Stocks tumbled on the day after what looked like a promising start, as worries over the progress of the Greek bailout crept back into the market. What is most interesting is that over the last week or so the market has started to become re-infatuated with Greece and Europe, after a period of focusing more on the recovering U.S. economy. If the focus remains on Europe, expect a more bumpy market moving ahead.
The Cosmetic Laser Stocks Index was the top performing tickerspy Index on the day, led by Palomar Medical Techs (Nasdaq: PMTI - News) with a 7% gain. The Home Furnishing Retailer Stocks Index was the day's worst performing tickerspy Index, with Pier 1 Imports (NYSE: PIR - News) down -5%.
Stocks fell on the day, with the Dow down -97 points to 12,781. The Nasdaq gave back -16 points to close at 2,916, while the S&P lost -7 points to finish at 1,343. Oil rose $1.06 to $101.80 a barrel, while gold climbed $10.40 to $1,728.10 an ounce.
In economic news, the Federal Reserve said industrial production was flat in January as manufacturing rose 0.7% and utilities output fell 2.5%. The Empire State manufacturing index, meanwhile, rose to 19.5 in February, the best level since July 2010. Economists had expected a February reading of 15.0.
In earnings news, shares of farm equipment maker Deere (NYSE: DE - News) tumbled -5.4% after the company said its fiscal first-quarter profit jumped to $532.9 million, or $1.30 per share, from $513.7 million, or $1.20 per share, a year earlier. Revenue increased 11% to $6.77 billion. Analysts had expected a profit of $1.23 on revenue of $6.56 billion. Deere forecast full-year net income of $3.275 billion up from previous guidance of $3.2 billion.
Shares of apparel maker Abercrombie & Fitch (NYSE: ANF - News) surged 8.3% despite the company saying its fiscal fourth-quarter profit fell from a year ago. The company had already previously issued an earnings shortfall and poor 2012 guidance. Abercrombie earned $19.6 million, or 22 cents per share, compared with $92.6 million, or $1.03 per share, a year earlier. On an adjusted basis, the company earned $1.12 on revenue of $1.33 billion. Analysts had expected EPS of $1.13 on sales of $1.33 billion. The company reiterated its already lowered forecast calling for a full-year profit of $3.50-$3.75 per share. Analysts were expecting $3.55.
Shares of Medicaid and Medicare coverage provider WellCare (NYSE: WCG - News) soared 9.2% after the company said its fourth-quarter profit rose to $85.1 million, or $1.96 per share, from $26.1 million, or 61 cents per share, a year earlier. On an adjusted basis, the Florida-based company earned $2.15 a share on revenue of $1.6 billion. Analysts had expected a profit of $1.19 per share on $1.6 billion in revenue. WellCare forecast full-year EPS of $4.40-$4.60, well above the $4.20 analysts were expecting. Four pros counted WellCare among their top holdings at the end of Q4 and nearly 115 tickerspy members own the stock in their portfolios.
Beverage maker Dr Pepper Snapple Group (NYSE: DPS - News) posted a fourth-quarter profit of $166 million, or 77 cents a share, compared with $112 million, or 49 cents a share, a year earlier. Sales climbed 3% to $1.46 billion. On an adjusted basis, the company earned 82 cents a share. Analysts had expected a profit of 74 cents on sales of $1.45 billion. The company expects 2012 sales growth to come in at the bottom of its 3%-5% target. Shares of Dr Pepper Snapple rose 2.0%. Twelve pros counted Dr Pepper Snapple among their top holdings at the end of Q4 and nearly 130 tickerspy members own the stock in their portfolios.
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