Post market news. Stocks that were in focus on the U.S. stock markets on Monday include: JPMorgan Chase & Co. (NYSE:JPM), Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF), Smith & Wesson Holding Corporation (NASDAQ:SWHC), Caribou Coffee Company, Inc. (NASDAQ:CBOU), Pfizer Inc. (NYSE:PFE), Compuware Corporation (NASDAQ:CPWR), Enzon Pharmaceuticals, Inc. (NASDAQ:ENZN), NuStar Energy L.P. (NYSE:NS), Garmin Ltd. (NASDAQ:GRMN), Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX), First Majestic Silver Corp (NYSE:AG) and Tranzyme Inc (NASDAQ:TZYM).
Post Market Update
• US: Dow: 13235.40 (0.76%), S&P 500: 1430.42 (1.19%), NASDAQ: 3010.60 (1.32%)
• Europe: CAC: 3638.10 (-0.14%), DAX: 7604.94 (0.11%), FTSE: 5912.15 (-0.16%)
• Asia-Pacific: Australia: 4573.40 (-0.21%), China: 2160.34 (0.45%), Hong Kong: 22513.61 (-0.41%), India: 5857.90 (-0.37%), Japan: 9828.88 (0.93%).
• Metals: Gold: 1698.20 (0.07%), Silver: 32.28 (-0.06%), Copper: 3.67 (-0.46%)
• Energy: Crude Oil: 87.45 (0.83%), Natural Gas: 3.27 (-5.35%)
• Commodities: Corn: 7.24 (-0.92%), Soya Bean: 14.88 (-0.22%), Wheat: 8.08 (-0.74%)
• Currency: Euro (€) / US Dollar ($) (EURUSD): 1.3163 (-0.03%), British Pound Sterling (UK£) / US Dollar ($) (GBPUSD): 1.6203 (-0.22%), US Dollar ($) / Japanese Yen (¥) (USDJPY): 83.8450 (0.46%)
• 10 year US Treasury: 1.772% (0.072)
Market and Economy News Update
U.S. markets end higher: U.S. markets accelerated their gains in the final hour of trading to finish higher on Monday as investors cheered reports of progress in Washington over a budget deal to resolve the fiscal cliff. The White House said President Obama and House Speaker John Boehner met today in their talks on avoiding spending cuts and tax increases in January, but provided no additional details. The Dow Jones Industrial Average (INDEXDJX:.DJI) rallied 100.38 points, or 0.76 percent, to close at 13,235.39 and the S&P 500 (INDEXSP:.INX) jumped 16.78 points, or 1.19 percent, to finish at 1,430.36, while the NASDAQComposite (INDEXNASDAQ:.IXIC) soared 39.27 points, or 1.32 percent, to end at 3,010.60.
Oil prices rise: Oil prices gained for the second consecutive session on Monday, buoyed by optimism about U.S. budget talks, and continued uncertainty and political turmoil in the Middle East. Crude oil for January delivery added 0.8 percent, to settle at $87.45 a barrel on the New York Mercantile Exchange. Brent oil for January settlement lost 0.2 percent to $107.99 a barrel on the London-based ICE Futures Europe exchange.
Stocks in Focus
JPMorgan Chase & Co. (NYSE:JPM)
The U.S. Securities and Exchange Commission has approved the first exchange-traded fund backed by physical copper, allowing JPMorgan Chase & Co. (NYSE:JPM) to list its JPM XF Physical Copper Trust on NYSE Arca Inc. A spokesman for JPMorgan Chase & Co. (NYSE:JPM) declined to comment on when the firm plans to launch the fund. Shares of JPMorgan Chase & Co. (NYSE:JPM) jumped 1.6 percent to close at $43.48. A consortium of U.S. copper fabricators as well as a large hedge fund had fought hard to get the SEC to block the funds, saying it would hurt the industry by creating shortages and driving up prices.
Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) will sell its U.S. annuity business for $1.35 billion to Delaware Life Holdings, a unit of asset manager Guggenheim Partners. Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) President Dean Connor said the sale will significantly lower the Toronto-based insurer’s risk profile and earnings volatility. The company said it would use the cash raised to support its dividend program and expand in fast growing regions like Asia. Sun Life Financial Inc. (TSE:SLF) (NYSE:SLF) shares were down 3.6 percent at $27.18 on the New York Stock Exchange on Monday.
Smith & Wesson Holding Corporation (NASDAQ:SWHC)
Shares of Smith & Wesson Holding Corporation (NASDAQ:SWHC) plunged 5.3 percent to $8.65 a share amid talks about tighter gun control laws following last week’s elementary school shooting that left 20 children dead in Newtown, Connecticut. The killings by a single gunman have reignited the debate over restrictions on the sales of firearms. Smith & Wesson Holding Corporation (NASDAQ:SWHC) shares have more than doubled this year through last week.
Caribou Coffee Company, Inc. (NASDAQ:CBOU)
Caribou Coffee Company, Inc. (NASDAQ:CBOU) soared 31 percent after closely-held German investment group Joh. A. Benckiser said it would acquire the premium coffee house operator for $16 per share in cash, or about $340 million. Caribou Coffee Company, Inc. (NASDAQ:CBOU) will continue to be based in Minneapolis and operate as an independent company post the buyout, the companies said today in a statement. Earlier this year, Benckiser spent about $1 billion to buy Peet's Coffee & Tea, Inc. (NASDAQ:PEET). Caribou Coffee Company, Inc. (NASDAQ:CBOU), founded in 1992, has 610 outlets in 22 U.S. states.
Pfizer Inc. (NYSE:PFE)
Pfizer Inc. (NYSE:PFE) said its board has raised the quarterly dividend 9.1 percent to 24 cents per share from 22 cents per share. The dividend will be paid on March 5 to shareholders of record as of February 1. The increased payout will cost Pfizer Inc. (NYSE:PFE) about $59 million a year. Last month, Pfizer Inc. (NYSE:PFE) reported a drop in quarterly profit due to falling sales of its cholesterol drug, Lipitor, which lost U.S. market exclusivity. Pfizer Inc. (NYSE:PFE) shares rose 17 cents to $25.35.
Compuware Corporation (NASDAQ:CPWR)
Compuware Corporation (NASDAQ:CPWR) rallied sharply after Elliott Management Corp. offered to buy the Detroit-based software development company