Post Market Update
• US: Dow: 12788.50 (-0.06%), S&P 500: 1387.88 (0.07%), NASDAQ: 2916.68 (0.02%)
• Europe: CAC: 3462.06 (0.65%), DAX: 7172.99 (0.69%), FTSE: 5748.10 (0.18%).
• Asia-Pacific: Australia: 4385.70 (0.56%), China: 2008.92 (-0.40%), Hong Kong: 21228.28 (-0.16%), India: 5571.55 (0.00%), Japan: 9142.64 (-0.12%).
• Metals: Gold: 1723.60 (-0.62%), Silver: 32.93 (-0.78%), Copper: 3.52 (-0.31%)
• Energy: Crude Oil: 86.75 (-2.83%), Natural Gas: 3.83 (3.04%)
• Commodities: Corn: 7.46 (0.57%), Soya Bean: 14.12 (1.29%), Wheat: 8.60 (0.32%)
• Currency: Euro (€) / US Dollar ($) (EURUSD): 1.2819 (-0.29%), British Pound Sterling (UK£) / US Dollar ($) (GBPUSD): 1.5925 (-0.11%), US Dollar ($) / Japanese Yen (¥) (USDJPY): 81.6750 (0.43%)
• 10 year US Treasury: 1.666% (0.051)
Market and Economy News Update
U.S. markets end largely unchanged: U.S. markets ended flat in a choppy session of trading on Tuesday as Federal Reserve Chairman Ben Bernanke urged lawmakers to end the uncertainty over the so-called fiscal cliff. The Dow Jones Industrial Average (INDEXDJX:.DJI) erased 7.45 points, or 0.06 percent, to close at 12,788.51. The S&P 500 (INDEXSP:.INX) eked out a gain of 0.92 points, or 0.07 percent, to end at 1,387.81. The NASDAQComposite (INDEXNASDAQ:.IXIC) slipped 0.61 points, or 0.02 percent, to finish at 2,916.68.
Oil prices fall: Oil prices declined on Tuesday amid hopes that an imminent cease-fire on the Gaza Strip would ease concerns over supply risks in the Middle East. Crude oil for December delivery lost 2.8 percent, to settle at $86.75 a barrel on the New York Mercantile Exchange. Brent oil for December settlement slid 1.4 percent to $110.17 a barrel on the London-based ICE Futures Europe exchange.
Stocks in Focus
• salesforce.com, inc. (NYSE:CRM) reported third quarter adjusted earnings of 33 cents a share, on revenue of $788 million, compared to Street expectations for earnings of 32 cents per share on revenue of $776.5 million.
• Advertising company Interpublic Group of Companies, Inc. (NYSE:IPG) fell 0.1 percent after it sold its remaining investment in Facebook Inc (NASDAQ:FB) for proceeds of $95 million in cash.
• Homebuilders, PulteGroup, Inc. (NYSE:PHM), Lennar Corporation (NYSE:LEN), Hovnanian Enterprises, Inc. (NYSE:HOV), Toll Brothers Inc (NYSE:TOL) and D.R. Horton, Inc. (NYSE:DHI) all ended higher as October housing starts rose to their highest rate in four years.
• Teavana Holdings, Inc. (NYSE:TEA) fell 4.5 percent amid investor concerns that Starbucks Corporation (NASDAQ:SBUX) could walk away from buying the Atlanta-based tea seller following a report that pesticides in its tea leaves exceeded government regulations.
• Caterpillar Inc. (NYSE:CAT) said global sales of its construction and mining equipment grew 8 percent in the three months to the end of October.
• Cooper Tire & Rubber Company (NYSE:CTB) lost 0.3 percent on reports that India’s Apollo Tyres Limited (NSE:APOLLOTYRE) (BOM:500877) has “put on hold” its plans to acquire the company.
• Medtronic, Inc. (NYSE:MDR), the world's largest medical device maker, rose 2 percent amid signs that its key heart and spine markets were stabilizing. The company reported second-quarter earnings in line with analysts’ expectations.
• Rupert Murdoch's News Corp (NASDAQ:NWSA) (NASDAQ:NWS) has agreed to acquire a 49 stake in New York-based sports channel YES Network in a deal that values the entire network at about $3 billion.
• Schiff Nutrition International Inc (NYSE:SHF) tumbled 5.2 percent after Bayer AG (ETR:BAYN) (FRA:BAYN) decided not to top Reckitt Benckiser Group Plc (LON:RB)’s $42 a share bid for the vitamin maker.
• Patterson Companies, Inc. (NASDAQ:PDCO) closed 8.4 percent lower after the company said second-quarter earnings declined 7 percent on weak sales growth. The medical supply firm also lowered its full-year earnings outlook.
• Daktronics, Inc. (NASDAQ:DAKT) jumped 15 percent after posting better than expected second quarter earnings and revenue.
• Shoe Carnival, Inc. (NASDAQ:SCVL) plunged 11 percent after the footwear retailer offered current quarter earnings guidance below Street forecasts.
• Sunshine Heart Inc (NASDAQ:SSH) said it received unconditional approval from the U.S. Food and Drug Administration to begin an important trial for its implantable heart device, C-Pulse Heart Assist System.
• Energy company Inergy, L.P. (NYSE:NRGY) swung to a fourth-quarter profit of $540 million, or $4.10 a unit, compared to a loss of $50.2 million, or 42 cents a unit, in the year-ago period. Revenue dropped 32 percent to $304.2 million. Analysts had forecast a loss of six cents a share on revenue of $288 million.
• Chinese solar panel maker Trina Solar Limited (ADR) (NYSE:TSL) reported a bigger than expected third-quarter net loss and lowered its full-year shipment outlook for the second time in four months.
• Brown Shoe Company, Inc. (NYSE:BWS) posted third quarter earnings excluding items of 60 cents a share, on revenue of $732.2 million. Analysts were expecting the footwear retailer to earn 46 cents a share on revenue of $703 million.
• Becton, Dickinson and Co. (NYSE:BDX) raised its quarterly dividend 10 percent to 49.5 cents per share.
• Boston-based money manager Eaton Vance Corp (NYSE:EV) reported fourth quarter earnings excluding items of 53 cents per share, 5 cents above the average analysts’ estimate. Assets under management rose to $199.5 billion, compared with $188.2 billion a year earlier and $192.9 billion as of July 31.
Hedge Fund News Update
• Carl Ichan has raised his stake in embattled natural gas producer Chesapeake Energy Corporation (NYSE:CHK)