Market Overview

Mid-Day Market Update: Markets Turn Mixed, Best Buy Surges

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Midway through trading Thursday, the Dow traded up 0.06 percent to 14,559.68 while the NASDAQ dropped 0.30 percent to 3,209.00. The S&P rose, gaining 0.11 percent to 1,555.34.

Index Technicals:
The S&P looks set to lose its 1,560 support, while holding 1,540 support below that, with a bearish MACD cross and a slightly bearish divergence.

The Dow ended yesterday right at its 14,550 support, with 14,400 acting as support below that. The MACD is showing a slightly bearish divergence on the daily chart as well.

The Russell looks to be holding its 50 EMA daily support at 920.23, with 895 support below that and a bearish MACD divergence on its daily chart.

Finally, the NASDAQ looks to be breaking its ascending wedge to the downside, with 3,200 support below that and a bearish MACD divergence and cross on its daily chart.

Top Headline
The Greenbrier Companies (NYSE: GBX) reported a 22% drop in its second-quarter profit. Greenbrier's quarterly net income declined to $13.8 million, or $0.45 per share, versus $17.7 million, or $0.57 per share, in the year-ago period. Its revenue dropped to $423.2 million from $458.2 million. However, analysts were expecting earnings of $0.37 per share on revenue of $442.9 million, Equities Trading UP
Alcatel-Lucent SA (NYSE: ALU) shot up 9.38 percent to $1.40 after Deutsche Bank upgraded the stock to “buy.” Shares of Finisar (NASDAQ: FNSR) got a boost, shooting up 5.27 percent to $13.28 after Lazard Capital upgraded the stock from “neutral” to “buy.” Best Buy Co (NYSE: BBY) was also up, gaining 12.38 percent to $24.33 after the company announced its plans to set up Samsung Experience Shops inside Best Buys across the US.

Equities Trading DOWN
The Greenbrier Companies (NYSE: GBX) shares tumbled 3.51 percent to $21.04 after the company reported downbeat quarterly revenue. RPM International (NYSE: RPM) was also down, falling 1.40 percent to $30.33 after the company reported Q3 results.

Shares of NII Holdings (NASDAQ: NIHD) were down 7.13 percent to $4.69.

Commodities
In commodity news, oil traded down 2.08 percent to $92.49, while gold traded down 0.37 percent to $1,547.80. Silver traded down 0.18 percent Thursday to $26.75, while copper rose 0.56 percent to $3.35.

Eurozone
European shares were lower today. The ECB left its key lending rate unchanged at 0.75%, while the Bank of England left its key lending rate unchanged at 0.5%. The Eurozone Services PMI dropped to 46.4 in March from 46.5 in February on expectations of a reading of 46.5. Weakness in Germany and France weighed while Italy and Spain's services PMIs were slightly stronger than expected. The British services PMI jumped to 52.4 in March from 51.8 in February when economists were expecting a decline to 51.5. The Spanish Ibex Index dropped 0.71% while the Italian FTSE MIB Index fell 0.30 percent. Meanwhile, the German DAX fell 0.73 percent and the French CAC dropped 0.77 percent and U.K. shares declined 1.19 percent.

Economics
US initial jobless claims rose 28,000 to 385,000 in the latest week ended March 30, the Labor Department said. Economists were expecting claims to fall to 350,000. Natural-gas supplies dropped 94 billion cubic feet for the week ended March 29, the Energy Information Administration said. However, analysts were expecting a drop between 90 billion and 94 billion cubic feet. The Bloomberg Consumer Comfort Index rose to minus 34.1 in the latest week ended March 31, versus minus 34.4 in the previous period. Fed President Charles Evans and Chairman Ben Bernanke are set to speak.

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

 

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