Quantcast
Channel: oil
Viewing all articles
Browse latest Browse all 10

Markets Mixed - Closing News - 2/28/14

0
0

U.S. stocks were mostly higher on Friday amid another round of economic data, including upbeat consumer sentiment, Chicago PMI readings and a lackluster Q4 GDP revision.  Also in focus were comments from Fed presidents Lockhart, Bullard, and Plosser who all said recent economic data has been inconclusive as a result of the harsh winter weather. Staples and Utilities led gains on the S&P 500, while Telecom and Technology were the only sectors to finish in the red.  Gold is lower, while Oil is higher after reversing earlier losses. 


In U.S. economic news, Q4 GDP revision released before the open came in slightly below expectations at +2.4% vs +2.5% consensus, and sharply below the prior reading of +3.2%.  Chicago PMI beat expectations of a 56.1 print, coming in at 59.8 (some respondents cited negative effects of poor weather, though overall it appeared to have little impact).  The Michigan Consumer Sentiment final February reading came in slightly ahead at 81.6 vs consensus of 81.5 and 81.2 preliminary. Lastly, January pending home sales miss expectations, rising 0.1% vs 1% consensus.  


Market Indices/Statistics:



  • Dow closed up 49.06 pts / +0.30% to 16,321.71; 22 of the 30 Dow stocks closed higher.

  • S&P closed up 5.16 pts / +0.28% to 1,859.45; 8 of the 10 S&P 500 sectors closed higher.

  • Nasdaq closed down 10.81 pts / -0.25% to 4,308.12

  • Telecom was the weakest (-0.26%) Staples were the strongest sector (+0.75%)

  • The VIX is down 0.06 at 13.98

  • Gold is down 6.5 to 1325.1

  • Oil is up 0.04 to 102.44

  • Nat Gas is up 0.095 to 4.606

  • Yen vs. Dollar is down 0.31 to 101.79   

  • Euro vs. Dollar is up 0.0091 to 1.3799

  • The US Dollar Index (DXY) is down 0.51 to 79.77

Top Headlines:


According to FactSet,of the 485 S&P 500 companies that have reported results for Q4, 71% have beat consensus EPS expectations. This is little changed from recent weeks and in line with the 71% four-quarter average. On revenue, 63% of S&P 500 companies have beat consensus estimates. While the revenue beat rate has slipped in recent weeks, it is still above the 55% four-quarter trailing average.


Citigroup Inc. (NYSE: C) revealed on Friday it has discovered fraud in its Mexico subsidiary Banamex.  As a result, Citi is reducing its previously reported 2013 net income by $235 million.  The announcement comes after Citigroup shares have fallen in recent weeks on concerns that slowing growth in emerging markets may reveal bad loans, as well as increase the risk of trading losses.  Shares of “C” finished relatively unchanged at $48.63. 


3D Systems Corp. (NYSE: DDD) the world’s largest 3D printer company, reported a Q4 adjusted profit that was in line with the average analyst estimate and said its 3D printers and other product revenue increased 76% from a year earlier.  3D also forecast 2014 full-year revenues well above Wall Street expectations, sending shares 1.74% higher to $75.96.   


Oil and gas producer Southwest Energy Co. (NYSE: SWN) posted a fourth-quarter profit that beat the average analyst estimate by one cent, but the company reduced its estimate for ultimate recovery from its proved undeveloped reserves in the Marcellus shale.  Shares of SWN fell 4.17% to $41.34. 


The week ahead:  Mar 3rd– Mar 7th      


Economic news flow moves to the forefront in the week ahead, as a robust calendar includes the ISM manufacturing index to begin the week, factory orders, and Friday's release of the February U.S. employment data.  Overseas, the focus will be on February manufacturing surveys, along with what is expected to be a closely monitored ECB meeting on Thursday.


The corporate calendar sees a shift in focus from fourth quarter earnings to a lineup heavy with analyst meetings and a batch of sell-side conferences that could provide inventors insight into first quarter trends - while US auto sales and chain store reports round out the schedule.


Coming Monday


U.S. Economic Reports:  


Personal Income (Jan) at 8:30am ET – consensus +0.3%, prior 0.0% 


Personal Spending (Jan) at 8:30am ET – consensus +0.2%, prior +0.4%  


PMI Manufacturing (Feb) at 8:58am ET - prior 56.7  


ISM Manufacturing Index (Feb) at 10:00am ET - consensus 51.6, prior 51.3  


Construction Spending (Jan) at 10:00am ET - consensus (0.3%), prior +0.1% 


Earnings on Monday:


BMO: Fannie Mae (FNMA) est. $0.60 ; Hertz Global (HTZ) est. $0.32 ; Icahn Enterprises (IEP) est. $3.62; Nu Skin Enterprises (NUS) est. $1.97; Seaspan (SSW) est. $0.25; Stillwater Mining (SWC) est. $0.09


AMC: Preferred Apartment Communities (APTS) est. $0.22; Cubic Corp (CUB) est. $0.38; MBIA (MBI) est. ($0.03); McDermott (MDR) est. $0.15; Mindray Medical (MR) est. $0.52; URS Corp (URS) est. $0.26


Here at the NYSE - Monday, March 3, 2014


At the open:


Knowles Corporation, a market leader and global supplier of advanced micro-acoustic, specialty components, and human interface solutions debuts on March 3 as a standalone, publicly-traded company under the ticker symbol “KN.” The company’s leadership team from Knowles Corporation will visit the NYSE to celebrate. The company completed its spin-off from Dover Corporation (NYSE: DOV) today, February 28, 2014.


To mark the occasion, Knowles Corporation President and CEO Jeffrey Niew will ring The Opening Bell®.


At the close:


Executives and guests of New York-based Citigroup Inc. (NYSE:C) will visit the New York Stock Exchange (NYSE) to celebrate International Women’s Day. To mark the occasion Regional Head of Markets for North America, Suni Harford, will ring the Closing Bell.


Please remember to check in with us every morning for the NYSE Morning Update! NYSE Morning Update


Thanks and enjoy the weekend!


Viewing all articles
Browse latest Browse all 10

Latest Images

Trending Articles





Latest Images