Shares only briefly broke above last week’s close today, as decliners outnumber gainers by about 4 to 1 in the late afternoon. Tech stocks held up fairly well early as news of Warren Buffet’s buy of IBM stock probably boosted sentiment for tech shares. By early afternoon, though, even the tech-heavy NASDAQ by more than 20 points. Crude oil fell below $95/barrel before coming back to just over $98/barrel, about $1/barrel below the opening price. Gold is also down slightly and the euro is down against the dollar. Financials have lost the most today, about 2.45% an hour before closing.
The unofficial closing bells put the DJIA down more than 74 points to 12,079.29 (-0.61%), the NASDAQ fell more than 21 points (-0.80%) to 2,657.22, and the S&P 500 fell -0.94% or nearly 12 points to 1,251.88.
There were several analyst upgrades and downgrades today, including Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) cut to ‘hold’ at Argus. Other changes included Lululemon Athletica Inc. (NASDAQ: LULU) reiterated ‘neutral’ with a $59 price target at Credit Suisse; Annaly Capital Management, Inc. (NYSE: NLY) started as ‘overweight’ at JPMorgan; Macy’s Inc. (NYSE: M) named ‘Bull of the Day’ at Zack’s; and Hershey Co. (NYSE: HSY) cut to ‘hold’ at Argus.
Here are today’s big post-earnings news reactions with prices during the last half-hour of trading: Cyanotech Corp. (NASDAQ: CYAN) is up more than 9% at $5.50; Global Ship Lease Inc. (NYSE: GSL) is down almost -17% at $1.75; Ivanhoe Mines Ltd. (NYSE: IVN) is up more than 2% at $21.03; J.C. Penney Co. (NYSE: JCP) is down almost -3% at $32.93; Lowe’s Companies Inc. (NYSE: LOW) is up more than 1.5%, at $23.49; and ZBB Energy Corp. (AMEX: ZBB) is down about -7.5%, at $0.71.
Several other standouts from today are as follows…
Daquo New Energy Corp. (NYSE: DQ) is down about -3%, at $2.73. The company makes wafers for solar PV cells and badly missed expected earnings. Net margins have fallen from 36.3% in the same period a year ago to 20.3%.
Bluegreen Corp. (NYSE: BXG) is up more than 44%, at $2.94. The resort time-share company has agreed to be acquired by BFC Financial Corp. (OTC: BFCF) for shares of BFC valued at $4.56.
Verifone Systems Inc. (NYSE: PAY) is up nearly 8%, at $44.03. Verifone has agreed to acquire a Norwegian company that is the largest provider of payment and gateway services in northern Europe. The price totals about $815 million, including debt.
China Shen Zhou Mining & Resources, Inc. (NYSE: SHZ) is up more than 18%, at $2.57. The company, which is China’s leading producer of fluorite, reported that it had nearly doubled revenues in the third quarter compared to the same period a year ago.
Cadence Pharmaceuticals, Inc. (NASDAQ: CADX) is down nearly -22%, at $3.97, after posting a new 52-week low of $3.95 earlier today. The company announced a $75 million secondary stock offering this morning.
JinkoSolar Holding Co. Ltd. (NYSE: JKS) is down more than -13%, at $6.75. The solar panel maker significantly reduced shipment and revenue forecasts for the third quarter.
Stay tuned for Tuesday. St. Louis Federal Reserve Bank president James Bullard and Chicago Fed president Charles Evans are giving speeches in the morning. Three other Fed presidents are also speaking tomorrow. Here’s a list of other noteworthy events (all times Eastern):
- 7:45 a.m. – ICSC-Goldman Sachs store sales report
- 8:30 a.m. – Producer price index released
- 8:30 a.m. – October retail sales
- 8:30 a.m. – Empire State manufacturing survey
- 10:00 a.m. – Business inventories
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Paul Ausick
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