Dow fell 62, decliners over advancers 5-2 & NAZ slipped 9. Bank stocks led the selling again.
The MLP index pulled back 1 to the 368s & the REIT index was down 1 to 222. Junk bond funds were mixed & Treasuries were higher. Oil gained & is pushing for $100 again while gold did little.
Get the latest market update below:
Photo: Yahoo
Retail sales rose broadly in Oct, suggesting the economy started Q4 with vigor. Total retail sales increased 0.5% last month according to the Commerce Dept, a more modest gain than the Sep reading but above expectations. In the 12 months to Oct, retail sales were up 7.2%. While the Oct retail sales report showed broad gains, weak income growth remains a constraint. Retail sales last month rose as receipts from motor vehicle dealers increased 0.4%, adding to the prior month's 4.2% gain. Excluding autos, retail sales rose 0.6%, the largest increase in 7 months, after advancing 0.5% in Sep. Sales at food & beverage stores increased 1.1%, while receipts at sporting goods, hobby, book & music stores gained 1.3%. Sales of electronics & appliances soared 3.7%, while receipts from building material retailers increased 1.5%. But clothing store sales fell 0.7%, the largest decline this year, while furniture sales declined 0.7%. Receipts at gas stations fell 0.4% last month after rising 0.7%. (reflecting weak gasoline prices). Excluding gasoline, retail sales rose 0.7%. That was a reasonably good report going into the holiday season.
U.S. Retail Sales Beat Forecast on Electronics Gains
Photo: Yahoo
Wal-Mart, a Dow stock & Dividend Aristocrat, reported its first quarterly revenue gain in its US business in more than 2 years, but its Q3 profit slipped 2.9%, missing expectations. EPS was 97¢ in the qtr ended Oct 31, above 95¢ last year-ago (which included a tax benefit of a nickel). Net revenue rose 8.2% to $109.5B. Analysts had expected 98¢ on revenue of $108.9B. In the US, sales in stores opened at least a year rose 1.3%, beating estimates for a 0.3% increase & reverses 9 straight qtrs of declines. Overall, revenue at stores in its US business opened at least a year rose 1.9%, including a 5.7% increase at Sam's Club stores. WMT said that gains in revenue at stores opened at least a year were fueled by an increase in the average ticket, though traffic was still down. Sales of food & health & wellness products, sporting goods, crafts & clothing were strong. The company said that it saw a decline in profit margins from the impact of its low price focus & inflationary pressures. WMT expects Q4 EPS to be $1.42-$1.48 & analysts are looking for $1.45. For the full year, it expects EPS of $4.45-$4.51 & analysts are expecting $4.50. The stock dropped 1.50.
Wal-Mart Profit Trails Estimates on Commitment to Low Prices
Wal-Mart Stores Inc.
Photo Yahoo
Spending on home projects & storm-related repairs helped boost Home Depot, a Dow stock, Q3 net income 12%, beating expectations & the company raised its 2011 EPS outlook & its div. "Our third quarter was driven by strength in our core categories and storm-related sales as well as strong operating performance," said CEO Frank Blake. EPS rose to 60¢, above last year's 51¢. Revenue rose 4% to $17.3B. Analysts expected EPS of 59¢ on revenue of $17.1B. Revenue in stores open at least a year rose 4.2% globally & 3.8% in the US. The company expects EPS of $2.38 for the year, above Aug guidance of $2.34 & reiterated it expects revenue to rise 2.5%, implying revenue of $69.7B. Analysts expect EPS of $2.36 on revenue of $69.6B. The div was raised 4¢ to 29¢. The stock fell 17¢ & the higher div provides a 3.1% yield.
Home Depot
Retail sales data has been fairly good, but only getting cool reception from the stock market. Italy is forming a new gov, trying to get its house in order. Europe’s economic expansion failed to accelerate in Q3 as Germany & France struggle to shore up a region bracing for a recession resulting from an escalating debt crisis. The US needs a deficit reduction plan by the super committee, that's hazy at best. No wonder the markets are stumbling. But Dow is holding fairly well, although the 12K floor is being tested. As of midday, stocks are sinking.
Dow Jones Industrial Average
S&P 500 Financials Sector Index
| Value | 173.19 | |
| Change | -1.30 (-0.7%) |
The MLP index pulled back 1 to the 368s & the REIT index was down 1 to 222. Junk bond funds were mixed & Treasuries were higher. Oil gained & is pushing for $100 again while gold did little.
