STOCKS RALLY: Here's what you need to know (SPX, DJI, IXIC, ETSY) – Freeport Journal-Standard

LAX Takeoff photo

Stocks bounced back after Friday’s selloff in global stocks and rallied through the trading day, with no major economic data released.

First, the scoreboard:

  • Dow: 18,034.93, +208.63, (1.17%)
  • S&P 500: 2,100.40, +19.22, (0.92%)
  • Nasdaq: 4,994.60, +62.79, (1.27%)

And now, the top stories on Monday:

  • Metals got smoked. Gold fell by more than $8 an ounce to as low as $1190.90. Barclays analysts, seeing more downside, wrote in a note Monday: “Growing risk of a Greek default, China registering its slowest growth in five years as well as weaker-than-expected data from the US have not sparked a significant revival in gold.” Silver fell by up to 2% to around $15.90 an ounce, the lowest level in a month. Platinum fell by around $20, to as low as $1148 an ounce.
  • Etsy shares have been getting crushed after jumping 87% on the first day of trading. Shares fell by up to 9% in trading on Monday, and are around 23% lower from Thursday’s debut. In a note Friday, Wedbush analysts said the stock is overvalued: “We believe that at 84x estimated 2015 EBITDA after the IPO, ETSY is trading well beyond the high end of any comparable group.” 
  • Halliburton reported earnings before the opening bell, and exposed more of the fallout of the oil crash including the subsequent decline in rig counts. CEO Dave Lesar noted: “North America experienced an unprecedented decline in drilling activity during the first quarter, which drove pricing pressure and margin compression across all product lines.” The oilfield services giant reported that it swung to a loss in the first quarter, with revenues of $7.1 billion, down from $7.3 billion last year, beating expectations for $6.89 billion. Excluding special items, it posted earnings per share of $0.49, down from $0.73 the previous year, and more than expectations for $0.35.
  • This is one of the busiest weeks of Q1 earnings season; before the bell, Morgan Stanley posted a beat on the top and bottom line, with adjusted EPS of 85 cents per share (78 cents estimated) and revenue of $9.9 billion ($9.19 billion estimated.) After the close, IBM reported $19.59 billion in revenue (versus $19.73 billion expected,) non-GAAP EPS of $2.91 (versus expectations of $2.82,) and non-GAAP net income of $2.9 billion, up 4% from last year.
  • ForceField Energy shares tanked 21% before being halted by the Nasdaq. In a regulatory filing, the LED lighting maker disclosed that its chairman Richard St-Julien was arrested on Friday and resigned on Sunday. The company said it does not know why St-Julien was detained in Broward County, Florida. Before being halted, the stock was down nearly 52% year to date, and 46% in the past 12 months.
  • The International Monetary Fund has a warning that’s not for the faint-hearted: “Markets could be increasingly susceptible to episodes in which liquidity suddenly vanishes and volatility spikes.” The IMF’s latest Global Financial Stability Report cited the “flash crash” of October 2014, and the Swiss Franc peg removal in January, to highlight how easily liquidity can vaporize in moments of volatility. But Deutsche Bank thinks the IMF did not fully capture how bad it can get.

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STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

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STOCKS GO NOWHERE: Here's what you need to know (SPY, DJI, IXIC, TEVA … – Fort Leavenworth Lamp

Traffic in HanoiStocks fluctuated in trading on Tuesday, with the Dow being the biggest loser, dragged down by disappointing earnings results.

First, the scoreboard:

  • Dow: 17,949.59, -85.34, (-0.47%)
  • S&P 500: 2,097.29, -3.11, (-0.15%)
  • Nasdaq: 5,014.10, +19.50, (0.39%)

And now, the top stories on Tuesday:

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STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

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STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

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STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

STOCKS GET CRUSHED: Here's what you need to know (SPX, DJI, IXIC, AXP … – Wellsville Daily Reporter

Business Insider

monster truck crushing car usa flag

It was an ugly day for global stock markets. The Dow briefly wiped away all its gains for the year with all 30 stocks closing negative. European and Asian stocks also got crushed.

