MARKETS SNAPSHOT FOR 16/04/12
Tuesday, 17 April 2012 | 00:00
DJ30 PointChange: +71.82 Level: 12921.34 NASDAQ PointChange: -22.93 Level: 2988.4 SP500 PointChange: -0.69 Level: 1369.58 NASDAQ-Adv:1320 Dec: 1184 NYSE-Adv:1728 Dec: 1305
[BRIEFING.COM] Stocks ended the day mixed as the Dow advanced 0.6% and the Nasdaq fell 0.8%. The broad-based S&P 500 finished little changed with a loss of 0.1%. Equities opened on session highs following the strong retail sales data, but fell to their lows shortly after the business inventories and NAHB Housing Market Index data. The major indices then climb higher over the remainder of the session which forced the mixed close. European fears were back on the minds of traders as Spanish CDS hit a record high and the Spanish 10-yr yield rose to 6.111%.
Shares of Citigroup (C 34.04, +0.63) rallied 1.9% despite the company missing on both the top and bottom lines. The banking giant announced earnings per share of $0.95 on revenues of $19.41 billion as both numbers missed their consensus estimates by fairly wide margins. The Capital IQ Consensus estimate was calling for earnings of $1.00 per share on revenues of $19.94 billion. Credit Value Adjustment/Debt Valuation Adjustment was a negative $1.3 billion during the first quarter, resulting from the tightening of the company’s spreads, compared to -$256 million in the prior year.
European financials erased cut early losses despite the Spanish jitters. Banco Santander (STD 6.43, +0.03), Barclays (BCS 13.56, -0.04), and Deutsche Bank (DB 44.40, +0.10) closed mixed during U.S. trade.
Shares of homebuilders ended higher following this morning’s disappointing NAHB Housing Market Index number with the SPDR S&P Homebuilders ETF (XHB 20.80, +0.07) up 0.3%.
Endocyte (ECYT 7.62, +3.82) gained 100.5% after Merck (MRK 37.95, +0.17) announced it purchased the rights to Vintafolide, the company’s experimental cancer drug for as much as $1 billion. The drug is currently being evaluated in a Phase III clinical trial for platinum-resistant ovarian cancer and a phase II trial for non-small cell lung cancer.
Mobile phone ringtone maker Vringo (VRNG 3.97, +0.93) rose 30.6% following a disclosure filed by Mark Cuban which indicates he owns a 7.4% stake in the company.
Technology giants Apple (AAPL 580.13, -25.10) and Google (GOOG 606.07, -18.53) saw under notable selling pressure with both Nasdaq heavyweights losing in excess of 3.0%.
YPF Sociedad Anonima (YPF 19.50, -2.45) was under heavy selling pressure on reports the Argentine government will attempt to take a stake of as much as 50.01% in the company. The government says the takeover would be in “public interest.” There had been reports circulating early in 2012 suggesting a move like this may occur at some point in the future.
The dollar index finished lower near 79.55 after pushing above the 80.00 level in early trade. Driving the dollar weakness was strength in the euro (+0.5%) and the yen (+0.6%). Treasuries ended with small gains as light buying in the 10-yr dropped its yield 2.4 basis points to 1.974%.
Tomorrow morning, results from the following big names are scheduled to be released: Coca-Cola Co. (KO 72.44, +0.50), Goldman Sachs Group Inc. (GS 117.73, +2.64), Johnson & Johnson (JNJ 63.98, +0.44), Omnicom Group (OMC 49.19, +0.46), Northern Trust (NTRS 46.16, +0.46), State Street (STT 43.68, +0.49), TD Ameritrade (AMTD 18.78, -0.08) and U.S. Bancorp (USB 31.16, +0.26).
Tuesday will see housing starts and building permits at 8:30 am ET, as well as industrial production and capacity utilization at 9:15 am ET.
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