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Stocks Close Higher, 2Q Earnings Season Off To A Strong Start

By Abhijit SenForexJul 09, 2013 03:58PM ET
www.investing.com/analysis/stocks-close-higher,-2q-earnings-season-off-to-a-strong-start-174722
Stocks Close Higher, 2Q Earnings Season Off To A Strong Start
By Abhijit Sen   |  Jul 09, 2013 03:58PM ET
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Stocks that traded actively in U.S. markets on Tuesday include: FedEx Corporation (FDX), Helen of Troy Limited (HELE), Research In Motion Ltd (BBRY), Apple Inc. (AAPL), Amazon.com, Inc. (AMZN), Nabors Industries Ltd. (NBR), D.R. Horton, Inc. (DHI), Lennar Corporation (LEN), PulteGroup, Inc. (PHM), Pandora Media Inc (P).

Market Levels:

  • US: Dow: 15300.30 (0.50%), S&P 500: 1651.08 (0.65%), 3504.26 (0.56%)
  • Europe: CAC: 3843.56 (0.51%), DAX: 8057.75 (1.11%), FTSE: 6513.08 (0.97%)
  • Asia-Pacific: Australia: 4881.70 (1.50%), China: 1965.45 (0.37%), Hong Kong: 20683.01 (0.49%), Japan: 14472.90 (2.51%).
  • Metals: Gold: 1245.90 (0.89%), Silver: 19.14 (0.53%), Copper: 3.06 (-1.13%)
  • Energy: Crude Oil: 103.53 (0.38%), Natural Gas: 3.66 (-2.25%)
  • Commodities: Corn: 5.21 (4.25%), Soya Bean: 12.76 (1.92%), Wheat: 6.77 (2.19%)
  • Currency: EUR/USD: 1.2786 (-0.65%), GBP/USD: 1.4872 (-0.52%), USD/JPY: 101.0600 (0.09%)
  • 10-year US Treasury: 2.632% (-0.004)
U.S. markets end higher: Stocks closed higher for the fourth consecutive session amid a strong start to the second-quarter earnings season. On the economic front, the IMF lowered its 2013 global growth forecast to 3.1 percent, citing the ongoing worries in Europe and a slowdown in emerging economies. The Dow Jones Industrial Average (INDEXDJX:.DJI) added 75.65 points, to close at 15,300.34, while the S&P 500 (INDEXSP:.INX) gained 11.86 points, to finish at 1,652.32. The NASDAQ (INDEX.IXIC) rose 19.43 points, to end at 3,504.26.

Stocks in News: FedEx Corporation (FDX)
FedEx Corporation (FDX) shares soared in Tuesday trading amid speculation that William Ackman could make a big investment in the company. Bloomberg News reported late Monday that the activist investor and Pershing Square Capital Management L.P. CEO is looking to raise funds to acquire a stake in a large U.S. company. “The target is a large-capitalization, investment-grade U.S. corporation that principally operates in one business,” Bloomberg reported, citing a letter that Ackman sent to investors.

Helen of Troy Limited (HELE)
The personal-care and household-products maker posted first quarter earnings excluding items of 82 cents a share, easily beating estimates of 71 cents a share. Revenue edged 1.4 percent higher to $304.5 million, also topping expectations for $302 million. The company also reaffirmed its full-year outlook, sending shares higher in after hours trading.

Research In Motion Ltd (BBRY)
Chief executive Thorsten Heins urged investors to be patient and said the Canadian phone maker is on the right path for a turnaround despite the surprise quarterly loss last month. BlackBerry’s new flagship Z10 phone trailed analysts’ estimates in its first full quarter on sale.

Apple Inc. (AAPL), Amazon.com, Inc. (AMZN)
Apple Inc. (AAPL) and Amazon.com, Inc. (AMZN) have agreed to end a two-year-old trademark lawsuit over the use of the “app store” name to solicit business. Apple began the lawsuit after Amazon launched Appstore for Android in March 2011, almost three years after the iPhone maker began selling applications for mobile devices via its App Store service. Amazon responded by saying that the term is generic and Apple did not have exclusive rights to it.

Nabors Industries Ltd. (NBR)
Nabors Industries Ltd. (NBR) expects its second-quarter operating income to miss consensus estimates amid a slowdown in North American activity. Shares plunged more than 6 percent in recent after-hours trading. The oil-and-gas drilling contractor is scheduled to release its second-quarter financial results on July 24.

D.R. Horton, Inc. (DHI), Lennar Corporation (LEN), PulteGroup, Inc. (PHM)
Home builder stocks including D.R. Horton, Inc. (DHI), Lennar Corporation (LEN) and PulteGroup, Inc. (PHM) rallied following news that foreclosures in May fell 27 percent from a year ago. 52,000 foreclosures were completed in May, well below the 71,000 in the same period last year, data analysis firm CoreLogic said on Tuesday.

Pandora Media Inc (P)
Pandora Media Inc (P) shares fell in trade after the online radio service reported listening-hour data for June. Listening hours for the month rose 17 percent from a year ago, to 1.25 billion hours, but the growth rate was slower than that recorded in May. Active listeners were 71.1 million at the end of last month, an increase of 30 percent from the year-ago period.
Stocks Close Higher, 2Q Earnings Season Off To A Strong Start
 

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Stocks Close Higher, 2Q Earnings Season Off To A Strong Start

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