Equities Update: Narrow Advance Led by Gold, Commodities

by: Midnight Trader

4:16 PM, Nov 25, 2009 --

  • NYSE up 61.9 (0.9%) to 7,232.12.
  • DJIA up 30.7 (0.3%) to 10,464.
  • S&P 500 up 4.9 (0.4%) to 1,111.
  • Nasdaq up 6.87 (0.3%) to 2,176.


  • Hang Seng up 0.84%
  • Nikkei up 0.43%
  • FTSE up 0.77%


(+) TIF beats with Q3 results, lifts FY EPS view above Street estimates.

(+) DE reports better-than-expected Q4.

(+) JCG beats on Q3; Q4 guidance straddles Street view.

(+) QADI reports better-than-expected Q3.

(+) INCY in pact with Novartis.

(+) BCSI reports better-than-expected earnings and mixed guidance.

(+) CPST gets grants for two projects.

(+) RTK reportedly gets Australia contract.


(-) HAL announced a major Q4 reduction in activity from Pemex.

(-) BNHN swings to Q2 loss, withdraws guidance.

(-) SQNM gives back some gains after big run-up Tuesday.

(-) CZNC prices 2.5 million shares at $8 each.


Major stock averages close up around 0.3%-0.4% and in the middle of the day's range.

Shares of commodity producers and materials stocks led a modest broad market rally in thin pre-holiday trading Wednesday as gold notched a ninth straight closing record Wednesday. A string of largely upbeat economic reports added to bullish sentiment.

The Dow Jones Industrial Average closed up 30 points, or 0.3%, at 10,465, after ranging between 10,421 and 10,481. The S&P 500 is up 4 points, or 0.4%, at 1,110, after ranging between 1,105 and 1,111. The Nasdaq Composite closed up 7 points, or 0.3%, at 2,177, after ranging between 2,170 and 2,179.

Gold for December delivery rose as high as $1,187.50 an ounce. The contract ended up $21.20, or 1.8%, at $1,187 an ounce, a new closing record.

December crude oil closed up 2.6% at $77.96 a barrel.

The government said new claims for unemployment insurance fell by 35,000 last week to 466,000. That's the fewest claims since September last year, and better than the 500,000 that economists had expected. Claims haven't been below 500,000 in over a year.

Also out today, new home sales rose 6.2 percent to an annual rate of 430,000. That's above what economists surveyed by Thomson Reuters had expected.

The government also reported consumer spending rose a brisk 0.7 percent last month, following a 0.6 percent drop in September. It was the best showing since August.

One report offered contrary news. Orders for expensive manufactured goods dropped 0.6 percent last month, the first drop since August. Economists had expected orders would grow.

As for active movers:

Tiffany (NYSE:TIF) gained after the company reported better-than-expeced Q3 results and boosted its forecast for the year to $1.88 to $1.98 from its previous view of $1.65 to $1.75. The Street is at $1.77.

Deere (NYSE:DE) climbed into positive territory after initially falling when it reported Q4 EPS, ex items, of $0.23 per share, well ahead of the analyst mean
of $0.03 per share on Thomson Reuters. Revs were $5.334 bln, better than the
Street view of $4.43 bln.

J. Crew (JCG) reported late Tuesday that Q3 revenue were $414.1 mln, better than the analyst mean of $408 mln on Thomson Reuters. Earnings were $0.67 per share, ahead of expectations of $0.58 per share. For Q4, the company is guiding for earnings of $0.37 to $0.42 per share, vs. Street estimates of $0.41 per share.

Benihana (NASDAQ:BNHN) dropped after it said Tuesday night that it swung to a loss for Q2 and withdrew its forecast for the year.

Halliburton (NYSE:HAL) fell after it announced a major reduction in activity from its primary customer in Mexico, Petroleos Mexicanos (Pemex), for the fourth quarter of 2009.