Stock Market News for January 27, 2012 - Market News
27 1월 2012 - 6:06PM
Zacks
Benchmarks lost out on the
morning’s gains after disappointing home sales and initial claims
data dragged the markets lower. As has been the case since
late-December, cross-Atlantic tensions deter investors and economic
data comes in to lift the sentiment. However, yesterday, while
resumption of Greek debt negotiation talks spurred some optimism,
economic reports dampened sentiment. Nonetheless, factory orders
and a few corporate results emerged as positives for the day.
The Dow Jones Industrial Average
(DJI) was down 0.2% and settled the day at 12,734.63. The Standard
& Poor 500 lost 0.6% and closed yesterday’s trading session at
1,318.43. The Nasdaq Composite Index dropped 0.5% and finished
lower at 2,805.28. The fear-gauge CBOE Volatility Index (VIX) rose
1.4% to settle at 18.57. On the New York Stock Exchange, NYSE Amex
and Nasdaq, consolidated volumes were 7.9 billion shares. The
advance and decline ratio was almost even on the NYSE, as for 48%
of the stocks that moved up, 49% stocks were on the declining side.
The remaining 3% were left unchanged.
On Wednesday, the Dow had posted
its highest closing levels since May 2011. Yesterday, the blue-chip
index neared its highest levels since the 2008 meltdown. But, the
benchmark lost all the gains to finally settle in the red zone
following mixed economic data.
Coming to the economic reports,
housing and jobs data were primarily responsible for the markets’
downfall yesterday. Both of these are key sectors and play a huge
role in shaping the broader economy. In a joint release by the U.S.
Department of Housing and Urban Development, sales of new
single-family houses were reported to have dropped 2.2% from
November to 307,000 in December 2011. It was also 7.3% lower than
December 2010 estimate of 331,000. The data also disappointed the
expectations, as the consensus had predicted figures of 323, 000.
This was the slowest year for builders since the department
initiated tracking the housing reports
The data dragged the housing sector
lower and also the broader markets. The PHLX Housing Sector (HGX)
lost 1.3% and housing related stocks like Toll Brothers Inc.
(NYSE:TOL), KB Home (NYSE:KBH), Lennar Corporation (NYSE:LEN),
PulteGroup, Inc. (NYSE:PHM), D.R. Horton, Inc. (NYSE:DHI) and
Beazer Homes USA, Inc. (NYSE:BZH) lost 5.0%, 0.8%, 2.9%, 2.4%, 2.6%
and 0.9%, respectively.
Initial claims data also dampened
sentiment after the US Department of Labor reported a 21,000
increase in advance figure for seasonally adjusted initial claims
to 377,000, from the previous week's revised figure of 356,000, for
the week ending January 21. The consensus estimate for the current
period expected the initial claims to come in at 370, 000. Given
the importance of the jobs and housing markets, disappointing
reports from both of them was obviously going to hamper the
mood.
In contrast, the U.S. Census Bureau
reported a $6.2 billion or 3% increase in new orders for
manufactured durable goods in December. Moreover, this was the
fifth time that new orders increased out of the last six times, and
was also better-than-expected, as consensus estimates had hoped for
a 2.3% increase. Separately, The Conference Board reported that the
index of leading indicators had hit its highest level since July,
increasing 0.4% in December to 94.3.
This is a busy week of earnings and
a few significant companies did not fail to surpass expectations
yesterday. Quarterly results from Caterpillar, Inc. (NYSE:CAT),
Time Warner Cable Inc (NYSE:TWC), 3M Company (NYSE:MMM), Lockheed
Martin Corporation (NYSE:LMT) were encouraging and all of them beat
the Street’s estimates. The companies’ shares rose, 2.1%, 7.8%,
1.3% and 0.9%, respectively.
In the opening session, the
sentiment had also been boosted by news of resumption of Greek debt
negotiation talks. Charles Dallara and Jean Lemierre were the
negotiators representing the private creditors and they returned to
Athens to resume talks on the debt swap, which would ultimately
decide the fate of nation’s debt scenario. Earlier this week,
euro-zone ministers had rejected the bond swap offer from private
creditors, which sparked off tension in the financial world. If
Greece fails to secure the next bailout package from international
lenders, the nation will be unable to make its bond payments in
March. The debt write-down deal is an absolute pre-requisite for
Greece to receive the $168 billion bailout package from the
European Union (EU) and the International Monetary Fund (IMF).
BEAZER HOMES (BZH): Free Stock Analysis Report
CATERPILLAR INC (CAT): Free Stock Analysis Report
D R HORTON INC (DHI): Free Stock Analysis Report
KB HOME (KBH): Free Stock Analysis Report
LENNAR CORP -A (LEN): Free Stock Analysis Report
LOCKHEED MARTIN (LMT): Free Stock Analysis Report
3M CO (MMM): Free Stock Analysis Report
PULTE GROUP ONC (PHM): Free Stock Analysis Report
TOLL BROTHERS (TOL): Free Stock Analysis Report
TIME WARNER CAB (TWC): Free Stock Analysis Report
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