Market Overview

End-of-Day Market Summary for January 10, 2012

This is your Benzinga news summary for Tuesday, January 10, 2012, covering headlines from Tuesday's daytime trading session.

Today at market close, the Dow Jones Index traded up about 69.78 points or 0.56%, the S&P 500 traded 0.89% higher, the Nasdaq Composite Index traded up 0.97%, and the U.S. dollar trades slightly lower near the $81.15 level.

Earlier today, Bank of America upgraded Marriot (NYSE: MAR) to Buy and Deutsche Bank upgraded EOG Resources (NYSE: EOG) to Buy. View all of today's upgrades here.

Credit Suisse downgraded Choice Hotels (NYSE: CHH) to Underperform and Deutsche Bank downgraded Alaska Air Group (NASDAQ: ALK) to Hold. View all of today's downgrades here.

Overseas, European markets ended their trading session higher. Britain's FTSE 100 gained 1.5%, Germany's DAX increased by 2.42% and France's CAC 40 rallied by 2.66% on the session. Asian stocks ended their session higher. China's Shanghai Index rallied by 2.71%, Japan's Nikkei 225 decreased by 0.38%, and the Hang Seng index gained 0.73%.

On the economic calendar, Wholesale Inventories came in at 0.1% versus an estimate of 0.5%. On the commodity front, gold and silver futures traded higher today, with gold trading about 0.1% higher today. Energy futures are mixed, with crude oil up over 0.9% near the $102.20 level and gasoline futures are trading higher by about 0.6%. Natural Gas futures are lower by about 2.9% and copper futures are trading over 0.2% lower.

Today's afternoon earnings announcements included Synnex Reports Q4 EPS $1.37 May Not Compare to $1.14 Est; Revenues $2.84B vs $2.82B Est.

In corporate news, FMC Technologies (NYSE: FTI) announced that it was awarded a contract for an undisclosed amount by Anadarko (NYSE: APC).

Urban Outfitters (NASDAQ: URBN) announced that its CEO, Glen Senk, has resigned and will be replaced by Richard Hayne.

Kodak Oil & gas (NYSE: KOG) announced that it has completed the acquisition for the Williston Basin, paying $588.4M with $50M in common shares.

Today's Movers include:

Achillion Pharmaceuticals (NASDAQ: ACHN) +22.43% on positive sentiment at JP Morgan Healthcare Conference

Idenix Pharmaceuticals (NASDAQ: IDIX) +24.2% after announcing new research developments

Perfect World (NASDAQ: PWRD) +19.5% on after denying fraud accusations

WedMD (NYSE: BKS) -17.3% on announcement of management changes

Hhgregg (NYSE: AEO) -10.6% on poor margins

Hi Tech Pharmacal (NASDAQ: HITK) -15.6% on increased drug competition

This concludes your news summary for January 10, 2012.

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

 

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