Russell 2000 Shines on Slow Day
Today's financial recap and tomorrow's financial outlook.
However, despite media excitement over the possible deal, rivals of the supposed combination such as Pandora (NYSE:P), Harman International Industries (NYSE:HAR), and Skullcandy (NASDAQ:SKUL) rallied.
The reaction in Apple shares was negative, with shares sliding 0.4%.
In earnings news, shares of Polo Ralph Lauren (NYSE:RL) fell 2.1% to $148.81 today. It beat analysts' fiscal fourth-quarter earnings and revenue expectations, but its forward guidance disappointed.
On the flip side, shares of fellow apparel play The Gap (NYSE:GPS) rallied 3.3 to $40.52 after the company issued a strong April sales report and better-than-expected guidance.
Internet security company Symantec (NASDAQ:SYMC) also shined in earnings, rising 3.3% to $20.79 on its above-consensus fiscal fourth-quarter results.
The S&P 500 (INDEXCBOE:SPX) was up a mere 0.15% to 1878.48 today, but there were some positive signs under the hood.
The Nasdaq Composite (INDEXNASDAQ:.IXIC) rose 0.5% despite the decline in Apple, and the small-cap Russell 2000 (INDEXRUSSELL:RUT) was up an impressive 0.9%.
Housing stocks performed well today, while key momentum sectors social media and biotechnology each rose more than 1%.
That action, combined with the weakness in utilities, showed that investors were willing to stomach some risk over the weekend.
On the economics front, March wholesale inventories rose 1.1% month-over-month, which was well ahead of the +0.5% consensus. February's figure was revised to +0.7% from +0.5% as well.
Monday's Financial Outlook
Overseas over the weekend, we'll see China's April New Yuan Loans, New Zealand's April House Sales, Japan's March Trade Balance, Australia's April Business Confidence, Japan's April Economic Watchers Survey, and Swiss March Retail Sales.
Domestically, we'll receive the April US Treasury Budget Statement at 2:00 p.m. EDT Monday.
Charles Plosser, president of the Federal Reserve Bank of Philadelphia, will speak in Philadelphia at 12:00 p.m. EDT.
We'll also see a lot of earnings reports on Monday, but primarily from small companies. The only major name reporting is pharmaceutical service provider McKesson (NYSE:MCK).
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