, 2013 04:11 PM

(By Balachander) U.S. stocks closed sharply lower, reversing early gains, weighed by uncertainty over the outcome of parliamentary elections in Italy after early poll results indicate a deadlock.

The S&P 500 Index retreated 1.83 percent to end at 1,487.85. The Dow Jones fell 1.55 percent to finish at 13,784.01. The Nasdaq Composite Index lost 1.44 percent to close at 3,116.25.

Exit polls in Italy reportedly show that the former Prime Minister Silvio Berlusconi's center-right coalition is leading in the Senate, a result that is seen as potentially damaging to government stability if confirmed. Early exit polls showed Pier Luigi Bersani's centre-left coalition leading the elections.

On the domestic data front, the Dallas Federal Reserve's manufacturing survey showed a reading of 2.20 in February from 5.5 in January, below expectations of a reading of 3.

[Related -Barnes & Noble, Inc. (BKS) Q2 Earnings Preview: Same Old Story?]

Other reports of economic interest due to be released over the week include: new home sales, pending home sales, durable goods orders, jobless claims and Institute for Supply Management's manufacturing survey, consumer confidence data, personal income and spending and fourth quarter GDP data. 

Hot Stocks Of The Day: LOW, HTZ, CTB, CHK, BKS, ESI, DDD, AFFY

Lowe's Companies Inc. (NYSE: LOW) declined 4.80 percent after the home improvement retailer posted a declined in quarterly earnings amid drop in sales and flat margins. Lowe's also guided full-year profit below consensus.

[Related -3D Systems Corporation (DDD): A 3T Look At 3D - Déjà Vu All Over Again?]

Hertz Global Holdings Inc. (NYSE: HTZ) added 1.66 percent after the car and equipment rental businesses company reported better-than-expected quarterly results due to improving pricing and the positive impact of strategic investments. The company also issued an upbeat forecast.

Cooper Tire & Rubber Co. (NYSE: CTB) rose 2.52 percent after the company posted quarterly results, beating expectations, helped by sales growth and lower raw material costs.

Chesapeake Energy Corp. (NYSE: CHK) lost 6.78 percent after the natural gas company said it will sell a stake in its Mississippi Lime assets in northern Oklahoma to Sinopec International Petroleum Exploration & Production Corp. for $1.02 billion in cash.

Barnes & Noble Inc. (NYSE: BKS) surged 11.47 percent after the bookseller said it received proposal from Chairman Leonard Riggio to buy all assets of the retail business.

ITT Educational Services Inc. (NYSE: ESI) tumbled 16.64 percent after the company disclosed the SEC is probing the company's agreement related to private student-loan program.

3D Systems Corp. (NYSE: DDD) lost 9.10 percent after the provider of 3D printers issued earnings guidance for 2013 following a three-for-two stock split announcement last week.

Affymax Inc. (NASDAQ: AFFY) plunged 81.66 percent after the biopharmaceutical company announced voluntarily recall of Omontys, an anemia therapy for dialysis patients as a result of new postmarketing reports regarding serious hypersensitivity reactions.  

Global Markets

European markets closed in green, with Germany's DAX up 1.45 percent to close at 7,773.19. France's CAC40 rose 0.41 percent to finish at 3,721.33. The U.K.'s FTSE 100 gained 0.31 percent to end at 6,355.37.

Asian markets ended higher. The Shanghai Composite Index added 0.50 percent to end at $2,325.82. Japan's Nikkei 225 rose 2.43 percent to end at 11,662.52. Hong Kong's Hang Seng gained 0.17 percent to close at 22,820.08. India's Sensex closed at 19,331.69, up 0.08 percent.   

Commodity & Currency Scan

Crude oil futures shed 0.25 percent to $92.89 per barrel, while natural gas futures added 3.89 percent to $3.42 per million metric British thermal units. Gold futures advanced 1.37 percent to $1,594.40 per ounce and silver futures jumped 1.96 percent to $29.08 per ounce.

In the currency market, the euro lost 1.03 percent against the U.S. dollar at 1.3058. The British pound inched up 0.03 percent against the greenback to 1.5168, while the dollar tumbled 2.30 percent against the Japanese yen at 91.2700.



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

rss feed

Latest Stories

article imageTackling China's Debt Problem: Can Debt-Equity Conversions Help?

China’s high and rising corporate debt problem and how best to address it has received much attention read on...

article imageWill Job Growth Kill The Bear-Market Signal For Stocks?

It’s all about jobs now. Actually, it’s always been about jobs. But the stakes are even higher—perhaps more read on...

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a 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.