End-of-Day Market Summary for October 10, 2011
This is your Benzinga news summary and traders' summary for Monday, October 10, 2011, covering headlines from Monday's trading session.
Today at market close, the Dow Jones Index traded up about 114 points or 2.97%, the S&P 500 traded 3.41% higher, the Nasdaq Composite Index traded up 3.50%, and the U.S. dollar is trading lower at the $77.85 level.
Overseas, European markets ended their trading session higher. Britain's FTSE 100 added 1.8%, Germany's DAX jumped 3.02% and France's CAC 40 gained 2.13% on the session. Asian stocks ended their session mixed. Japan's Nikkei 225 gained 0.98%, China's Shanghai Index declined 0.6%, and the Hang Seng Index rallied 0.02%.
On the economic calendar, NFB Small Business Optimism and IBO/TIPP Economic Optimism numbers are due tomorrow at 7:30am and 10am, respectively.
On the commodity front, gold and silver futures traded mixed today, with gold trading about 0.29% higher. Energy futures are higher as well with crude oil up over 2.9%, near the $85.41 level, and gasoline futures are trading higher by about 2%. Natural Gas futures are higher by about 1.92% and copper futures are trading about 0.15% lower.
On the earnings front, Alcoa (NYSE: AA) is due to report tomorrow afternoon.
In corporate news, Netflix (NASDAQ: NFLX) announced that it will be cancelling its plans to separate its DVD mail-in service from its streaming service . Various investment banks including Goldman Sachs, Morgan Stanley, JP Morgan either remained neutral or commented negatively on the news. The stock dropped nearly 5% during the trading session.
IRIDEX (NASDAQ: IRIX) announced that Dominik Beck will be its new President and CEO. The former CEO, Theodore Boutacoff, will become the firm's new CTO. Beck has spent the majority of his career helping build health care companies.
Terex Corporation (NYSE: TEX) today announced that it has entered an agreement to acquire a controlling interest in the business of Ritz do Brazil S.A.. The Brazilian company operates in the energy sector, constructing and maintaining power lines in the country's power grid.
Below are some of today's movers: Changyou.com (NASDAQ: CYOU) +11.87% - hearing the company was initiated with Overweight at Barclays. C&J Energy Services (NYSE: CJES) +11.42% following the Complete Production Services acquisition. K12 (NYSE: LRN) +11.01% despite of reporting worse than expected earnings on Friday night. Newpark Resources (NYSE: NR) 10.95% following the strength in the sector. Stillwater Mining (NYSE: SWC) +10.55% recovering from Friday's sell-off. Clearwire (NASDAQ: CLWR) -9.35% after UBS lowered the company's price target. Netflix (NASDAQ: NFLX) -6.84% after negative analyst comments on CNBC. KiOR (NASDAQ: KIOR) -6.61% on heavy volume.
This concludes your news summary for October 10, 2011.
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