S&P Up Nearly Double Digits as April Closes Out (CAT, EMN, RIMM, SPWRA, TOT, MXL, ENSG)

Stocks generally had another good day, although some areas of tech continue to be lackluster, and the financials have been in the doldrums for awhile now. All in all, though, the market as a whole continues to roll along, with April a very strong month for the market. Year to date the S&P is up 8.4%.

The RF Semiconductor Stocks Index was the top performing tickerspy Index on the day, led by MaxLinear Inc (MXL) with a 18% gain. The Extended Care Provider Stocks Index was the day’s worst performing tickerspy Index, with Ensign Group (ENSG) down -13%.

Stocks rose on the day, with the Dow up 47 points to 12,811. The S&P added 3 points to 1,364, while the Nasdaq inched up 1 point to 2,874. Oil rose 83 cents to $113.69 a barrel, while gold jumped $29.90 to $1,550.70 an ounce.

In economic news, the Bureau of Economic Analysis said that personal incomes rose 0.5% in March after rising 0.4% in February, topping the consensus estimate of 0.4%. Personal spending jumped 0.6% last month after a 0.9% rise in February. That beat the 0.5% March reading economists were expecting. Elsewhere, the Chicago purchasing managers index slipped to 67.6% in April from 70.6% in March. Economists were forecasting an April reading of 68.0%. Readings above 50% are considered bullish. The University of Michigan consumer sentiment survey jumped to 69.8 in April from 67.5 in March, coming just shy of the reading of 70.0 analysts were expecting.

In earnings news, Dow component Caterpillar (CAT), the largest maker of construction and mining equipment, said its first-quarter profit climbed to $1.23 billion, or $1.84 per share, from $233 million, or 36 cents per share, a year earlier as revenue surged 57% to $12.95 billion. Analysts were expecting a profit of $1.31 on revenue of $11.69 billion. Illinois-based Caterpillar raised its full-year profit guidance to $6.25-$6.75 a share, which was 24 cents above analyst estimates and implies 57% profit growth from last year. Shares of Caterpillar rose 2.5%. More than 130 pros held Caterpillar in their portfolios at the end of 2010, and almost 2,200 tickerspy members own the stock in their portfolios.

Eastman Chemical (EMN) said its first-quarter profit more than doubled to $220 million, or $3.04 per share, from $101 million, or $1.37 per share, a year earlier. Revenue increased 28% to $1.76 billion. On an adjusted basis, Eastman earned $2.52 a share. Analysts were expecting a profit of $1.92 on revenue of $1.53 billion. The company said its second-quarter profit will top the $2.14 analysts are expecting and the $9-a-share full-year profit the company is forecasting would beat analysts’ estimate of $8.08. Shares of Eastman Chemical rose 4.2%.

Shares of BlackBerry maker Research In Motion (RIMM) plunged -14.0% after the company lowed its fiscal first-quarter profit guidance to $1.30-$1.37 a share from $1.47-$1.55 a share. The company said it expects to ship fewer BlackBerry devices in the quarter, but still maintained full-year profit guidance of $7.50 a share. Nearly 50 pros held RIM in their portfolios at the end of 2010, and nearly 2,500 tickerspy members own the stock in their portfolios.

Shares of SunPower (SPWRA), the second-largest U.S. maker of solar panels, surged 34.6% after the company sold a 60% stake in itself to Total (TOT), Europe’s second-largest oil company, for $1.38 billion. The deal values SunPower’s Class A shares at a 46% premium and the Class B shares at a 49% premium to where they closed on Wednesday. Total will also provide $1 billion in financing to SunPower over the next five years. SunPower added that it expects to earn 15 cents a share on revenue of $450 million in the first quarter. Analysts were expecting a profit of 19 cents a share on revenue of $510 million.

Tags: CAT, EMN, ENSG, MXL, RIMM, SPWRA, TOT