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Wall St. Up On Positive Jobs Report

July 6, 2013 By Karen Jackson Leave a Comment

A positive jobs report turned out to be just what the markets needed for a post holiday rally. The Labor Department reported that nonfarm payrolls showed employers added 195,000 jobs in June exceeding expectations of 165,000.

The Dow Jones industrial average (DJI) was up 147.29 points, or 0.98 percent, at 15,135.84. The Standard & Poor’s 500 Index (GSPC) was up 16.48 points, or 1.02 percent, at 1,631.89. The Nasdaq Composite Index (IXIC) was up 35.71 points, or 1.04 percent, at 3,479.38.

For the holiday-shortened week, the Dow rose 1.5 percent, the S&P 500 was up 1.6 percent and the Nasdaq composite advanced 2.2 percent.

Small-cap shares and bank stocks were generally up with Bank of America Corp (BAC) rose 1.8 percent to $13.06 while Citigroup Inc (NYS:C) gained 1.8 percent to $48.53.

Gold on the other hand fell 3% as investors found their way out of holding the  precious metal. Whether or not the Federal Reserve decides to move forward with tapering the $85 billion a month bond purchases that have stimulated stock market gains in 2013 remains to be seen.

Federal Reserve Chairman Ben Bernanke has repeatedly stated that any easing in the policy would be determined by a lower unemployment rate. The unemployment rate held steady at 7.6%. Still most economists expect the Fed to act in September at the earliest.

Filed Under: Finance

Dish Network (DISH.O) Withdraws In Bid For Clearwire (CLWR.O)

June 28, 2013 By Karen Jackson Leave a Comment

Dish Network Corp (DISH.O)has withdrawn from the bidding war between Dish and Clearwire’s majority owner Sprint Nextel Corp (S.N).  Its the second time in less than a week that dish founder  founder Charlie Ergen failed with plan to expand into wireless.

Last week Sprint (S) raised its offer to buy the portion of Clearwire that it does not already own to $5 per share. Dish had previously offered $4.40 per share for Clearwire.

Shares of Clearwire fell 11 cents, or 2.2 percent, to $4.98 in after-hours trading following the announcement. Dish shares lost 9 cents, to $40.11.

Sprint and Dish had been battling since January over Clearwire’s valuable wireless airwaves and vying to buy out minority shareholders. Sprint shareholders voted on Tuesday in favor of an increased takeover offer from Japan’s SoftBank’s Corp.

Filed Under: Finance

Mattress Firm (MFRM) Up 8% Early on a Brisk Volume

June 5, 2013 By Karen Jackson Leave a Comment

Mattress Firm Holding Company (MFRM), which was  up  in early trading continues to charge ahead after the company beat analyst expectations yesterday afternoon and reported earnings of $.38 per share excluding items. Analyst at expected $.36 per share. Revenue grew higher-than-expected in the company improved its outlook.

Shares of Mattress Firm Holding Company (MFRM)  our up 7% in early trading today to $40.16 on much higher than normal volume. 15 minutes in to the trading day Mattress Firm Holding Company (MFRM)  as traded 320,000 shares, with average volume 235,000 shares. The stock has traded in a range from $39.36 to $41.20 today.

Mattress Firm stated revenue from stores open at least a year was down more than 5% however the company has been expanded rapidly through a series of acquisitions.  Shares of Mattress Firm Holding Company (MFRM) Have risen more than 50%  to help make up for losses at the end of last year.

Mattress Firm Holding Corp., (MFRM) through its subsidiaries, operates as a specialty retailer of mattresses, and related products and accessories in the United States

Filed Under: Business, Finance

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL) Stock on the Move, Here’s Why

June 3, 2013 By Karen Jackson Leave a Comment

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL) was up  nearly 8% in heavy trading  at the open this morning. The company reported third-quarter profit $1.02 , 08 cents above estimates from analysts.

Total revenue improved 5.2% and the company raised its fiscal 2013 adjusted earnings per share guidance  For fiscal 2013 adjusted earnings per diluted share to $4.75-$4.85.

Additionally, the company raised its quarterly dividend by 50 percent to 75 cents a share, payable on August 5 to shareholders of record as of July 19.

Compared to the prior year third quarter, comparable store traffic increased 0.7%, comparable store restaurant sales increased 3.1%, and comparable store retail sales increased 5.5%.

