Mid-Day Update: U.S Stocks Broadly Higher, Following Global Markets to Upside


Stocks are broadly higher today, with U.S. equities rising following strong advances in the European and Asian markets along with an optimistic start last night to the company earnings reporting period. Several economic reports released today are mildly supportive as well.

Shares of Alcoa Inc ( AA ) -- traditionally the first of the S&P 500 companies to report its quarterly results -- are up about 1% at mid-day after the aluminum producer last night reported an $0.18 per share Q4 loss from continuing operations, largely in line with recently revised Street forecasts. The $6 billion in revenues at Alcoa during the quarter topped estimates.

In economic indicators released today, small-business optimism rose in December for the fourth consecutive month, according to the National Federation of Independent Business in its monthly survey. Optimism rose 1.8 points, settling at 93.8 last month and representing a 5.7-point gain since September. Despite the extended advance, the industry group cautioned that the total reading remains in recession territory.

Also, inventories at U.S. wholesalers rose 0.1% in November, following a revised 1.2% gain in October, the Commerce Department reported today. Economists had projected a 0.5% rise, according to the median estimate in a Bloomberg News survey. Sales climbed 0.6% in November, the agency said.

There were 3.2 million job openings on the last business day of November, unchanged from the end of October, the U.S. Bureau of Labor Statistics reported today. The hires rate was 3.2% and the separations rate was 3.0%, also little changed over the month although the job openings rate has trended upward since the end of the recession in June 2009.

In company news:

Yum! Brands ( YUM ) has hit new year highs today amid reports the company is set to expand its KFC outlets into seven more countries across Africa in 2012 and add 100 stores on the continent. Pizza Hut, another Yum brand, expects to enter South Africa this year or next, according to the MarketWatchreport.

Life Technologies ( LIFE ) is picking up considerable support day, with shares rising after unveiling its Benchtop Ion Proton Sequencer at the Consumer Electronics Show (CES) in Las Vegas. The new device is designed to decode a human genome in one day for $1,000.

Commodities are higher. February gold contracts are up $31.50 to $1639.60 an ounce, while February crude oil contracts are ahead $1.56 to $102.85 a barrel.

In energy ETFs, the United States Oil Fund ( USO ) is down 1.1% to $39.50 and the United States Natural Gas fund ( UNG ) is down nearly 2% at $6.40.

In precious metal ETFs, the SPDR Gold Trust (GLD) is up 1.7% to $159.24. Market Vectors Gold Miners (GDX) is up 2.2% to $54.83. iShares Silver Trust (SLV) is up almost 4% at $29.25.

Here's where markets stand at mid-day:

-NYSE up 90.31 (+1.19%) to 7,674.97

-DJIA up 102.78 (+0.83%) to 12,495.47

-S&P 500 up 13.80 (+1.08%) to 1,294.50

-Nasdaq up 29.62 (+1.11%) to 2,706.18


Nikkei up 0.4%.

Hang Seng up 0.7%.

Shanghai Composite up 2.7%.

FTSE-100 up 1.7%.


NYSE Energy up 1.18% at 12,868.25

NYSE Financial up 1.81% at 4,200.70

NYSE Health Care up 0.46% at 7,116.14

NYSE Arca Tech 100 up 1.09% at 1,110.79


(+) LULU, (+14%) Raises Q4 EPS Guidance TO $0.47-$0.49 VS consensus $0.42.

(+) REGN, (+13%) $24M-$25M Q4 Eylea sales top expectations.

(+) CRUS, (+13.5%) Q3 revenues $122M vs. consensus $98.5M; Q4 Forecast tops Street.


(-) TIF, (-11.3%) Lowers 2012 EPS guidance to $3.60-$3.65 from $3.70-$3.80..

(-) WBMD , (-26.5%) Warns 2012 profit will be "significantly lower"; Tables merger talks.

(-) LIZ, (-13.9%) CFO leaving to pursue opportunities in media industry.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: AA , LIFE , UNG , USO , YUM

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