End-of-Day Market Summary for October 12, 2011
This is your Benzinga news summary and traders' summary for Wednesday, October 12, 2011, covering headlines from Wednesday's trading session.
Today at market close, the Dow Jones Index traded up about 103 points or 0.9%, the S&P 500 traded 0.98% higher, the Nasdaq Composite Index traded up 0.53%, and the U.S. dollar trades flat near the $77.28 level.
Earlier today, Morgan Keegan upgraded CARBO Ceramics (NYSE: CRR) to Outperform and BGC Partners upgraded Google (NASDAQ: GOOG) to Buy. View all of today's upgrades here.
Deutsche Bank downgraded Norfolk Southern (NYSE: NSC) to Hold and JP Morgan downgraded Lexmark (NYSE: LXK) to Underweight. View all of today's downgrades here.
Overseas, European markets ended their trading session higher. Britain's FTSE 100 added 0.85%, Germany's DAX jumped 2.21% and France's CAC 40 gained 2.42% on the session. Asian stocks ended their session mixed. China's Shanghai Index rallied by 3.05%, Japan's Nikkei 225 slid 0.40%, and the Hang Seng index increased by 1.04%.
On the economic calendar, initial and continuing jobless claims are due tomorrow at 8:30am. On the commodity front, gold and silver futures traded lower today, with gold trading about 0.27% lower today. Energy futures are lower as well with crude oil down over 1% near the $84.86 level and gasoline futures are trading lower by about 0.26%. Natural Gas futures are lower by about 3.62% and copper futures are trading over 0.8% lower.
On the earnings front this morning, Universal Forest Products (NASDAQ: UFPI) Reports Q3 EPS $0.29 vs $0.37 Est; Revenues $468.94M vs $473.81M.
In corporate news, Eldorado Gold Corp (NYSE: EGO) announced that it entered a revolving credit facility worth $280 million. The debt is being syndicated by HSBC and four other investment banks.
DXP Enterprises (NASDAQ: DXPE) announced that has finished acquiring all the assets of Kenneth Crosby. Terms were undisclosed, but the transaction is expected to be accretive.
Allstate Insurance Company (NYSE: ALL) announced that it has filed a $4.5 million insurance fraud claim. The suit is against five medical doctors who fraudulently billed medical procedures to Allstate.
Today's movers include:
Gainers Broadsoft (NASDAQ: BSFT) +7.93% after announcing definitive agreement to acquire Movial Applications
Neustar (NYSE: NSR) Up 7.95% after announcing buy of Targus Information
US Airways (NYSE: LCC) Up 7.36% after landing swap with Delta Airlines approved
Losers Brocade Communications (NASDAQ: BRCD) Down 6.67% after being downgraded by J.P. Morgan
This concludes your news summary for October 12, 2011.
