Market Wrap: Citi, BofA Weigh on Financials; Boeing's Battery Redemption; More Houses Started
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Revenue Growth %: -1.9%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 2.8%
Revenue Growth %: -1.9%
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Market wrap-up for January 17th
End of the Day: S&P 500 up 8.3 to 1,480.94; Dow Jones up 84.8 to 13,596.02; Nasdaq up 18.5 to 3,136.00
The following is a brief summary of events moving markets today:
* Financial stocks, which started off on the right foot early into fourth-quarter reports, were hampered a little today as Bank of America (NYSE: BAC) and Citigroup (NYSE: C) failed to pick up where J.P. Morgan and Goldman Sachs (NYSE: GS) left off. BofA reported EPS of 3 cents on revs of $22.6 billion, with EPS including a plethora of items. For more on BofA, click here.
Citi reported adjusted EPS of about 69 cents, missing the 96 cents consensus. For a summary, click here.
* U.S. housing starts came in at 954,000 in December, outpacing expectations calling for 889,000 starts. Building permits rose to 903,000 in the month, up 28.8 percent over the prior year and compared with the consensus of 900,000 permits. For more on the data, click here.
* The Federal Reserve Bank of Philadelphia’s general economic index fell to negative 5.8 in January from a positive 4.6 percent the prior month. The number hints at contraction in the area covering southern New Jersey, Delaware, and Pennsylvania. The Street was looking for a rise to 5.2.
* The Boeing (NYSE: BA) saga continued today as the FAA announced it would ground all 787 Dreamliners and conduct and inspection into the lithium-ion batteries. Investors awaited the outcome of the investigation, though afternoon chatter boosted sentiment as it was revealed that batteries may have been a faulty batch. For more color, click here.
* Big Lots (NYSE: BIG) finished just above five percent following headlines that it might be the subject of an LBO. Bankers may have been contacted, but a formal sales process isn't in place.
* Intel (Nasdaq: INTC) reported quarterly resultsafter just before the markets closed today. Revs if $13.48 billion and adjusted EPS of 51 cents were mixed to consensus views calling for revs of $13.76 billion and EPS of 45 cents. For more color, click here.
* E*TRADE Financial (Nasdaq: ETFC) named a new CEO in Paul T. Idzik today. Idzik was most recently Group Chief Executive of DTZ Holdings PLC in London. He also served 10 years at Barclays PLC, most recently as Group Chief Operating Officer and before that as Chief Operating Officer of Barclays Capital. For more, click here.
* Las Vegas Sands (NYSE: LVS) may be planning a divestiture in Pennsylvania. According to reports Thursday afternoon, the casino giant that gets most of its revs outside the U.S., may divest its Bethlehem, PA, location in a deal valued at about $1 billion. For more on the chatter, click here.
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End of the Day: S&P 500 up 8.3 to 1,480.94; Dow Jones up 84.8 to 13,596.02; Nasdaq up 18.5 to 3,136.00
The following is a brief summary of events moving markets today:
* Financial stocks, which started off on the right foot early into fourth-quarter reports, were hampered a little today as Bank of America (NYSE: BAC) and Citigroup (NYSE: C) failed to pick up where J.P. Morgan and Goldman Sachs (NYSE: GS) left off. BofA reported EPS of 3 cents on revs of $22.6 billion, with EPS including a plethora of items. For more on BofA, click here.
Citi reported adjusted EPS of about 69 cents, missing the 96 cents consensus. For a summary, click here.
* U.S. housing starts came in at 954,000 in December, outpacing expectations calling for 889,000 starts. Building permits rose to 903,000 in the month, up 28.8 percent over the prior year and compared with the consensus of 900,000 permits. For more on the data, click here.
* The Federal Reserve Bank of Philadelphia’s general economic index fell to negative 5.8 in January from a positive 4.6 percent the prior month. The number hints at contraction in the area covering southern New Jersey, Delaware, and Pennsylvania. The Street was looking for a rise to 5.2.
* The Boeing (NYSE: BA) saga continued today as the FAA announced it would ground all 787 Dreamliners and conduct and inspection into the lithium-ion batteries. Investors awaited the outcome of the investigation, though afternoon chatter boosted sentiment as it was revealed that batteries may have been a faulty batch. For more color, click here.
* Big Lots (NYSE: BIG) finished just above five percent following headlines that it might be the subject of an LBO. Bankers may have been contacted, but a formal sales process isn't in place.
* Intel (Nasdaq: INTC) reported quarterly results
* E*TRADE Financial (Nasdaq: ETFC) named a new CEO in Paul T. Idzik today. Idzik was most recently Group Chief Executive of DTZ Holdings PLC in London. He also served 10 years at Barclays PLC, most recently as Group Chief Operating Officer and before that as Chief Operating Officer of Barclays Capital. For more, click here.
* Las Vegas Sands (NYSE: LVS) may be planning a divestiture in Pennsylvania. According to reports Thursday afternoon, the casino giant that gets most of its revs outside the U.S., may divest its Bethlehem, PA, location in a deal valued at about $1 billion. For more on the chatter, click here.
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