Stocks Shrug Off Bad News

RELATED QUOTES

SymbolPriceChange
LOW76.96-0.34
TSN75.00-0.22
DMND37.560.00
CSCO31.06+0.08
BTX3.04-0.10

With Congress not in session and the president out of the country, stocks staged a big rally. The fiscal cliff is still the market's biggest focus, and the hope is that a deal gets done relatively soon. Ironically, the spike in stocks came after a bearish year-end call by Goldman's chief U.S. strategist David Kostin and an article in The Wall Street Journal discussing a difficult economic environment next year as businesses cut back on investment spending. That said, we continue to see opportunities in a number of areas, particularly in the MLP space.

The Stem Cell Stocks Index was the top performing tickerspy Index on the day, led by BioTime (BTX) with a 15% gain. The Chinese Advertising Stocks Index was the day's worst performing tickerspy Index, with VisionChina Media (VISN) down -5%.

Stocks soared on the day, led by a 63-point, or 2.2%, gain in the Nasdaq to 2,916. The Dow soared 208 points to 12,796, while the S&P jumped 27 points to 1,387. Oil climbed $2.36 to $89.28 a barrel, while gold rose $19.70 to $1,734.40 an ounce.

In economic news, the National Association of Realtors said existing home sales rose 2.1% in October to a seasonally adjusted annual rate of 4.79 million from 4.69 million in September. The median home price rose to $178,600 last month, a gain of 11.1% from October 2011.

In earnings news, home improvement retailer Lowe's (LOW) said its third-quarter profit rose to $396 million, or 35 cents per share, from $225 million, or 18 cents a share, a year earlier. On an adjusted basis, the company earned 40 cents a share. Revenue rose to $12.07 billion from $11.85 billion. Analysts had expected a profit of 36 cents on revenue of $11.93 billion. Lowe's still expects a fiscal 2012 profit of $1.64 a share on revenue of $50.21 billion. Analysts were expecting EPS of $1.66 per share on revenue of $50.1 billion. Shares of Lowe's rose 6.1%.

Shares of Tyson Foods (TSN), the pork and poultry products maker, surged 11.0% after the company said its fiscal fourth-quarter profit soared 91% to $185 million, or 51 cents per share, from $97 million, or 26 cents per share, a year earlier. On an adjusted basis, Tyson earned 55 cents. Revenue fell to $8.37 billion from $8.40 billion. Analysts had expected a profit of 46 cents on revenue of $8.48 billion. The company said it expects full-year revenue of $35 billion, above the consensus estimate of $34.64 billion. Six pros counted Tyson among their top holdings at the end of Q3 and nearly 170 tickerspy members own the stock in their portfolios.

Diamond Foods (DMND) shares plunged -11.9% after the snack company received a downgrade after restating two years of financial results last week. California-based Diamond also reported a loss of -$53.4 million for the first three quarters of this year. Jefferies analyst Thilo Wrede lowered his price target on the stock to $10 today, well below the price where the shares currently reside.

Cisco Systems (CSCO), the largest maker of networking gear, said it will buy privately held Meraki for $1.2 billion to expand its offerings of cloud-computing services. The deal is expected to close in January. Shares of Cisco rose 1.8%. More than 180 pros held Cisco in their portfolios at the end of Q3 and more than 3,720 tickerspy members own the stock in their portfolios.

Fun and informative, tickerspy.com is a free investing website where you can track multiple stock portfolios and compare against 250 proprietary Indexes tracking themes from dividends to ETFs to green energy to precious metals. Best of all, tickerspy.com lets you spy on the portfolios of nearly 3,000 Wall Street institutions and hedge funds and see graphs of their performance. Try tickerspy.com today and find out how you stack up against investing legends like Warren Buffett!

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • The Latest: Fewer casualties likely in quake damaged hotel
    The Latest: Fewer casualties likely in quake damaged hotel Associated Press - 8 minutes ago

    The Latest on the earthquake in central Italy (all times local): __ 2:30 a.m. Italian rescue workers are expecting fewer casualties than initially feared at the site of a hotel that was badly damaged in ... … More »

  • CDH Investments Offloads $1.2 Billion Stake in Pork Producer WH Bloomberg - 31 minutes ago

    (Bloomberg) -- Chinese private equity firm CDH Investments Fund Management Co. raised $1.2 billion from paring its stake in WH Group Ltd., the world’s biggest pork producer. … More »

  • Asia slips on weaker Wall Street, dollar marks time before Yellen Reuters - 33 minutes ago

