Seeping, Creeping Europe Fears (COP, HAS, TNC, WMT, HYGS, LDK)
Stocks sank as worries over Europe seeped back into the market. The EU’s arguably strongest nation, Germany, saw manufacturing PMI come in much lower than expected, while the services PMI in France also came up short. In the Netherlands, meanwhile, the government coalition collapsed after failing to agree to austerity measures. The market once again looks headed for a summer pullback, although last time we looked like we were headed down this road there was a quick subsequent rally. Whether this is the start of a swoon or not, we’re still expecting a decent pullback sometime this spring/summer. However, we would view this as a buying opportunity.
The Fuel Cell Stocks Index was the top performing tickerspy Index on the day, led by Hydrogenics (HYGS) with a 17% gain. The Chinese Solar Stocks Index was the day’s worst performing tickerspy Index, with LDK Solar Company (LDK) down -9%.
Stocks fell on the day, led lower by a -30 point, or -1.0%, decline in the Nasdaq to 2,970. The Dow fell -102 points to 12,927, while the S&P lost -12 points to 1,367. Oil fell -77 cents to $103.11 a barrel, while gold dropped -$10.20 to $1,632.60 an ounce.
In earnings news, ConocoPhillips (COP) the third-largest U.S. oil company, said its first-quarter profit fell -3% to $2.94 billion, or $2.27 per share, from $3.03 billion, or $2.09 per share, a year earlier on revenue of $58.4 billion. On an adjusted basis, Texas-based Conoco earned $2.02 a share. Analysts had expected a profit of $2.08 a share on revenue of $60.0 billion. Shares of Conoco fell -0.8%. Nearly 300 pros held ConocoPhillips in their portfolios at the end of Q4 and more than 2,330 tickerspy members own the stock in their portfolios.
Shares of toymaker Hasbro (HAS) slid -5.2% after the company posted a first-quarter loss of -$2.6 million, or -2 cents per share, compared with a year-earlier profit of $17.2 million, or 12 cents per share. On an adjusted basis, Hasbro earned 6 cents a share. Revenue slid to $648.9 million from $672.0 million. Analysts had expected a profit of 8 cents a share on sales of $667.6 million.
Shares of Tennant (TNC), which makes cleaning products, plunged -12.1% after the company said its first-quarter profit fell to $5.3 million, or 28 cents per share, from $5.9 million, or 30 cents per share, a year earlier. Revenue rose to $173.7 million from $172.6 million a year. Analysts had expected a profit of 39 cents a share on revenue of $177.8 million. Tennant reiterated full-year EPS guidance of $2.30-$2.45 a share on revenue of $790-$805 million. Analysts were expecting a profit of $2.37 per share on revenue of $792.6 million.
Shares of retailing giant Wal-Mart (WMT) slid -4.7% after The New York Times reported over the weekend that the company blocked an internal investigation into bribery allegations at its Mexican unit, Wal-Mart de Mexico. It is alleged Wal-Mart de Mexico officials paid bribes to speed up store openings in Mexico. Experts have speculated Wal-Mart may have to devote millions of dollars to defend itself against the allegations as well as to conduct its own internal probe. Nearly 260 pros held Wal-Mart in their portfolios at the end of Q4 and nearly 2,300 tickerspy members own the stock in their portfolios.
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