Another Quiet Day As Major Indices Little Changed To Close The Week

U.S. stocks were little changed yet again in Friday's action with no catalysts appearing to push stocks in any one direction.

Retail sales rose more than expected in October, according to economic data released. A separate economic report showed import prices declining in September due to a stronger U.S. dollar and lower oil prices.

  • The Dow lost 0.10 percent, closing at 17,634.74.
  • The S&P 500 gained 0.02 percent, closing at 2,039.82.
  • The Nasdaq gained 0.18 percent, closing at 4,688.54.
  • Gold gained 2.47 percent, trading at $1,190.20 an ounce.
  • Oil gained 2.39 percent, trading at $75.98 a barrel.

News of Note

October Retail Sales rose 0.3 percent (versus 0.2 percent expected) after declining 0.3 in September. Ex-auto retail sales rose 0.3 percent (versus 0.4 percent expected) after declining 0.2 percent in September.

October Import Prices declined 1.3 percent month over month (versus -1.2 percent expected) while October Export Prices fell 1.0 percent month over month (versus expectations of -0.2 percent)

The U.S. House passed a bill approving the Keystone XL pipeline with a vote set in the Senate on Tuesday.

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France's GDP grew by 0.3 percent in the third quarter while Germany's GDP grew 0.1 percent in the same quarter while Greece's GDP grew by 1.7 percent.

Equities News of Note

Analysts at Cantor Fitzgerald maintained a Buy rating on Alibaba BABA with a price target raised to $110 from a previous $90. Shares gained 0.18 percent, closing at $115.05.

Analysts at Comark Securities upgraded BlackBerry BBRY to Speculative Buy from Market Perform with a price target raised to $17 from a previous $11.50. Shares lost 7.13 percent, closing at $11.20.

Analysts at Sterne Agee downgraded Nike NKE to Neutral from Buy. Shares lost 0.65 percent, closing at $95.50.

Analysts at Barclays maintained an Overweight rating on Wal-Mart WMT with a price target raised to $90 from a previous $84. Analysts at JPMorgan maintained a Neutral rating with a price target raised to $84 from a previous $78. Analysts at Jefferies maintained a Hold rating with a price target raised to $77 from a previous $72. Analysts at Deutsche Bank maintained a Hold rating with a price target raised to $76 from a previous $72. Shares hit new 52-week highs of $83.15 before closing the day at $82.9, up 0.02 percent.

Hertz Global HTZ said that it will restate financial statements dating back to 2012 and 2013 in addition to previously announced 2011 statements. Separately, the company announced new business initiatives including cost reduction plans and upgraded fleet purchases. Shares lost 4.58 percent, closing at $21.69.

Ocwen Financial OCN and Wells Fargo WFC announced they have cancelled a previous agreement for Ocwen to buy mortgage servicing rights from Wells Fargo. Shares of Ocwen lost 8.93 percent, closing at $20.60 while shares of Wells Fargo were little changed, losing 0.07 percent to close at $53.35.

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A Herbalife HLF board member Pedro Cardoso has been charged with money laundering by Brazilian authorities for allegedly participating in an embezzlement scheme. Shares gained 1.72 percent, closing at $38.50.

According to Consumer Report, Tesla Motors TSLA is offering discounts on 2014 Model S vehicles. Shares gained 2.77 percent, closing at $258.68.

Quote of the Day

“If Russia takes a positive approach towards Ukraine...we could see those sanctions removed, if Russia continues to make matters worse then we could see those sanctions increased, it's as simple as that.” – British Prime Minister David Cameron.

Posted In: NewsAfter-Hours CenterAlibabaBlackberryExport PricesFranceGermanyGreeceHerbalifeHertzImport PricesKeystone XLModel SNikeOcwen FinancialPedro Cardososretail salesTeslaU.S. HouseWal-MartWells Fargo
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