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Thursday, October 31, 2013

THURSDAY’S MARKET SUMMARY: Best of Both Worlds

best of both worlds
It’s the best of both worlds today, with the American central bank holding soft policy in place while the day’s data shows decent economic activity. The Chicago PMI is just one of many data points, and it will likely be forgotten soon enough; amnesia may strike even as soon as a week from Friday when the jobs report is published for October.

Thursday’s Market Summary



Market ETF
October 31
Year-to-Date
SPDR S&P 500 (NYSE: SPY)
+0.1%
+23.9%
SPDR Dow Jones (NYSE: DIA)
+0.1%
+19.5%
PowerShares (Nasdaq: QQQ)
+0.0%
+27.4%


U.S. shares celebrated the strong Chicago PMI figure today, offering evidence of economic activity even through the government turmoil of October. Given that the U.S. Federal Reserve took a soft stance on Wednesday, it’s the best of both worlds for today’s traders.

Economic Events


ECONOMIC REPORT SCHEDULE
 
Economic Data Point
Prior Period
Expected
Actual
THURSDAY
 
 
 
55.7
55.0
65.9
-36.1
 
-37.6
350K
335K
340K
87 Bcf
 
38 Bcf
-2.1%
 
 
  -R symbolizes “revised”

The Chicago Purchasing Managers Index offered a different message this morning than the U.S. Federal Reserve did yesterday. The measure of manufacturing showed strong expansion in October. The consumer mood continued to soften though, as illustrated by the Bloomberg Consumer Comfort measure. It’s a weekly accounting, and so is likely the result of Obamacare adjustment and the poor jobs data recently reported, and also currently expected. Jobless claims did soften this past week as well, so nothing indicates otherwise.

Overseas Markets


EUROPE
CLOSE
ASIA/PACIFIC
CLOSE
EURO STOXX 50
+0.9%
NIKKEI 225
-1.2%
German DAX
+0.3%
Hang Seng
-0.4%
CAC 40
+0.6%
S&P/ASX 200
-0.1%
FTSE 100
-0.7%
Korean KOSPI
-1.4%
Bloomberg GCC 200 Mideast
+0.5%
BSE India SENSEX
+0.6%


Foreign markets are being swung by the U.S. Federal Reserve message. Asia would prefer to see U.S. economic activity improving, but the Fed said it would not begin tapering, sending a negative message about economics. Europe celebrated ongoing dovishness, since Europe is not pegged to dollar and appreciates U.S. economic supports almost as much as American traders. Today, Europe received two times the reason to raise the flag, with US manufacturing showing signs of strength even as the American Fed stays soft.

Commodity Markets (Afternoon)


WTI Crude
-0.1%
Brent Crude
-0.8%
NYMEX Natural Gas
-0.8%
RBOB Gasoline
+0.5%
Gold Spot
-1.6%
Silver Spot
-3.7%
COMEX Copper
-0.7%
CBOT Corn
-0.5%
CBOT Wheat
-0.6%
CBOT Soybeans
-0.5%
ICE Cocoa
+0.4%
ICE Sugar
+0.2%
ICE Orange Juice Conc.
+2.7%
CME Lumber
+0.1%
CME Live Cattle
-0.3%


Thursday’s commodity price movement had more to do with the dollar than anything else. Whenever you see a majority of commodities moving in one direction, it usually signifies dollar driver. In this case, a strengthening dollar sent commodity prices lower. Precious metals and industrial metals alike all moved lower, and energy commodities mostly declined along with some of the agricultural sector.

Corporate Events

Facebook’s (NYSE: FB) earnings report from the night prior led the wire today. The company did well, but also reported less usage by younger Americans. The mixed message drove a bit of a roller coaster ride for the stock after hours last evening.


