by the Dow Jones Industrial Average (DJIA), and the S&P 500
Index (SPX) closing at its highest level since 2008, futures on all
three major market indexes are on track to continue Thursday's
bullish momentum. The steady stream of economic reports -- in the
form of consumer sentiment and inflation data -- set to hit the
Street is further driving the buying mood, with a
positive economic developments
already in the books. Against this optimistic outlook, the DJIA is
looking at a 68-point jump, while the broader SPX was last seen 5
points north of breakeven.
In earnings news, New York & Company, Inc. (NWY - 3.49)
swung to a fourth-quarter loss of $10.9 million, or 18 cents per
share, from its year-ago profit of $15 million, or 25 cents per
share, due in part to a $2.2-million impairment charge. Same-store
sales saw a 6.3% decline, while overall revenue backpedaled 10% to
$271.8 million. The results came in below analysts' expectations
for a per-share loss of 16 cents on $275.0 million in sales.
Dole Food (DOLE - 9.97) swallowed a fourth-quarter loss of $2
million, or 2 cents per share -- much improved from its year-ago
deficit of $31 million, or 35 cents per share. Revenue for the
period fell 1.4% to $1.54 billion, but DOLE's cost-cutting efforts
helped the produce giant narrow its quarterly loss. The bottom-line
results were better than expected, as analysts were bracing for a
steeper loss of 12 cents per share. However, Wall Street was
looking for a slightly healthier $1.57 billion in revenue.
Finally, ReneSola Ltd. (SOL - 2.46) fell to a fourth-quarter
loss of $36.7 million, or 21 cents per share, compared to last
year's profit of $61 million, or 34 cents per share, as weakening
demand and cost concerns continued to weigh on the bottom line.
Shipments declined 2.7% to 339.9 megawatts (
), while total revenue dropped 51% to $187.7 million. The results
beat analysts' expectations for a wider loss of 24 cents per share
on $146.7 million in sales. For the current quarter, SOL is calling
for revenue to land between $180 million and $190 million, well
above the Street's forecast for revenue of $156 million. SOL is
trading 16% higher ahead of the bell.
Today's earnings docket will also a feature report from China
). Keep your browser at
for more news as it breaks.
The week wraps up with the consumer price index (
), industrial production and capacity utilization, and the Thomson
Reuters/University of Michigan consumer sentiment index for
Equity option activity on the Chicago Board Options Exchange (
) saw 1,706,118 call contracts traded on Thursday, compared to
892,148 put contracts. The resultant single-session put/call ratio
arrived at 0.52, while the 21-day moving average was 0.64.
Stocks in Asia ended mixed today, with a downturn in crude
prices weighing on the energy sector. In Tokyo, exporters struggled
as the yen pared some of its recent losses versus the U.S. dollar,
but strength in tech helped push the market to a positive finish.
Over in China, equities bounced back from steep declines swallowed
earlier in the week, even as property stocks remain a pocket of
weakness. By the close, South Korea's Kospi slipped 0.5%, Hong
Kong's Hang Seng fell 0.2%, Japan's Nikkei edged up 0.06%, and
China's Shanghai Composite gained 1.3%.
European equities are pointed modestly higher at midday, led by
banks. UBS prompted a rally in Royal Bank of Scotland after
upgrading the stock to "buy," and the brokerage firm further stoked
the positive momentum by hiking its 2012 gross domestic product (
) estimates for both the U.K. and the euro zone. At last check, the
French CAC 40 is up 0.3%, London's FTSE 100 has added 0.4%, and the
German DAX has climbed 0.6%.
Currencies and Commodities
The greenback is
on the rebound
this morning, with the U.S. dollar index up 0.2% at $80.29. Crude
oil is headed north, as well, with the front-month contract last
seen 0.3% higher at $105.96 per barrel. Thanks to the strengthening
dollar, gold futures have pulled back, with the malleable metal
0.7% lower at $1,648 an ounce.
Unusual Put and Call Activity:
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