Stocks rose briskly Friday although ended off the day's best
levels but finishing their best week since June. The Dow Jones
Industrial Average and the S&P 500 both close at record highs
and gain for the week after an unexpectedly large final revision
upward in Q3 GDP. Gains were broad-based, with all 10 sectors in
the S&P 500 ending on positive ground led by shares of
technology and industrial companies.
Wall Street extended its post-FOMC advance today after the final
revision to Q3 gross domestic production found the U.S. economy
growing faster than market expectations. The Bureau of Economic
Analysis reported a 4.1% growth rate during the three months ended
Sept. 30, up from an initial revision of 3.6% growth. Business
investment and consumer spending supported the increase although
much of the rise in consumer spending was due to higher to fuel and
healthcare costs. Businesses also continued to replenish
inventories at a rapid pace, possibly setting up a disappointing Q1
as companies begin to work through their recent buildups.
Other data this morning was not as bullish, with corporate
profits slowing slightly to a 5.6% pace during Q3 compared to 5.8%
in the previous quarter. The Kansas City Fed manufacturing index,
meanwhile, contracted to a negative 3.0 reading this month from a
positive 7.0 November reading.
Crude oil for February delivery settled 12 cents higher at
$99.16 per barrel while January natural gas slipped 6 cents to
$4.40 per 1 million BTU. February gold rebounded from its steep
dive Thursday, adding $10.20 to close again above $1,200 at
$1,203.80 per ounce. March silver rose 27 cents to $19.45 while
March copper advanced 2 cents to settle at $3.31.
Here's where the markets stood at end-of-day:
Dow Jones Industrial Average up 42 (+0.3%) to 16221
S&P 500 up 8.76 (+0.5%) to 1818
Nasdaq Composite Index up 46.61 (+1.2%) to 4,104.74
Nikkei 225 Index up 0.07%
Hang Seng Index down 0.33%
Shanghai China Composite Index down 2.02%
FTSE 100 Index up 0.33%
(+) JNY, Agrees to $2.2-bln buyout offer from Sycamore Partners,
including assumed debt, with shareholders receiving $15 in cash for
each share they now own - a 19% premium over its share price prior
to it saying April 12 it was considering a deal.
(+) RHT, Q3 earnings of $0.42 per share, ex items, beat analyst
expectations by $0.07. Revenue climbs 15.4% year over year to
$396.5 mln, topping the Capital IQ consensus by around $13.44 mln.
Issues upside Q4 guidance.
(+) JAZZ, Buys Gentium SpA (
) for $1 bln, acquiring the Italian biotech's Defitelio medication,
the first drug approved in Europe to treat blocked veins in the
liver caused by cancer therapies given prior to stem cell
transplants. GENT is up 2.6%.
(-) NAVB, Said the European Medicines Agency will continue its
assessment of the company's application for marketing authorization
for its Lymphoseek injection used in lymphatic mapping procedures
in patients with head and neck cancer.
(-) NKE, Shares decline after athletic wear company posts fiscal
EPS of $0.59, beating consensus estimates by $0.01 per share
although WhisperNumber.com was looking for $0.60. Revenue rises 8%
to $6.43 bln but narrowly trails Street view by $10 mln.
(-) TIBX, Seees Q1 EPS of $0.17 to $0.18, ex items, missing
expectations by at least $0.03 per share. Revenue is projected in a
range of $247 mln to $253 mln, or at least $2.3 mln below
estimates. Q4 license revenue also disappoints.