Stock Market News for December 22, 2011 - Market News
22 12월 2011 - 6:06PM
Zacks
On Wednesday, markets recouped some
of their initial losses during an afternoon rally and benchmarks
finished almost mixed. Nonetheless, with concerns gaining an upper
hand gains were not strong enough to return a broad cheer to the
markets. To sum up, Oracle disappointed heavily with its quarter
results, existing home sales data was gloomy, and long-term
refinancing operation by the ECB left some apprehensions over the
debt scenario.
The Dow Jones Industrial Average
(DJIA) edged up by a mere 0.03% to close the day at 12,107.74. The
Standard & Poor 500 (S&P 500) gained 0.2% to settle at
1,243.72. The tech-laden Nasdaq Composite Index inched down a
percent and finished yesterday’s trading session at 2,577.97. The
fear-gauge CBOE Volatility Index (VIX) slumped to its lowest point
in many months, declining 7.7% to finish the day at 21.43. On the
New York Stock Exchange (NYSE) total volume remained low at 3.58
billion shares. For every 60% of the stocks that advanced, 37%
stocks declined. The remaining 3% of the stocks remained
unchanged.
The tech sector was a heavy laggard
and the Technology Select Sector SPDR (XLK) fund was down 1.6%.
Disappointing quarter results by Oracle Corporation (NASDAQ:ORCL)
dragged the broader index down, and Oracle itself suffered a slump
of 11.7% in its share prices. Oracle’s adjusted second quarter
earnings of 54 cents per share was below the Street’s expectations
and the software major also reported a drop in both hardware and
software sales. Oracle’s earnings miss was all the more in focus as
it was the company’s first earnings miss in almost a decade.
The result weighed heavily on
investors’ mind, and they grew wary of the general technology
sphere and also the overall business and economic outlook. These
concerns were well reflected through the dismal performances of the
other tech bellwethers’ stocks. International Business Machines
Corp. (NYSE:IBM), Dell Inc. (NASDAQ:DELL), Hewlett-Packard Company
(NYSE:HPQ) and Cisco Systems, Inc. (NASDAQ:CSCO) dropped 3.1%,
3.0%, 1.8% and 2.6%, respectively.
On the economic front, home sales
data from the National Association Realtors (NAR) acted as an
overhang and its report on revised home sale counts of 2007 that
elaborated that existing home sales to be 14.3% worse than
previously reported came as a disappointment to investors. Total
existing-home sales increased 4.0% to a seasonally adjusted annual
rate of 4.42 million in November. Nonetheless, the sales number for
the month of October was revised down to 4.25 million. The report
also stated some historic revisions, which weighed down investor
sentiment. According to the NAR: “The 2010 benchmark shows there
were 4,190,000 existing-home sales last year, a 14.6 percent
revision from the previously projected 4,908,000 sales. For the
total period of 2007 through 2010, sales and inventory were
downwardly revised by 14.3 percent. The revisions are expected to
have a minor impact on future revisions to Gross Domestic
Product”.
On the European front, the European
Central Bank (ECB) provided three-year loans at an extremely low
rate of 1% to 523 banks, and announced it was lending almost $640
billion to them. However, onlookers opined that the lending, which
is one of the biggest amounts for a single operation, reflects the
dismal state of the economy. Investors were apprehensive of the
fact that with so many banks jumping in, the move reflects the ill
health of all these banks. Concerns have also emerged about how
effective such a move will be to deal with the debt crisis in the
long term.
CISCO SYSTEMS (CSCO): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
HEWLETT PACKARD (HPQ): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
ORACLE CORP (ORCL): Free Stock Analysis Report
To read this article on Zacks.com click here.
Dell (NASDAQ:DELL)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
Dell (NASDAQ:DELL)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024