Post Market Update
Stocks that traded actively in U.S. markets on Friday include: JPMorgan Chase & Co. (NYSE:JPM), Whirlpool Corporation (NYSE:WHR), Baker Hughes Incorporated (NYSE:BHI), Qihoo 360 Technology Co Ltd (NYSE:QIHU), Sohu.com Inc (NASDAQ:SOHU), State Street Corporation (NYSE:STT), Starwood Hotels & Resorts Worldwide, Inc (NYSE:HOT), Rockwell Collins, Inc. (NYSE:COL), RetailMeNot Inc (NASDAQ:SALE), OXiGENE Inc (NASDAQ:OXGN)
Baupost's investment process involves "never-ending" gleaning of facts to help support investment ideas Seth Klarman writes in his end-of-year letter to investors. In the letter, a copy of which ValueWalk has been able to review, the value investor describes the Baupost Group's process to identify ideas and answer the most critical questions about its potential Read More
US: Dow: 15543.70 (-0.03%), S&P 500: 1691.63 (0.13%), NASDAQ: 3587.61 (-0.66%)
Europe: CAC: 3925.32 (-0.06%), DAX: 8331.57 (-0.07%), FTSE: 6630.67 (-0.06%)
Asia-Pacific: Australia: 4972.10 (-0.43%), China: 1992.65 (-1.54%), Hong Kong: 21362.42 (0.08%), Japan: 14589.91 (-1.50%).
Metals: Gold: 1292.90 (0.68%), Silver: 19.46 (0.37%), Copper: 3.14 (0.27%)
Energy: Crude Oil: 108.05 (0.01%), Natural Gas: 3.79 (-0.60%)
Commodities: Corn: 5.01 (0.00%), Soya Bean: 12.74 (0.65%), Wheat: 6.64 (0.61%)
Currency: EUR/USD: 1.3143 (0.26%), GBP/USD: 1.5272 (0.30%), USD/JPY: 100.3400 (-0.09%)
10-year US Treasury: 2.478% (-0.050)
U.S. markets end mixed: Stocks closed mixed, with the S&P 500 eking out a small gain, while the Dow and the NASDAQ ended lower on Friday. Among S&P sectors, techs led the laggards, following a batch of disappointing earnings, while health-care gained in trade. According to data compiled by Bloomberg, about 72 percent of S&P 500 companies that have reported earnings have topped analysts’ estimates. The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 4.80 points, or 0.03%, to 15,543.74, while the S&P 500 (INDEXSP:.INX) squeezed out small gains to end up 2.72 points, or 0.2%, at 1,692.09. The NASDAQ (INDEXNASDAQ:.IXIC) dropped 23.66 points, or 0.7%, to end at 3,587.61. The Dow and S&P logged their fourth-consecutive week higher.
Oil ends above $108: Oil prices finished flat on Friday, but managed to record their fourth-weekly gain in a row, as traders booked profits at the end of the week. Crude oil for August delivery rose a penny, to settle at $108.05 a barrel on the New York Mercantile Exchange. Brent oil for September settlement lost 63 cents, or 0.6%, to end at $108.07 a barrel on the London-based ICE Futures Europe exchange.
Stocks in News:
JPMorgan Chase & Co. (NYSE:JPM)
JPMorgan Chase & Co. (NYSE:JPM) announced that two directors, David Cote and Ellen Futter, have left the board. The company said it expects to appoint new directors “as the year goes on.” Cote and Futter sat on the board’s risk committee in the run-up to the massive losses from the London Whale trades. J.P. Morgan shares were down 0.4%.
Whirlpool Corporation (NYSE:WHR)
Shares rallied in trade after the home appliances company posted better than expected quarterly revenue and raised its full-year adjusted per-share earnings view. Excluding items, earnings were $2.37 per share, 5 cents below the average analysts’ estimate. Sales rose 5.3 percent to $4.74 billion, compared with expectations for $4.66 billion. In addition, Whirlpool increased its full-year diluted earnings guidance to a range of $10.05 to $10.55 per share from its earlier view $9.80 to $10.30 per share.
Charter Communications, Inc. (NASDAQ:CHTR), Goldman Sachs Group Inc (NYSE:GS), Time Warner Cable Inc (NYSE:TWC)
John Malone-backed cable operator Charter Communications, Inc. (NASDAQ:CHTR) has reportedly hired Goldman Sachs Group Inc (NYSE:GS) to pursue a bid for Time Warner Cable Inc (NYSE:TWC). Officials at all three companies declined to comment on the Bloomberg report. Time Warner had rejected an informal approach in May, the report cited people familiar with the situation.
Baker Hughes Incorporated (NYSE:BHI)
The oilfield services company reported second quarter earnings excluding certain items of 61 cents per share for the second quarter, four cents below the consensus estimate. Weakness in North America continued to hurt the company’s bottom line. Revenue edged 3 percent higher to $5.49 billion, topping expectations for $5.26 billion. Shares fell 2.6 percent in Friday trading.
Qihoo 360 Technology Co Ltd (NYSE:QIHU), Sohu.com Inc (NASDAQ:SOHU)
Qihoo 360 Technology Co Ltd (NYSE:QIHU) is in initial talks with Sohu.com Inc (NASDAQ:SOHU) to buy its Sogou search engine, according to a Reuters report. Analysts value Sogou at about $1 billion to $1.4 billion. Qihoo CFO Alex Xu said any deal would probably be financed with cash and stock. Qihoo is China’s No.2 search engine with a 15 percent market share.
State Street Corporation (NYSE:STT)
The country’s third-largest custody bank posted better than expected quarterly earnings, sending shares higher in trade. State Street earned $1.24 per share, excluding items, for the second quarter, five cents above the average analysts’ estimate. Revenue increased 5.8% to $2.56 billion, also edging past expectations for $2.54 billion. Revenue from foreign exchange jumped 33 percent, while investment management fees surged 13 percent. State Street shares closed Friday down 1.2 percent at $69.28.
Starwood Hotels & Resorts Worldwide, Inc (NYSE:HOT)
Starwood Hotels & Resorts Worldwide, Inc (NYSE:HOT) is planning to increase its hotel portfolio in Mexico by 30% to cater to increased demand in the region. Earlier in the year, the hotel operator had unveiled plans to expand its operating hotel footprint in Latin America by 50% during the next five years. Shares closed 1.1 percent lower in Friday trading.
Rockwell Collins, Inc. (NYSE:COL)
Rockwell Collins, Inc. (NYSE:COL) reported better-than-expected third quarter profit amid strong demand from commercial jet makers. Profit for the period came in at $164 million, or $1.20 a share, compared with $166 million, or $1.14 a share, in the year-ago period. Sales edged 3.3% lower to $1.17 billion. Analysts had projected earnings of $1.15 a share on revenue of $1.17 billion. Shares closed Friday at $70.42.
RetailMeNot Inc (NASDAQ:SALE)
Shares of online coupon site RetailMeNot Inc (NASDAQ:SALE) surged 32% in their market debut on Friday. The company sold 9.1 million shares at $21 apiece, raising $191 million in its initial public offering. Shares opened at $26.50 and touched a high of $28.40, valuing the company at about $1.41 billion.
OXiGENE Inc (NASDAQ:OXGN)
Shares of the biopharmaceutical company soared in trade after the European Medicines Agency granted orphan-drug status to its ovarian cancer treatment Zybrestat. Orphan drug status entails benefits such as a period of market exclusivity and waiving of marketing and post-marketing authorization fees, and is granted to encourage development of treatments for rare diseases.