16:20 ET Dow -89.24 at 12878.13, Nasdaq -8.99 at 2967.79, S&P -7.35 at 1398.94 :[BRIEFING.COM] Stocks began today's session on a negative note, and finished on their lows. Overnight reports from Europe indicated the International Monetary Fund and the Eurozone finance ministers agreed on the terms of the next installment of Greek aid. As part of the agreement, the country's debt-to-GDP ratio is expected to decline from 190% in 2014 to 124% in 2020. The news did little to inspire investor confidence as the markets are beginning to doubt the sovereign's ability to reach the lofty goals. Instead, market participants remained focused on Washington where Senator Harry Reid said little progress has been made in budget negotiations. After the Senate majority leader's comments, the S&P 500 fell to session lows from its flat line. The index declined further when a final round of selling pressured it to a loss of 0.5%.
The utilities sector appears poised for a rebound after enduring a rough month. Yesterday, utility stocks gained 1.3% on the strength of electricity providers after Deutsche Bank upgraded Exelon (EXC 29.76, +0.44). Today, the story repeated as the sector registered gains after ISI Group upgraded Exelon to ‘buy' from ‘neutral.' Exelon added 1.5% and other electricity providers caught a bid as well. NV Energy(NVE 18.31, +0.25), UNS Energy (UNS 41.30, +0.76), and PPL (PPL 28.81, +0.37) all gained between 1.4% and 1.9%.
Technology stocks performed largely in-line with the broader market, but Apple (AAPL 584.78, -4.75) underperformed with a loss of 0.8%. Earlier, the company fired the manager responsible for the issues with its map service.
Also of note, Seagate (STX 25.95, -1.39) slid 5.1% after company insiders exercised their options and sold stock. The news was a negative for Seagate as the company was seen as a potential takeover target. Stock sales by insiders suggest a deal is far from being completed. Western Digital (WDC 34.69, -1.12) fell 3.1% in sympathy.
The consumer staples sector outperformed the broader market, and the SPDR Consumer Staples Select Sector ETF (XLP 35.38, -0.03) shed 0.1%. Among food producers, ConAgra (CAG 29.63, +1.34) rose by 4.7% after announcing plans to acquire Ralcorp (RAH 88.80, +18.57) for $90 per share. This represented a 28.2% premium to RAH's Monday closing price.
Elsewhere, Monster Beverage (MNST 51.96, +6.09) advanced 13.3%. Earlier, a letter sent from the Federal Drug Administration to Illinois Senator Dick Durbin indicated the regulatory body is conducting an investigation into the potential danger of Monster products as well as the possible need for increased regulation. However, the FDA said it does not see a problem with taurine and guarana, which are the two main additives in energy drinks.
A handful of footwear manufacturers saw strength after Goldman initiated coverage on two stocks. Crocs (CROX 13.49, +1.14) gained 9.2% after being assigned a ‘buy' rating. Meanwhile, Deckers Outdoor (DECK 36.27, +1.02) settled higher by 2.9% after receiving a ‘neutral' grade.
Elsewhere, Skechers (SKX 19.70, +0.64) rose by 3.4% while K-Swiss (KSWS 3.09, +0.11) surged 3.7%.
Looking at notable names which reported earnings since yesterday's close, ADT(ADT 43.57, +0.47) added 1.1% despite delivering disappointing quarterly results. The security company's earnings missed the Capital IQ consensus estimate by $0.01, while its revenue of $812 million fell short of the expected $819.85 million.
Separately, Thor (THO 38.60, -5.00) sank 11.5% after reporting first quarter earnings of $0.60 on $875.6 million in revenue. The company's bottom line fell short of analyst estimates by $0.03 while its revenue was reported in-line with expectations. PeerWinnebago (WGO 13.90, -0.13) slipped 0.9%.
Reviewing today's economic news, the September Case-Shiller 20-city Home Price Index rose by 3.0%, while a 3.1% increase had been expected by the Briefing.com consensus. This followed the previous month's increase of 2.0%.
The latest consumer confidence reading for November came in at 73.7, while economists polled by Briefing.com expected a reading of 73.0. Today's figure follows last month's reading of 72.2.
Separately, the September Housing Price Index from the FHFA increased by 1.1%, which follows a 0.7% increase observed during the prior month.
Durable goods orders were unchanged in October, which was better than the 0.4% decrease that had been expected among economists polled by Briefing.com. This follows the downwardly revised prior month increase of 9.2%. Excluding transportation related items, durable goods orders increased in October by 1.5%, which was better than the 0.4% decrease that had been broadly anticipated. Prior month's reading was revised down to reflect an increase of 1.7%.
In tomorrow's economic data, the weekly MBA Mortgage Index will be reported at 7:00 ET. In addition, October new home sales and the October Beige Book will be released at 10:00 ET and 14:00 ET, respectively.
The U.S. Treasury will auction off $35 billion in 5-yr notes. ..NYSE Adv/Dec 1339/1711. ..NASDAQ Adv/Dec 1114/1342.
After Hours
16:53 ET GMCR +23.3%, GWRE +1.8%, ADI -2.9%, FMCN -0.7% following earnings/guidance :
Stocks began today's session on a negative note, and finished on their lows. Overnight reports from Europe indicated the International Monetary Fund and the Eurozone finance ministers agreed on the terms of the next installment of Greek aid. As part of the agreement, the country's debt-to-GDP ratio is expected to decline from 190% in 2014 to 124% in 2020. The news did little to inspire investor confidence as the markets are beginning to doubt the sovereign's ability to reach the lofty goals. Instead, market participants remained focused on Washington where Senator Harry Reid said little progress has been made in budget negotiations. After the Senate majority leader's comments, the S&P 500 fell to session lows from its flat line. The index declined further when a final round of selling pressured it to a loss of 0.5%.
Today after the close the following companies are scheduled to report earnings: ADI, CPRT, FMCN, GMCR, GWRE, PVH, UTI,
Futures are higher after hours: S&P 500 futures are +0.64 from fair value of 1396.76 and Nasdaq100 futures are +1.16 from fair value of 2640.59.
Tomorrow morning before the open one economic report is scheduled to be released: 1) MBA Mortgage Index.
Tomorrow before the open the following companies are scheduled to report earnings: AEO, ANN, GIB, EXPR, JASO, JOSB, MOV, LEDS, SPH, TFM, YGE
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