Bussiness News
The Markets Now: Bernanke Expresses Concerns About Shadow Banking System
By
Christopher Witrak
May 10, 2013 12:33 pm
Plus, analysts raise Priceline.com's target price.
PRINT
-
Stay Connected
-
-
-
-
Stocks have moved only slightly today as no important economic data was released. The Dow (INDEXDJX:.DJI) decreased 0.29% to 15,038.43. The S&P 500 (INDEXSP:.INX) dropped 0.17% to 1,623.86, and the Nasdaq (INDEXNASDAQ:.IXIC) rose 0.20% to 3,415.98.
Federal Reserve Chairman Ben Bernanke spoke this morning at the Chicago Fed Banking Conference. Bernanke stated that he still views the shadow banking system as a threat to financial systems. He also said that bank-funding markets may be unable to withstand a major default.
The US Treasury will report today on its budget for April at 2 p.m. EDT. In March, the Treasury ran a deficit of $106.5 billion.
Priceline.com (NASDAQ:PCLN) climbed 3.74% to $765.06. The online travel agency reported first-quarter earnings of $244 million, or $4.76 per share, a 34% increase from $182 million, or $3.54 per share, in the prior-year quarter. Excluding one-time items, the online travel agency earned $5.76 per share. Revenue increased to $1.3 billion from $1.04 billion in the prior-year quarter. Credit Suisse raised its price target for Priceline.com from $886 to $924; Piper Jaffray raised its price target for Priceline from $800 to $850. (See also: How to Play Priceline.com: Has the Stock Gone Up Too Much, Too Fast?)
NVIDIA (NASDAQ:NVDA) increased 3.95% to $14.46. The maker of graphic processors reported a first-quarter net income of $77.9 million, or $0.13 per share, compared to $60.4 million, or $0.10 per share, in the prior-year quarter. Sales increased 3.2% year-over-year to $954.7 million.
The Gap (NYSE:GPS) jumped 4.94% to $40.73. Yesterday the operator of apparel retail stores reported first-quarter net sales of $3.73 billion compared to $3.49 billion in the prior-year quarter. Net sales for the four-week period ended May 4 increased to $1.21 billion from $1.15 billion for the four-week period ended April 28 last year.
Molycorp (NYSE:MCP) spiked 22.02% to $6.82. Yesterday the company, which produces and sells rare earth and rare metal materials, reported a first-quarter loss of $50.1 million, or $0.33 per share, compared to a $6.3 million loss, or $0.07 per share, in the prior-year quarter. Revenue increased to $146.4 million, compared to $84.5 million in the prior-year quarter.
Apple (NASDAQ:AAPL) fell 1.13% to $451.63.
Twitter: @ChrisWitrak
Federal Reserve Chairman Ben Bernanke spoke this morning at the Chicago Fed Banking Conference. Bernanke stated that he still views the shadow banking system as a threat to financial systems. He also said that bank-funding markets may be unable to withstand a major default.
The US Treasury will report today on its budget for April at 2 p.m. EDT. In March, the Treasury ran a deficit of $106.5 billion.
Priceline.com (NASDAQ:PCLN) climbed 3.74% to $765.06. The online travel agency reported first-quarter earnings of $244 million, or $4.76 per share, a 34% increase from $182 million, or $3.54 per share, in the prior-year quarter. Excluding one-time items, the online travel agency earned $5.76 per share. Revenue increased to $1.3 billion from $1.04 billion in the prior-year quarter. Credit Suisse raised its price target for Priceline.com from $886 to $924; Piper Jaffray raised its price target for Priceline from $800 to $850. (See also: How to Play Priceline.com: Has the Stock Gone Up Too Much, Too Fast?)
NVIDIA (NASDAQ:NVDA) increased 3.95% to $14.46. The maker of graphic processors reported a first-quarter net income of $77.9 million, or $0.13 per share, compared to $60.4 million, or $0.10 per share, in the prior-year quarter. Sales increased 3.2% year-over-year to $954.7 million.
The Gap (NYSE:GPS) jumped 4.94% to $40.73. Yesterday the operator of apparel retail stores reported first-quarter net sales of $3.73 billion compared to $3.49 billion in the prior-year quarter. Net sales for the four-week period ended May 4 increased to $1.21 billion from $1.15 billion for the four-week period ended April 28 last year.
Molycorp (NYSE:MCP) spiked 22.02% to $6.82. Yesterday the company, which produces and sells rare earth and rare metal materials, reported a first-quarter loss of $50.1 million, or $0.33 per share, compared to a $6.3 million loss, or $0.07 per share, in the prior-year quarter. Revenue increased to $146.4 million, compared to $84.5 million in the prior-year quarter.
Apple (NASDAQ:AAPL) fell 1.13% to $451.63.
Twitter: @ChrisWitrak
No positions in stocks mentioned.
Get The Minyanville
Daily Recap Newsletter
Daily Recap Newsletter
Stay current on financial news,
entertainment, education and
smart market commentary.
entertainment, education and
smart market commentary.
