All Eyes on the Fed

Indie Research

The major market averages closed mixed a second-straight day. The economic news was also mixed, with the housing market continuing to show signs of strength, but consumer sentiment pulling back. One of the most interesting pieces of news on the day was that ECB president Mario Draghi would not attend the annual Jackson Hole meeting of central bankers because "he has a very heavy workload in the coming days." While that could have been taken as a positive sign that the ECB is set to take action, the market shrugged it off as all eyes remain on the Fed.

The Chinese Solar Stocks Index was the top performing tickerspy Index on the day, led by JinkoSolar Holding (JKS) with a 10% gain. The Chinese Internet Stocks Index was the day's worst performing tickerspy Index, with Qihoo 360 Technology (QIHU) down -6%.

Stocks closed the day straddling breakeven, with the Dow off -22 points to 13,103. The S&P fell -1 point to 1,409, while the Nasdaq gained 4 points to 3,077. Oil jumped 86 cents to $96.33 a barrel, while gold fell -$5.90 to $1,669.70 an ounce.

In economic news, the Standard & Poor's/Case-Shiller home price index rose 0.5% in June. Detroit, Minneapolis, Chicago and Atlanta recorded the biggest one-month gains. Economists were expecting a -0.3% decline. Elsewhere, the Conference Board said consumer confidence fell to 60.6 from 65.4 this month. That's a nine-month low and well below the reading of 65.7 economists had expected.

In earnings news, shares of Movado (MOV) surged 17.8% after the watchmaker reported a fiscal second-quarter profit of $8.1 million, or 32 cents per share, compared with $4.4 million, or 18 cents per share, a year earlier. Revenue climbed to $118.0 million from $113.2 million. Analysts had expected a profit of 18 cents a share on revenue of $122 million. Movado raised its full-year guidance to a profit of $1.40 a share on revenue of $510 million from EPS of $1.15 on sales of $505-$510 million. Analysts were expecting a profit of $1.24 per share on revenue of $508.3 million.

Shares of Brown Shoe (BWS) slid -7.2% after the shoe retailer posted a fiscal second-quarter loss of -$2.5 million, or -6 cents per share, compared with a loss of -$4.6 million, or -11 cents per share, a year earlier. Revenue fell to $599.3 million from $620.6 million. On an adjusted basis, the company earned 16 cents per share. Analysts had expected a profit of 3 cents on sales of $607.2 million. Brown Shoe raised its full-year guidance to 85-95 cents a share from 83-95 cents. The company reiterated revenue guidance of $2.57-$2.59 billion. Analysts were expecting a profit of 88 cents on revenue of $2.57 billion.

Ketchup maker H.J. Heinz (HNZ) said it expects to report a fiscal first-quarter profit of 87 cents a share when it delivers those results on August 29th. A year earlier, the company earned 70 cents a share. Analysts were expecting EPS of 80 cents. The company expects to earn a full-year profit of $3.60-$3.70 a share, which is above the $3.51 consensus. Shares of Heinz rose 1.7%. Nearly 30 pros held Heinz in their portfolios at the end of Q2 and more than 400 tickerspy members own the stock in their portfolios.

Shares of Lexmark (LXK) soared 13.8% after the printer maker said it will slash 1,700 jobs, or 13% percent of its workforce, to pare costs. The company also said it will stop making inkjet printers as part of the cost-cutting efforts. Three pros counted Lexmark among their top holdings at the end of Q2 and nearly 90 tickerspy members own the stock in their portfolios.

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