Daily Market Recap
The S&P 500 rose by 0.72% and the Dow was higher by 0.63%. Consumer discretionary stocks led the way higher today. Nike was the big winner in that area closing higher by 11.1% on the strength of better than expected earnings.
Tiffany and Darden Restaurants were also winners in the space. There was also strength in consumer staples with Mondelez International (spin out from Kraft) and Pepsi both up sharply. Semiconductors and media also outperformed while homebuilders, managed care, and steels were laggards.
Strength in retail was broad based today. Luxury jeweler Tiffany rose sharply. Foot Locker and Dick’s Sporting Goods moved higher after Nike reported better than expected earnings with strong guidance.
Mondelez International and Pepsi trader higher after Bloomberg reported that billionaire investor Nelson Peltz has built positions in both companies and may work to forge a merger.
There have been a series of options discussed regarding the Cyprus situation. A solution needs to satisfy the Eurogroup and the Cypriot parliament. Today’s action in the market seems to be saying that a solution will likely be worked out.
Commodities were mostly lower with precious metals and grains working lower. Crude, copper, and natural gas were in line with the market. Gold closed off its lows losing 0.40% and silver shed 1.65%.
Media stocks advanced as media conglomerates and content providers rallied. Time Warner announced they may partner HBO Go with broadband providers so homes without TV's can receive content. This was viewed as a negative for Netflix.
Apple and Micron were the leading lights in the tech sector. MU rose by better than 10% after they reported earnings last night. They reported that margins were better than expected and DRAM pricing improved. Apple continues to work higher as it moved above the recent downtrend. Rumors of a launch of a new iPhone 5S and iPad 5 intensified today. Apple moved higher by more than 2%.
Internet stocks traded higher as social media names like LinkedIn, Groupon, Zynga, and Pandora all traded higher. eBay finished a strong week off with more gains ahead of its analyst meeting next week.
Source: PFS Group
About PFS Group
PFS Group Archive
|12/17/2013||Daily Market Recap||story|
|12/16/2013||Daily Market Recap||story|
|12/12/2013||Market Weakens Further on Taper Fears||story|
|12/09/2013||Daily Market Recap||story|
|12/06/2013||Daily Market Recap||story|
|11/26/2013||Daily Market Recap||story|
|11/19/2013||Daily Market Recap||story|
|11/18/2013||Daily Market Recap||story|
|11/14/2013||Daily Market Recap||story|
|11/13/2013||Daily Market Recap||story|