Market Overview

Mid-Morning Market Update: Markets Gain, Home Depot Profit Beats Street

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Following the market openingTuesday, the Dow traded up 0.72 percent to 13,882.75 while the NASDAQ rose 0.21 percent to 3,122.76. The S&P also rose, surging 0.46 percent to 1,494.68.

Index Technicals:
The S&P looks to have lost its key 1,497 support, with a 50 EMA set at 1,482.77. 1,460 looks to act as a lower support level if the EMA fails.

The DOW also looks set to lose support, giving up the 13,860 level and 20 EMA of 13,886.14, with a 50 EMA set at 13,682.66.

The NASDAQ is sitting right about its 50 EMA at 3,120.12, with the 3,040 area acting as a lower support level.

The Russel looks poised to lost its 20 EMA at 907.31, while stalling just about its 50 EMA at 887.27.

Top Headline
Home Depot (NYSE: HD) reported upbeat fiscal fourth-quarter earnings and lifted its quarterly dividend.

Home Depot's quarterly profit surged to $1.02 billion, or $0.68 per share, from $774 million, or $0.50 per share, in the year-ago period. Excluding special items, it earned $0.67 per share. Its sales climbed 14% to $18.25 billion.

However, analysts were expecting earnings of $0.64 per share on revenue of $17.7 billion. It also lifted its quarterly dividend by 34% to $0.39 per share.

For FY13, Home Depot projects earnings of around $3.37 per share, versus analysts' estimates of $3.49 per share. It also announced its plans to buy back $17 billion of its common stock.

Equities Trading UP
U.S. Silica Holdings (NASDAQ: SLCA) shot up 11.72 percent to $20.50 after the company reported strong Q4 earnings.

Shares of Cracker Barrel Old Country Store (NASDAQ: CBRL) got a boost, shooting up 10.41 percent to $73.92 after the company reported upbeat Q2 results.

CommonWealth REIT (NYSE: CWH) was also up, gaining 31.29 percent to $20.81. Corvex Management LP and Related Fund Management LLC announced ownership of around 9.8% of the outstanding common shares of CommonWealth REIT.

Equities Trading DOWN
Vitamin Shoppe (NYSE: VSI) shares tumbled 17 percent to $52.47 after the company reported downbeat Q4 revenue.

Chemtura (NASDAQ: CHMT) was also down, falling 9.15 percent to $19.95 after the company reported a decline in its Q4 operating income.

Shares of Titan International (NYSE: TWI) were down 15.24 percent to $21.16, after the company posted a Q4 loss from operations of $1.1 million.

Commodities
In commodity news, oil traded down 0.35 percent to $92.78, while gold traded up 0.55 percent to $1,595.30.

Silver traded down 0.32 percent Tuesday to $28.90, while copper gained 0.01 percent to $3.54.

Eurozone
European shares were lower overnight led lower by Italian banks following the election results.The Spanish Ibex dipped 2.17 percent, while the Italian MIB index tumbled 3.90 percent. The STOXX Europe 600 Index fell 0.87 percent, London's FTSE 100 Index dropped 1.26 percent, French CAC 40 Index fell 1.65 percent and German DAX 30 index declined 1.68 percent.

Economics
The ICSC-Goldman Sachs Retail Chain Store Sales Index climbed 0.1% from the earlier week. However, the index increased 2.9% year-over-year.

The Johnson Redbook Retail Sales Index rose 2.7% y/y, down from 3.1% in the prior week.

The S&P/Case-Shiller home-price index rose 0.2% in December, versus a 0.1% drop in November. December's prices surged 6.8% y/y.

US house prices surged 0.6% in December, according to the Federal Housing Finance Agency.

US new home sales climbed 15.6% to an annual rate of 437,000 in January, beating estimates of 384,000.

The Conference Board's consumer-confidence index surged to 69.6 in February, from 58.4 in January, surpassing economists' estimates of 62.3.

Richmond Fed Manufacturing Index climbed to 6 in February, from -12 in February, beating estimates of -4.

The Treasury is set to auction 4-week bills and 5-year notes.

Posted-In: Earnings News Guidance Commodities Global Econ #s Economics Hot

 

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