Stockholders have plenty to be thankful for this Thanksgiving. And the day before the holiday gave them even more reason to be pleased. Both the Dow and S&P pushed into record territory yet again. At the same time, the Nasdaq hit its highest level since the tech bubble 13 years ago. On the economic front there was more reason to celebrate. The Labor Department says there were 316,000 new jobless claims filed last week. That was below the 330,000 which were expected. Meanwhile, a separate report showed durable goods orders fell 2% in October when expectations had been for a drop of 2.2%.
Hewlett-Packard (HPQ) climbed more than 9% on its earnings which came out after yesterday's closing bell. The company made $1.01 a share for the quarter, a penny better than expected. Revenues also topped forecasts coming in above $29.13-billion versus $27.91-billion. Sales were down year-over-year, but sales of corporate computers did in fact rise. Moving forward, CEO Meg Whitman is calling for an increase in R&D.
Network gear-maker Infoblox (BLOX) plunged close to 30% on its earnings which were released after yesterday's close. The company actually beat for the quarter with earnings of 12-cents a share when estimates were for 9-cents. Sales also topped the consensus at $63.5-million when analysts were expecting $63-million. The trouble here was the company's outlook which came in below analyst estimates.
Apple (AAPL) climbed roughly 2% today to its highest level since January. The rise could reflect optimism for the holiday shopping season. The company is holding its traditional "one day shopping event" at Apple stores on Black Friday. Of course in September of last year the stock was above $700 a share. One online columnist wrote today that Apple is undervalued and ready to break out.
Cablevision (CVC) climbed 5% today amid buzz about consolidation in the cable industry. There have been reports that privately-held Cox Communications, Comcast (CMCSA) and Charter Communications (CHTR) may all be readying bids for Time Warner Cable (TWC). Comcast is currently the nation's largest cable company, followed by Time Warner Cable, which has seen its shares climb 15% in the past month on talk of a takeover.
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