Following the market opening Monday, the Dow traded down 0.11
percent to 14,381.79 while the NASDAQ fell 0.17 percent to
3,238.83. The S&P also fell, dropping 0.16 percent to
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 billion.
Equities Trading UP Genworth Financial (NYSE:
) shot up 6.96 percent to $10.53 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 9.10 percent to $3.8950 after Facebook
revamped its news feed tool.
)was also up, gaining 7.52 percent to $3.29.
Equities Trading DOWN Dick's Sporting Goods (NYSE:
) shares tumbled 7.63 percent to $46.74 after the company
reported downbeat Q4 results.
) was also down, falling 5.91 percent to $15.52 after the company
announced proposed offering of $150,000,000 of convertible senior
Shares of Liquidity Services (NASDAQ:
) were down 5 percent to $30.41 after Jim Cramer advised
investors to sell the stock.
Commodities In commodity news, oil traded down 0.36 percent to
$91.62, while gold traded up 0.24 percent to $1,580.70.
Silver traded down 0.41 percent Monday to $28.83, while copper
fell 0.39 percent to $3.50.
Euro zone 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 1.02 percent and the Italian
FTSE MIB Index dropped 0.63 percent. The STOXX Europe 600 Index
declined 0.20 percent, London's FTSE 100 Index rose 0.28 percent,
French CAC 40 Index fell 0.29 percent and German DAX 30 index
dropped 0.14 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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