Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

U.S. Stocks Push Higher in Late Trading, Helped by Energy

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/14/2013 | 09:58pm CEST

--S&P 500 grinds higher in late trading, led by energy shares

--DJIA mostly flat after European economic weakness weighs

--Raft of deals helps bolster investor sentiment

 
  By Alexandra Scaggs 
 

NEW YORK--Energy shares helped pull the Standard & Poor's 500-stock index higher, as optimism surrounding the sector outweighed worries about European economic weakness in a deal-heavy day.

The Dow Jones Industrial Average edged up four points, less than 0.1%, to 13987. The Standard & Poor's 500-stock index gained two points, or 0.2%, to 1523, and the Nasdaq Composite Index tacked on four points, or 0.1%, to 3201.

Energy shares led the S&P 500, adding 0.7%, as drilling and oil-services companies including Halliburton and Nabors Industries jumped 6.4% and 4.4%, respectively. Goldman Sachs Group told clients in a note Thursday that January marked "a turnaround" in profitability for the group. Elsewhere in energy stocks, coal company Alpha Natural Resources jumped 14% after its latest results beat Wall Street expectations. Meanwhile, Peabody Energy, another coal company, advanced 4.6%.

In deals news, H.J. Heinz soared 20% after the company agreed to be acquired by an investment group including Warren Buffett's Berkshire Hathaway and private-equity firm 3G Capital in a deal valued at $28 billion, including debt. Berkshire's Class B shares edged up 1.2%.

Fellow food companies Kraft Foods Group, General Mills and Campbell Soup also rose, gaining 1%, 2.1% and 1.7%, respectively.

US Airways Group fell 7.3% after the air carrier and AMR, the parent of American Airlines, formally announced merger plans, which are expected to be completed by the third quarter. Its shares had been rising in recent weeks.

Hank Smith, chief investment officer of Radnor, Pa.-based Haverford Trust, was heartened by news of the deals. "There is so much cash [available] ... With the lack of fear-inducing headlines, some confidence is starting to emerge" that deals won't fall flat, said Mr. Smith, whose firm oversees $6.5 billion in assets.

In other deals news, Constellation Brands surged 36% after agreeing with rival Anheuser-Busch InBev on revised terms of A-B InBev's divestiture of Grupo Modelo's U.S. assets in which Constellation will be granted perpetual rights for the Corona and Modelo beer brands in the U.S. Constellation will also buy the rest of Crown Imports it doesn't already own. Anheuser-Busch InBev shares climbed 5.9%.

Artio Global Investors jumped 34% after agreeing to be acquired by the U.K.'s Aberdeen Asset Management for $175 million.

In the economic arena, initial claims for U.S. jobless benefits were better than expected, falling more than expected during the latest week from the previous week.

European markets were broadly lower, with the Stoxx Europe 600 falling 0.2%, after euro-zone gross domestic product contracted more than expected in the fourth quarter. The bloc's two largest economies, Germany and France, also shrank by more than expected. Germany's DAX index dropped 1% and France's CAC-40 shed 0.8%.

European economic weakness "continues to be worrisome," said Mark Luschini, chief investment strategist with Janney Montgomery Scott, which oversees $2.6 billion in its asset-management arm. "I think it put pressure on equity markets here in the U.S."

Asian markets generally rose as the Bank of Japan left its monetary policy unchanged and said the economy appeared to have stopped weakening. That helped offset data showing Japan's GDP contracted slightly in the fourth quarter, versus expectations of a slight increase.

Japan's Nikkei Stock Average gained 0.5%, and Hong Kong's Hang Seng Index, which reopened after an extended holiday weekend, rose 0.9%. Mainland Chinese markets remained closed for the Lunar New Year holiday.

Crude-oil futures for March delivery rose 0.3% to settle at $97.31 a barrel, while gold futures for February delivery pulled back 0.6%, to settle at $1,634.70 a troy ounce. The dollar advanced against the euro and edged lower against the yen. The yield on the 10-year Treasury note fell to settle at 2.000% as prices rose.

