Wall St Summary XLK, AAPL, CRM
Posted on: Nov 22nd, 2012
XLK, AAPL, CRM, SAP, NCIT, CRUS, DE , KSU, NSC, JBLU, LUV, XLU, DUK, NEE
US Stocks rose Wednesday, with the S&P 500 up for a 4th session running, trading volume was one of the year’s lowest on the day ahead of the Thanksgiving Holiday.
The S&P 500 endured choppy trade during the 1st 2 hrs of action. The index followed the early indecision with a run to session highs where it spent the majority of the afternoon. The market received some encouraging news from the Middle East where Israel and Hamas have reached a cease-fire agreement.
The Eurozone remains a concern into the Holiday as the next tranche of Greek aid has not been approved.
Wednesday’s trade was confined to a tight range and volume was well below average, the S&P 500 finished higher by 0.2%.
DJIA 12836.89+48.38 (0.38%) NAS 2926.55+9.87 (0.34%) S&P 500 1391.03+3.22 (0.23%)
10-yr T-Note-4/32 1.686
NYSE Adv 2016 Dec 969 Vol 521.9-M NAS Adv 1556 Dec 857 Vol 1.36-B
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Industry Watch
Strong: Energy, Materials, Technology
Weak: Utilities, Financials
The technology sector outperformed the broader market and the SPDR Technology Select Sector ETF XLK 28.39, +0.09 settled higher by 0.3%.
Apple NYSE:AAPL 561.70, +0.78 has been in focus recently due to the extended weakness observed in the stock during the past two months. Wednesday, the biggest tech component tacked on 0.1% as the shares attempt to establish support in the $550 area.
In notable tech earnings, Salesforce.com NYSE:CRM 158.66, +12.76 spiked 8.8% after beating on the top and bottom lines. In addition to the quarterly beat, the cloud computing company issued in-line Q-4 and full-year earnings and revenue guidance. SAP NYSE:SAP 75.23, +0.87 added 1.2%.
NCI NASDAQ:NCIT 4.58, +0.24 surged 5.5% after the company was awarded multiple task orders as part of its contract with the US Army. The total value of the orders was reported at $27.1-M.
Note: Cirrus Logic NASDAQ:CRUS 31.16, +0.82 advanced 2.7% after the company’s Board of Directors authorized the repurchase of up to $200-M of the company’s common stock.
Industrial bellwether Deere NYSE:DE 82.83, -3.16 fell 3.7% after reporting mixed results. During the 4th, the machinery manufacturer earned 1.75, which was 0.13 short of the consensus estimate. But, he company’s revenue of $9.05-B represented a 14.5% Y-Y increase, and beat expectations. Deere’s outlook was mostly positive as the company expects Y 2013 revenue above consensus and net income in-line with expectations.
The Dow Jones Transportation Average added 0.3%.
Railroads displayed strength Wednesday. Kansas City Southern NYSE:KSU 76.33, +0.69 and Norfolk Southern NYSE:NSC 57.03, +0.12 finished higher by 0.9% and 0.2%, respectively.
On the other hand, airlines which outperformed yesterday were among the biggest laggards.
JetBlue Airways NASDAQ:JBLU 5.07, +0.05 and Southwest Airlines NYSE:LUV 9.24, +0.13 saw respective gains of 1.0% and 1.4%.
Today’s choppy price action was reflected in the performance of individual sectors. Utilities opened as the weakest performing group, and remained there for the duration of the session.
Electrical companies have been pressured since Hurricane Sandy, and their shares felt the brunt of today’s weakness.
The SPDR Utilities Select Sector XLU 34.18, -0.15 slid 0.4%.
Among individual electricity producers, Duke Energy NYSE:DUK 60.23, -0.55 and NextEra Energy NYSE:NEE 67.25, -0.46 both lost near 0.7%.
US Major Market Indexes Technical Analysis
| Date | Symbol | Price | Technical Analysis | Support | Resistance |
| 21 Nov 2012 | QQQ | 63.9 | Bearish (-0.36) | 63.60 | 64.34 |
| 21 Nov 2012 | DIA | 128.08 | Bearish (-0.37) | 126.54 | 128.14 |
| 21 Nov 2012 | SPY | 139.38 | Bearish (-0.26) | 139.22 | 140.31 |
The weekly MBA Mortgage Index pointed to a 2.2% decrease in mortgage applications during the past week. Wednesday’s reading followed prior week’s increase of 12.6%.
The latest weekly initial jobless claims count totaled 410,000, which was lower than the 423,000 that had been expected by the consensus. The tally was below the revised prior week count of 451,000. As for continuing claims, they fell to 3.337-M from 3.367-M.
The University of Michigan’s final Consumer Sentiment Survey for November fell to 82.7 from the 84.9 that was posted in the preliminary Survey, consensus expected the reading to slip to 84.5.
Lastly, leading indicators for October increased by 0.2%, which was in-line with the forecast. Today’s reading followed prior month’s increase of 0.6%.
Note: the US equity and bond markets will be closed tomorrow in observance of Thanksgiving. Trading will resume Friday, but the final session of the week will end at 1:00 p EST.
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Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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