Market Overview

End-of-Day Market Summary for November 22, 2011

This is your Benzinga news summary and traders' summary for Tuesday, November 22, 2011, covering headlines from Tuesday's trading session.

Today at market close, the Dow Jones Index traded down about 53.51 points or 0.46%, the S&P 500 traded 0.41% lower, the Nasdaq Composite Index traded down 0.07%, and the U.S. dollar trades slightly lower near the $78.40 level.

Earlier today, Barrington Research upgraded Dolby Laboratories (NYSE: DLB) to Outperform and Miller Tabak upgraded Sirius XM (NASDAQ: SIRI) to Buy. View all of today's upgrades here.

Wells Fargo downgraded Pharmasset (NASDAQ: VRUS) to Market Perform and Raymond James downgraded Trina Solar (NYSE: TLR) to Market Perform. View all of today's downgrades here.

Overseas, European markets ended their trading session lower. Britain's FTSE 100 lost 0.3%, Germany's DAX decreased by 1.22% and France's CAC 40 slid by 0.84% on the session. Asian stocks ended their session mixed. China's Shanghai Index lost 0.05%, Japan's Nikkei 225 decreased by 0.4%, and the Hang Seng index gained 0.14%.

On the economic calendar, US GDP quarter-over-quarter came in at 2% versus an estimate of 2.5%, Personal Consumption came in at 2.3% versus an estimate of 2.4%, GDP Price Index came in at 2.5% versus an estimate of 2.5%, and Core PCE quarter-over-quarter came in at 2% versus an estimate of 2.1%. On the commodity front, gold and silver futures traded lower today, with gold trading about 0.1% lower today. Energy futures are higher, however, with crude oil up over 1% near the $97.90 level and gasoline futures are trading higher by about 2.5%. Natural Gas futures are higher by about 0.25% and copper futures are trading over 0.4% lower.

On the earnings front this afternoon, Tivo Reports (NASDAQ: TIVO) Q3 EPS $(0.21) vs $(0.23) Est; Revenues $64.8M vs $50.50M Est; Nuance Communications (NASDAQ: NUAN) Reports Q4 EPS $0.42 vs $0.41 Est; Revenues $399.5M vs $393.33M Est; Pandora MEDIA (NYSE: P) Reports Q3 EPS $0.02 vs $(0.01) Est; Revenues $75.0M vs $71.44M Est.

In corporate news, Windstream Corp (NASDAQ: WIN) announced that the FCC approved its merger with PAETEC Corp, creating a $6 billion company with nationwide outreach.

Merck (NYSE: MRK) announced that it has resolved the investigation led by the US Attorney's Office. The seven year investigation dealt with Merck's withdrawal of its drug "Vioxx" from the market. Merck charged itself $950 million in October 2010 in anticipation of this decision.

B+H Ocean Carriers (NYSE: BHO) announced that its stockholders approved a reverse stock split, scheduled for November 28.

Today's Movers include:

Suntech Power Holdings (NYSE: STP) +17.5% on positive Q3 earnings

Focus Media Holding Limited (NASDAQ: FMCN) +14.71% on low volume

Brocade Communications Systems (NASDAQ: BRCD) +13.17% on positive Q4 guidance

Frontline (NYSE: FRO) -41.04% on disappointing earnings

CNinsure (NASDAQ: CISG) -22.93% on disappointing revenue and EPS growth

Ship Finance International (NYSE: SFL) -22.66% on heavy volume

This concludes your news summary for November 22, 2011.

Posted-In: News Broad U.S. Equity ETFs Upgrades Downgrades Contracts Legal Events Global Best of Benzinga

 

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