Stock markets. Equity markets opened sharply higher this morning before falling into negative territory before the ISM and factory order reports were released. The ISM index came in lower than expected, but factory orders grew by 0.3%, slightly better than expected. New pressure on Greece to forgo its referendum on the EU bailout package helped push share prices up, as did strength in tech stocks. Crude oil is up nearly 1.5% and gold is up nearly 2%, while the dollar is down against both the euro and the British pound.
Closing bell. The unofficial closing bells put the DJIA up more than 207 points to 12,043.19 (1.75%), the NASDAQ rose nearly 58 points (2.2%) to 2,697.97, and the S&P 500 rose 1.87% or more than 23 points to 1,261.10.
Analyst upgrades and downgrades. There were several analyst upgrades and downgrades today, including Freeport-McMoran Copper & Gold Inc. (NYSE: FCX) started at ‘overweight’ at Barclays. Career Education Corp. (NASDAQ: CECO), Clorox Corp. (NYSE: CLX), and Rockwell Collins Inc. (NYSE: COL) were cut to ‘underperform’ at BofA/Merrill Lynch; and Boston Scientific Corp. (NYSE: BSX) and Medtronic Inc. (NYSE: MDT) were started as ‘outperform’ at Credit Suisse.
Market reacts to earnings. Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Fair Isaac Corp. (NYSE: FICO) is up about 25%, at $33.95; Lamar Advertising Co. (NASDAQ: LAMR) is up nearly 25%, at $26.18; Orbitz Worldwide, Inc. (NYSE: OWW) is up 40%, at $2.66; K-Swiss Inc. (NASDAQ: KSWS) is down more than -33%, at $3.09; and Transocean Ltd. (NYSE: RIG) is down about -13%, at $48.73.
Several other standouts from today are as follows…
Medivation Inc. (NASDAQ: MDVN) is up 140%, at $39.74 after posting a new 52-week high of $40.15 earlier today. The company reported that an experimental prostate cancer drug reduced death risk by 37%.
Sonesta International Hotels Corp. (NASDAQ: SNSTA) is up nearly 41%, at $30.65 after posting a new 52-week high of $31.06. The company has agreed to be acquired for $31/share by an affiliate of Hospitality Properties Trust (NYSE: HPT).
SonoSite, Inc. (NASDAQ: SONO) is up about 29%, at 39.62 after posting a new 52-week high of $40 earlier today. Sonosite is reported to have hired Morgan Stanley to find a buyer for the company and talks are already in progress with potential buyers, including Samsung Electronics.
Dendreon Corp. (NASDAQ: DNDN) is down more than -37%, at $6.53 after setting a new 52-week low of $6.52 earlier today. The company today reiterated its forecast for only modest sales of its Provenge anti-cancer drug.
Abercrombie & Fitch Co. (NYSE: ANF) is down nearly -20%, at $59.51. The company reported slowing sales in Europe, a region where the company had pinned its hopes for growth.
Clearwire Corp. (NASDAQ: CLWR) is down about -14%, at $1.75. The company is seeking additional financing and has been unable to get its largest customer and majority shareholder Sprint Nextel Corp. (NYSE: S) to commit to the financing.
Stay tuned for Friday. The G-20 summit opened today and will continue meeting tomorrow and over the weekend. Monster Worldwide Inc. (NYSE: MWW) releases its October report on US online job demand. We have noted the following event (all times Eastern):
- 8:30 a.m. – Non-farm payroll data for October
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Paul Ausick
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