Home Sales Drop, Stocks Up, Employment Improves

By | TradingMarkets.com | March 05, 2010 08:30 AM
Symbols: ANF, FDO, TIVO, PETM

A melancholy yet bullish day on Wall Street with shares closing higher on the session. A surprise drop in home sales counteracted positive word from the employment front. Financial shares led the advance as the U.S. dollar gained solid strength against an embattled Euro. Investors are anticipating the nonfarm payrolls report prior to trading Friday. The DJIA advanced +47.38 to 10444.14, the Nasdaq moved higher by +11.63 to 2292.31 and the broad bases S&P 500 climbed +4.18 to 1122.97.

Abercrombie & Fitch Co (ANF): Led the S&P 500 higher climbing 14.57% or $5.28 to $41.52/share after sales grew in February.

Family Dollar Stores Inc (FDO): Climbed 8.07% or $2.63 to $35.24/share upon raising its 2nd quarter profit forecast.

Petsmart Inc (PETM): Beat analysts estimates sending shares higher by 8.01% or $2.22 to $29.93.

Tivo Inc (TIVO): Surged 61.90% or $6.32 to $16.53/share after winning a patent court case against Dish Network.

Oil fell 43 cents to $80.44, gold dropped $9.60 to $1134.00 and the VIX index gave back another 0.58% to 18.72.

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Market Snapshot

Dow

+47.38 10,444.14

NASDAQ

+11.63 2,292.31

S&P 500

+4.18 1,122.97
Economic News

Personal Income (Jan): Consensus: 0.4%, Prior: 0.3%

Personal Spending (Jan): Consensus: 0.4%, Prior: 0.3%

PCE Prices - Core (Jan): Consensus: 0.0%, Prior: 0.1%

Construction Spending (Jan): Consensus: -0.6%, Prior: -1.2%

ISM Index (Feb): Consensus: 58.0, Prior: 58.4

Auto Sales (Feb): Consensus: NA, Prior: 3.8M

Truck Sales (Feb): Consensus: NA, Prior: 4.4M

Challenger Job Cuts YoY (Feb): Consensus: NA, Prior: -70.4%

ADP Employment Change (Feb): Consensus: -10K, Prior: -22K

ISM Services (Feb): Consensus: 51.0, Prior: 50.5

Crude Inventories (02/26): Consensus: NA, Prior: 3.03M

Fed's Beige Book (Mar): Consensus: NA, Prior: NA

Initial Claims (02/27): Consensus: 475K, Prior: 495K

Continuing Claims (02/20): Consensus: NA, Prior: 4617K

Productivity-Rev. (Q4): Consensus: 6.2%, Prior: 6.2%

Unit labor Costs (Q4): Consensus: -4.4%, Prior: -4.4%

Factory Orders (Jan): Consensus: 1.2%, Prior: 1.0%

Pending Home Sales (Jan): Consensus: 1.7%, Prior: 1.0%

Unemployment Rate (Feb): Consensus: 9.8%, Prior: 9.7%

Nonfarm Payrolls (Feb): Consensus: -20K, Prior: -20K

Hourly Earnings. (Feb): Consensus: 0.2%, Prior: 0.2%

Average Workweek (Feb): Consensus: 33.7, Prior: 33.9

Consumer Credit (Jan): Consensus: -$3.8B, Prior: -$1.7B



Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: March 04, 2010

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