Stock Market News for February 13, 2013 - Market News
February 13 2013 - 3:36AM
Zacks
The Dow Jones and the S&P 500
finished in the green, closing at five-year highs prior to
President Barack Obama’s State of the Union address. The Dow is
nearly 1% shy of its all-time closing high achieved in October
2007. Better-than-expected-results from a couple of consumer
companies also boosted market sentiment. Financials emerged as the
biggest gainer for the top ten S&P 500 industry groups while
the technology sector was the major loser.
The Dow Jones Industrial Average
(DJI) gained 0.4% to close the day at 14,029.30. The S&P 500
increased marginally, by 0.2%, to finish yesterday’s trading
session at 1,520.35. The tech-laden Nasdaq Composite Index fell
0.1% to end at 3,190.09. The fear-gauge CBOE Volatility Index (VIX)
decreased 2.3% to settle at 12.64. Consolidated volumes on the New
York Stock Exchange, American Stock Exchange and Nasdaq were
roughly 5.7 billion shares, well below the daily average of 6.45
billion shares in 2012. Advancing stocks outnumbered the decliners
on the NYSE. For 62% stocks that advanced, 34% declined.
The markets witnessed mixed
reactions from investors ahead of President Barack Obama’s speech
and earnings results. However, at the end of the trading session,
the S&P 500 and the Dow finished at five-year highs. The Dow
finished yesterdays trading session above the 14,000 level mark.
This is the second time this month that the Dow has closed above
this level. Apart from February 2013, the Dow has finished above
this level nine times in its history, once in July 2007 and eight
times in October 2007.
The biggest mover of Tuesday’s
markets was the State of the Union speech. Many expectations are to
be linked with his speech, due late on Tuesday. The President
is expected to focus on creating middle-class jobs, bolstering the
economy and favoring clean energy. He is also expected to emphasize
the huge investments needed in infrastructure.
Meanwhile, shares of consumer giant
Avon Products, Inc. (NYSE:AVP) jumped 20% after it posted results
for the fourth quarter that beat the Street’s expectations.
Earnings of construction major Masco Corporation (NYSE:MAS) beat
estimates following which the company’s shares surged almost 12.5%.
The company issued guidance saying it expects robust growth in the
house construction segment in fiscal 2013.
Shares of the world’s largest
beverage company, The Coca-Cola Company (NYSE:KO) declined 2.7%
after revenues clocked in marginally below the Street’s
expectations. However, earnings rose 13% year over year. The
revenue was adversely affected due to the sluggish economies of
Europe and China. Sales decreased in Europe and China by 5% and 4%,
respectively.
Apparel major Michael Kors Holdings
Ltd (NYSE:KORS) reported robust results for fiscal third quarter
2013. Sales for the quarter increased 41.4% year over year, easily
beating earnings and revenue expectations. Shares of the company
increased 8.8%. For fiscal fourth quarter 2013, the company has
guided revenues within the range of $515 million to $ 525
million.
Among the top ten S&P 500
groups, financial stocks emerged as the biggest gainer. Financial
stocks such as JPMorgan Chase & Co. (NYSE:JPM), Berkshire
Hathaway Inc. (NYSE:BRK.B), Wells Fargo & Company (NYSE:WFC),
Bank of America Corp (NYSE:BAC) and Citigroup Inc. (NYSE:C) gained
1.0%, 0.6%, 0.7%, 3.3% and 2.8%, respectively.
Technology stocks were the major
loser among the S&P 500 groups. The Technology SPDR (XLK)
declined 0.3%. Stocks such as Apple Inc. (NASDAQ:AAPL),
International Business Machines Corp. (NYSE:IBM), Google Inc
(NASDAQ:GOOG), SanDisk Corporation (NASDAQ:SNDK) and Avid
Technology, Inc. (NASDAQ:AVID) lost 2.5%, 0.1%, 0.2%, 0.5% and
0.6%, respectively.
APPLE INC (AAPL): Free Stock Analysis Report
AVID TECH INC (AVID): Free Stock Analysis Report
AVON PRODS INC (AVP): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BERKSHIRE HTH-B (BRK.B): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
GOOGLE INC-CL A (GOOG): Free Stock Analysis Report
INTL BUS MACH (IBM): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
COCA COLA CO (KO): Free Stock Analysis Report
MICHAEL KORS (KORS): Free Stock Analysis Report
MASCO (MAS): Free Stock Analysis Report
SANDISK CORP (SNDK): Free Stock Analysis Report
WELLS FARGO-NEW (WFC): Free Stock Analysis Report
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