Stocks Shrug Off Bad News

RELATED QUOTES

SymbolPriceChange
LOW46.73+0.02
TSN42.75+0.31
DMND32.01+0.42
CSCO23.03+0.14
BTX2.73+0.01

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.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.25090.000.00%
    USDSGD=X
    1.7313+0.0031+0.18%
    EURSGD=X
    2.1055+0.0042+0.20%
    GBPSGD=X
    81.5519-0.1844-0.23%
    SGDJPY=X
    6.1992+0.0003+0.01%
    SGDHKD=X
    2.5914-0.0003-0.01%
    SGDMYR=X
    9,136.9150-6.1025-0.07%
    SGDIDR=X
    4.9725-0.0005-0.01%
    SGDCNY=X
    1.1706-0.0013-0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,298.80-4.70-0.36%
    GCM14.CMX
    19.52-0.11-0.56%
    SIK14.CMX
    90.83-1.04-1.14%
    ^XAU
    3.030.00+0.02%
    HGK14.CMX
    104.10+0.34+0.33%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65+0.04
    ^FVX
    2.64+0.01
    ^TNX
    3.45-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.1170.0000.00%
    B22.SI
    0.485+0.025+5.43%
    5GJ.SI
    2.28+0.100+4.59%
    5ME.SI
    2.20+0.010+0.46%
    JS8.SI
    0.6050.0000.00%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.20+0.034+20.48%
    5WD.SI
    0.215+0.015+7.50%
    5UE.SI
    0.485+0.025+5.43%
    5GJ.SI
    0.58+0.040+7.41%
    L5I.SI
    0.68+0.035+5.43%
    5DP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.012-7.84%
    5HH.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.192-0.008-4.00%
    567.SI
    0.84-0.040-4.55%
    S05.SI