The April jobs report bordered on awful as the US economy added just 115,000 payroll jobs while the unemployment rate fell to 8.1% thanks to 173,000 workers dropping out of the workforce - sending the entire stock market down.
With that in mind and on Friday before the market opened and before the April employment report was released, NextCandle.com gave the following stock forecasts for these staffing stocks:
- Monster Worldwide (NYSE:MWW) has a 72% probability of making a lower low.
- Manpower (NYSE:MAN) has a 73% probability of making a lower low.
- Kelly Services (NASDAQ:KELYA) had a 63% probability of making a lower low.
And the results when the market closed on Friday for the above staffing stocks:
- Monster Worldwide (MWW) opened at $7.92, had a trading range of $7.73 to $7.95 for the day and closed down 2.63% at $7.79. Monster Worldwide (MWW) owns Monster.com which has a presence in approximately 55 countries globally, had surged over a week ago after reporting earnings. However and over the medium and the long-term especially, Monster Worldwide (MWW) will be facing stiff competition from LinkedIn (NYSE:LNKD) as it evolves into a jobs platform.
- Manpower (MAN) opened at $40.84, had a trading range of $39.18 to $40.90 for the day and closed down 2.98% at $40.02. Manpower (MAN), which provides workforce solutions and services globally, reported 1Q2012 results back in April that easily beat estimates as the company saw some of its best results in the Asia-Pacific region and Middle East plus certain parts of southern Europe excluding troubled France and Italy.
- Kelly Services (KELYA) opened at $13.63, had a trading range of $13.18 to $13.63 for the day and closed down 2.77% at $13.33. Kelly Services (KELYA) is a global workforce solutions provider that will report earnings next Wednesday when the market opens. The average analyst estimate is for net income to rise 28.6% the same period last year.
Friday was a bad day for the entire stock market as the ugly April jobs report sent the market down as a whole and we should acknowledge there was plenty of evidence that the numbers were not going to be pretty. Nevertheless, Next Candle's stock forecasts for staffing stocks Monster Worldwide (MWW), Manpower (MAN) and Kelly Services (KELYA) still proved right even when we did not know what the April jobs report would reveal.
NOTE: THIS PIECE WAS JUST POSTED ON THE NEXTCANDLE.COM BLOG.