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Minyanville's Market Recap: Up/Down Market Rescued By Apple, Markets End Green


Another afternoon reversal led by tech helped pushed markets into the green. Equities finished higher.

After an up-and-down day, stocks managed to finish in the green. The Dow Industrials added +0.33% to 13,566, the S&P 500 added +0.38% to 1,506, and the Nasdaq Composite closed up +1.06% to 2,753.

The markets began the day with bearish overtones as global equity indexes all ended in the red. The performance came as the G-7 finance ministers concluded over the weekend that economic growth world-wide would moderate amid higher energy prices and continued slowing of the U.S. economy. U.S. equity indexes opened lower as news of the Japanese Yen rose to a six-week high against the dollar in addition to rising against 16 of the world's most actively traded currencies. (From Bloomberg) For more information, read Professor Mike Mish Shedlock's What Factors Are Affecting The U.S. Dollar? and Mr. Practical's Minyan Mailbag, How Dollar Debt Could Play Out.

Earnings results from Halliburton (HAL) failed to help reverse the sentiment. The company reported $0.66 EPS versus $0.69 consensus. Revenues came in at $3.928 bln versus $4.041 bln consensus. In other earnings news, Hasbro (HAS) reported $0.78 EPS versus $0.71 consensus. Revenues came in at $1.22 bln versus $1.14 bln consensus. Get Professor Macke's analysis in Groping For Support.

An afternoon rally, however, seemed to push stocks into the green as investors anticipated positive earnings results from the tech sector, mainly from Apple (AAPL). In after hours Apple beat analyst estimates for the fourth quarter with earnings coming in at $1.01 per share versus $0.85 cons. Revenues rose 28.5% year-over-year to $6.22 bln versus $6.06 bln consensus. Prior to the release, Professor Udall reaffirmed his bullish stance stating he was a buyer on any significant sell-off. For more on the Buzz, click on Minyanville's Buzz Bits.

Commodities were lower with gold falling -10.40 to 758.00, and crude losing -1.04 to 87.60.

As the markets reversed Friday's Black Monday anniversary declines, read Toddo's Random Thoughts: Will This Rally Stick? Brand-new Minyanville Professor Prieur du Plessis offers his thoughts as well in Where To Now, Mr. Dow?

For more. please see Professor Tuttle's Winners & Sinners.

The radar is light again tomorrow with no economic events scheduled.

Here's a preview of company earnings for tomorrow before market open with analyst estimates:

Burlington Northern (BNI): $1.37 EPS/$4.019 bln revenues
Coach (COH): $0.40 EPS/$659 mln revenues
Jet Blue (JBLU): $0.07 EPS/$761.22 mln revenues
Tellabs (TLAB): $0.02 EPS/$455.72 mln revenues

Click here for the full Minyanville Trading Radar.

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas:

Some bearish trade or investment ideas: BKX, GS, OIH, CS, JWN, XHB, AAPL, SPX

We hope you had a great day. Have a great night and we'll see you tomorrow!
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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