4:26 PM, Apr 15, 2010 --
- NYSE down 9 (0.1%) to 7,719.66.
- DJIA up 21 (0.2%) to 11,145.
- S&P 500 up 1 (0.1%) to 1,212.
- Nasdaq up 10 (0.4%) to 2,516.
- Hang Seng up 0.16%
- Nikkei up 0.61%
- FTSE up 0.50%
(+) YUM continues evening gain after upbeat results.
(+) UPS continues evening gain after prelim. earnings beat, hikes guidance.
(+) MICC plans special dividend, buyback.
(+) BP gets upgraded.
(+) AMSC gets upgrade.
(+) MDVN reports positive published report on prostate cancer treatment.
(+) CPBY reports new contracts.
(+) RNN gains on positive anti-cancer small molecule treatment.
(+) IOC inks JV with Mitsui.
(+) IDIX reports positive interim data on Hep C study.
(+) ME sold for $7.80 a share to Apache.
(+) REVU prices shares.
(+) ATVI reports rise in new contracts.
(-) KERX reports updated long-term data on Zerenex at conference.
(-) AVNR presents Zenvia safety data.
(-) TITN misses with Q4 results.
(-) MGM continues evening decline after setting prelim. Q1 view, announcing note offering.
Stocks twisted in two directions Thursday but were testing session highs inside the final hour. Stocks began the day under water, a threat to the recent streak that looked to nearing overdone territory.
With the Dow Jones Industrial Average topping 11,000 and the S&P 500 above 1,200, some pull-back was anticipated. A stronger than expected regional report on manufacturing report and an upbeat earnings outlook from economic bellwether UPS Inc. (NYSE:UPS) provided some bullish fodder for investors, though other economic news wasn't as rosy.
The Labor Department said first-time jobless benefits rose to 484,000 last week, the highest level since late February. The move surprised economists who were expecting claims to fall to by 440,000. Persistent high unemployment has been a major stumbling block to the economy.
The Federal Reserve said industrial production rose 0.1% in March but fell short of analysts' expectations. Economists predicted production at the nations' factories, mines and utilities would rise 0.7% in March.
The Empire State manufacturing index provided some lift by topping the Street. It rose to 31.86 in April from 22.86 last month. Economists were looking for a gain to 24. The Philadelphia Federal Reserve's regional manufacturing index rose to 20.2 in April from 18.9. Philly Fed was forecast to rise to 20.0.
The world's largest shipping company also said it expects to report a better-than-expected Q1 profit and raised its full-year outlook. UPS is considered an economic barometer because package shipments reflect economic activity.
In other economic news, a record number of homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.
RealtyTrac Inc. said this morning that bank takeovers jumped 35% in the first quarter from a year ago. In addition, households facing foreclosure grew 16% in the same period and 7% from the last three months of 2009.
In the tech sector, AMD (NASDAQ:AMD) is expected to report Q1 results tonight after the close. The Thomson Reuters mean is for a loss of $0.03 per share on $1.53 billion in revenue. Google (NASDAQ:GOOG) reports its Q1 results after the bell tonight, and analysts polled by Thomson Reuters are expecting the company to report a mean profit of $6.60 per share on revenue of $4.95 billion.
Crude for June delivery, the most active contract, gained 2 cents, or 0.02%, to $86.75 a barrel on the Comex division of the New York Mercantile Exchange. Crude for May delivery, the front-month contract, declined 33 cents, or 0.4%, to $85.51 a barrel.