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Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
(By Philip Holmes) Stocks ended sharply higher on Wednesday as investors finally pondered some good news from the banking world and oil prices temporarily halted their advance toward stock-up-on-canned-food-Mildred-it's-the-apocalypse! levels. The Dow Jones industrial average soared 276.74 points to end the trading day at 11,239.28. The S&P 500 rose 30.45 points, for 1,245.36, while the Nasdaq composite index climbed 69.44 points, to 2,284.85. Did you hear good news from a bank? Yes, you did, and it was Wells Fargo that brought it unto you. The bank upped its dividend by 10% after beating earnings forecasts. The bank posted 53 cents per share for Q2 vs. 67 cents a year ago. Investors sent the stock up 33% on the news. Other financial stocks benefited from the good humor: S&P's mortgage finance index gained 19.23%, while its diversified bank index climbed 24%. Investment banking and brokerage stocks gained 12.6%. Big winners included Charles Schwab, whose shares gained 14.3%, Northern Trust, which rose 13.1%, and Marshall & Ilsley, whose shares gained 17.3%. We'll hear earnings news from some big Wall Street banks later in the week, with Merrill Lynch releasing on Thursday and Citigroup on Friday. Crude oil prices have dropped more than $10 per barrel this week, with NYMEX crude oil slotted for August trading at $134.60 per barrel on Wednesday. The day's grim news was delivered by the feds, who reported that the U.S. consumer price index rose 1.1% in June. The CPI is up 5% for the year, its strongest rise in 17 years. The good, the bad, and the ugly (housing, of course). But not a bad day.
The Investrend Earnings Calendar features A.O. Smith (NYSE: AOS), expected at $0.78; Avocent Corp. (NASDAQ: AVCT), expected at $0.43; BancFirst (NASDAQ: BANF), expected at $0.77; Cytec Industries (NYSE: CYT), expected at $1.16.
The Investrend Events Calendar showcases DVAX, VICL, MRK, WYE at IBC Life Sciences Next Genereation Vaccines Conference; Marcus Evans Crisis Communication & Reputation Protection in the Financial Sector Conference; SEMICON West 2008.
The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed 47 advancers versus three decliners. Advancers were led by Ual Corp New (NASDAQ: UAUA) up 41.53%, Wells Fargo & Co New (NYSE: WFC) up 32.76%, A M R Cp (NYSE: AMR) up 31.97%, Fannie Mae (NYSE: FNM) up 30.83%, Freddie Mac (NYSE: FRE) up 29.85%, Delta Air Lines New (NYSE: DAL) up 26.55%, Lehman Bros Hld (NYSE: LEH) up 25.95%, E*Trade Finl Corp (NASDAQ: ETFC) up 25.60%, Washington Mutual (NYSE: WM) up 25.48%, Huntington Bcshs (NASDAQ: HBAN) up 22.63%, Bk Of America Cp (NYSE: BAC) up 22.41%, Natl City Cp (NYSE: NCC) up 22.22%, Ford Motor Co (NYSE: F) up 18.06%, Us Bancorp (NYSE: USB) up 17.80%, Gen Motors (NYSE: GM) up 16.67%, Regions Financial Cp (NYSE: RF) up 16.42%, Fifth Third Bncp (NASDAQ: FITB) up 16.28%, Wachovia Cp (NYSE: WB) up 16.08%, Jp Morgan Chase Co (NYSE: JPM) up 15.86%, Charles Schwab Inc (NASDAQ: SCHW) up 14.26%, Ml Co Cmn Stk (NYSE: MER) up 13.41%, Citigroup Inc (NYSE: C) up 13.12%, Morgan Stanley (NYSE: MS) up 13.06%, Amer Intl Group Inc (NYSE: AIG) up 12.79%, Altera Cp (NASDAQ: ALTR) up 12.13%. There were no significant decliners.
Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).
Investrend Website of the Day: http://www.almanac.com/
Quote of the Day: "The four stages of a man are infancy, childhood, adolescence and obsolescence." Art Linkletter
Today is: Constitution Day in South Korea, Peach Ice Cream Day.
Happy Birthday: John Jacob Astor, Isaac Watts, Erle Stanley Gardner, James Cagney, Art Linkletter, Phyllis Diller, Red Sovine, Vince Guaraldi, Diahann Carroll, Donald Sutherland, David Hasselhoff, J. Michael Straczynski.
Today in History: Catherine II became tzar of Russia in 1762 upon the murder of Peter III of Russia. NEC Corporation was organized in 1899 as the first Japanese joint venture with foreign capital. Joe DiMaggio's baseball hitting streak was ended in 1941 at 56 games. Disneyland televised its grand opening in Anaheim, California, in 1955. The Dow Jones Industrial Average closed above the 2,500 mark for the first time in 1987. The Minnesota Twins became the first team in Major League Baseball to turn two triple plays in a single game, against the Boston Red Sox in 1990. The F.W. Woolworth Company closed in 1997 after 117 years in business. Biologists reported in 1998 in the journal Science how they sequenced the genome of the bacterium that causes syphilis, Treponema pallidum.
[FirstAlert" was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlert" do not necessarily reflect the opinions of Investrend.]
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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