In other corporate news, Dow component Cisco Systems fell 1.1% after the networking company reported better-than-expected second-quarter earnings but provided a somewhat downbeat outlook amid continued economic weakness in Europe and uncertainty surrounding government spending.

General Motors declined 2.9% after the car maker's earnings fell just short of analyst expectations.

PepsiCo gained 1% after the beverage and snack company reported better-than-expected fourth-quarter earnings and revenue and announced an increase in its quarterly dividend.

Angie's List surged 25% after the reviews-based website reported a surprise fourth-quarter profit and provided a first-quarter revenue outlook that was above projections.

Stamps.com slumped 14% after the Web-based postage-services company's fourth-quarter earnings topped estimates but revenue and its 2013 outlook missed forecasts.

Zillow leapt 8.4% after the real-estate website reported a fourth-quarter profit versus expectations of a break-even quarter, along with better-than-expected revenue.

-Write to Alexandra Scaggs at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
10:41a AT&T : Nigerian Movie on Internet Scammers Wins $1m Grant
10:40a EQUINITI : Says Trading In-Line With Market Expectations For 2017
10:39a Hammond hits budget deficit target helped by resilient economy since Brexit
10:38a DGAP-NEWS : Manz AG: CEO and company founder Dieter Manz plans move to Supervisory Board
10:38a 2017 Cognitive Assessment and Training Market - Global Forecast to 2021 - Research and Markets
10:37a BOLSAS Y MERCADOS ESPANEOLES SOCDAD HLDG : Housers, Biomar and Cuatroochenta, the first start-ups to form part of the Pre-Market Environment
10:37a AT&S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK : ECP® technology from AT&S enables evaluation of a fully integrated multilevel power converter on GaN basis
10:37a MINISTRY OF FOREIGN AFFAIRS OF PEOPLE REPUBL : Wang Yi Meets with Foreign Minister Mohammad Javad Zarif of Iran
10:37a MINISTRY OF FOREIGN AFFAIRS OF PEOPLE REPUBL : Prime Minister Alexis Tsipras of Greece Meets with Wang Yi
10:37a SIF BANAT CRISANA : Decisions of the Board of Directors
Latest news
Advertisement
Hot News 
11.81%LVMH, Arnault to simplify Christian Dior business structure
-6.29%WHITBREAD : Costa Coffee-owner Whitbread sees tougher times ahead
-2.66%CARPETRIGHT : says market tougher, shares tumble
-2.89%TELEFONAKTIEBOLAGET LM ERICSSON : Ericsson Pushed to Hefty Loss by Write-Downs, Restructuring Costs
3.10%LVMH : to Buy Christian Dior Couture for EUR6 Billion
Most Read News
04/24 Ahead of NAFTA talks, U.S. sets 20 percent duties on Canadian softwood lumber
01:29a TOSHIBA TO START TAKING BIDS IN JUNE FOR ITS SWISS UNIT LANDIS+GYR : Kyodo
02:35aDJLVMH : to Buy Christian Dior Couture for EUR6 Billion
01:40aDJNOVARTIS : 1Q Net Income Down 17%, Hurt by Drug Failure
01:19aDJSAP : 1Q Net Profit EUR521 Million, Revenue EUR5.3 Billion
Most recommended articles
04/21 TWENTY FIRST CENTURY FOX : Government extends period for regulators to report on Sky-Fox merger
04:35a Thyssenkrupp sees internet-connected elevators giving profits a lift
04:27a Euro hovers below five-month high; loonie lumbered with softwood tariff
04:26a ST JAMES PLACE : says first quarter net inflows 2 billion pounds
04:22aDJLONDON MARKETS : FTSE 100 Edges Higher After Rally, But Mining Stocks Hit By Downgrades