Stock Market Wrapup April 4th
Stocks closed modestly higher today in relaxed trading midway through a holiday-shortened week as investors shook off mixed reports on the state of the manufacturing and service sectors. Stocks as measured by the Dow Jones Industrial Average and Nasdaq composite index have posted gains for five-straight sessions. Oil prices eased after Iran's president announced that 15 British service personnel would be set free, ending a tense standoff between those countries that had nervous energy traders bidding up the price of crude in recent sessions. The price of the 10-year Treasury note also advanced.
The increase in February factory orders was a disappointing 1%, the Commerce Department reported, though it was a marked improvement over the -5.7% decline in January. Economists had forecasted a 1.9% gain. There was weak demand for construction machinery, steel, and electrical equipment, though there were order gains in the transportation sector, computers, chemical products, and clothing industries. Separately, the Institute for Supply Management's report on service-sector activity showed continued expansion in March, but at a slower rate than in February.
In company news, the nation's top electronics retailer, Best Buy (NYSE: BBY - News), reported an 18.5% increase in its fiscal Q4 net income on a 21% increase in revenue. The company's $1.55 per share in earnings surpassed analyst estimates by three cents a share, but the stock still sold off by -2.5%. Best Buy also announced that it would begin selling computers made by Apple (Nasdaq: AAPL - News) in 200 of its stores by the fall. The No. 2 seller of electronics, in contrast, is struggling. Circuit City (NYSE: CC - News) said it lost -$12 million in Q4, or -7 cents a share. The company's results were hurt by restructuring charges tied to store closings.
Seed company Monsanto (NYSE: MON - News) said a booming market for corn fueled by the ethanol industry helped propel it to a 23% profit increase for the quarter ended Feb. 28th. Revenue rose by 19% to $2.6 billion. The stock added 3.2% after the company issued a revised, more upbeat forecast for the rest of the year.
In the tech sector, Microsoft (Nasdaq: MSFT - News) added 2.3% after positive comments from Citigroup. Hewlett-Packard (NYSE: HPQ - News) was higher after a ratings upgrade to "buy" by American Technology Research. The chip sector traded higher today as evidenced by the rise in the Philadelphia Semiconductor Index (Philadelphia: ^SOXX).
Jobs website operator Monster Worldwide (Nasdaq: MNST - News), meanwhile, dropped a sharp -13.2% after the company issued a downward revision of its revenue forecast. The company said Q1 revenue will be between $328 million to $329 million, compared with its earlier estimate of $330 million to $338 million. Internet retailer Red Envelope (Nasdaq: REDE - News) also fell sharply after the company announced that its CEO had quit.
Finally, the newly combined NYSE and Euronext exchanges declined in their first day of trading as a single company. Shares of NYSE Euronext (NYSE: NYX - News) shed -3.4%.
By the BullMarket.com Staff
The increase in February factory orders was a disappointing 1%, the Commerce Department reported, though it was a marked improvement over the -5.7% decline in January. Economists had forecasted a 1.9% gain. There was weak demand for construction machinery, steel, and electrical equipment, though there were order gains in the transportation sector, computers, chemical products, and clothing industries. Separately, the Institute for Supply Management's report on service-sector activity showed continued expansion in March, but at a slower rate than in February.
In company news, the nation's top electronics retailer, Best Buy (NYSE: BBY - News), reported an 18.5% increase in its fiscal Q4 net income on a 21% increase in revenue. The company's $1.55 per share in earnings surpassed analyst estimates by three cents a share, but the stock still sold off by -2.5%. Best Buy also announced that it would begin selling computers made by Apple (Nasdaq: AAPL - News) in 200 of its stores by the fall. The No. 2 seller of electronics, in contrast, is struggling. Circuit City (NYSE: CC - News) said it lost -$12 million in Q4, or -7 cents a share. The company's results were hurt by restructuring charges tied to store closings.
Seed company Monsanto (NYSE: MON - News) said a booming market for corn fueled by the ethanol industry helped propel it to a 23% profit increase for the quarter ended Feb. 28th. Revenue rose by 19% to $2.6 billion. The stock added 3.2% after the company issued a revised, more upbeat forecast for the rest of the year.
In the tech sector, Microsoft (Nasdaq: MSFT - News) added 2.3% after positive comments from Citigroup. Hewlett-Packard (NYSE: HPQ - News) was higher after a ratings upgrade to "buy" by American Technology Research. The chip sector traded higher today as evidenced by the rise in the Philadelphia Semiconductor Index (Philadelphia: ^SOXX).
Jobs website operator Monster Worldwide (Nasdaq: MNST - News), meanwhile, dropped a sharp -13.2% after the company issued a downward revision of its revenue forecast. The company said Q1 revenue will be between $328 million to $329 million, compared with its earlier estimate of $330 million to $338 million. Internet retailer Red Envelope (Nasdaq: REDE - News) also fell sharply after the company announced that its CEO had quit.
Finally, the newly combined NYSE and Euronext exchanges declined in their first day of trading as a single company. Shares of NYSE Euronext (NYSE: NYX - News) shed -3.4%.
By the BullMarket.com Staff
posted by Stock Administrator @ 6:37 PM
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