All Quiet (ADBE, NSC, JEF, TRLA, BDSI, SWKS)
It was another relatively quiet day on Wall Street as the major market averages ended near breakeven. There were a few earnings reports out today, with the results mixed to a bit negative. The economic data, meanwhile, was also mixed. As we’ve noted previously, we continue to expect market volatility to remain low in the near term.
The Drug Delivery Stocks Index was the top performing tickerspy Index on the day, led by BioDelivery Sciences (BDSI) with a 5% gain. The RF Semiconductor Stocks Index was the day’s worst performing tickerspy Index, with Skyworks Solutions (SWKS) down -18%.
Stocks ended the day mixed, with the Dow up 19 points to 13,597. The S&P lost -1 point to 1,460, while the Nasdaq fell -7 points to 3,176. Oil edged down -11 cents to $91.87 a barrel, while gold slipped -$1.50 to $1,770.20 an ounce.
In economic news, initial claims for jobless benefits fell by -3,000 last week to 382,000. Economists had expected a decline to 375,000. The four-week moving average increased by 2,000 to 377,750. Elsewhere, the Philly Fed survey showed improvement to negative -1.9 this month from negative -7.1 in August. Economists had expected a September reading of negative -4.0. This is the fifth straight month of negative readings. The Conference Board’s index of leading economic indicators, meanwhile, fell by -0.1% last month following a July increase of 0.5%. Economists had forecast no change for August.
Adobe Systems (ADBE) said its fiscal third-quarter profit rose to $201.4 million, or 40 cents per share, from $195.1 million, or 39 cents per share, a year earlier. Revenue increased 7% to $1.08 billion. On an adjusted basis, the software maker earned 58 cents per share. Analysts had expected a profit of 58 cents on revenue of $1.1 billion. For the current quarter, Adobe expects to earn 53-58 cents a share on revenue of $1.08-$1.13 billion. Analysts were expecting a profit of 67 cents per share on revenue of $1.21 billion. Shares of Adobe rose 4.3%.
Shares of railroad operator Norfolk Southern (NSC) sank -9.1% after the company said it expects a third-quarter profit of $1.18-$1.25 a share, well below the $1.59 per share it earned a year earlier and well below the $1.63 analysts were expecting. Thirty-two pros held Norfolk Southern in their portfolios at the end of Q2 and nearly 400 tickerspy members own the stock in their portfolios.
Jefferies (JEF) shares slid -7.3% after the brokerage firm said its fiscal third-quarter profit rose to $70 million, or 31 cents per share, up from $68 million, or 30 cents per share, a year earlier. Revenue jumped 45% to $739 million. The company said the first nine months of this year have been the best nine-month period in its history. Four pros counted Jefferies among their top holdings at the end of Q2 and more than 100 tickerspy members own the stock in their portfolios.
Shares of online real estate services provider Trulia (TRLA) surged 41.2% in the firm’s debut as a public company. The IPO was priced at $17 and the shares opened at $22.10. Trulia generates revenue through advertising and subscription sales to real estate professionals.
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