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  • Monday Market Movers: (NASDAQ:CALL), (NASDAQ:CYPB, ATAC) 0 comments
    Jul 19, 2010 1:11 PM | about stocks: CALL, CYPB, ATAC
    ATAC was acquired by Genco and is going private + 38%, CYPB +31% Ramius offers $4 per share here, but the big winner is MagicJack (NASDAQ:CALL) .  See previous article.  The overall market opened higher and gave back any of this short cover from weekend protection for many managers.  Market still looks weak, but there are a few MagicJack's out there...

    (NYSE:AP) -- Stocks bounced back modestly Monday after a brutal close to the previous week. Corporate earnings will be a key focus this week as investors hope to recover some of Friday's steep losses. The Dow Jones industrial average rose nearly 50 points in morning trading Monday after falling 261 on Friday. Other indexes also rose.
    The forecasts companies issue will be pored over for signs that growth will pick up in the second half of the year, despite some discouraging signs from economic reports.
     
    Earnings and outlooks will be even more important this week when there are only a few economic reports due out that could provide insight into the pace of recovery.
    Halliburton Co. delivered some encouraging news, reporting stronger results even though it faces costs associated with the oil spill in the Gulf of Mexico. Investors were upbeat because of the potential growth in land-based oil services business for the company since deep-water drilling will be curtailed following the oil spill.
    Halliburton's shares jumped nearly 5 percent and helped lift other energy stocks. Other oils services companies like Schlumberger Ltd. and Baker Hughes Inc. were also higher.

    In morning trading, the Dow Jones industrial average rose 49.27, or 0.5 percent, to 10,147.17. The Standard & Poor's 500 index rose 4.89, or 0.5 percent, to 1,069.77, while the Nasdaq composite index rose 12.96, or 0.6 percent, to 2,192.01.
    About three stocks rose for every one that fell on the New York Stock Exchange, where volume came to 139.4 million shares, compared with 379.6 million shares traded at the same time Friday.
    Halliburton rose $1.37, or 5 percent, $28.88. Baker Hughes jumped $1.53, or 3.3 percent, to $47.53, while Schlumberger rose $1.60, or 2.8 percent, to $58.28.
    Stocks are recovering some of the big losses they suffered Friday, when they fell on concerns that revenues at big banks like Citigroup Inc. and Bank of America Corp. could be hurt by new financial regulations.
    More insight into the banking sector will come this week when Wall Street giants Goldman Sachs and Morgan Stanley report results. As two of the largest investment banks, they could be facing the biggest effects of the recently passed financial reform regulation.

    Financial stocks were some of the few losers again Monday. Bank of America shares fell 35 cents, or 2.5 percent, to $13.63. PNC Financial Services Group Inc. dropped 33 cents to $57.90. Citigroup shares rose a penny to $3.91.
    Bond prices dipped as investors opted for riskier assets. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 2.97 percent from 2.93 percent late Friday.
    The Russell 2000 index of smaller companies rose 3.12, or 0.5 percent, to 613.51.
    European markets all rose even after Moody's Investors Service cut its rating on Ireland's debt. Britain's FTSE 100 rose 0.6 percent, Germany's DAX index gained 0.5 percent and France's CAC-40 rose 1 percent.
    Japan's Nikkei stock average fell 2.9 percent.

    Disclosure: No Position
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