Friday Closing Bell: Markets Wobble, but Hold Opening Gains

24/7 Wall St.

August 23, 2013: U.S. markets opened higher this morning most likely due to a big jump in shares of Microsoft Corp. (MSFT) on news the CEO Steven Ballmer will retire. The only economic data released today sent markets down sharply for a while. July new home sales were well off expectations and far below June sales. The rate on 10-year Treasury notes fell which perked up stocks again, but markets closed with only a modest gain.

European markets once again closed higher today, while Latin American and Asian markets closed mixed.

Monday’s calendar includes the following data releases and events:

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  • 8:30 a.m. - Durable goods orders
  • 10:30 a.m. - Dallas Fed manufacturing survey
  • 11:30 a.m. - 3- and 6-month Treasury bill auctions

We also broke out the top Wall Street calls with analyst upgrades and downgrades. Here are the closing bell levels for Friday:

  • S&P500 1,663.45 (+6.49; +0.39%)
  • DJIA 15,010.36 (+46.62; +0.31%)
  • NASDAQ 3,657.79 (+19.09; +0.52%)
  • 10YR TNOTE 2.818% (+0.59375)
  • Gold $1,370.80 (+25.20; +1.83%)
  • Euro/Dollar: 1.3381 (+0.0025; +0.19%)

Big earnings movers: Pandora Media Inc. (NYSE: P) is down 12.9% at $18.90 after a decent earnings reports was spoiled by a weak outlook>. Net 1 UEPS Technologies Inc. (UEPS) is up 46.6% at $10.69 after beating estimates on EPS and revenues, raising its outlook for the third quarter, and posting a new 52-week high of $11.20. Aeropostale Inc. (ARO) is down 20.2% at $8.76, following a new 52-week low of $8.66, after a big earnings miss.

Stocks on the move: Facebook Inc. (FB) is up 5.2% at $40.63, a new 52-week high, on a positive note from analysts at J.P. Morgan. Dendreon Corp. (DNDN) down 9.1% at $2.90 after posting a new 52-week low of $2.85.

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Notable earnings reports currently on tap for next week: Qihu 360 Technology Co. Ltd. (QIHU), Avago Technologies Ltd. (AVGO), LDK Solar Co. Ltd. (LDK), Tiffany & Co. (TIF), Joy Global Inc. (JOY), Campbell Soup Co. (CPB), JA Solar Holdings Co. Ltd. (JASO), Krispy Kreme Doughnuts Inc. (KKD), and ReneSola Ltd. (SOL).

In all, 65 stocks put up new 52-week highs today, while just 28 stocks posted new lows.

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