Following the market opening Wednesday, the Dow traded up 0.27
percent to 14,291.72 while the NASDAQ rose 0.08 percent to
3,226.56. The S&P also rose, gaining 0.12 percent to
Index Technicals: The S&P 500 looks to break out over its
1,531 resistance today as its MACD attempts a bullish cross on
the daily chart. The trendline starting from November 16tj to
December 31st should hold.
The Dow looks set to break out over its 2007 high of
The Russell looks set to head upwards to test the 932
resistance after finding support at 894.
Finally, the NASDAQ looks set to break out over its September
2012 highs of 3,197 for a 2nd attempt, while its MACD will also
try a bullish cross today.
Top Headline American Eagle Outfitters (NYSE:
) reported a rise in its profit for the fourth quarter and issued
a weak sales outlook.
For the first quarter, American Eagle expects earnings of
$0.16 to $0.19 per share, missing analysts' estimates of $0.25
per share. Its fourth-quarter net income climbed to $94.8
million, or $0.47 per share, versus $51.3 million, or $0.26 per
share, in the year-ago period.
Its same-store sales increased 4%, while overall revenue
climbed 8.6% to $1.12 billion.
Equities Trading UP MGIC Investment (NYSE:
) shot up 12.17 percent to $5.99 after the company announced a
public offering of 135 million shares of its common stock and
$350 million in senior notes.
Shares of Petrobras (NYSE:
) got a boost, shooting up 11.51 percent to $16.16 after lifting
diesel fuel prices .
VeriFone Systems (NYSE:
) was also up, gaining 8.05 percent to $20.80 after the company
swung to a profit in the first quarter.
Equities Trading DOWN The Fresh Market (NASDAQ:
) shares tumbled 11.70 percent to $37.57 after the company
reported a 15.3% rise in its Q4 net sales.
American Eagle Outfitters (NYSE:
) was also down, falling 11.09 percent to $20.08 after the
company issued a weak sales outlook.
Shares of Sohu.com (NASDAQ:
) were down 7.72 percent to $45.07 after the company denied plans
to go private.
Commodities In commodity news, oil traded down 0.56 percent to
$90.31, while gold traded down 0.15 percent to $1,572.50.
Silver traded up 0.21 percent Wednesday to $28.67, while
copper fell 0.26 percent to $3.51.
Euro zone European shares were higher led by German shares
boosted by industrial stocks.Eurozone GDP for the fourth quarter
was confirmed at a 0.6 percent contraction in the latest
revision, in line with estimates and the same as the prior
The Spanish Ibex Index rose 0.27 percent and the Italian FTSE
MIB Index gained 0.57 percent. The STOXX Europe 600 Index rose
0.21 percent, London's FTSE 100 Index surged 0.37 percent, French
CAC 40 Index rose 0.03 percent and German DAX 30 index climbed
Economics US economy added 198,000 private jobs in February,
according to Automatic Data Processing. However, economists were
expecting a rise of 175,000 private-sector jobs.
The MBA's index of mortgage application activity rose 14.8% in
the latest week ended March 1, 2013.
US factory orders dropped 2% in January, versus estimates for
a 2.2% decline.
Charles Plosser of the Philadelphia Fed is set to speak and
Richard Fisher of the Dallas Fed is set to speak twice. In
addition, the Treasury is set to auction STRIPS.
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
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