ALERIAN MLP Index (^AMZ)
DJ REIT INDEXDJR (^DJR)
Treasury yields:
U.S. 3-month | 0.005% | |
U.S. 2-year | 0.234% | |
U.S. 10-year | 2.021% |
| CLZ11.NYM | ....Crude Oil Dec 11 | ...98.96 | .... 0.82 | (0.8%) |
| GCX11.CMX | ...Gold Nov 11 | .....1,783.10 | ... 5.30 | (0.3%) |
Get the latest market update below:
Retail sales rose broadly in Oct, suggesting the economy started Q4 with vigor. Total retail sales increased 0.5% last month according to the Commerce Dept, a more modest gain than the Sep reading but above expectations. In the 12 months to Oct, retail sales were up 7.2%. While the Oct retail sales report showed broad gains, weak income growth remains a constraint. Retail sales last month rose as receipts from motor vehicle dealers increased 0.4%, adding to the prior month's 4.2% gain. Excluding autos, retail sales rose 0.6%, the largest increase in 7 months, after advancing 0.5% in Sep. Sales at food & beverage stores increased 1.1%, while receipts at sporting goods, hobby, book & music stores gained 1.3%. Sales of electronics & appliances soared 3.7%, while receipts from building material retailers increased 1.5%. But clothing store sales fell 0.7%, the largest decline this year, while furniture sales declined 0.7%. Receipts at gas stations fell 0.4% last month after rising 0.7%. (reflecting weak gasoline prices). Excluding gasoline, retail sales rose 0.7%. That was a reasonably good report going into the holiday season.
U.S. Retail Sales Beat Forecast on Electronics Gains
Wal-Mart, a Dow stock & Dividend Aristocrat, reported its first quarterly revenue gain in its US business in more than 2 years, but its Q3 profit slipped 2.9%, missing expectations. EPS was 97¢ in the qtr ended Oct 31, above 95¢ last year-ago (which included a tax benefit of a nickel). Net revenue rose 8.2% to $109.5B. Analysts had expected 98¢ on revenue of $108.9B. In the US, sales in stores opened at least a year rose 1.3%, beating estimates for a 0.3% increase & reverses 9 straight qtrs of declines. Overall, revenue at stores in its US business opened at least a year rose 1.9%, including a 5.7% increase at Sam's Club stores. WMT said that gains in revenue at stores opened at least a year were fueled by an increase in the average ticket, though traffic was still down. Sales of food & health & wellness products, sporting goods, crafts & clothing were strong. The company said that it saw a decline in profit margins from the impact of its low price focus & inflationary pressures. WMT expects Q4 EPS to be $1.42-$1.48 & analysts are looking for $1.45. For the full year, it expects EPS of $4.45-$4.51 & analysts are expecting $4.50. The stock dropped 1.50.
Wal-Mart Profit Trails Estimates on Commitment to Low Prices
Wal-Mart Stores Inc.
Spending on home projects & storm-related repairs helped boost Home Depot, a Dow stock, Q3 net income 12%, beating expectations & the company raised its 2011 EPS outlook & its div. "Our third quarter was driven by strength in our core categories and storm-related sales as well as strong operating performance," said CEO Frank Blake. EPS rose to 60¢, above last year's 51¢. Revenue rose 4% to $17.3B. Analysts expected EPS of 59¢ on revenue of $17.1B. Revenue in stores open at least a year rose 4.2% globally & 3.8% in the US. The company expects EPS of $2.38 for the year, above Aug guidance of $2.34 & reiterated it expects revenue to rise 2.5%, implying revenue of $69.7B. Analysts expect EPS of $2.36 on revenue of $69.6B. The div was raised 4¢ to 29¢. The stock fell 17¢ & the higher div provides a 3.1% yield.
Home Depot
Retail sales data has been fairly good, but only getting cool reception from the stock market. Italy is forming a new gov, trying to get its house in order. Europe’s economic expansion failed to accelerate in Q3 as Germany & France struggle to shore up a region bracing for a recession resulting from an escalating debt crisis. The US needs a deficit reduction plan by the super committee, that's hazy at best. No wonder the markets are stumbling. But Dow is holding fairly well, although the 12K floor is being tested. As of midday, stocks are sinking.
Dow Jones Industrial Average
Get your favorite symbols' Trend Analysis TODAY!
No comments:
Post a Comment