Market Wrap For April 6: Markets Higher on 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 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 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 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 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 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 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 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 PVH with a price target lowered to $150 from a previous $153. Shares lost 0.37 percent, closing at $119.64. Recommended: Verizon Demands Netflix 'Cease And Desist' As Streaming Saga Continues Analysts at Argus Research upgraded Teva Pharmaceutical TEVA to Buy from Hold. Shares gained 0.26 percent, closing at $51.08. Analysts at SunTrust Robinson Humphrey initiated coverage of TripAdvisor 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 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 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 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 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' 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 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 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 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 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 GOOG is considering acquiring Songza. Shares gained 0.44 percent, closing at $556.33. Recommended: The Markets' Continued Climb On The 'Wall Of Worry' Ford 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 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 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 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 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 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.
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Posted In: NewsAlan MulallyAMC EntertainmentAmerican International GroupCaesars AcquisitionsCalifornia ResourcesCanadaCasinos & GamingConocoPhillipsconsol energyConsumer DiscretionaryCotydavid abneyEddie LampertExxon MobilFord ChinaGatoradeGoogleGreg Pennerhertz globaliWatchjoy globalKashagan FieldLas Vegas SandsLeBron JamesNonfarm Payrollsoccidental petroleumPVH CorpS&PSears HoldingsSongzaTeva PharmaceuticalThe GapTripAdvisorTyson FoodsupsVera BradleyWal-MartXerox
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