Stock Market Wrapup Apr. 12
Stocks pushed higher today as investors weighed stronger-than-expected gains in retail sales against scattered warnings of a tepid sales outlook for April and an uptick in unemployment claims. Investors spotted buying opportunities in yesterday's pullback, which was fueled by the release of the minutes from the last Federal Open Market Committee meeting. After moderating somewhat in recent sessions, crude oil prices advanced sharply, while the 10-year Treasury note closed unchanged.
Retailers generally reported solid sales in March, buoyed by the early arrival of the Easter holiday. Their announcements followed on the heels of Wednesday's report of strong March sales by Target (NYSE: TGT - News). An exception was the world's No. 1 retailer, Wal-Mart (NYSE: WMT - News), which warned that it will be a "challenge" to meet Q1 profit expectations. The company made the announcement even though it posted same-store sales figures that rose 4%, topping the 1% to 2% increase it had forecasted. Conversely, the company said April same-store sales could be flat to down -2%.
Easter's early arrival will negatively impact results in April, many retailers warned. Among the other companies that turned in solid March sales results were Costco Wholesale (Nasdaq: COST - News). The warehouse retailer reported a 6% gain in same-store sales, topping estimates of a 4.7% increase. Mid-market retailer J.C. Penney (NYSE: JCP - News) reported a 10.6% increase in same-store sales, exceeding forecasts, while high-end department store operator Nordstrom (NYSE: JWN - News) posted a 15% gain in comparative-store results, which was nearly double estimates.
In a move reminiscent of Michael Dell's return to the helm of Dell (Nasdaq: DELL - News), the founder of embattled Internet phone provider Vonage Holdings (NYSE: VG - News) is returning to the CEO's chair. Jeffrey Citron, founder, chairman, and "chief strategist" replaces Michael Snyder, who stepped down as CEO and resigned from the board. The company is embroiled in a patent battle with Verizon Communications (NYSE: VZ - News), which it is, by all accounts, losing. Vonage's shares have shed about -80% of their value since the company's IPO last year.
Another executive shake-up occurred at online job-board provider Monster Worldwide (Nasdaq: MNST - News). The company's shares rose 5.4% on news that CEO William M. Pastore would leave the top job. He will be replaced by Sal Iannuzzi, former CEO of Symbol Technologies. Motorola (NYSE: MOT - News) bought Symbol Technologies in January. Monster had to restate past financial results after a probe into its options program.
Shares of MedImmune (Nasdaq: MEDI - News) jumped 15.3% after announcing the company was exploring its possible sale. MedImmune makes the FluMist flu vaccine. The company has been under pressure from large investors who contend the company could fetch a sizable premium from a bigger pharmaceutical company. Research In Motion (Nasdaq: RIMM - News), meanwhile, shed -8.2% after the BlackBerry maker reported Q4 results that came up short of Wall Street's expectations and issued a disappointing forecast.
By the BullMarket.com Staff
Retailers generally reported solid sales in March, buoyed by the early arrival of the Easter holiday. Their announcements followed on the heels of Wednesday's report of strong March sales by Target (NYSE: TGT - News). An exception was the world's No. 1 retailer, Wal-Mart (NYSE: WMT - News), which warned that it will be a "challenge" to meet Q1 profit expectations. The company made the announcement even though it posted same-store sales figures that rose 4%, topping the 1% to 2% increase it had forecasted. Conversely, the company said April same-store sales could be flat to down -2%.
Easter's early arrival will negatively impact results in April, many retailers warned. Among the other companies that turned in solid March sales results were Costco Wholesale (Nasdaq: COST - News). The warehouse retailer reported a 6% gain in same-store sales, topping estimates of a 4.7% increase. Mid-market retailer J.C. Penney (NYSE: JCP - News) reported a 10.6% increase in same-store sales, exceeding forecasts, while high-end department store operator Nordstrom (NYSE: JWN - News) posted a 15% gain in comparative-store results, which was nearly double estimates.
In a move reminiscent of Michael Dell's return to the helm of Dell (Nasdaq: DELL - News), the founder of embattled Internet phone provider Vonage Holdings (NYSE: VG - News) is returning to the CEO's chair. Jeffrey Citron, founder, chairman, and "chief strategist" replaces Michael Snyder, who stepped down as CEO and resigned from the board. The company is embroiled in a patent battle with Verizon Communications (NYSE: VZ - News), which it is, by all accounts, losing. Vonage's shares have shed about -80% of their value since the company's IPO last year.
Another executive shake-up occurred at online job-board provider Monster Worldwide (Nasdaq: MNST - News). The company's shares rose 5.4% on news that CEO William M. Pastore would leave the top job. He will be replaced by Sal Iannuzzi, former CEO of Symbol Technologies. Motorola (NYSE: MOT - News) bought Symbol Technologies in January. Monster had to restate past financial results after a probe into its options program.
Shares of MedImmune (Nasdaq: MEDI - News) jumped 15.3% after announcing the company was exploring its possible sale. MedImmune makes the FluMist flu vaccine. The company has been under pressure from large investors who contend the company could fetch a sizable premium from a bigger pharmaceutical company. Research In Motion (Nasdaq: RIMM - News), meanwhile, shed -8.2% after the BlackBerry maker reported Q4 results that came up short of Wall Street's expectations and issued a disappointing forecast.
By the BullMarket.com Staff
Labels: COST, DELL, JCP, JWN, MEDI, MNST, MOT, RIMM, TGT, VG, VZ, WMT
posted by Stock Administrator @ 5:47 PM
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