“Driven by strong sales, traffic and operational performance, our earnings growth for the third quarter exceeded our expectations,” said Sandra B. Cochran, President and Chief Executive Officer of Cracker Barrel Old Country Store, Inc

Cracker Barrel Old Country Store, Inc.(NASDAQ:CBRL the country-style restaurant and retail chain  Operate 621 stores in 42 states and is headquartered in Lebanon, Tennessee.

Filed Under: Business, Finance

Peregrine Pharmaceuticals (NASDAQ:PPHM) Up On Positive Results of Bavituximab

June 3, 2013 By Karen Jackson Leave a Comment

Pharmaceuticals(NASDAQ:PPHM) shares rose 11% on very heavy trading on positive data that was presented at the 2013 ASCO Annual Meeting from two clinical trials evaluating the company’s lead clinical candidate bavituximab.

Bavituximab is a first-in-class phosphatidylserine (PS)-targeting monoclonal antibody that represents a new approach to treating cancer.  Final results from the Phase II trial showed an improvement in median overall survival (OS) of 11.7 months

“The results of this Phase I breast cancer trial are encouraging as there were no new safety signals and excellent clinical responses,” said Alison Stopeck, MD, Associate Professor of Medicine and Director, Clinical Breast Cancer Program at the University of Arizona Cancer Center. “There were several laboratory correlative studies associated with the trial which confirmed the safety of bavituximab with regard to coagulation parameters.”

Peregrine Pharmaceuticals, Inc. (NASDAQ:PPHM) is a biopharmaceutical company  that focuses on the treatment and diagnosis of cancer.

Filed Under: Business, Finance

Costco Wholesale (COST) 3Q Profit Beats Analysts Expectations

May 30, 2013 By Karen Jackson Leave a Comment

Costco Wholesale(COST) reported that third-quarter net income rose 19%, due in large part to increased sales and revenue from membership fees. For the  Quarter that ended May 12 the wholesale club giant earned $459 million, $1.04 per share,  and increase over last year’s $386 million or $.88 per share.

Wall Street analyst were predicting a dollar $1.02 per share. overall revenues increased by 8% to $24.08 billion from $22.32 billion. Membership fee revenue increased from $531 million form $475 million.,  with overall in-store revenues increasing by 5%,  6% in the US and 4% overseas.

Costco Wholesale Corp (COST)  close that $112.95  yesterday  and is up in premarket activity to $113.94

Analysts continue to be positive for the company’s performance in the next quarter.

Costco Wholesale Corp (COST) currently operates 627 wholesale warehouse clubs , including 449 in the U.S. and Puerto Rico, 85 in Canada, 33 in Mexico, 24 in the U.K., 15 in Japan, nine in Taiwan, nine in Korea and three in Australia.

 

Filed Under: Business, Finance

Dow Jones (.DJI) Closes At Record High After Banks Reassurance

May 28, 2013 By Karen Jackson Leave a Comment

Wall Street investors ended a three-day losing streak and the Dow Jones industrials closed at a record high, after central banks provided the reassurance investors needed that is that they will keep policies designed to foster growth globally. The Dow Jones industrial average (.DJI) gained 106.29 points, or 0.69 percent, to a record 15,409.39 at the close.

The Standard & Poor’s 500 Index (.SPX) added 10.46 points, or 0.63 percent, to finish at 1,660.06. The Nasdaq Composite Index (.IXIC) rose 29.74 points, or 0.86 percent, to end at 3,488.89.

Advancing stocks outnumbered declining issues on the NYSE 18 to 13,  while the NASDAQ was in positive territory  with nearly 9 issues rising for every four that fell.

Consumer confidence has risen to its highest levels in over five years and home prices have appreciated by the most in nearly 7 years.  Investors are cautious however over concerns that the Federal Reserve may cut back on stimulus measures much sooner than expected.

Government monetary stimulus has contributed mightily to Wall Street’s gains in 2013, with the S&P 500 rising nearly 17%. Many analysts have also cited relatively cheap valuations and earnings growth as the primary reasons  that investors have looked at the current market as a buying opportunity,  driving the Dow and S&P 500 even higher.

investors are still cautious however and speculation has persisted that the Fed  bond buying plan could be slowing down in the near future.

Filed Under: Finance

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