Stock Market Wrapup Sept. 12th
Equity prices meandered most of the session, bouncing back and forth between positive and negative territory. At the close, the Dow and Nasdaq finished the session with small losses, with the S&P 500 eking out a fractional gain. Gold eased a bit from its record run of late, ending the day -40 cents lower to $720.20.
Oil prices crossed the $80 mark for the first time ever, as energy investors worried about current supply in the market. Energy related issues were among the best performing sectors on the session.
Shares of biotech giant Amgen (Nasdaq: AMGN - News) advanced after the Food & Drug Administration (FDA) rejected a proposal to put restrictions on its anemia drugs, Epogen and Aranesp. The ruling alleviated concerns that the company's two drugs would be constrained by regulators. Several investment banks also upped the name on the positive development. Shares surged 3.2%.
Satellite radio purveyors XM Satellite Radio (Nasdaq: XMSR - News) and Sirius Satellite Radio (Nasdaq: SIRI - News) saw shares rise after investors warmed up to the notion that the two company's would get approval from regulators to merge their two radio platforms.
In earnings news, steelmaker Nucor (NYSE: NUE - News) warned that third quarter earnings would miss expectations due to weak demand from the automotive and housing sectors, in addition to rising metal prices. The company now forecasts earnings of $1.10-1.15 per share, down from reported earnings of $1.70 last year. Analysts were looking for EPS of $1.26.
Texas Instruments (NYSE: TXN - News), the world's largest maker of chips used in cell phones saw its shares decline 1.7% despite raising its profit outlook. The company said that revenue would be in the range of $3.56-3.72 billion for the quarter ended June 30th. The sales range represents growth of 4-8% for the quarter. EPS of 49-53 cents per share is now expected, above its previous target of 46-52 cents EPS. The earnings range includes a 2 cent gain related to the sale of a semiconductor product line. The midpoint of its new range matched the consensus estimates of analysts.
Elsewhere, casino operator Las Vegas Sands (NYSE: LVS - News) notched a fresh 52-week high after a JP Morgan analyst raised his price target on the company. Analyst Harry Curtis noted that the current share price does not reflect long-term value creation opportunities in Las Vegas and Macau. Curtis raised his price target to $120 from $105.
By The BullMarket.com Staff
Oil prices crossed the $80 mark for the first time ever, as energy investors worried about current supply in the market. Energy related issues were among the best performing sectors on the session.
Shares of biotech giant Amgen (Nasdaq: AMGN - News) advanced after the Food & Drug Administration (FDA) rejected a proposal to put restrictions on its anemia drugs, Epogen and Aranesp. The ruling alleviated concerns that the company's two drugs would be constrained by regulators. Several investment banks also upped the name on the positive development. Shares surged 3.2%.
Satellite radio purveyors XM Satellite Radio (Nasdaq: XMSR - News) and Sirius Satellite Radio (Nasdaq: SIRI - News) saw shares rise after investors warmed up to the notion that the two company's would get approval from regulators to merge their two radio platforms.
In earnings news, steelmaker Nucor (NYSE: NUE - News) warned that third quarter earnings would miss expectations due to weak demand from the automotive and housing sectors, in addition to rising metal prices. The company now forecasts earnings of $1.10-1.15 per share, down from reported earnings of $1.70 last year. Analysts were looking for EPS of $1.26.
Texas Instruments (NYSE: TXN - News), the world's largest maker of chips used in cell phones saw its shares decline 1.7% despite raising its profit outlook. The company said that revenue would be in the range of $3.56-3.72 billion for the quarter ended June 30th. The sales range represents growth of 4-8% for the quarter. EPS of 49-53 cents per share is now expected, above its previous target of 46-52 cents EPS. The earnings range includes a 2 cent gain related to the sale of a semiconductor product line. The midpoint of its new range matched the consensus estimates of analysts.
Elsewhere, casino operator Las Vegas Sands (NYSE: LVS - News) notched a fresh 52-week high after a JP Morgan analyst raised his price target on the company. Analyst Harry Curtis noted that the current share price does not reflect long-term value creation opportunities in Las Vegas and Macau. Curtis raised his price target to $120 from $105.
By The BullMarket.com Staff
posted by Stock Administrator @ 6:35 PM
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