Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Market Recap: Econ Data Helps Lift Stocks


Stocks snapped a losing streak to end the day higher.

Major indexes moved higher for the first time in three sessions. The Dow Industrials added +60 points, or +0.49% to 12362, the S&P 500 gained +6 points, or +0.46% to 1334, and the Nasdaq Composite added +10 points, or +0.45% to 2286.

Futures received a small lift on this morning's economic data. The Labor Department showed the Producer Price Index increased 1.1% on a month-over-month basis above expectations of 0.6%. But core figures, less food and energy, was inline with an increase of 0.2%. Read Professor Kevin Depew's Five Things You Need To Know.

Further helping stocks was the New York Fed's Empire State manufacturing index.
Business activity in the state of New York unexpectedly stabilized in April after declining in February and March. Economists expected the index to come in at -17.0 in March after a previous reading of -22.2, but the report came in at a positive 0.6.

Equity markets did tick downwards after State Street (STT) revealed that it purchased $850 million of assets from commercial paper-backed conduits that it sponsors, bringing them onto its own balance sheet. STT lost $11.6 million on the transaction and also disclosed that its conduits held $28.3 billion of assets as of the end of March with unrealized mark-to-market losses of $1.49 billion. STT shares plunged -10% to $69.23.

The rest of the financial sector; however, recovered by day's end. Notables include Lehman Brothers (LEH) +0.74% to $39.67. Morgan Stanley (MS) added +1.28% to $43.52, and Citigroup (C) closed +1.29% to $22.80. See Todd's Answers I Really Wanna Know.

Elsewhere, shares of Crocs (CROX) plunged 40%. The maker of rubber clogs cut 1Q guidance saying earnings would come in between $0.08 and $0.13 per share versus previous forecasts of $0.46. Analysts were expecting EPS of $0.45. 1Q revenues are expected to range from $195-200 million vs. $223 million consensus. Further Crocs issued downside guidance for 2Q with EPS in the range of $0.45 -$0.50 vs. prior forecasts of $0.79. The company also announced it will cut 600 of its Canadian plant workers. CEO Ron Snyder cited a "challenging" retail environment with a slowing in traffic and consumer spending. Read Todd's Random Thoughts.

In commodities, crude oil moved higher +2.19 to 113.95. Gold added +3.30 to 928.70. Silver gained +0.060 to 17.850, and copper fell -3.55 to 389.10.

The dollar index gained +0.049 to 71.856.

For more Buzz insight, check out Minyanville's Buzz Bits.

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: RIMM, FSLR, CCJ, BHP, FCX, CSE, WMT, EWZ, AMX, BJS, CNQ, OXY, GEF, SPX, retail, solars, shippers, QLD, (DUG – inverse ETF)

Some bearish trade or investment ideas: IBM, DECK, CROX, GRMN, SWHC, IBB,

We're on the hump tomorrow. Have a great night.
< Previous
  • 1
Next >
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Featured Videos