Midway through trading Friday, the Dow traded up 0.20 percent to
14,082.60 while the NASDAQ rose 0.24 percent to 3,167.36. The
S&P also rose, gaining 0.21 percent to 1,517.38.
Index Technicals: For today, the S&P looks set to head lower
and re-test the 1,500 level, with 1,495 support lurking below.
The Dow is poised to hit its high of 14,149 and head lower to
test its 20 EMA at 13,928.28, with 13,860 acting as support below
The NASDAQ is set to head lower and test its 50 EMA at 3,124.09,
with a lower support set at 3,100.
Finally, the Russell looks to lose its 20 EMA this morning at
907.67, while heading lower to the 894 support.
Top Headline Best Buy Co (NYSE: BBY ) reported
better-than-expected fourth-quarter results.
Best Buy posted a quarterly loss of $409 million, or $1.21 per
share, versus a year-ago loss of $1.82 billion, or $5.17 per
Its revenue rose to $16.71 billion from $16.67 billion.
Excluding items, its adjusted profit came in at $1.64 per share.
However, analysts were expecting earnings of $1.54 per share on
sales of $16.3 billion.
Equities Trading UP MGIC Investment (NYSE: MTG ) shot up 26.85
percent to $3.78 after the company reported better-than-expected Q4
Shares of Deckers Outdoor (NASDAQ: DECK ) got a boost,
shooting up 15.07 percent to $46.50 after the company's Q4 earnings
surpassed analysts' estimates.
Sinclair Broadcast Group (NASDAQ: SBGI ) was also up,
gaining 12.89 percent to $15.90 after the company reached agreement
with DirecTV on a new retransmission consent agreement.
Equities Trading DOWN Atlantic Power (NYSE: AT ) shares tumbled
27.18 percent to $7.26 after the company's Q4 project income fell
by $7.9 million to project loss of $6.1 million.
Foster Wheeler AG (NASDAQ: FWLT ) was also down,
falling 16.58 percent to $20.07 after the company reported downbeat
Shares of McDermott International (NYSE: MDR ) were down 15.96
percent to $10.69, after the company reported weak fourth-quarter
Commodities In commodity news, oil traded down 1.46 percent to
$90.71, while gold traded down 0.15 percent to $1,575.30.
Silver traded up 0.13 percent Friday to $28.52, while COMEX
copper dropped 1.07 percent to $350.95.
Eurozone European shares were mostly lower after downbeat
economic data. Euro-zone inflation declined to 1.8% in February,
versus 2% in the earlier month. Euro-zone unemployment reached
11.9% in the month of January. Italian PMI came in below
expectations at 45.8, while German PMI beat expectations at
The Spanish Ibex Index tumbled 0.52 percent and the Italian FTSE
MIB Index dipped 1.54 percent. The STOXX Europe 600 Index fell 0.32
percent, London's FTSE 100 Index gained 0.28 percent, French CAC 40
Index declined 0.62 percent and German DAX 30 index fell 0.43
Economics Consumer spending in the US rose 0.2% in January,
versus a downwardly revised 0.1% rise in December. However,
personal income declined 3.6% in the month. Economists were
expecting a 0.2% gain in consumer spending and a 2.6% fall in
The final Markit manufacturing PMI dropped to 54.3 in the month
of February, versus 55.8 in January.
The University of Michigan/Thomson Reuters consumer-sentiment
index climbed to 77.6 in the month of February, versus a final
reading of 73.8 in January, beating economists' estimates of
The ISM manufacturing index rose to a reading of 54.2% in
February, versus 53.1% in January, surpassing expectations of
US construction spending declined 2.1% in January, versus a 1.1%
rise in the prior month.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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