Greeks Stoke Bulls (CSCO, GRPN, AKAM, WFM, YGE, REE)
Stocks rose modestly higher as Greek leaders finally agreed to some austerity measures, the first step in the country receiving its latest bailout funds. The economic data, meanwhile, was once again solid, as were the bulk of earnings. The market remains in bull mode, although it does appear to be taking a bit of a breather following a very strong run.
The Chinese Solar Stocks Index was the top performing tickerspy Index on the day, led by Yingli Green Energy (YGE) with a 20% gain. The Rare Earth Stocks Index was the day’s worst performing tickerspy Index, with Rare Element Resources (REE) down -5%.
Stocks rose on the day, with the Dow finishing 7 points higher to 12,890. The S&P tacked on 2 points to 1,352, while the Nasdaq jumped 11 points to 2,927. Oil climbed $1.13 to $99.84 a barrel, while gold rose $9.90 to $1,741.20 an ounce.
In economic news, initial claims for jobless benefits fell by -15,000 last week to 358,000. Economists expected a small increase to 370,000 new claims. The four-week moving average fell by -11,000 to 366,250. The Commerce Department, meanwhile, reported that wholesale inventories rose by 1% in December. Economists had expected an increase of 0.4%.
In earnings news, network equipment giant Cisco Systems (CSCO) announced that its fiscal second-quarter profit climbed to $2.2 billion, or 40 cents per share, from $1.5 billion, or 27 cents per share, a year earlier as revenue rose 10.6% to $11.5 billion. On an adjusted basis, Cisco earned 47 cents a share. Analysts had expected EPS of 43 cents on revenue of $11.23 billion. Looking orward, it forecast fiscal third-quarter revenue growth of 5-7%, which works out to revenue of $11.4-$11.6 billion. Analysts were expecting $11.46 billion. The company also said it will boost its quarterly dividend to 8 cents a share from 6 cents. Shares of Cisco fell -2.1%. Nearly 210 pros held Cisco in their portfolios at the end of Q4 and nearly 4,700 tickerspy members own the stock in their portfolios.
Shares of Groupon (GRPN) plunged -13.9% after the company reported a fourth-quarter loss of -$42.7 million, or -8 cents per share. A year earlier when the company was private, it lost -$378.6 million, or -$1.08 per share. Revenue surged to $506.5 million from $172.2 million. On an adjusted basis, Groupon lost -2 cents a share. Analysts had expected a profit of 3 cents on revenue of $473.1 million. The company expects first-quarter revenue of $510-$550 million. Analysts were expecting $501 million.
Shares of Akamai Technologies (AKAM) surged 10.5% after the company reported a fourth-quarter profit of $60 million, or 33 cents a share, compared with $52.5 million, or 27 cents a share, a year earlier. Revenue climbed 15% to $324 million. On an adjusted basis, Akamai earned 45 cents. Analysts had expected a profit of 40 cents on revenue of $411.3 million.
Shares of Whole Foods Market (WFM) soared 5.3% after the company said its fiscal first-quarter profit climbed to $118.3 million, or 65 cents per share, from $88.7 million, or 51 cents per share, a year earlier. Revenue increased 13% to $3.39 billion. Analysts had expected a profit of 60 cents per share on revenue of $3.38 billion. Whole Foods raised its full-year guidance to $2.28-$2.32 per share from $2.21-$2.26. The company now expects revenue growth of 13.5%-15.0% compared with a previous forecast of 13.0%-15.0% growth. Analysts were expecting a profit of $2.27 per share. Twenty pros held Whole Foods in their portfolios at the end of Q4 and nearly 440 tickerspy members own the stock in their portfolios.
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