Stock Market News for February 6, 2013 - Market News
06 2월 2013 - 6:36PM
Zacks
Benchmarks are back in green
territory following a series of positive earnings reports coupled
with indications that the European economy is improving. Monday’s
trading session witnessed one of the biggest sell-offs since
November 2012 amidst concerns about a revival of the Euro zone
crisis. Meanwhile, the ISM Services Index declined marginally in
January. All ten S&P 500 industry groups finished in the green,
the biggest gainer being the Consumer Staples sector.
The Dow Jones Industrial Average
(DJI) increased 0.7% to close the day at 13,979.30. The S&P 500
rose 1.0% to finish yesterday’s trading session at 1,511.29. The
tech-laden Nasdaq Composite Index gained 1.3% to end at 3,171.58.
The fear-gauge CBOE Volatility Index (VIX) decreased 6.5% to settle
at 13.72. Consolidated volumes on the New York Stock Exchange,
American Stock Exchange and Nasdaq were roughly 6.7 billion shares,
higher than the daily average of 6.45 billion shares in 2012.
Advancing stocks outnumbered the decliners on the NYSE. For 70%
stocks that advanced, 28% declined.
Better-than-expected earnings from
major companies were largely responsible for benchmarks finishing
in the green yesterday. Shares of cereal maker giant Kellogg
Company (NYSE:K) inched up 0.7% after it reported a quarterly loss
lower than the Street’s estimates. Tech-giant Computer Sciences
Corporation (NYSE:CSC) reported robust earnings which beat
expectations. Shares of the company surged 9.2% following these
strong earnings. A cost reduction exercise implemented by the
company helped earnings beat estimates following which it revised
its outlook for fiscal 2013.
Another promising earnings report
came from Estee Lauder Companies Inc (NYSE:EL). Profits of the
company increased 13% on account of better sales of beauty products
in domestic and emerging markets. Shares of the company increased
6% after it beat the Street’s estimates.
In other news, Dell Inc.
(NASDAQ:DELL) has decided to go private and has entered into a deal
with a consortium for $24.4 billion. Silver Lake Partners is one of
the investors in the buyout and has invested $1 billion. Shares of
the company increased 1.1% following these developments.
Markets suffered on Monday
following investor concerns about a revival of the European debt
crisis after the yield on Spanish and Italian bonds increased.
However, new European data suggests an improvement after an index
of manufacturing and service businesses touched its highest level
in ten months during January. This data acted as a catalyst to
investor sentiment.
On the domestic front, according to
the Congressional Budget Office, the deficit is set to go below $1
trillion to $845 million for fiscal September 2013. This will be
the first time in past five years that the deficit will be below
the $1 trillion mark. On the other hand President Barack Obama
insisted Congress should approve a small package for spending cuts
and tax reforms.
Meanwhile, the Institute of Supply
Management said the index for the non-manufacturing sector declined
in January to 55.2 from revised December figure of 55.7. This was
slightly below the consensus estimate of 55.8. Business activity
index decreased to 56.4 from 60.8 whereas new order declined to
54.4 from 58.3. But employment index increased to 57.5 from
55.3.
The Consumer Staples sector emerged
as a winner among the top ten industry groups of S&P 500.
Stocks such as Walgreen Company (NYSE:WAG), The Coca-Cola Company
(NYSE:KO), Wal-Mart Stores, Inc. (NYSE:WMT), PepsiCo, Inc.
(NYSE:PEP) and The Procter & Gamble Company (NYSE:PG) increased
3.3%, 2.1%, 1.6%, 1% and 0.6%, respectively.
COMP SCIENCE (CSC): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
ESTEE LAUDER (EL): Free Stock Analysis Report
KELLOGG CO (K): Free Stock Analysis Report
COCA COLA CO (KO): Free Stock Analysis Report
PEPSICO INC (PEP): Free Stock Analysis Report
PROCTER & GAMBL (PG): Free Stock Analysis Report
WALGREEN CO (WAG): Free Stock Analysis Report
WAL-MART STORES (WMT): Free Stock Analysis Report
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