Stocks roared out of the long U.S. holiday weekend with a bang. The rally lost a little steam midday when the European markets closed, but regained the momentum at the end of trading. News out of Europe continues to be a driver, with a poll that showed Greeks are leaning in favor of a more conservative party that backs remaining in the Eurozone over parties that want to walk away from the common currency and all of Greece's accumulated debt. Attention will turn to the strength of the U.S. economic recovery later in the week as the Labor Department reports monthly payroll data.
The Rare Earth Stocks Index was the top performing tickerspy Index on the day, led by Lynas Corporation (Pink Sheets: LYSCF) with a 18% gain. The Radio Stocks Index was the day's worst performing tickerspy Index, with Pandora Media (P - News) down -10%.
Stocks rallied as the Dow Jones Industrial Average gained 126 points to close at 12,581, while the S&P 500 was up by 15 points to 1,332 and the Nasdaq added 33 points to finish at 2,871. Oil prices fell by -10 cents per barrel to $90.76, while gold was down -$20.20 to $1,548.70 per ounce
In economic news, the Conference Board said consumer confidence fell to 64.9 in May from a revised 68.7 in April. Economists expected a reading of 70. The drop was the largest since October 2011.
In earnings news, Canada's Bank of Nova Scotia (BNS - News) said its fiscal second-quarter operating profit rose 16% to $1.43 billion, or $1.12 a share. On an adjusted basis, the company earned $1.15 a share, which was in line with analysts' expectations. Shares of Bank of Nova Scotia rose 2.7%. Forty-two pros held Bank of Nova Scotia in their portfolios at the end of Q1 and nearly 220 tickerspy members own the stock in their portfolios.
Flextronics (FLEX - News) restated its fourth-quarter earnings to $124.7 million, or 18 cents per share, from a previously reported profit of $156.7 million, or 22 cents per share. On an adjusted basis, the restatement worked out to be 24 cents a share, topping the 23 cents analysts expected. Shares of Flextronics rose 0.6%. Eleven pros counted Flextronics among their top holdings at the end of Q1 and nearly 280 tickerspy members own the stock in their portfolios.
Apparel retailer Rue21 (RUE - News) late last week raised its full-year profit guidance to $1.76-$1.81 a share from $1.74-$1.79. The company forecast a second-quarter profit of 32-34 cents. Analysts expected 34 cents. Rue21 reported a first-quarter profit of $11.6 million, or 46 cents a share, up from $9.6 million, or 38 cents a share, a year earlier. Revenue rose 19% to $205.6 million as same-store sales jumped 1.7%. Shares of Rue21 fell -0.3% in today's trading.
Russia's Lukoil (Pink Sheets: LUKOY), that country's second-largest oil company, said its first-quarter net profit rose to $3.8 billion from $3.5 billion a year earlier. Revenue increased to $35.3 billion from $29.6 billion. Production slipped -0.7% to 2.2 million barrels of oil equivalent. Shares of Lukoil rose 4.5%.
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