Stocks finished the week with modest gains after a mixed batch of data. Investors digested news that during April consumer spending and incomes increased by 0.4% respectively, in line with expectations. The final Consumer Sentiment Survey for May came in surprisingly high at 74.3. April pending home sales plummeted a much sharper-than-expected 11.6%. Chip stocks led the tech sector higher. Marvell jumped 11.1% after upbeat Q1 results and forecast. Broadcom jumped 5.4% after FBR Capital Markets added the chip maker to its “Top Picks” list, citing strong growth opportunities in the wireless market. Also, eBay’s PayPal unit filed a lawsuit against Google over the latter’s new online payment service. The economy and jobs data will be front and center this week. Also, Intel, Hewlett-Packard, Netflix and Google could produce market-moving news at conferences. Implied volatility unchanged at the 15 level.
Monday, May 30, 2011
Posted modest gains
Stocks finished the week with modest gains after a mixed batch of data. Investors digested news that during April consumer spending and incomes increased by 0.4% respectively, in line with expectations. The final Consumer Sentiment Survey for May came in surprisingly high at 74.3. April pending home sales plummeted a much sharper-than-expected 11.6%. Chip stocks led the tech sector higher. Marvell jumped 11.1% after upbeat Q1 results and forecast. Broadcom jumped 5.4% after FBR Capital Markets added the chip maker to its “Top Picks” list, citing strong growth opportunities in the wireless market. Also, eBay’s PayPal unit filed a lawsuit against Google over the latter’s new online payment service. The economy and jobs data will be front and center this week. Also, Intel, Hewlett-Packard, Netflix and Google could produce market-moving news at conferences. Implied volatility unchanged at the 15 level.
