Stock Market Wrapup Dec. 6th
Stocks stormed higher on the day, brushing aside mixed retail sales reports in anticipation of a Federal Reserve rate cut next week. The Dow added 175 points on the day to end at 13,620. Meanwhile, the Nasdaq was up 1.6% to close at 2,709, and the S&P finished up 1.5% at 1,507. Light, sweet crude prices climbed higher on the day with oil settling at $90.23 a barrel for January delivery. Treasury prices fell, while gold prices gained to close at $807.10 an ounce. The dollar gained against the yen, but declined versus the euro.
In economic news, a report from the Labor Department showed the number of jobless claims dropping last week, as Wall Street prepares for the department's monthly labor report tomorrow. According to the report, the number of claims for unemployment benefits fell last week by 15,000 to a total of 338,000. It was the largest decline in three months.
On the earnings front, shares of Toll Brothers (NYSE: TOL - News) soared 13.0% despite reporting its first quarterly loss in 21 years. For the quarter, the homebuilder posted a net loss of -$81.8 million, or -52 cents per share, versus a profit of $173.8 million, or $1.07 per share, last year. Excluding a $314.9 million write-down, the company would have posted earnings of 72 cents per share. Quarterly revenue fell to $1.17 billion, down -35% from a year ago. On average, analysts were looking for a loss of -77 cents per share on revenue of $1.166 billion.
Elsewhere, imaging equipment maker Analogic (Nasdaq: ALOG - News) swung to a profit in the first quarter on earnings of $6.4 million, or 48 cents per share, versus a net loss of -$5.4 million, or -39 cents per share, in the prior year. Excluding one-time items, the company would have earned 53 cents per share compared with earnings of 12 cents per share last year. Revenue for the quarter jumped to $94.2 million, up 25% from $75.6 million in 2006. Analysts were expecting earnings of 40 cents per share on $87.4 million in revenue. Analogic's stock was up 18.2% at the bell.
In other corporate news, shares of ConAgra (NYSE: CAG - News) traded 6.3% higher on the day after the packaged food company said its second-quarter earnings would be higher than expected. ConAgra had previously said results would be in line with last year's earnings of 43 cents per share. Analysts were looking for a profit of 41 cents per share for the 2008 period.
Discount retailer Target (NYSE: TGT - News) said today that if recent soft sales patterns continue, the company will likely miss its previous estimates for December same-store sales. The company also reported that December sales needed to "meaningfully improve" in order to achieve fourth-quarter EPS growth. Shares of Target were off -7.6% for the session.
By the BullMarket.com Staff
In economic news, a report from the Labor Department showed the number of jobless claims dropping last week, as Wall Street prepares for the department's monthly labor report tomorrow. According to the report, the number of claims for unemployment benefits fell last week by 15,000 to a total of 338,000. It was the largest decline in three months.
On the earnings front, shares of Toll Brothers (NYSE: TOL - News) soared 13.0% despite reporting its first quarterly loss in 21 years. For the quarter, the homebuilder posted a net loss of -$81.8 million, or -52 cents per share, versus a profit of $173.8 million, or $1.07 per share, last year. Excluding a $314.9 million write-down, the company would have posted earnings of 72 cents per share. Quarterly revenue fell to $1.17 billion, down -35% from a year ago. On average, analysts were looking for a loss of -77 cents per share on revenue of $1.166 billion.
Elsewhere, imaging equipment maker Analogic (Nasdaq: ALOG - News) swung to a profit in the first quarter on earnings of $6.4 million, or 48 cents per share, versus a net loss of -$5.4 million, or -39 cents per share, in the prior year. Excluding one-time items, the company would have earned 53 cents per share compared with earnings of 12 cents per share last year. Revenue for the quarter jumped to $94.2 million, up 25% from $75.6 million in 2006. Analysts were expecting earnings of 40 cents per share on $87.4 million in revenue. Analogic's stock was up 18.2% at the bell.
In other corporate news, shares of ConAgra (NYSE: CAG - News) traded 6.3% higher on the day after the packaged food company said its second-quarter earnings would be higher than expected. ConAgra had previously said results would be in line with last year's earnings of 43 cents per share. Analysts were looking for a profit of 41 cents per share for the 2008 period.
Discount retailer Target (NYSE: TGT - News) said today that if recent soft sales patterns continue, the company will likely miss its previous estimates for December same-store sales. The company also reported that December sales needed to "meaningfully improve" in order to achieve fourth-quarter EPS growth. Shares of Target were off -7.6% for the session.
By the BullMarket.com Staff
posted by Stock Administrator @ 6:01 PM
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