HIGHLIGHTED EPS REPORTS
Company
Ticker
THURSDAY
 
Facebook
NYSE: FB
CONSOL Energy
NYSE: CNX
Incyte
Nasdaq: INCY
Discovery Communications
Nasdaq: DISCA
ITT Corp.
NYSE: ITT
Perrigo
Nasdaq: PRGO
Harman International
NYSE: HAR
MasterCard
NYSE: MA
Diamond Resorts
Nasdaq: DRII
Boyd Gaming
NYSE: BYD
MGM Resorts
NYSE: MGM
Advance Auto Parts
NYSE: AAP
Hillshire Brands
NYSE: HSH
The Greenbrier Cos.
NYSE: GBX
Iridium Communications
Nasdaq: IRDM
Cigna
NYSE: CI
Felcor Lodging
NYSE: FCH
Reis
Nasdaq: REIS
New York Times
NYSE: NYT
Quanta Services
NYSE: PWR
Retail Opportunity Investments
Nasdaq: ROIC
Mylan
NYSE: MYL
Strayer Education
Nasdaq: STRA
World Wrestling Entertainment
NYSE: WWE
Alpha Natural Resources
NYSE: ANR
LoJack
Nasdaq: LOJN
PPL
NYSE: PPL
EPL Oil & Gas
NYSE: EPL
Cardinal Health
NYSE: CAH
ConocoPhillips
NYSE: COP
Investment Technology
NYSE: ITG
Acorda Therapeutics
Nasdaq: ACOR
KEMET
NYSE: KEM
Time Warner Cable
NYSE: TWC
CARBO Ceramics
NYSE: CRR
Marathon Petroleum
NYSE: MPC
Fortress Investment Group
NYSE: FIG
Magellan Midstream
NYSE: MMP
DSP Group
Nasdaq: DSPG
Harvard Biosciences
Nasdaq: HBIO
Exxon Mobil
NYSE: XOM
Iron Mountain
NYSE: IRM
Blue Nile
Nasdaq: NILE
AmerisourceBergen
NYSE: ABC
Clorox
NYSE: CLX
Lionbridge
Nasdaq: LIOX
Pilgrim’s Pride
NYSE: PPC
Einstein Noah Restaurant
Nasdaq: BAGL
MasTec
NYSE: MTZ
Green Dot
Nasdaq: GDOT
ON Semiconductor
Nasdaq: ONNN
Newmont Mining
NYSE: NEM
Public Storage
NYSE: PSA
Apartment Investment Mngmt.
NYSE: AIV
Amerisafe
Nasdaq: AMSF
CEC Entertainment
NYSE: CEC
Ellie Mae
NYSE: ELLI
Fluor
NYSE: FLR
Camden Property Trust
NYSE: CPT
Arabian American Development
NYSE: ARSD
Federated
Nasdaq: FNHC
The Chefs’ Warehouse
Nasdaq: CHEF
Kodiak Oil & Gas
NYSE: KOG
Electro Scientific
Nasdaq: ESIO
First Solar
Nasdaq: FSLR
Mohawk
NYSE: MHK



MOST ACTIVE STOCKS
BIGGEST GAINERS
% Gain
58.com (Nasdaq: WUBA)
+54%
ZELTIQ Aesthetics (Nasdaq: ZLTQ)
+38%
ShoreTel (Nasdaq: SHOR)
+32%
Carbo Ceramics (NYSE: CRR)
+33%
Intelliquent (Nasdaq: IQNT)
+30%
Fluidigm (Nasdaq: FLDM)
+25%
Essent Group (Nasdaq: ESNT)
+25%
GrafTech International (NYSE: GTI)
+20%
Expedia (Nasdaq: EXPE)
+19%
Silver Spring Networks (Nasdaq: SSNI)
+19%
BIGGEST LOSERS
% Drop
ARIAD Pharmaceuticals (Nasdaq: ARIA)
-44%
Neogen (Nasdaq: NEOG)
-34%
NII Holdings (Nasdaq: NIHD)
-26%
Odyssey Marine Exploration (Nasdaq: OMEX)
-26%
Avon Products (NYSE: AVP)
-24%
Rocky Brands (Nasdaq: RCKY)
-24%
Sequenom (Nasdaq: SQNM)
-22%
Atlas Air Worldwide (Nasdaq: AAWW)
-21%
ALCO Stores (Nasdaq: ALCS)
-21%
Support.com (Nasdaq: SPRT)
-21%


Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.

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