Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

U.S. Stocks End Mixed; Energy Shares Buoy S&P

02/14/2013 | 06:56am US/Eastern

--Stocks close mixed; energy shares lead S&P 500 higher tacking on 0.5%

--DJIA declines, losing nine points as component Cisco declines on earnings

--Euro zone economies contract more than expected, while U.S. sees fewer jobless claims than expected

NEW YORK--Energy shares helped pull the Standard & Poor's 500-stock index higher Thursday, as an improving outlook for the sector sent it higher on a day heavy with merger-and-acquisition activity.

The S&P 500-stock gained one point, or 0.1%, to 1521, and the Nasdaq Composite Index tacked on two points, or 0.1%, to 3199. But the Dow Jones Industrial Average edged down nine points, or 0.1%, to 13973.

Leading the S&P 500, the energy sector gained 0.5%, as drilling and oil-services companies jumped, including Halliburton, which advanced 6.1%, and Nabors Industries, which added 4.4%. Goldman Sachs Group told clients in a note that January marked a turnaround in profitability of energy companies. Elsewhere, coal company Alpha Natural Resources rose after its latest results beat Wall Street expectations. Peabody Energy, another coal miner, gained as well, advancing 4.5%.

Of the prominent M&A deals, H.J. Heinz soared 20% after it agreed to be acquired by an investment group that includes Warren Buffett's Berkshire Hathaway and private-equity firm 3G Capital. Berkshire's Class B shares edged up 1.3%. Fellow food companies Kraft Foods Group, General Mills and Campbell Soup also rose, gaining 0.8%, 3.1% and 1.4%, respectively.

US Airways fell 4.6% after it and AMR, parent of American Airlines, formally announced merger plans that are expected to be completed by the third quarter. US Airways 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 M&A deals won't fall flat, said Mr. Smith, whose firm oversees $6.5 billion in assets.

In other news, Constellation Brands surged 37% after agreeing with rival Anheuser-Busch InBev on revised terms of A-B InBev's divestiture of Grupo Modelo's U.S. assets. Anheuser-Busch InBev shares climbed 5.9%. And Artio Global Investors jumped 34% after agreeing to be acquired by the U.K.'s Aberdeen Asset Management for $175 million.

In the economy, initial claims for U.S. jobless benefits fell 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 in the fourth-quarter contracted more than expected. The German and French economies 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.

Crude-oil prices rose 0.3%, to settle at $97.31 a barrel, while gold 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 U.S. Treasury note fell to 2.000% as prices rose.

In other corporate news, Dow component Cisco Systems fell 0.7% after the networking company reported better-than-expected second-quarter earnings but provided a somewhat downbeat outlook.

General Motors declined 3.2% after the car maker's earnings fell just short of analyst expectations.

PepsiCo gained 1.1% after the beverage and snack company reported better-than-expected fourth-quarter earnings and revenue and boosted its dividend.

Angie's List surged 24% after the reviews-based website reported a fourth-quarter profit, while analysts had anticipated a loss.

Stamps.com slumped 15% after the Web-based postage-services company's fourth-quarter earnings topped estimates but revenue and its 2013 outlook missed forecasts.

Zillow leapt 8.5% 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 alexandra.scaggs@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

React to this article
Latest news
Date Title
01:52p J M SMUCKER : Starbucks hiking prices in US; affected drinks will go up by 5 to 20 cents
01:51p SERVICE SECTOR GROWTH TICKS HIGHER IN JUNE : ISM survey
01:51p WEICHAI POWER : Lists Of Directors And Their Roles And Functions
01:51p STARBUCKS : Prices for some drinks to go up by 5 to 20 cents
01:51p OMNICOM : Jamba Juice Makes The Move To Zimmerman
01:49pDJCopper Falls 3.5%, Biggest Drop Since Jan. 14
01:48p Totalplay Integrates Netflix App Into Its Tripleplay Platform
01:48pDJCopper Ends at $2.5380/Lb, Lowest Since Feb. 2
01:47p New Greek finance minister is a change of style, not substance
01:46p French, German leaders urge Greece to offer quick proposals
Latest news
Advertisement
Hot News 
OPPORTUNITY INVEST MGMT : 6 juli 2015 - PRESS RELEASE: further notification annual accounts
INTERCEDE : Quarterly Revenue Doubles On Year Before, Outlook Positive
BILLINGTON : Set To Beat Market View After Strong First Half Trading
ASK : Six-months liquidity contract statement as of 30 june 2015
Versartis Announces Removal of FDA Partial Clinical Hold and Continuation of VRS-317 Phase 3 Clinical Trial
Most Read News
06:16a Rolls-Royce cuts profit forecasts as new CEO takes helm
07/05DJBeijing's Effort to Halt Market Decline Yields Mixed Results
07/05 LIPPO MALLS INDONESIA RETAIL : Drawdown Of The Term Loan Facility And Use Of Proceeds
11:56a MANCHESTER UNITED : Southampton turn to Cuco Martina after Ryan Bertrand undergoes surgery
07/05 BIOTRON : 6 Jul 2015Independent Review of BIT225 Trial Data Supports Development in Combination with New HCV Drugs
Most recommended articles
01:51p SERVICE SECTOR GROWTH TICKS HIGHER IN JUNE : ISM survey
01:49pDJCopper Falls 3.5%, Biggest Drop Since Jan. 14
01:47p New Greek finance minister is a change of style, not substance
01:46p French, German leaders urge Greece to offer quick proposals
01:43p Large companies in Greece offer salaries in cash during bank shutdown