Post Market News
Stocks that were active in U.S. trading on Tuesday were The Home Depot, Inc. (NYSE:HD), hhgregg, Inc. (NYSE:HGG), Clearwire Corporation (NASDAQ:CLWR), Carnival Corporation (NYSE:CCL) and FX Energy, Inc. (NASDAQ:FXEN).
- U.S.: Dow Jones: 15,386.72 (0.34%), S&P 500: 1,669.19 (0.17%), Nasdaq: 3502.12 (+0.16%)
- World Markets: Shanghai: 2,305.11 (+0.22%), Nikkei 225: 15,381.02 (+0.13%), Hang Seng Index: 23,366.37 (-0.54%), TSEC: 8,383.05 (+0.07%), FTSE 100: 6,803.87 (+0.71%), EURO STOXX 50: 2,821.65 (-0.10%), BSE Sensex: 20,111.61 (-0.56%)
- Metals: Gold: $1377.60 (-0.47%), Silver: $22.46 (-0.56%), Platinum: $1458.40 (-1.76%)
- Currency: EUR/USD: 1.2910 (+0.10), USD/JPY: 102.35 (+0.08%), GBP/USD: 1.5171 (-0.64%), USD/CAD: 1.0277 (+0.49%), USD/CNY: 6.1356 (-0.05%), AUD/USD: 0.9805 (-0.13%)
- 10 year U.S. Treasury: 1.94% (-0.03), 30 year U.S. Treasury: 3.15% (-0.03)
Market & Economy Update
The stock markets moved higher today, while investors eagerly wait for Federal Reserve chairman Ben Bernanke’s testimony in Congress on Wednesday. A Fed policymaker indicated that the central bank may wind down its bond purchase program if the jobs market continues to improve at the current pace. The Dow Jones Industrial Average gained 52.14 points to 15,387.42, the S&P 500 Index rose 2.87 points to 1,669.16, while Nasdaq gained 5.69 points to 3,502.12.
Stocks In Focus
The Home Depot, Inc. (NYSE:HD)
The home improvement product retailer reported an 18 percent increase in its first quarter earnings to 83 cents a share, handily beating the consensus estimate of 77 cents. Revenues were also better than expectations. Home Depot upgraded its full year earnings and revenues guidance. Shares soared 2.54 percent to $78.71.
hhgregg, Inc. (NYSE:HGG)
The electronics and home appliances retailer’s fourth quarter earnings declined 82 percent amid weaker margins and declining sales. HHGregg said the year earlier period’s performance was helped by insurance-related proceeds. The company issued downbeat guidance for the current year that fell short of Wall Street expectations. Shares plunged 11.92 percent to end the session at $13.75.
Clearwire Corporation (NASDAQ:CLWR)
Sprint Nextel today increased its bid to acquire the remaining 50 percent stake in Clearwire that it doesn’t already own. Sprint increased its offer by 14 percent from $2.97 to $3.40 a share. The revised offer values Clearwire at $10.7 billion. Clearwire shareholders had opposed the previous offer, saying it was too low for the company’s valuations. Clearwire shares jumped 4.29 percent to $3.40 at the end of trading session.
Carnival Corporation (NYSE:CCL)
The cruise-line operator slashed its full year guidance for the second time in the past three months. The company said it’s been hit by lower ticket pricing, higher costs and voyage cancellations. The company now expects full year EPS between $1.45 and $1.65 per share, significantly below consensus estimate of $1.98 a share. Shares tanked 4.28 percent to $33.81.
FX Energy, Inc. (NASDAQ:FXEN)
The oil and gas exploration company reported that its production test at Tuchola-3K well has been successful. The successful testing has raised the possibility of the company establishing a new exploration play in Poland. Shares surged 38.035 to $4.90 at the end of trading session.