    Asian stocks slipped on Thursday, taking their cue from an overnight drop on Wall Street, while the dollar marked time ahead of Friday's speech by Federal Reserve Chair Janet Yellen at the global central bankers' meeting. MSCI's broadest index of … More »

  • New PBOC Money-Market Tactic Has Traders Trying to Decode Signal Bloomberg - 34 minutes ago

    The People’s Bank of China sold 50 billion yuan ($7.5 billion) of 14-day reverse-repurchase agreements on Wednesday, its first offering of anything with a tenor other than seven days since February. Officials are signaling they’re ready to curb … More »

  • Tokyo shares open flat after Wall Street losses AFP - 42 minutes ago

    Tokyo shares opened flat on Thursday following a negative lead from Wall Street as investors sat on the fence ahead of a key speech from Federal Reserve boss Janet Yellen. The benchmark Nikkei 225 index ... … More »

  • Miguel ‘Mike’ Varela passes away
    Miguel ‘Mike’ Varela passes away Philippine Star - 57 minutes ago

    Miguel Varela, a prominent corporate lawyer who served as president and chairman of the Philippine Chamber of Commerce and Industry (PCCI) as well as president of the Employers’ Confederation of the Philippines (ECOP), passed away yesterday. He was … More »

  • 'SNL' star Leslie Jones' personal site offline after hacking
    'SNL' star Leslie Jones' personal site offline after hacking Associated Press - 1 hour 8 minutes ago

    Leslie Jones, the black "Saturday Night Live" and "Ghostbusters" actress-comedian, is again the target of racist and sexist online attacks. Jones' personal site was taken offline Wednesday ... … More »

  • China Oil Giants Unmoved by Bull Rally After Worst-Ever Earnings Bloomberg - 1 hour 25 minutes ago

    PetroChina Co., the country’s biggest oil and gas company, and Cnooc Ltd., China’s main offshore explorer, reported the weakest earnings since they were both publicly listed. Oil has whipsawed this year, flipping five times between bear and bull … More »

  • HP Inc. tops Street 3Q forecasts but outlook clips stock
    HP Inc. tops Street 3Q forecasts but outlook clips stock Associated Press - 2 hours 2 minutes ago

    Shares in HP Inc. tumbled in extended trading Wednesday after the personal computer and printer maker beat expectations with its results for its fiscal third quarter but its outlook for the current quarter ... … More »

  • Syria regime launched chemical attacks, IS used mustard gas: UN report
    Syria regime launched chemical attacks, IS used mustard gas: UN report AFP News - 2 hours 4 minutes ago

    A UN investigation has established that President Bashar al-Assad's forces carried out at least two chemical attacks in Syria and that Islamic State jihadists used mustard gas as a weapon, according to a report seen by AFP on Wednesday. The panel … More »

  • HP Inc beats estimates, weak printer demand weighs on forecast
    HP Inc beats estimates, weak printer demand weighs on forecast Reuters - 2 hours 7 minutes ago

    By Aishwarya Venugopal (Reuters) - HP Inc, the hardware business of the former Hewlett-Packard Co, reported higher-than-expected quarterly revenue and profit as demand recovered for its notebooks. However, ... … More »

  • Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing to Africa
    Ex-Comverse CEO pleads guilty to fraud, a decade after fleeing to Africa Reuters - 2 hours 26 minutes ago

    The former chief executive officer of Comverse Technology Inc pleaded guilty to securities fraud on Wednesday and was ordered detained a decade after fleeing the United States for Namibia to avoid prosecution. Jacob "Kobi" Alexander, the Woodbury, … More »

  • Weak petroleum, pharma hit US stocks
    Weak petroleum, pharma hit US stocks AFP News - 2 hours 36 minutes ago

    Weakness in petroleum-linked shares and pharmaceuticals pushed US stocks lower Wednesday as global markets awaited a speech this week by Federal Reserve Chair Janet Yellen. The declines by US pharma companies came as mounting criticism of drugmaker … More »

  • U.S. Troubles Over Trump and TPP Risk Emboldening China in Asia Bloomberg - 2 hours 57 minutes ago

    Beijing is boosting its military presence in the area unabated, in the face of stepped-up U.S. patrols and a recent arbitration court ruling that invalidated its claims to most of the waterway. After decades of U.S. dominance in the western … More »

  • Canada takes tougher line with China over canola export dispute
    Canada takes tougher line with China over canola export dispute Reuters - 2 hours 58 minutes ago

