Toward the end of trading Tuesday, the Dow traded up 1.41
percent to 16,024.00 while the NASDAQ surged 1.17 percent to
4,196.74. The S&P also rose, gaining 1.26 percent to
Leading and Lagging Sectors On Tuesday, the basic materials
sector proved to be a source of strength for the US market after
Yellen statement. Huntsman (NYSE:
) shares surged 2.62 percent after reporting strong quarterly
earnings, while China Gerui Advanced Materials Group (NASDAQ:
) gained around 2.5 percent.
Consumer goods stocks were underperformers in Tuesday's
trading, up on the day by just 0.5% compared to S&P's 1.03
percent gain. Among the consumer goods stocks, shares of Star
) were down by more than 1 percent.
Top Headline Sprint (NYSE:
) reported a
net loss. Sprint posted a quarterly loss of $1.04 billion, or
$0.26 per share, versus a year-ago loss of $1.32 billion, or
$0.44 per share. It posted an operating loss of $576 million,
compared to a year--earlier loss of $738 million. Its net
operating revenue surged to $9.14 billion versus $9.01 billion.
However, analysts were estimating a loss of $0.35 per share on
revenue of $8.98 billion. Sprint added 58,000 postpaid
subscribers and 322,000 prepaid subscribers.
Equities Trading UP Cadence Pharmaceuticals (NASDAQ:
) shot up 26.42 percent to $14.02 after Mallinckrodt plc (NYSE:
announced its plans
to acquire Cadence Pharma for $14.00 per share in cash.
Shares of iRobot (NASDAQ:
) was up as well, gaining 13.63 percent to $42.76 after as the
stock's new alltime high was breached, leading to bullish
sentiment on Wall Street.
Mallinckrodt plc (NYSE:
) was also up, gaining 12.72 percent to $66.95 after the company
announced its plans to buy Cadence Pharma for $1.3 billion.
Equities Trading DOWN Shares of Infoblox (NYSE:
) were down 47.01 percent to $17.59 after the company lowered its
FY14 revenue forecast. Wedbush downgraded the stock from
Outperform to Neutral and cut the price target from $36.00 to
) was down as well, falling 5.25 percent to $29.50 percent after
the company guided its fiscal year 2014 revenue and EPS below
Rackspace Hosting (NYSE:
) was down, falling 17.02 percent to $33.40 after the company
reported a drop
in its fourth-quarter net income and announced the retirement of
its Chief Executive Lanham Napier.
Commodities In commodity news, oil traded down 0.10 percent to
$99.96, while gold traded up 1.33 percent to $1,291.50.
Silver traded up 0.17 percent Tuesday to $20.25, while copper
rose 0.23 percent to $3.23.
Eurozone European shares were higher today.
The Spanish Ibex Index rose 1.09 percent, while Italy's FTSE
MIB Index climbed 1.04 percent.
Meanwhile, the German DAX surged 2.03 percent and the French
CAC 40 gained 1.09 percent while U.K. shares rose 1.23
Economics The ICSC-Goldman same-store sales index fell 0.3% in
the week ended Saturday versus the earlier week.
The NFIB Small Business Optimism Index rose to 94.10 in
January, versus a prior reading of 93.90. However, economists
were expecting a reading of 93.60.
The Redbook Chain Store Sales came in with a gain of 2.8
percent y/y, compared to a gain of 2.7 percent last week.
U.S. wholesale inventories rose 0.30% in December, versus
economists' expectations for a 0.50% gain.
(c) 2014 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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