Midway through trading Monday, the Dow traded up 0.19 percent
to 14,425.13 while the NASDAQ fell 0.01 percent to 3,244.04. The
S&P also rose, gaining 0.11 percent to 1,552.86.
Index Technicals: The S&P looks set to stall at 1,552,
with lower intraday support at 1,538.
The Dow also seems set to stall, stopping at 14,413 with lower
support at 14,100 on its daily chart, while intra-day support
looks to be set at 14,230.
The Russell looks to be stalling out as well, right around the
942.50 level as 930 acts as intraday support.
Finally, the NASDAQ seems to be set to lose momentum too,
stalling at 3,250, with intraday support coming in at 3,215.
Top Headline Dick's Sporting Goods (NYSE:
) reported downbeat fiscal fourth-quarter earnings. For fiscal
2014, Dick's projects earnings of $2.84 to $2.86 per share on
adjusted same-store sales growth of 2% to 3%. However, analysts
expected a profit of $2.92 per share. Dick's quarterly profit
surged to $129.7 million, or $1.03 per share, from $111.1
million, or $0.88 per share, in the year-ago period. However,
analysts were expecting a profit of $1.06 per share. Its revenue
rose 12% to $1.81 billion, versus analysts' estimates of $1.86
Equities Trading UP Genworth Financial (NYSE:
) shot up 6.71 percent to $10.50 following a positive article in
Barron's this weekend which stated that the stock could double in
the next year.. Shares of Zynga (NASDAQ:
) got a boost, shooting up 7.84 percent to $3.85 after Facebook
revamped its news feed tool. Research In Motion (NASDAQ:
) was also up, gaining 10.34 percent to $14.41 after the company
announced its plans to launch new Z10 smartphone in U.S. on March
22 with AT&T.
Equities Trading DOWN Dick's Sporting Goods (NYSE:
) shares tumbled 9.35 percent to $45.87 after the company
reported downbeat Q4 results. Blucora (NASDAQ:
) was also down, falling 5.03 percent to $15.66 after the company
announced proposed offering of $150,000,000 of convertible senior
Shares of Valero Energy (NYSE:
) were down 4.70 percent to $43.36.
Commodities In commodity news, oil traded down 0.59 percent to
$91.41, while gold traded up 0.15 percent to $1,579.20. Silver
traded down 0.25 percent Monday to $28.88, while copper rose 0.23
percent to $3.52.
Eurozone European shares were mostly lower following Fitch's
late-day downgrade of Italy to BBB+ on Friday. Italy's economy
shrank slightly more than expected in the fourth quarter, with
GDP contracting 2.8 percent from the same period a year ago,
slightly worse than the forecasted rate of 2.7 percent. Germany's
trade balance was reported as in line with forecasts overnight,
however exports and imports both grew faster than expected,
showing slight underlying strength of the German economy in the
face of a broad European recession. The Spanish Ibex Index
tumbled 0.95 percent and the Italian FTSE MIB Index dropped 0.87
percent. The STOXX Europe 600 Index declined 0.17 percent,
London's FTSE 100 Index rose 0.23 percent, French CAC 40 Index
fell 0.19 percent and German DAX 30 index dropped 0.16 percent.
Economics On the economics calendar Monday, the Treasury is
expected to auction 3-month and 6-month bills. Overnight, German
inflation, British industrial production, and Spanish and Italian
bill auctions could move markets.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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