    Canada hardened its line with China on Wednesday in a dispute over Canadian canola exports, saying bilateral relations could not improve until Beijing took action to settle the matter. Trade Minister Chrystia Freeland made the remarks in an … More »

  • Stocks Decline on Emerging-Market Risk as U.S. Drugmakers Tumble Bloomberg - 3 hours ago

    Developing-nation shares slid after Turkey launched a military operation in Syria, while North Korea conducted a missile test. South Africa’s rand sank as the nation’s finance minister refused to report to police amid a probe. Drugmakers dragged … More »

  • Wall Street stocks retreat, oil tumbles on oversupply concerns
    Wall Street stocks retreat, oil tumbles on oversupply concerns Reuters - 3 hours ago

    Wall Street stocks retreated on Wednesday led by health care and materials stocks, while oil prices tumbled about 3.0 percent on worries about oversupply. Mylan (MYL.O) slumped 5.4-percent to $43.15 after U.S. presidential candidate Hillary Clinton … More »

  • Oil pipeline: The legal challenges and protests
    Oil pipeline: The legal challenges and protests Associated Press - 3 hours ago

    A federal judge has heard testimony in the Standing Rock Sioux Tribe's request to temporarily block the construction of a four-state oil pipeline near their reservation, which straddles the North Dakota-South ... … More »

  • Business Highlights Associated Press - 3 hours ago

    ___ The hidden risk to the economy in corporate balance sheets America's debt problem is showing up in an unexpected place: Corporate America. Of the $1.8 trillion in cash that's sitting in U.S. corporate ... … More »

  • U.S. banking regulators focused on cyber security after SWIFT attacks
    U.S. banking regulators focused on cyber security after SWIFT attacks Reuters - 3 hours ago

    U.S. banking regulators said on Wednesday they are focused on cyber security risks and controls for U.S. financial institutions after attacks earlier this year involving the global financial network known as SWIFT. In a letter responding to … More »

  • Dismal time for Gulf oil = record low lease bidding
    Dismal time for Gulf oil = record low lease bidding Associated Press - 3 hours ago

    The federal government's annual sale of oil and gas leases in the Gulf of Mexico attracted hardly any interest on Wednesday, reflecting a dismal outlook for offshore drilling. Only three oil companies ... … More »

  • Australia's Luxury-Car Binge Belies Its Drop in Living Standards Bloomberg - 3 hours ago

    "A lot has been made of softer economic conditions over the first half of 2016, however the same cannot be said for the luxury car market,'' said Savanth Sebastian, an economist at CommSec. "Higher home prices are boosting wealth levels and … More »

  • How the Dow Jones industrial average fared on Wednesday Associated Press - 4 hours ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. On Wednesday: The Dow Jones industrial average fell ... … More »

  • Stocks end lower as health-care companies decline
    Stocks end lower as health-care companies decline Associated Press - 4 hours ago

    Stocks closed lower on Wednesday, led by sharp declines in health-care companies as outrage over the steep price hikes for Mylan's EpiPens escalates. Trading remains quiet overall with many investors still ... … More »

  • Pharma shares under fire as US stocks fall AFP - 4 hours ago

    US stocks fell Wednesday with pharmaceutical shares tumbling as controversy over the sky-high price of Mylan's EpiPen prompted rebukes from the White House and Democratic presidential candidate Hillary ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

    Market Data

    • Currencies
      Currencies
      NamePriceChange% Chg
      1.3536-0.0002-0.01%
      USDSGD=X
      1.5260+0.0011+0.07%
      EURSGD=X
      1.7952+0.0046+0.26%
      GBPSGD=X
      74.1600+0.017+0.02%
      SGDJPY=X
      5.7253+0.0017+0.03%
      SGDHKD=X
      2.9777+0.0008+0.03%
      SGDMYR=X
      9,808.5225+25.2812+0.26%
      SGDIDR=X
      4.9136+0.0003+0.01%
      SGDCNY=X
      1.0323+0.0016+0.16%
      AUDSGD=X
    • Commodities
      Commodities
      NamePriceChange% Chg
      1,328.90-0.80-0.06%
      GCZ16.CMX
      18.50-0.06-0.33%
      SIU16.CMX
      95.34-8.55-8.23%
      ^XAU
      2.08+0.01+0.26%
      HGU16.CMX
      46.81+0.04+0.09%
      CLV16.NYM
    • Bonds
      Bonds
      TreasuryYield (%)Yield Change
      1.140.00
      ^FVX
      1.56+0.01
      ^TNX
      2.24+0.01
      ^TYX