Midway through trading Thursday, the Dow traded up 0.27
percent to 14,335.42 while the NASDAQ rose 0.15 percent to
3,227.36. The S&P also rose, gaining 0.17 percent to
Index Technicals: The S&P seems set to advance higher
today, creating an intra-day channel between 1,538 and 1,545.
The Dow looks to be forming a bullish MACD cross with 14,320
intra-day resistance, with a MACD cross on its daily chart.
The Russell seems to be stalling today at 931, slightly under
its 932 resistance and looks set for a bullish MACD cross on its
Finally, the NASDAQ looks to be holding at breakout over 3,197
and over its 3,200 intraday resistance.
Top Headline Smithfield Foods (NYSE:
) reported better-than-expected fiscal third-quarter
Smithfield's quarterly profit climbed to $81.5 million, or
$0.58 per share, from $79 million, or $0.49 per share, in the
Its sales rose 3% to $3.58 billion. However, analysts were
expecting earnings of $0.50 per share on sales of $3.53 billion.
Its gross margin declined to 9.2% from 10.9%, while total pork
sales rose 0.3%.
Equities Trading UP Ciena (NASDAQ:
) shot up 15.13 percent to $17.20 after the company reported a
surprise per-share profit in the fiscal first quarter.
Shares of Hot Topic (NASDAQ:
) got a boost, shooting up 29.07 percent to $13.88 after Sycamore
Partners announced its plans to acquire Hot Topic for $600
Navistar International (NYSE:
) was also up, gaining 25.84 percent to $31.41 after the company
reported upbeat Q1 profit.
Equities Trading DOWN MGIC Investment (NYSE:
) shares tumbled 9.27 percent to $5.09 after the company priced
135 million shares of its common stock at a price of $5.15 per
) was also down, falling 14.06 percent to $16.56 after the
company posted a wider-than-expected fourth-quarter loss.
Shares of PetSmart (NASDAQ:
) were down 7.53 percent to $61.54 after the company issued a
weak 2013 forecast.
Commodities In commodity news, oil traded up 0.85 percent to
$91.20, while gold traded up 0.13 percent to $1,576.90.
Silver traded up 0.13 percent Thursday to $28.84, while copper
rose 0.80 percent to $3.52.
Eurozone European shares were mostly higher today. The ECB
left interest rates unchanged at 0.75%.
The Spanish Ibex Index climbed 0.36 percent and the Italian
FTSE MIB Index gained 0.30 percent. The STOXX Europe 600 Index
fell 0.06 percent, London's FTSE 100 Index rose 0.18 percent,
French CAC 40 Index surged 0.53 percent and German DAX 30 index
gained 0.26 percent.
Economics Initial jobless claims declined 7,000 to 340,000 in
the week ended March 3. However, economists were expecting claims
to increase to 353,000.
US worker productivity contracted at an annual rate of 1.9% in
the fourth quarter, versus 2.0% in its preliminary estimate.
US trade gap widened $6.3 billion to $44.4 billion in January,
versus a $10.1 billion drop in the previous month. However,
economists were expecting the trade deficit to widen to $42.4
billion in January.
The Bloomberg Consumer Comfort Index rose to minus 32.4 in the
latest week ended March 3, versus minus 32.8 in the previous
Natural gas supplies declined 146 billion cubic feet for the
week ended March 1, the Energy Information Administration said.
However, economists were expecting a fall between 130 billion and
134 billion cubic feet.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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