Midway through trading Friday, the Dow traded up 0.16 percent
to 14,077.60 while the NASDAQ rose 0.10 percent to 3,163.36. The
S&P also rose, gaining 0.11 percent to 1,516.38.
Index Technicals: For today, the S&P looks set to head
lower and re-test the 1,500 level, with 1,495 support lurking
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:
) 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 share. 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
Equities Trading UP MGIC Investment (NYSE:
) shot up 22.32 percent to $3.6450 after the company reported
better-than-expected Q4 revenue. Shares of Deckers Outdoor
) got a boost, shooting up 13.17 percent to $45.73 after the
company's Q4 earnings surpassed analysts' estimates. Sinclair
Broadcast Group (NASDAQ:
) was also up, gaining 10.44 percent to $15.55 after the company
reached agreement with DirecTV on a new retransmission consent
Equities Trading DOWN Atlantic Power (NYSE:
) shares tumbled 28.21 percent to $7.16 after the company's Q4
project income fell by $7.9 million to project loss of $6.1
million. Foster Wheeler AG (NASDAQ:
) was also down, falling 16.21 percent to $20.16 after the
company reported downbeat Q4 results. Shares of McDermott
) were down 14.07 percent to $10.93, after the company reported
weak fourth-quarter earnings.
Commodities In commodity news, oil traded down 1.37 percent to
$90.79, while gold traded down 0.18 percent to $1,575.30. Silver
traded up 0.36 percent Friday to $28.54, while copper dropped
1.24 percent to $28.54.
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 50.3.
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
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
personal income. 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 76.4. The
ISM manufacturing index rose to a reading of 54.2% in February,
versus 53.1% in January, surpassing expectations of 52.5%. 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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