Post Market News
Stocks that were active in the U.S. trading on Tuesday are Sony Corporation (NYSE:SNE) (TYO:6758), SolarCity Corp (NASDAQ:SCTY), Trina Solar Limited (NYSE:TSL), Nanosphere, Inc. (NASDAQ:NSPH) and The Bon-Ton Stores, Inc. (NASDAQ:BONT).
- U.S.: Dow Jones: 15,210.56 (+0.79%), S&P 500: 1,650.34 (+1.01%), Nasdaq: 3,462.61 (+0.69%)
- World Markets: Shanghai: 2,217.01 (-1.11%), Nikkei 225: 14,758.42 (-0.16%), Hang Seng Index: 22,930.28 (-0.26%), TSEC: 8,251.82 (+0.04%), FTSE 100: 6,686.06 (+0.82%), EURO STOXX 50: 2,795.63 (+0.66%), BSE Sensex: 19,722.29 (+0.16%)
- Metals: Gold: $1424.50 (-0.68%), Silver: $23.38 (-1.34%), Platinum: $1501.90 (+1.17%)
- Currency: EUR/USD: 1.2936 (-1.80%), USD/JPY: 102.25 (+3.47%), GBP/USD: 1.5220 (-2.22%), USD/CAD: 1.0178 (+1.50%), USD/CNY: 6.1428 (+0.03%), AUD/USD: 0.9878 (-3.09%)
- 10 year U.S. Treasury: 1.95% (+0.06), 30 year U.S. Treasury: 3.15% (+0.07)
Market & Economy Update
The Congressional Budget Office said today that the federal budget deficit is estimated to shrink to $642 billion. The sharp reduction from last year is mainly due to tax increases, federal spending cuts and other revenue streams. The CBO expects the deficit to shrink further to $560 billion in 2014.
U.S. stock markets ended the session on a positive note. The Down Jones Industrial Average surged 123.57 points to 15,215.25, the S&P 500 Index was up 16.57 points to 1,650.34, while Nasdaq rose 23.82 points to 3462.61.
Stocks in Focus
Sony Corporation (NYSE:SNE) (TYO:6758)
Billionaire hedge fund manager Dan Loeb proposed today that the Japanese electronics maker should spin off its entertainment business that runs movie and music operations, and take 20 percent of the unit public. Sony responded by saying that the entertainment business is an important contributor to the company’s growth, so it will not be put on sale. American shares of the company surged 9.90 percent to end the session at $20.65.
SolarCity Corp (NASDAQ:SCTY)
The solar panel installer posted larger than expected first quarter losses due to overhead expenses. The company posted a loss of 41 cents or $28.2 million on revenues of $30 million. Analysts were expecting 39 cents in losses and $29.2 million in revenues. Shares skidded 12.37 percent to close the session at $31.44.
Trina Solar Limited (NYSE:TSL)
The company lowered its first quarter solar module shipment estimate without pointing any reason. Trina Solar also said today that its first quarter earnings will also be affected by certain one time items. Shares tanked 8.77 percent to $5.41 at the end of trading session.
Nanosphere, Inc. (NASDAQ:NSPH)
The molecular diagnostics platform maker has signed a collaboration and distribution agreement with Hitachi High-Technologies Corporation (TYO:8036), giving Hitachi exclusive rights to sell Nanosphere’s products in Japan. Shares soared 11.47 percent to close the session at $3.11
The Bon-Ton Stores, Inc. (NASDAQ:BONT)
The department store operator lowered its first quarter sales forecasts due to unfavorable weather impact. The revised estimates fell short of analysts’ estimates. The company forecasts first quarter revenues to come at $646.9 million, lower than analysts’ average estimate of $667 million. However, the stock rose 2.83 percent to $17.80.