Following the market opening Tuesday, the Dow traded down 0.39
percent to 14,761.62 while the NASDAQ declined 0.08 percent to
3,304.35. The S&P also fell, dropping 0.26 percent to
Index Technicals: The S&P is stalling at its 1,556/1,597
highs, with 1,575 acting as support below. The Dow is also
stalling, at the 14,850 level and 14,750 support below, while
having 14,900 resistance higher. Next up, the NASDAQ is stalling
as well at its 3,320 highs, with 3,275 forming as support below.
Finally, the Russell is stalling just under its 945 resistance
with 930 as support lower and 950 as resistance above. Top
Headline Pfizer (NYSE:
) reported a 53% rise in its first-quarter earnings and lowered
its 2013 forecast. For the year, Pfizer now expects earnings of
$2.14 to $2.24 per share on revenue of $55.3 billion to $57.3
billion. The company had earlier expected earnings of $2.20 to
$2.30 per share on revenue of $56.2 billion to $58.2 billion.
Pfizer's quarterly profit surged to $2.75 billion, or $0.38 per
share, from $1.79 billion, or $0.24 per share, in the year-ago
period. Excluding one-time items, its adjusted earnings from
continuing operations came in at $0.54 per share. Its revenue
fell 9.3% to $13.5 billion. However, analysts were expecting
earnings of $0.55 per share on revenue of $13.99 billion.
Equities Trading UP Avon Products (NYSE:
) shot up 7.10 percent to $23.82 after the company reported
upbeat quarterly profit. Shares of UBS AG (NYSE:
) got a boost, shooting up 7.02 percent to $17.96 after the bank
posted a net profit of $1 billion in the first quarter. Best Buy
) was also up, gaining 7.52 percent to $26.02 after the company
announced its plans to sell its stake in its European joint
venture. Equities Trading DOWN Nuance Communications (NASDAQ:
) was down, falling 18.13 percent to $19.07 on weak Q2 results.
Shares of Pitney Bowes (NYSE:
) were down 15.68 percent to $13.66 on Q1 results. MGIC
) shares tumbled 9.31 percent to $4.9699 after the company
reported downbeat Q1 results. Commodities In commodity news, oil
traded down 0.26 percent to $94.25, while gold traded up 0.11
percent to $1,469.00. Silver traded up 0.47 percent Tuesday to
$24.28, while copper fell 0.87 percent to $3.20. Eurozone
European shares were mostly lower today. The Eurozone
Unemployment Rate rose to 12.1 percent in March, in line with
expectations and higher than February's reading of 12.0 percent.
Eurozone April CPI fell to a 1.3 percent annualized rate from 1.8
percent in March, well below the expected 1.8 percent rate,
raising hopes that the ECB will cut rates as it has only a price
The Spanish Ibex Index fell 0.06 percent while the Italian
FTSE MIB Index dropped 0.28 percent. Meanwhile, the German DAX
rose 0.75 percent and the French CAC dropped 0.11 percent and
U.K. shares declined 0.16 percent.
Economics The employment cost index increased 0.3% in the
first quarter, versus economists' estimates of a 0.5% rise.
The ICSC/Goldman Sachs Retail Chain Store Sales Index rose
0.4% in the week ended Saturday versus the week earlier.
The S&P/Case-Shiller composite index surged 0.3% in
February and rose 9.3% y/y.
National chain store sales for the first three weeks of April
dropped 2.5% versus March, according to Redbook Research's latest
Chicago PMI declined to 49.0 in April, versus 52.4 in March.
However, economists were expecting a 52.5 reading.
The consumer confidence index surged to 68.1 in April, versus
a revised 61.9 in March. However, economists were expecting a
reading of 61.3. The expectations index increased to 73.3, versus
63.7 in March.
The FOMC meeting begins Tuesday and the Treasury is set to
auction 4-week and 52-week bills.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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