First, the scoreboard:

  • Dow: 17,826.30, -279.47, (-1.54%)
  • S&P 500: 2,081.18, -23.81, (-1.13%)
  • Nasdaq: 4,931.81, -75.98, (-1.52%)

And now, the top stories on Friday:

  • Global stock markets got slammed. The Dow had its worst day of 2015. All 10 sectors of the S&P 500 closed in the red, and the Nasdaq, with the two other major indexes, closed negative for the week. What goes up must come down, says Brad McMillan, Chief Investment Officer at Commonwealth Financial Network: “Recently, there’s been much more up than down, which suggests today’s down is just an adjustment and nothing to worry about,” he wrote in commentary. “As regular readers know, I start to pay attention when we get close to the 200-day moving average, and we’re nowhere near that point.”
  • Earlier on Friday, stocks in China fell by more than 5%. Indexes in Italy and Spain fell by more than 2%, while the Dax in Germany lost 2.6%, the CAC in Paris lost 1.5%, and the FTSE in London fell 0.9%.
  • American Express shares posted the biggest losses on the Dow, falling nearly 5%. The credit cards and payments giant reported first quarter earnings Thursday that showed revenues missed forecasts but profits beat investors’ expectations. On the earnings call, CEO Kenneth Chenault said the company plans to invest heavily in keeping its Costco customers, following the non-renewal of their exclusive co-branding deal in February. Barclays analysts lowered their estimates for profits, noting higher operating expenses.
  • US regulators are likely to block the $45 billion mega-merger between Time Warner Cable and Comcast. No decision has been made yet, but it could come in as soon as one week, according to a report by Bloomberg. There are antitrust concerns about the deal, since it would mean one less competitor in the market. Time Warner Cable shares fell about 5% following the news.
  • In economic data, consumer prices fell in March. The headline Consumer Price Index fell 0.1% over the prior year, but on a “core” basis, which excludes the more volatile cost of food and gas, prices rose 1.8%. Prices were expected to be flat over last year and rise 1.7% on a core basis. Compared to last month, prices rose 0.2%, below expectations for a 0.3% increase, and on a “core” basis prices rose 0.2%, in-line with expectations.
  • The preliminary reading on consumer confidence from the University of Michigan came in at 95.9, topping expectations for a reading of 94.0. It was the second highest reading since 2007. And, the latest reading on regional manufacturing activity from the Philadelphia Federal Reserve beat expectations, coming in at 7.5. Expectations were for the report to show a reading of 6, up from 5 in March, indicating continued expansion in economic activity in the region.
  • Last week, the number of active US oil rigs fell to the lowest level since November 2010. According oil driller Baker Hughes, rigs fell by 26 to 734 last week. Combined oil and gas rigs fell by 34 this week to 954, the lowest since July 2009.
  • Bloomberg terminals went down worldwide for nearly three hours on Friday morning. The terminals are an essential part of many traders’ setups to monitor market data, execute trades, and crucially, to instant message one other. Connection was restored before US stock markets opened, but the UK Debt Management Office had to postpone a treasury auction scheduled for 10 a.m. (London time) because of the outage. Traders panicked, turned to Reuters’ data terminal, and laughed it off on Twitter.

This entry passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.

STOCKS RALLY: Here's what you need to know (SPX, DJI, IXIC, ETSY) – Freeport Journal-Standard

LAX Takeoff photo

Stocks bounced back after Friday’s selloff in global stocks and rallied through the trading day, with no major economic data released.

First, the scoreboard:

  • Dow: 18,034.93, +208.63, (1.17%)
  • S&P 500: 2,100.40, +19.22, (0.92%)
  • Nasdaq: 4,994.60, +62.79, (1.27%)

And now, the top stories on Monday:

