The U.S. stock market recovered from early losses and the
major averages managed to close with very small gains after
grinding higher throughout the afternoon on Friday.
Wall Street's attention has primarily been focused on
corporate earnings reports this week amid a light docket of
The lone economic report released on the day was the final
reading for the University of Michigan Consumer Sentiment index,
which came in above expectations. In other markets, commodities
were mostly lower while Treasury prices rose.
The Dow Jones Industrial Average added around 3 points, or
0.02 percent, to 15,559.
The S&P 500 rose a little better than 1 point, or 0.08
percent, to 1,692.
The Nasdaq rose roughly 8 points, or 0.22 percent, to finish
University of Michigan Consumer Sentiment
The final reading for the University of Michigan Consumer
Sentiment index for July came in at 85.1, revised up from the
preliminary report of 83.9.
This was also an increase compared to the final reading for
June of 84.1. The consensus had expected the July reading would
be revised up to 84.1.
Starbucks CEO Howard Schultz breaks down his
company's Q3 results.
Energy prices were moderately lower on Friday. Near the close
of equities, NYMEX crude futures were down 0.73 percent to
$104.72. Brent crude futures had lost 0.42 percent to $107.20.
Natural gas was last down 2.25 percent to $3.56.
Precious metals also fell on the session. COMEX gold futures
had lost 0.49 percent to $1,323.00 while silver futures were down
by 1.63 percent to $19.83. Copper lost 2.51 percent and was last
trading at $3.1055.
The grains complex was largely higher on the day, but corn
futures fell. At last check, corn was down 0.57 percent while
wheat had added 0.15 percent. Movers in soft commodities included
coffee, which fell 2 percent, and orange juice, which lost 1.40
Long-term Treasury prices rose on Friday. Nearing the close of
equities, the iShares Barclays 20+ Year Treasury Bond ETF (NYSE:
) was up 0.73 percent to $108.26. Yields fell on the day as
prices moved up.
Treasury yields were as follows on Friday afternoon: The yield
on the 2-Year Note was 0.31 percent while the 5-Year Note yield
was sitting at 1.36 percent. Yields on the 10-Year Note and
30-Year Bond were 2.56 percent and 3.62 percent,
Hedge fund heavyweight David Einhorn's Q2 Letter
Triggers Volatility in a number of stocks on Friday.
The U.S. Dollar was very slightly lower to end the trading
week. Near the close, the PowerShares DB US Dollar Index Bullish
), which tracks the performance of the greenback versus a basket
of foreign currencies, was down 0.09 percent to $22.10.
The closely watched EUR/USD pair was last up 0.25 percent to
$1.3276. Other movers included the USD/JPY and AUD/USD, both of
which were volatile throughout the week. The USD/JPY fell 1.38
percent on the session while the AUD/USD climbed 0.50
Volatility and Volume
The CBOE Volatility Index fell slightly on the day in the wake
of small gains for stocks. The widely watched barometer of
volatility expectations lost 1.54 percent to 12.77.
Volume was below average on the session. Around 90 million
SPDR S&P 500 ETF (NYSE:
) shares traded hands compared to a 3-month daily average of
SPS Commerce (NASDAQ:
) had jumped more than 17 percent in late trade after the company
reported second-quarter earnings above Wall Street estimates.
Activision Blizzard (NASDAQ:
) was up almost 15 percent near the close after the company
announced a transaction to re-purchase most of majority
shareholder Vivendi's majority stake for $8.2 billion.
Shares of recent IPO Phillips 66 Partners (NYSE:
) had jumped almost 10 percent near the close of trading.
Investor enthusiasm over surprising Q2 results from Xoom
) earlier in the week continued on Friday. The stock broke out to
a new 52-week high on the day and was last up almost 11
) added around 4 percent after the company announced a plan to
repurchase around 8 percent of its outstanding stock using a
Dutch auction process.
) climbed better than 5 percent after reporting a 12 percent rise
in its fiscal first-quarter earnings results.
) plunged after the company reported very disappointing fiscal
second-quarter financial results.
) fell almost 23 percent after the company's second-quarter
results failed to impress investors.
Struggling online game-maker Zynga (NASDAQ:
) reported better-than-expected fiscal Q2 results, but guidance
was disappointing. The stock was trading down around 14 percent
late on Friday.
), formerly Coinstar, lost around 13 percent on Friday after the
company's fiscal second-quarter financial results.
Chip maker Cirrus Logic (NASDAQ:
) lost almost 13 percent on the day in the wake of Q1 earnings
that missed expectations.
) lost around 9 percent on the day after providing guidance which
was below analysts' expectations. RBC Capital Markets downgraded
the stock to underperform, saying in a client note that "the core
business is deteriorating and its recently acquired assets are
not yet providing the synergistic wins on the carrier side."
Tempur Sealy International (NYSE:
) fell almost 12 percent on Friday after reporting a Q2 loss and
cutting its fiscal 2013 guidance.
Vertex Pharmaceuticals (NASDAQ:
) fell nearly 8 percent on Friday after the company said that the
FDA put a partial hold on a mid-stage study of its experimental
hepatitis C treatment VX-135 over toxicity concerns.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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