Stocks closed near their session highs Friday, lifting the Dow
Industrials and the S&P 500 indices to weekly gains for the
second week in a row. Shares overcame initial selling pressure that
followed a surprise drop in industrial production last month, while
an unchanged measure of consumer sentiment was comforting in its
lack of surprise and U.S. export and import prices posted a small
rise during January. Blue-chips led the markets higher today, while
all 10 sectors in the S&P 500 finished with advances.
Industrial production declined by 0.3% in January with
weather-related declines in mining and manufacturing offsetting
gains in heating demand output. The Street was looking for a modest
0.2% gain. Capacity utilization was also worse than expected,
declining to 78.3% from a revised 78.9% in December, trailing the
consensus estimate looking for a small improvement to 79.3%.
Prices for U.S. goods and services sold abroad climbed 0.2% last
month, the fourth rise in the past five months, the Labor
Department said. Analysts polled by Reuters had expected the
reading would be flat. Import prices also rose last month,
Also today, he Thomson Reuters/University of Michigan
preliminary index of consumer sentiment this month remained
unchanged at January's final read of 81.2. The Street was expecting
to see sentiment deteriorate to 80.5.
Crude oil for March delivery settled 5 cents lower at $100.30
per barrel while March natural gas slipped 1 cent to finish at
$5.21 per 1 million BTU. April gold rose $18.60 to $1,319.00 per
ounce while March silver added $1.03 to settle at $21.42 per ounce.
March copper rose 1 cent to $3.26 per pound.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average up 126 (+0.8%) to 16,154.39
S&P 500 up 8 (+0.5%) to 1,838.63
Nasdaq Composite Index up 3 (+0.1%) to 4,244.03
Hang Seng Index up 0.60%
Shanghai China Composite Index up 0.83%
FTSE 100 Index up 0.06%
(+) LCAV, Climbs to new 52-week high after agreeing to $106.4
mln buyout from PhotoMedex (
). LCAV shareholders will receive $5.37 a share - a 34% premium
over Wednesday's close. Deal seen adding to PHMD FY14 earning.
(+) QBAK, Tops $2 a share for first time in four years after
narrowing Q2 net loss by nearly 86% from last year, posting $0.02
per share loss. Revenue climbs 2.4% year over year to $3.44 mln. No
analyst estimates were available for comparison.
(+) LOGM, Shares rally to their best level in nearly three years
after the Internet messaging and data storage firm reported
non-GAAP earnings and revenue during its December quarter that beat
analyst forecasts. The stock also received a fresh upgrade to Buy
with a $48 price target at Needham & Co.
(-) ADAT, Narrows net loss by 36% from the same quarter last
year, recording $0.07 per share loss in fiscal Q2. Revenue
increases 39% over year-ago period to $1.5 million. No analyst
estimates were available for comparison.
(-) TRLA, Q4 EPS of $0.03 misses by $0.04 per share. Revenue
jumps 141.4% year over year to $49.7 mln, edging Capital IQ
consensus by $330,000. Guides Q1, FY14 revenue in-line with Street
view looking for $53.1 mln, $245.22 mln, respectively.
(-) GNC, Q4 earnings of $0.63 per share, ex items, misses by
$0.02. Revenue climbs 8.6% over year-ago levels to $613.7 mln,
trailing consensus view by $18.2 mln. Sees FY14 EPS of $3.18 to
$3.24, ex items, lagging expectations by $0.20 per share.
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