"In what seemed almost like a repeat of yesterday, we had
another round of earnings reports and major market averages
finished in mixed fashion," quipped Schaeffer's Senior Equity
Analyst Joe Bell, CMT. "Telecom names and energy stocks both
performed quite well, while the materials sector definitely
underperformed. Overall, we still seem to be in a consolidation
period, as participants digest the slew of earnings reports." The
Dow Jones Industrial Average (DJI)
finished lower on the day once again, underperforming its index
Trading Topic of the Week
Continue reading for more on today's market, including
-- Trading Stock Trends:
Confirm that there are still some skeptics on the
A solid uptrend is certainly impressive to look at, but a pretty
chart alone doesn't guarantee a profitable trade. After all, a
rally looks best right at the top.
Dow Jones Industrial Average (DJI - 16,373.34)
spent its day in the red, ultimately closing 41.1 points, or 0.3%,
lower. Eleven of the Dow's components closed higher, led by The
Boeing Company's (
) 1.9% gain. Pacing the 19 laggards was International Business
Machines Corp. (
), which suffered an earnings-induced drop of 3.3%.
S&P 500 Index (SPX - 1,844.86)
inched higher on the day, closing up 1.1 points, or almost 0.1%.
Nasdaq Composite (COMP - 4,243.00)
was the day's outperformer, gaining 17.2 points, or 0.4%, and
notching its highest close since July 2000.
CBOE Volatility Index (VIX - 12.84)
spent a healthy chunk of Wednesday's session in positive territory,
but closed fractionally lower, off less than 0.1 point, or
5 Items on Our Radar Today
- International Business Machines Corp. (
) announced fourth-quarter earnings that exceeded expectations,
sales figures missed the mark
. This was the fourth consecutive quarter that revenue has not
been in line with analysts' estimates.
- Offering another vote of confidence in the iPad parent,
activist investor Carl Icahn
lifted his stake
in Apple Inc. (
) to $500 million. Icahn continues to apply pressure to Apple
executives in hopes of increasing the company's buyback plan.
Tesla Motors Inc (
speculators hit the options pits today, focusing on very
short-term bullish bets.
- After its turn in the earnings confessional,
Advanced Micro Devices, Inc. (AMD)
suffered a pair of price-target reductions.
SunPower Corporation (SPWR)
remains popular among option bears and short sellers, despite its
impressive showing on the charts.
For a look at today's options movers and commodities
activity, head to page 2.
Crude futures closed at a year-to-date high, after the newly
front-month March contract added $1.76, or 1.9%, to settle at
$96.73 per barrel.
Gold futures declined for a second consecutive session,
following negative comments from an investment bank. By the closing
bell, February gold futures were off $3.20, or 0.3%, to end the day
at $1,238.60 an ounce.