Market Overview

End-of-Day Market Summary for January 3, 2012

This is your Benzinga news summary for Monday, January 3, 2012, covering headlines from Monday's daytime trading session.

Today at market close, the Dow Jones Index traded up about 179.9 points or 1.47%, the S&P 500 traded 1.55% higher, the Nasdaq Composite Index traded up 1.67%, and the U.S. dollar trades slightly lower near the $79.95 level.

Earlier today, Goldman Sachs upgraded Atmel (NASDAQ: ATML) to Buy and Bank of America upgraded TripAdvisor (NASDAQ: TRIP) to Buy. View all of today's upgrades here.

Stifel Nicolaus downgraded Regal Entertainment Group (NYSE: RGC) to Hold and Morgan Keegan downgraded Plantronics (NYSE: PLT) to Market Perform. View all of today's downgrades here.

Overseas, European markets ended their trading session higher. Britain's FTSE 100 gained 2.29%, Germany's DAX increased by 1.5% and France's CAC 40 rallied by 0.72% on the session. Asian stocks ended their session higher. China's Shanghai Index gained by 1.22%, Japan's Nikkei 225 increased by 0.67%, and the Hang Seng index gained 2.4%.

On the economic calendar, ISM Manufacturing came in at 53.9 versus an estimate of 53.5; ISM Prices Paid came in at 47.5 versus an estimate of 48; Construction Spending came in at 1.2% versus an estimate of 0.5%. On the commodity front, gold and silver futures traded higher today, with gold trading about 0.3% higher today. Energy futures are higher, with crude oil up over 4.3% near the $103.10 level and gasoline futures are trading higher by about 3.6%. Natural Gas futures are higher by about 0.1% and copper futures are trading over 0.2% lower.

Today's afternoon earnings announcements include: Team, Inc Reports Q2 EPS $0.53 vs $0.49 Est; Revenues $158.30M vs $154.10M Est; Landec Corp Reports Q2 EPS $0.13 vs $0.12 Est; Revs $81.6M vs $73.7M Est.

In corporate news, BioMimetic Therapeutics (NASDAQ: BMTI) announced that its bone graft medication has been officially rejected by the FDA.

Arena Pharmaceuticals (NASDAQ: ARNA) announced that it has appealed to the FDA its weight loss drug Lorcaserin.

Extra Space Storage (NYSE: EXR) announced that it will acquire multiple properties for $189.9 million.

Today's Movers include:

Quad/Graphics (NYSE: QUAD) +13.1% on low volume

RPC (NYSE: RES) +12.4% on heavy volume

Fusion-IO (NASDAQ: FIO) +11.5% on positive analyst sentiment

AVEO Pharmaceuticals (NASDAQ: AVEO) -19.6% on poor clinical trial data

Williams Companies (NYSE: WMB) -0.5% on analyst downgrades

Universal Display Corp (NASDAQ: PANL) -11.1% on poor revenue results

This concludes your news summary for January 3, 2012.

Posted-In: News Broad U.S. Equity ETFs Upgrades Downgrades Events Global Econ #s Economics Best of Benzinga

 

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