- NYSE Composite Index
- Dow Jones Industrial Average is up 65.16 (+0.50%) to 13,029.26
- S&P 500 is up 1.61 (+0.12%) to 1,378.53
- Nasdaq Composite Index down 7.11 (-0.24%) to 3,000.45
GLOBAL SENTIMENT
- Nikkei 225 down 0.28%
- Hang Seng Index up 0.07%
- China Shanghai Composite Index up 1.19%
- FTSE 100 up 0.48%
U.S. stock indices ended Friday's session mostly higher, although the Nasdaq slipped into negative territory, put under pressure as some of the index's main stocks posted major losses.
All the indices were positive at the opening, and through mid-day, boosted by an onslaught of corporate earnings data. Earlier data out of Europe helped set a positive tone when the Munich-based Ifo Institute's business confidence index unexpectedly rose to 109.9 in April.
Also adding optimism was a report from senior officials from the Group of 20 that the International Monetary Fund is expected to announce a boost of the fund's resources by more than $400 billion to deal with a potential worsening of Europe's debt crisis. Recent fiscal troubles in the region have unnerved investors, and threatened to cause another global financial crisis.
In company news, EZCORP (EZPW) ended within striking range of its 52-week low. Yesterday, the company reported Q1 earnings were $0.73 per share, compared with the prior-year period's $0.63 per share. Revenues were $256.3 mln, up 20.2% from $213.25 mln in the same quarter last year. Analysts polled by Thomson Reuters were expecting EPS of $0.76 on revenues of$246.29 mln.
Ethan Allen Interiors (ETH) fell after the company announced that it expects FQ3 adjusted EPS of $0.13-$0.14. The Street is at $0.19. The company says the weaker-than-expected guidance is due to expenses related to revamping its product line that hurt profit by $0.04-$0.05. The company also hiked its quarterly dividend to $0.09 from $0.07.
Oilfield services company Schlumberger (SLB) helped lift energy stocks higher after reporting Q1 per-share profit of $0.97, up from $0.69 cents a share during the first three months of 2011 and matching Street forecasts. Sales slipped about 3.6% to $10.61 billion and also trailed the analysts' call of $10.55 billion in sales. But the company said the risk of a double-dip global recession was waning although it was still somewhat cautious about U.S. prospects.
Also today, unions at US Airways (LLC) have struck tentative deals with their counterparts at bankrupt American Airlines (AAMRQ) as part of efforts to create a merger between the carriers. The unions have said they believe a merger would be the best way to salvage American, which has proposed slashing 13,000 union jobs and nullifying its union contracts as part of its restructuring plan. AAMRQ CEO Thomas Horton reportedly has indicated he would consider a merger after the company emerges from Chapter 11 bankruptcy protection.
Oil snapped a two-day losing streak, and ended up 0.8% at $103.05 a barrel on the New York Mercantile Exchange. Gold futures edged up 0.1%, to settle at $1,642.80 an ounce on the Comex division of the New York Mercantile Exchange, but gold still finished the week with a 1% loss.
UPSIDE MOVERS
(+) SPU, Independent accountants confirm company's cash and equivalents.
(+) PFPT, Prices IPO at $13, above expected range of $10 to $12.
(+) CCJ, TD Securities upgrades mining stock, citing "improved tone" in uranium market.
DOWNSIDE MOVERS
(-) EXPD, Warns Q1 EPS will be between $0.35 to $0.37; Street is at $0.41 a share.
(-) INTU, Said upcoming earnings may not meet prior estimates.
(-) RVBD, Weaker than expected sales forecast.
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