Afternoon Spy: Strong Earnings Propel Some Stocks (GMCR, BGS, RGR, CYTX, GNC, IRE, GS, C, CS, MSFT)
The markets continue to trade higher on Thursday. Investors may be reacting to the initial jobless claims report, which showed claims fell below 400,000 for the first time since April 1.
Today’s Top tickerspy Indexes:
Coffee Stocks (up 14.5%, see graph): Shares of Green Mntn Coffee Roaster (GMCR) are screaming higher after the company reported third quarter earnings of 49 cents per share, which beat analyst estimates by 14 cents. Also performing well today is the Packaged Food Stocks Index. Shares of B&G Foods (BGS) are trading higher on average volume.
Recreational Product Stocks (up 5.6%, see graph): Shares of Sturm Ruger (RGR) are leading the Index higher after the company announced second quarter earnings of 57 cents per share, which was 15 cents better than analyst expectations.
Fitness and Dieting Stocks (up 4.0%, see graph): Shares of GNC Holdings (GNC) are leading the Index higher after the company reported earnings of 39 cents per share, which was 7 cents better than analyst consensus.
Today’s Top Market Headlines
Wilbur Ross & Fairfax Rescue Bank of Ireland, Sort Of…How Investors Bank: The Bank Of Ireland (IRE) is likely going to go private. U.S.-based WL Ross, a private equity firm, and Canada’s Fairfax Financial Holdings are each taking a stake in the bank of 9% after their investments this week.
Jefferson County Creditors Make Restructuring Offer Before Bankruptcy Vote: Creditors of Jefferson County, Alabama, whose commissioners said they may vote today on filing the biggest municipal bankruptcy in U.S. history, made a new offer for debt reorganization yesterday, according to a receiver there.
Goldman Sachs, Citigroup Scrap $1.5 Billion CMBS Sale That S&P Won’t Rate: Goldman Sachs Group (GS) and Citigroup (C) scrapped a $1.5 billion commercial-mortgage bond sale after Standard & Poor’s said it wouldn’t rate the notes.
Future Of Banks Dims As Credit Suisse Cuts 2,000 Jobs: The world’s largest financial firms were supposed to recover after the credit crisis and the unprecedented support they received from the world’s largest governments. But things have not turned out so well if recent job cuts are any indication. Credit Suisse Group (CS) will be laying off 2,000 jobs.
DEAR STEVE BALLMER: Here’s How To Fix Microsoft And Get Me To Buy Your Stock: The following “letter” to Microsoft (MSFT) CEO Steve Ballmer is written by a major long-time enterprise customer of Microsoft’s who is now a technology investor.
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