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Energy Stocks a Culprit in Yesterday's Wild Day
A look at Thursday's financial news.
Minyanville Staff    

The main event early yesterday was the ECB rate decision. The central bank left its benchmark interest rates unchanged, as was expected by the majority of economists. In his usual press conference, President Mario Draghi made the same comments as he did last month about the ECB's monetary policy stance. However, in response to a question about when he might act, Draghi stated that the ECB was prepared to begin an asset purchase program as early as next month, when its staff would update its economic projections. (See: "Todd Harrison: The ECB Loads the Bazooka.")

Energy was a very notable underperformer Thursday. The EIA released its weekly natural gas inventories, which recorded a 74-billion-cubic-feet build versus expectations of +70 bcf. Natural gas was lower, which dragged down the stocks of a number of exploration and production companies. Gulfport Energy (NYSE:GPOR) was also a major culprit for the sell-off after reporting earnings in the pre-market and missing by a wide margin. The stock fell 19% amid a number of analyst downgrades.

The broader indices experienced another roller-coaster day. The S&P 500 (INDEXSP:.INX) opened up 0.55%, only to fall a full percent intraday, only to recover some of those losses by the close of the session. Small caps notably underperformed again after Wednesday's strong intraday turnaround.

High-beta tech stocks were generally weak Thursday, with Tesla Motors (NASDAQ:TSLA) leading the charge lower. Tesla fell 11.3% after reporting first-quarter earnings that were roughly in line with expectations, and thus not strong enough to satisfy bulls in the shaky market environment.

Internet security play FireEye (NASDAQ:FEYE) traded higher in the early going, but it couldn't hold its gains and finished down 4.19%. At $27.45, it's now more than 70% off its $97.35 March high.

One tech name that bucked the larger trend was Twitter (NYSE:TWTR), which rose 4.17% to $31.94 after Morgan Stanley (NYSE:MS) upgraded the stock to equal-weight.

Tomorrow's Financial Outlook

Two economic reports are scheduled for today, the March JOLTS Job Openings and Wholesale Inventories. The March report of inventories will be the last officially reported figure for the next round of first-quarter GDP revisions. Inventories are expected to grow 0.5% month-on-month after rising a similar amount in the month prior. The Job Openings report is judged by economists to be the "truest" gauge of labor market activity because it measures job leavers in addition to new hires.

Being Friday, it will be a light day for earnings. The only notable reports scheduled are Ralph Lauren (NYSE:RL) and Hilton Worldwide (NYSE:HLT).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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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.

Energy Stocks a Culprit in Yesterday's Wild Day
A look at Thursday's financial news.
Minyanville Staff    

The main event early yesterday was the ECB rate decision. The central bank left its benchmark interest rates unchanged, as was expected by the majority of economists. In his usual press conference, President Mario Draghi made the same comments as he did last month about the ECB's monetary policy stance. However, in response to a question about when he might act, Draghi stated that the ECB was prepared to begin an asset purchase program as early as next month, when its staff would update its economic projections. (See: "Todd Harrison: The ECB Loads the Bazooka.")

Energy was a very notable underperformer Thursday. The EIA released its weekly natural gas inventories, which recorded a 74-billion-cubic-feet build versus expectations of +70 bcf. Natural gas was lower, which dragged down the stocks of a number of exploration and production companies. Gulfport Energy (NYSE:GPOR) was also a major culprit for the sell-off after reporting earnings in the pre-market and missing by a wide margin. The stock fell 19% amid a number of analyst downgrades.

The broader indices experienced another roller-coaster day. The S&P 500 (INDEXSP:.INX) opened up 0.55%, only to fall a full percent intraday, only to recover some of those losses by the close of the session. Small caps notably underperformed again after Wednesday's strong intraday turnaround.

High-beta tech stocks were generally weak Thursday, with Tesla Motors (NASDAQ:TSLA) leading the charge lower. Tesla fell 11.3% after reporting first-quarter earnings that were roughly in line with expectations, and thus not strong enough to satisfy bulls in the shaky market environment.

Internet security play FireEye (NASDAQ:FEYE) traded higher in the early going, but it couldn't hold its gains and finished down 4.19%. At $27.45, it's now more than 70% off its $97.35 March high.

One tech name that bucked the larger trend was Twitter (NYSE:TWTR), which rose 4.17% to $31.94 after Morgan Stanley (NYSE:MS) upgraded the stock to equal-weight.

Tomorrow's Financial Outlook

Two economic reports are scheduled for today, the March JOLTS Job Openings and Wholesale Inventories. The March report of inventories will be the last officially reported figure for the next round of first-quarter GDP revisions. Inventories are expected to grow 0.5% month-on-month after rising a similar amount in the month prior. The Job Openings report is judged by economists to be the "truest" gauge of labor market activity because it measures job leavers in addition to new hires.

Being Friday, it will be a light day for earnings. The only notable reports scheduled are Ralph Lauren (NYSE:RL) and Hilton Worldwide (NYSE:HLT).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< 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.

More From Minyanville Staff
Energy Stocks a Culprit in Yesterday's Wild Day
A look at Thursday's financial news.
Minyanville Staff    

The main event early yesterday was the ECB rate decision. The central bank left its benchmark interest rates unchanged, as was expected by the majority of economists. In his usual press conference, President Mario Draghi made the same comments as he did last month about the ECB's monetary policy stance. However, in response to a question about when he might act, Draghi stated that the ECB was prepared to begin an asset purchase program as early as next month, when its staff would update its economic projections. (See: "Todd Harrison: The ECB Loads the Bazooka.")

Energy was a very notable underperformer Thursday. The EIA released its weekly natural gas inventories, which recorded a 74-billion-cubic-feet build versus expectations of +70 bcf. Natural gas was lower, which dragged down the stocks of a number of exploration and production companies. Gulfport Energy (NYSE:GPOR) was also a major culprit for the sell-off after reporting earnings in the pre-market and missing by a wide margin. The stock fell 19% amid a number of analyst downgrades.

The broader indices experienced another roller-coaster day. The S&P 500 (INDEXSP:.INX) opened up 0.55%, only to fall a full percent intraday, only to recover some of those losses by the close of the session. Small caps notably underperformed again after Wednesday's strong intraday turnaround.

High-beta tech stocks were generally weak Thursday, with Tesla Motors (NASDAQ:TSLA) leading the charge lower. Tesla fell 11.3% after reporting first-quarter earnings that were roughly in line with expectations, and thus not strong enough to satisfy bulls in the shaky market environment.

Internet security play FireEye (NASDAQ:FEYE) traded higher in the early going, but it couldn't hold its gains and finished down 4.19%. At $27.45, it's now more than 70% off its $97.35 March high.

One tech name that bucked the larger trend was Twitter (NYSE:TWTR), which rose 4.17% to $31.94 after Morgan Stanley (NYSE:MS) upgraded the stock to equal-weight.

Tomorrow's Financial Outlook

Two economic reports are scheduled for today, the March JOLTS Job Openings and Wholesale Inventories. The March report of inventories will be the last officially reported figure for the next round of first-quarter GDP revisions. Inventories are expected to grow 0.5% month-on-month after rising a similar amount in the month prior. The Job Openings report is judged by economists to be the "truest" gauge of labor market activity because it measures job leavers in addition to new hires.

Being Friday, it will be a light day for earnings. The only notable reports scheduled are Ralph Lauren (NYSE:RL) and Hilton Worldwide (NYSE:HLT).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< 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.

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