Market Overview

Market Wrap For June 6: Markets Higher After In-Line Jobs Report

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U.S. stocks were higher on Friday, marking the third consecutive week of gains.

Investors cheered May's job report which showed a slow and steady improvement in the labor market.

Continuing the trend set in recent trading sessions, the Dow Jones Industrial Average and S&P 500 index both rose to new historical all-time highs.

Related: Nonfarm Payrolls Report Shows Job Growth Steady

  • The Dow gained 0.52 percent, closing at 16,924.09.
  • the S&P 500 gained 0.46 percent, closing at 1,949.43.
  • The Nasdaq gained 0.59 percent, closing at 4,321.40.
  • Gold gained 0.02 percent, trading at $1,253.50 an ounce.
  • Oil gained 0.35 percent, trading at $102.84 a barrel.
  • Silver lost 0.36 percent, trading at $19.01 an ounce.

News of Note

May Nonfarm Payrolls rose 217,000, relatively in-line with the consensus calling for a gain of 218,000 jobs. The unemployment rate remained unchanged at 6.3 percent in May, while analysts were expecting a rise to 6.4 percent.

Rating agency S&P hinted that it would upgrade U.S. credit's rating from AA+ to AAA if it sees bipartisan efforts improving related to fiscal policy decisions.

Canada added 26,000 jobs in May, slightly above the consensus calling for a gain of 25,000 and an improvement from April's loss of 29,000 jobs. Unemployment however rose to 7.0 percent from 6.9 percent in April.

Analyst Upgrades and Downgrades of Note

Analysts at MKM Partners initiated coverage of AMC Entertainment (NYSE: AMC) with a Buy rating and $28 price target. Shares gained 4.58 percent, closing at $24.00.

Analysts at Barclays maintained an Overweight rating on American International Group (NYSE: AIG) with a price target raised to $64 from a previous $56. Shares hit new 52-week highs of $55.44 before closing the day at $55.29, up 0.85 percent.

Analysts at Oppenheimer maintained an Outperform rating on ConocoPhillips (NYSE: COP) with a price target raised to $90 from a previous $85. Shares hit new 52-week highs of $81.17 before closing the day at $80.82, up 0.96 percent.

Analysts at Goldman Sachs upgraded Consol Energy (NYSE: CNX) to Buy from Neutral with a price target raised to $55 from a previous $49. Shares hit new 52-week highs of $48.14 before closing the day at $47.45, up 0.08 percent.

Analysts at Bank of America upgraded Joy Global (NYSE: JOY) to Buy from Neutral. Meanwhile, analysts at Raymond James maintained a Market Perform rating on Joy with a price target raised to $61.50 from a previous $60. Also, analysts at Citigroup maintained a Neutral rating on Joy with a price target raised to $65 from a previous $60. Shares hit new 52-week highs of $64.74 before closing the day at $64.11, up 3.91 percent.

Analysts at UBS removed Las Vegas Sands (NYSE: LVS) from its ‘Most Preferred' list. Shares lost 0.93 percent, closing at $74.45.

Analysts at Jefferies maintained a Buy rating on PPG Industries (NYSE: PPG) with a price target raised to $240 from a previous $228. Shares hit new 52-week highs of $205.76 before closing the day at $204.93, up 0.88 percent.

Analysts at UBS maintained a Buy rating on PVH Corp (NYSE: PVH) with a price target lowered to $150 from a previous $153. Shares lost 0.37 percent, closing at $119.64.

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Analysts at Argus Research upgraded Teva Pharmaceutical (NASDAQ: TEVA) to Buy from Hold. Shares gained 0.26 percent, closing at $51.08.

Analysts at SunTrust Robinson Humphrey initiated coverage of TripAdvisor (NASDAQ: TRIP) with a Neutral rating and $105 price target. Shares gained 0.99 percent, closing at $104.05.

Analysts at BB&T Capital downgraded Tyson Foods (NYSE: TSN) to Hold from Buy while removing a previous price target of $44. Shares lost 1.93 percent, closing at $40.11.

Analysts at Citigroup maintained a Neutral rating on Vera Bradley (NASDAQ: VRA) with a price target lowered to $25 from a previous $29. Shares lost 3.14 percent, closing at $23.14.

Analysts at JPMorgan maintained an Underweight rating on Xerox (NYSE: XRX) with a price target raised to $12 from a previous $11. Shares gained 3.46 percent, closing at $12.84.

Equities-Specific News of Note

According to Asian based The Nikkei, Apple (NASDAQ: AAPL) will release its iWatch in October and the company will produce three million to five million devices per month. Shares lost 0.27 percent, closing at $645.57.

According to Reuters, Sears Holdings' (NASDAQ: SHLD) Eddie Lampert has met with Alan Mulally earlier this year to discuss turnaround strategies. Shares gained 1.77 percent, closing at $40.80.

UPS (NYSE: UPS) named David Abney as its new Chief Executive Officer. Abney is currently serving as Chief Operating Officer at the company. Shares lost 0.04 percent, closing at $103.58.

The Gap (NYSE: GPS) reported its May sales rose four percent to $1.27 billion. Shares gained 2.10 percent, closing at $42.06.

Madrone Capital partner Greg Penner has been appointed Wal-Mart's (NYSE: WMT) vice chairman during the company's annual shareholder meeting. Also during the meeting, Wal-Mart pledged to purchase $250 billion worth of American products over the next ten years. Shares lost 0.16 percent, closing at $77.20.

Occidental Petroleum (NYSE: OXY) said that it will spin off its California assets into a new company by the end of the year named California Resources Corp. Shares gained 0.18 percent, closing at $100.36.

According to the New York Post, Google (NASDAQ: GOOG) is considering acquiring Songza. Shares gained 0.44 percent, closing at $556.33.

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Ford (NYSE: F) said that its sales in China rose 32 percent year over year in China to 93,323 units. Shares gained 2.34 percent, closing at $17.07.

Exxon Mobil (NYSE: XOM) is reportedly preparing to take over the role as operator in the $50 billion Kashagan field, according to Kazakhstan officials. Shares gained 0.99 percent, closing at $101.55.

Winners of Note

Coty (NASDAQ: COTY) announced it will repurchase 27.89 million shares at $16.7779 from Berkshire Partners and Rhone Capital. The company disclosed that the buyback will not affect its previous $200 million share repurchase program. Shares hit new 52-week highs of $17.91 before closing the day at $17.85, up 5.68 percent.

After pricing its IPO at $43, shares of Arista Networks (NYSE: ANET) began trading for the first time at $55.25. Shares traded as high as $60.00 before closing the day at $55.01, up 27.92 percent.

Decliners of Note

Hertz Global (NYSE: HTZ) announced it has determined at least one material weakens existed in its internal controls over financial reported. The company indicated that financial statements going back to fiscal 2011 may be adjusted following a review. As such, the review could postpone the company's planned separation of its equipment rental unit.

Caesars Acquisitions (NASDAQ: CACQ) announced that it received a notice of default from debt holders alleging the company violated asset sales covenants. Shares lost 7.07 percent, closing at $11.43.

Quote of the Day

“The person cramping wasn't our client. Our athletes can take the heat.” Pepsi owned Gatorade Tweeting on Thursday. The company was referring to Miami Heat superstar Lebron James leaving game one of the NBA finals with leg cramps.

Posted-In: Alan Mulally AMC EntertainmentEarnings News Econ #s Economics After-Hours Center Movers Best of Benzinga

 

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