Another day of fiscal cliff negotiations, another day of choppy trading. After deep losses in the morning, US equities bounced back by midday after House Speak John Boehner sounded a note of confidence on a deal to avert the fiscal cliff.
Boehner told reporters today that he was “optimistic” that Congress and President Obama would be able to come to an agreement. “We’re going to continue to work with the president in a way that is fair to the American people,” the speaker said, according to Bloomberg News
The Nasdaq Composite
(INDEXNASDAQ:.IXIC) was down 0.26% to 2,959.94 points on average trading volume of 736.70 million as of 12:06 p.m. EST.
Green Mountain Coffee Roasters
(NASDAQ:GMCR) was one of the strongest Nasdaq performers on the day, soaring 23.87% to $35.86. In what SunTrust Robinson Humphrey called a “blow-out quarter,” Green Mountain posted fourth-quarter earnings of $0.64 per share, far exceeding the consensus estimate of $0.47 per share. The company also pointed out that its lucrative current partnership agreements, including one with rival Starbucks
(NASDAQ:SBUX) (+1.02%), have years to run before they expire.
(NASDAQ:COST) was also up a healthy 4.32% to $100.68 after announcing that it will pay a special $7-per-share dividend on December 18 to shareholders of record on December 10 to avert a likely hike in dividend tax. The payout will total some $3 billion. The wholesale club operator also said that its November revenue jumped almost 9% to $8.15 billion, with same-store sales rising 6%.
After dipping as low as $10.20, Research In Motion
(NASDAQ:RIMM) recovered by midday, gaining 3.47% to $11.09. Yesterday, the stock fell 10% after a report that found that RIM’s US market share had shrank to 1.6% from 8.5% in just the past year.
The Fresh Market
(NASDAQ:TFM) fell 14.92% to $51.25 after it reported lower-than-expected third-quarter earnings. The grocery store chain posted earnings per share of $0.23, when the consensus forecast was $0.26 per share. The good news from the company was that it held on to its fiscal 2012 earnings per share guidance of $1.33 to $1.38, with analysts expecting $1.38 per share. The underwhelming result from The Fresh Market also dragged peer Whole Foods
(NASDAQ:WFM) (-1.06%) down.
After its 136% surge yesterday following the clinical trial success of its Parkinson’s disease drug pimavanserin, Acadia Pharmaceuticals
(NASDAQ:ACAD) eased 3.68% to $5.23, with some investors possibly indulging in profit-taking.
(NASDAQ:AAPL) dipped 1.24% to $577.51 on worries that its poor yields in iPad Mini and iMac display parts production could constrain supply through the end of 2012.
No positions in stocks mentioned.
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