  • Metals got smoked. Gold fell by more than $8 an ounce to as low as $1190.90. Barclays analysts, seeing more downside, wrote in a note Monday: “Growing risk of a Greek default, China registering its slowest growth in five years as well as weaker-than-expected data from the US have not sparked a significant revival in gold.” Silver fell by up to 2% to around $15.90 an ounce, the lowest level in a month. Platinum fell by around $20, to as low as $1148 an ounce.
  • Etsy shares have been getting crushed after jumping 87% on the first day of trading. Shares fell by up to 9% in trading on Monday, and are around 23% lower from Thursday’s debut. In a note Friday, Wedbush analysts said the stock is overvalued: “We believe that at 84x estimated 2015 EBITDA after the IPO, ETSY is trading well beyond the high end of any comparable group.” 
  • Halliburton reported earnings before the opening bell, and exposed more of the fallout of the oil crash including the subsequent decline in rig counts. CEO Dave Lesar noted: “North America experienced an unprecedented decline in drilling activity during the first quarter, which drove pricing pressure and margin compression across all product lines.” The oilfield services giant reported that it swung to a loss in the first quarter, with revenues of $7.1 billion, down from $7.3 billion last year, beating expectations for $6.89 billion. Excluding special items, it posted earnings per share of $0.49, down from $0.73 the previous year, and more than expectations for $0.35.
  • This is one of the busiest weeks of Q1 earnings season; before the bell, Morgan Stanley posted a beat on the top and bottom line, with adjusted EPS of 85 cents per share (78 cents estimated) and revenue of $9.9 billion ($9.19 billion estimated.) After the close, IBM reported $19.59 billion in revenue (versus $19.73 billion expected,) non-GAAP EPS of $2.91 (versus expectations of $2.82,) and non-GAAP net income of $2.9 billion, up 4% from last year.
  • ForceField Energy shares tanked 21% before being halted by the Nasdaq. In a regulatory filing, the LED lighting maker disclosed that its chairman Richard St-Julien was arrested on Friday and resigned on Sunday. The company said it does not know why St-Julien was detained in Broward County, Florida. Before being halted, the stock was down nearly 52% year to date, and 46% in the past 12 months.
  • The International Monetary Fund has a warning that’s not for the faint-hearted: “Markets could be increasingly susceptible to episodes in which liquidity suddenly vanishes and volatility spikes.” The IMF’s latest Global Financial Stability Report cited the “flash crash” of October 2014, and the Swiss Franc peg removal in January, to highlight how easily liquidity can vaporize in moments of volatility. But Deutsche Bank thinks the IMF did not fully capture how bad it can get.

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STOCKS RALLY: Here's what you need to know (SPX, DJI, IXIC, ETSY) – Freeport Journal-Standard

LAX Takeoff photo

Stocks bounced back after Friday’s selloff in global stocks and rallied through the trading day, with no major economic data released.

First, the scoreboard:

  • Dow: 18,034.93, +208.63, (1.17%)
  • S&P 500: 2,100.40, +19.22, (0.92%)
  • Nasdaq: 4,994.60, +62.79, (1.27%)

And now, the top stories on Monday:

  • Metals got smoked. Gold fell by more than $8 an ounce to as low as $1190.90. Barclays analysts, seeing more downside, wrote in a note Monday: “Growing risk of a Greek default, China registering its slowest growth in five years as well as weaker-than-expected data from the US have not sparked a significant revival in gold.” Silver fell by up to 2% to around $15.90 an ounce, the lowest level in a month. Platinum fell by around $20, to as low as $1148 an ounce.
  • Etsy shares have been getting crushed after jumping 87% on the first day of trading. Shares fell by up to 9% in trading on Monday, and are around 23% lower from Thursday’s debut. In a note Friday, Wedbush analysts said the stock is overvalued: “We believe that at 84x estimated 2015 EBITDA after the IPO, ETSY is trading well beyond the high end of any comparable group.” 
  • Halliburton reported earnings before the opening bell, and exposed more of the fallout of the oil crash including the subsequent decline in rig counts. CEO Dave Lesar noted: “North America experienced an unprecedented decline in drilling activity during the first quarter, which drove pricing pressure and margin compression across all product lines.” The oilfield services giant reported that it swung to a loss in the first quarter, with revenues of $7.1 billion, down from $7.3 billion last year, beating expectations for $6.89 billion. Excluding special items, it posted earnings per share of $0.49, down from $0.73 the previous year, and more than expectations for $0.35.
  • This is one of the busiest weeks of Q1 earnings season; before the bell, Morgan Stanley posted a beat on the top and bottom line, with adjusted EPS of 85 cents per share (78 cents estimated) and revenue of $9.9 billion ($9.19 billion estimated.) After the close, IBM reported $19.59 billion in revenue (versus $19.73 billion expected,) non-GAAP EPS of $2.91 (versus expectations of $2.82,) and non-GAAP net income of $2.9 billion, up 4% from last year.
  • ForceField Energy shares tanked 21% before being halted by the Nasdaq. In a regulatory filing, the LED lighting maker disclosed that its chairman Richard St-Julien was arrested on Friday and resigned on Sunday. The company said it does not know why St-Julien was detained in Broward County, Florida. Before being halted, the stock was down nearly 52% year to date, and 46% in the past 12 months.
  • The International Monetary Fund has a warning that’s not for the faint-hearted: “Markets could be increasingly susceptible to episodes in which liquidity suddenly vanishes and volatility spikes.” The IMF’s latest Global Financial Stability Report cited the “flash crash” of October 2014, and the Swiss Franc peg removal in January, to highlight how easily liquidity can vaporize in moments of volatility. But Deutsche Bank thinks the IMF did not fully capture how bad it can get.

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