Stocks finished mostly higher in choppy trading after mixed economic new. UMich consumer-sentiment gauge rose to a preliminary February reading of 76.3 — the highest level since November — from a final January reading of 73.8. Also, the Empire State manufacturing index moved into positive territory in February for the first time since July. Separately, industrial production slipped 0.1% in January after the Federal Reserve found the final two months of last year were stronger than initially estimated. Wal-Mart slid 2.15% after a Bloomberg News report that the co.’s called February sales “a total disaster” in an internal email. Apple lost 1.4% despite reports that hedge-fund giants David Einhorn and George Soros increased their holdings in the company and a note from Piper Jaffray predicting that the co. may host a product event sometime in the spring, citing past practices. Also, Agilent Technologies gave up 5.2% after reporting a 22% drop in earnings for its fiscal first, with a forecast for the current period that was below expectations. LogMeIn slid 29.6% after the co. issued a disappointing forecast for the current quarter and fiscal year, prompting downgrades on the stock from J.P. Morgan, Oppenheimer and Wunderlich. A key question for investors in the next week is whether the likelihood of federal spending cuts will spur a correction in a market that’s sitting at multiyear highs. Also, several key statistics on the economy will be released throughout the week, including the NAHB Housing Market index, housing starts, building permits and existing home sales, manufacturing data. Also, Philly Fed Index and minutes from last month's Fed's policy-making meeting. In corporate news, several companies will report corporate earnings this week, including Wal-Mart, BAE Systems and Dell.
Monday, February 18, 2013
Housing and manufacturing data in focus
Stocks finished mostly higher in choppy trading after mixed economic new. UMich consumer-sentiment gauge rose to a preliminary February reading of 76.3 — the highest level since November — from a final January reading of 73.8. Also, the Empire State manufacturing index moved into positive territory in February for the first time since July. Separately, industrial production slipped 0.1% in January after the Federal Reserve found the final two months of last year were stronger than initially estimated. Wal-Mart slid 2.15% after a Bloomberg News report that the co.’s called February sales “a total disaster” in an internal email. Apple lost 1.4% despite reports that hedge-fund giants David Einhorn and George Soros increased their holdings in the company and a note from Piper Jaffray predicting that the co. may host a product event sometime in the spring, citing past practices. Also, Agilent Technologies gave up 5.2% after reporting a 22% drop in earnings for its fiscal first, with a forecast for the current period that was below expectations. LogMeIn slid 29.6% after the co. issued a disappointing forecast for the current quarter and fiscal year, prompting downgrades on the stock from J.P. Morgan, Oppenheimer and Wunderlich. A key question for investors in the next week is whether the likelihood of federal spending cuts will spur a correction in a market that’s sitting at multiyear highs. Also, several key statistics on the economy will be released throughout the week, including the NAHB Housing Market index, housing starts, building permits and existing home sales, manufacturing data. Also, Philly Fed Index and minutes from last month's Fed's policy-making meeting. In corporate news, several companies will report corporate earnings this week, including Wal-Mart, BAE Systems and Dell.
