End-of-Day Market Summary for October 18, 2011
This is your Benzinga news summary and traders' summary for Tuesday, October 18, 2011, covering headlines from Tuesday's trading session.
Today at market close, the Dow Jones Index traded up by about points or 1.58%, the S&P 500 traded 2.04% higher, the Nasdaq Composite Index traded up 1.63%, and the U.S. dollar trades flat near the $77.31 level.
Earlier today, Oppenheimer upgraded Anadarko Petroleum (NYSE: APC) to Outperform and Piper Jaffray upgraded The Cheesecake Factory (NASDAQ: CAKE) to Overweight. View all of today's upgrades here.
Piper Jaffray downgraded Qiagen NV (NASDAQ: QGEN) to Neutral and Goldman Sachs downgraded A123 Systems (NASDAQ: AONE) to Sell. View all of today's downgrades here.
Overseas, European markets ended their trading session mixed. Britain's FTSE 100 decreased 0.48%, Germany's DAX gained 0.31% and France's CAC 40 lost 0.79% on the session. Asian stocks ended their session lower as well. China's Shanghai Index dropped by 2.35%, Japan's Nikkei 225 slid by 1.55%, and the Hang Seng index lost 4.23%.
On the economic calendar, month over month Producer Price Index came in at 0.8% versus a 0.2% estimate, year over year PPI came in at 6.9% versus a 6.4% estimate. Net long-term TIC flows came in at $57.9 billion versus -$20 billion.
On the commodity front, gold and silver futures traded higher today, with gold trading about 0.65% higher today. Energy futures are higher as well with crude oil up over 2.2% near the $88.31 level and gasoline futures are trading higher by about 0.38%. Natural Gas futures are lower by about 3.69% and copper futures are trading over 0.45% higher.
On the earnings front this morning, Goldman Sachs (NYSE: GS) Reports Q3 EPS $(0.84) May Not Compare to $(0.15) Est; Revenues $3.59B May Not Compare to $4.59B Est; Bank of America (NYSE: BAC) Reports Q3 EPS $0.56 (May Not be Comparable) to $0.20 Est; Revenues $28.45B vs $25.95B Est; Coca-Cola (NYSE: KO) Reports Q3 EPS $1.03 vs $1.02 Est; Revenues $12.25B vs $12.02B Est; Johnson & Johnson (NYSE: JNJ) Reports Q3 EPS $1.24 vs $1.21 Est; Revenues $16.0B vs $16.02B Est.
In corporate news, Crestwood Midstream Partners (NYSE: CMLP) announced that it will acquire Tristate Sabine for $65 million. Another $8 million payment will be made a year after the closing date.
American Asset Corporation announced that it filed a lawsuit against Bank of America (NYSE: BAC).The lawsuit involves the Bank's debt restructuring and applies to single asset banked loans.
Ingram Micro (NYSE: IM) announced that it has signed an agreement with Kaseya to improve distribution channels. The deal also synergizes both companies' products.
Today's movers include: Halozyme Therapeutics (NASDAQ: HALO) +18.06% after reporting positive phase 3 data. Patni Computer Systems (NYSE: PTI) +15.68% after reporting upbeat Q3 earnings. Meritage Homes (NYSE: MTH) +15.38% after upbeat housing data today. Hospira (NYSE: HSP) -20.77% after lowering its Q3 guidance. Badge Meter (NYSE: BMI) -13.13% after reporting downbeat earnings yesterday. New Oriental Education & Technology (NYSE: EDU) -11.76% despite better than expected earnings.
This concludes your news summary for October 18, 2011.
