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24/7 Wall St. Closing Bell -- May 30, 2012 (NOK, LNKD, AIG, ABX, LULU, BAH, TFM, HSOL, YGE, JOSB, CIEN, JDAS, JOY, MOV, SAI, VRA, PBY, SHLD, EPD)
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The three major US stock indexes opened lower this morning as investors did not pay attention to a report that the eurozone would allow its bailout fund to be used to recapitalize the continent’s banks. And with good reason — shortly following the report, Germany reiterated its “well-known” opposition to such a plan (more coverage here). The report on pending home sales came in at a disappointing -5.5% month-over-month reading (more coverage here). The US dollar index rose today, now up 0.64% at 83.007. The GSCI commodity index is down about -0.5% at 617.67, with commodities prices down virtually across the board on the strengthening dollar. WTI crude oil closed down -3.2% at $87.82/barrel, its lowest close since October, and Brent crude trades down -3.2% at $103.27/barrel. Natural gas fell -2.5% today to $2.42/thousand cubic feet. Gold is settled up 1% today, at $1,565.70/ounce.
The unofficial closing bells put the DJIA down nearly 161 points to 12,319.86 (-1.28%), the NASDAQ fell nearly 34 points (-1.17%) to 2,837.36, and the S&P 500 fell -1.43% or more than 19 points to 1,313.32.
There were several analyst upgrades and downgrades today, including Nokia Corp. (NYSE: NOK) cut to ‘sell’ at MKM; LinkedIn Corp. (NYSE: LNKD) raised to ‘buy’ at Citigroup; American International Group Inc. (NYSE: AIG) raised to ‘buy’ at Sandler O’Neill; Barrick Gold Corp. (NYSE: ABX) started as ‘neutral’ at Sterne Agee; and Lululemon Athletica (NASDAQ: LULU) started as ‘outperform’ at Wedbush.
Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Booz Allen Hamilton Holding Corp (NYSE: BAH) is up 14.2% at $16.99; The Fresh Market Inc. (NASDAQ: TFM) is up 14.6% at $55.97 after posting a new 52-week of $56.38 earlier today; Hanwha Solarone Co. Ltd. (NASDAQ: HSOL) is up 2.6% at $0.90; Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) is down -0.4% at $2.75; and Jos. A Banks Clothiers Inc. (NASDAQ: JOSB) is down -6.7% at $44.59.
On Thursday, we are scheduled to get earnings reports from Ciena Corp. (NASDAQ: CIEN), JDA Software Group Inc. (NASDAQ: JDAS), Joy Global Inc. (NYSE: JOY), Movado Group Inc. (NYSE: MOV), SAIC Inc. (NYSE: SAI), and Vera Bradley Inc. (NASDAQ: VRA).
Other standouts from today include the following stocks:
Pep Boys – Manny, Joe & Jack (NYSE: PBY) is down -19.7% at $8.90. The auto parts retailer’s acquisition by private equity firm Gores was killed. More coverage here.
Sears Holdings Corp. (NASDAQ: SHLD) is down -8.7% at $52.50. The retailer had no news today, but an overall lack of confidence in retailers focused on Sears today. More coverage here.
Enterprise Products Partners L.P. (NYSE: EPD) is down -2.2% at $49.00. The pipeline MLP was downgraded by Zack’s and raises questions about the whole sector. Our coverage here.
Stay tuned for Thursday. Cleveland Fed President Sandra Pianalto is giving a speech. We have also noted the following events on the schedule for Tuesday (all times Eastern):
- 7:30 a.m. – Challenger job-cut report
- 8:15 a.m. – ADP employment report
- 8:30 a.m. – US GDP report
- 8:30 a.m. – New claims for unemployment benefits
- 8:30 a.m. – Corporate profits
- 9:45 a.m. – Chicago PMI
- 9:45 a.m. – Bloomberg consumer comfort index
- 10:30 a.m. – EIA natural gas storage report
- 11:00 a.m. – EIA weekly petroleum status report
- 4:30 p.m. – Fed balance sheet and money supply
Paul Ausick
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