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Industrials Lead the Way Up on GE's Mega Buyback Announcement

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Today's financial recap and tomorrow's financial outlook.

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Editor's Note: On Tuesday, April 14, Jeff Cooper is hosting a FREE trading webinar, showing you how he nailed 66% of his swing trades in Q1. Get the maestro's market outlook, and find out what he's watching in this special event. Click here to register now!

The S&P 500 resumed its rally today, breaking above the 2,100 level for the first time since March 24.

General Electric (GE) rallied big today after announcing the sale of its financial arm, GE Capital, and would be buying back $50 billion worth of stock.

Selling off GE Capital will ease strict regulatory requirements and allow the company to refocus on its industrial roots. The company's restructuring will begin with the sale of real estate assets to BlackStone (BX) and Wells Fargo (FC). GE will also be bringing back $36 billion in overseas cash.

Due to today's 10.8% surge in GE shares, industrials were the best performing S&P sector, with the Industrial Select Sector ETF (XLI) finishing up 1.4%.

Cybersecurity, biotech, and transportation stocks also performed well.

Oil finished up for the fourth straight week despite ongoing fears of oversupply conditions.

Apple (AAPL) began taking preorders for its Watch early this morning, and demand was strong enough to drive a global sellout within a few hours. The stock started the day weak, but squeezed higher to finish positive.

Netflix (NFLX) rallied 3.4% after being upgraded from to Buy from Hold by Citigroup (C). Citi stated that the recent drop from the $450s range down to the $410 provided an opportunity to "buy the dip."  Citi also cited improving reviews of Netflix content, as well as the disruptive nature of the service.

LinkedIn (LNKD) rose 3.6% today after analysts from Brean Capital and Axiom released reports praising its acquisition of online learning service Lynda.com, which is expected to provide additional monetization opportunities.

In overseas action, the Hang Seng Index and Shanghai Composite were up 1.2% and 1.9%, respectively, as momentum in Asian markets remains impressive.

The Hong Kong Monetary Authority intervened in foreign exchange markets to prevent its currency from rising, while China saw a hotter-than-expected March CPI number.

Monday's Financial Outlook

There's no major economic announcements on the calendar for Monday.

Over the weekend, China will be announcing March New Yuan Loans and Aggregate Financing. Chinese equities have been on a tear, so traders will be closely watching these numbers.

There are no major earnings releases on Monday. Traders are still waiting for the big players to begin reporting on Tuesday.

Editor's Note: On Tuesday, April 14, Jeff Cooper is hosting a FREE trading webinar, showing you how he nailed 66% of his swing trades in Q1. Get the maestro's market outlook, and find out what he's watching in this special event. Click here to register now!
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