business newsFinancials Led a Slow Day Higher
Today's financial recap and tomorrow's financial outlook.
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Financials were the leading sector with Citigroup (NYSE:C) ( 2.23%) and Wells Fargo (NYSE:WFC) ( 1.45%) being the top performers. Tech stocks lagged with Akamai (NASDAQ:AKAM) being the worst performer. The stock dropped 4.7% on new guidance that changed its reporting terminology for some of its earning metrics, but not for the key EPS, adjusted EPS, cash flow, or EBITDA.
Apple (NASDAQ:AAPL) spiked 2% intraday as chatter circulated that the company was taking a serious look at putting its overly large cash hoard to work, particularly through a special cash dividend. Apple closed the day up 1.32% to $437.35.
BlackBerry (NASDAQ:BBRY) also shot higher as potential buyer Lenovo (PINK:LNVGY) resurfaced. In January, Lenovo's CFO mentioned that the company may be interested in purchasing BlackBerry or doing a deal with the company.
In non-financial news, a judge halted the ban on large sodas that was set to be enacted in New York City tomorrow. Previously, Mayor Michael Bloomberg instituted the ban on drinks larger than 16 ounces in an effort to improve the health of New Yorkers.
Tomorrow's Financial Outlook
Tomorrow we have a few economic datasets during what is an otherwise slow week. The NFIB Small Business Optimism Index will be released in the morning, with a small gain to 89.5 expected from last month's 88.9. The other report is government job openings as reported by JOLTs. In January, the number of these job openings is expected to have increased to 3.670 million from 3.617 million the month prior.
Overseas, the UK will release monthly industrial production and the NIESR institute will release its GDP estimate for the month of February. Lastly, Germany will release its second estimate for consumer inflation data in February.
The only major earnings report on the calendar is Costco (NASDAQ:COST).
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