Following the market opening Monday, the Dow traded down 0.08
percent to 13,885.13 while the NASDAQ rose 0.19 percent to
3,155.63. The S&P also fell, decreasing 0.23 percent to
Top Headline One of the biggest names for tracking Chinese
markets and global economic growth conditions, Caterpillar (NYSE:
) reported earnings this morning, beating estimates. Despite the
beat, the company released very poor guidance, expecting a weak
first-quarter. Traders weren't scared away by the guidance
however, as shares rose roughly 2.4 percent in early trading.
Equities Trading UP Hess Corporation (NYSE:
) saw a 6.62 percent rally to $62.80 this morning as the company
announced it would exit the refining business and and is weighing
the sale of its terminal network.
Shares of Georgia Gulf (NYSE:
) were also up, gaining 4.38 percent to $52.44 after the company
reported its preliminary results of its exchange offer,
announcing that it had tendered 72.1 million shares.
Best Buy (NYSE:
) saw a boost this morning, gaining 2.50 percent to $16.17
following an upgrade to Buy at BB&T Capital.
Equities Trading DOWN Molycorp (NYSE:
) traded down 4.00 percent to $7.68 as shares gave back some of
the gains from Friday resulting from the pricing of the company's
follow on offering.
) was also down, falling 3.25 percent to $6.85 as the company
continued its decline from Friday.
Shares of Jos. A Bank (NASDAQ:
) took a 15.93 percent hit to $38.90 this morning after the
company snuck in a poor earnings announcement and very weak
guidance Friday night after the close of regular and post
Commodities In commodity news, oil traded up 0.72 percent to
$96.57, while gold traded down 0.13 percent to $1,654.50.
Silver traded up 0.76 percent Monday to $30.97.
Eurozone European markets were relatively flat this morning,
with Italy seeing some strength led by its financial sector.
While the Italian MIB index saw a 0.42 percent boost, the German
DAX, French CAC and Spanish Ibex were all down.
Economics In economic news Monday morning, durable goods
orders were reported late, but came in at 4.6 percent, well above
the projected 1.8 percent and the previous report of 0.80
Core durable goods came in at 1.30 percent, a smaller beat but
still above the estimates of 0.8 percent, and slightly higher
than the revised previous figure of 1.20 percent.
Pending home sales month over month were reported at -4.3
percent, well below the projected 0.0 percent and the prior
figure of 1.70 percent, while pending home sales year over year
were reported at 4.90 percent, missing expectations of 11.50
percent and the previous report of 8.90 percent.
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