Stocks were slammed today, marking the fifth-straight down day for the S&P. The index is now about -4.5% off its yearly high. As we predicted was inevitable, the market has pulled back. How much further the market goes down from here is unknown. However, we remain overall bullish, and hope to start to build some new positions on weakness.
The Chinese Solar Stocks Index was the top performing tickerspy Index on the day, led by Hanwha SolarOne (Nasdaq: HSOL - News) with a 5% gain. The Chinese Online Gaming Stocks Index was the day's worst performing tickerspy Index, with Webzen (Pink Sheets: WZENY) down -21%.
Stocks plunged on the day, with the Dow falling -214 points to 12,716. The S&P lost -24 points to close at 1,359, while the Nasdaq tumbled -56 points to 2,991. Oil fell -$1.44 to $101.02 a barrel, while gold rose $16.80 to $1,660.70 an ounce.
In economic news, U.S. wholesale inventories rose 0.9% in February, while wholesale sales increased 1.2%, according to the Commerce Department. Durable goods inventories jumped 0.5% while inventories of nondurables climbed 1.4%.
In earnings news, shares of Supervalu (NYSE: SVU - News) surged 15.0% after the grocery store operator's fiscal Q4 results topped analyst estimates. The company posted a fiscal fourth-quarter loss of -$424 million, or -$2.00 per share, compared with a profit of $95 million, or 44 cents per share, a year earlier. On an adjusted basis, Supervalu earned 38 cents. Analysts had expected a profit of 35 cents. Revenue fell to $8.23 billion from $8.66 billion in the fourth quarter.
Paint maker Sherwin-Williams (NYSE: SHW - News) raised its first-quarter profit guidance to 92-95 cents a share from 56-74 cents. In the first quarter of 2011, the company earned 63 cents a share. The company cited strong demand and increased prices at its Paint Stores group as the reason for the increased outlook. Shares of Sherwin-Williams, however, fell -2.5%. Eighteen pros held Sherwin-Williams in their portfolios at the end of Q4 and nearly 120 tickerspy members own the stock in their portfolios.
Shares of X-Rite (Nasdaq: XRIT - News) soared 38.5% after the color technology company received a $477.9 million takeover offer from healthcare conglomerate Danaher (NYSE: DHR - News). Including debt, Danaher said, the deal is worth $625 million. The offer values X-Rite at a 39% premium to Monday's closing price. Shares of Danaher fell xx%. Nearly 60 pros held Danaher in their portfolios at the end of Q4 and nearly 200 tickerspy members own the stock in their portfolios.
Shares of ViroPharma (Nasdaq: VPHM - News) plunged -21.6% after the company said three rivals are now selling generic versions of its drug Vancocin, which accounts for about half of its revenue. ViroPharma reported $288.9 million in revenue from Vancocin, which is generically known as vancomycin, in 2011.
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Happy demi-anniversary, stock market rally. Will the honeymoon ever end?