Market Wrap: Fed Pres Calls for Aggressive Measures; Sirius Tops; Priceline's Outlook Sends Investors Packing


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August 7, 2012 5:54 PM EDT Send to a Friend
Market wrap-up for August 7th

End of the Day: Dow Jones up 51.1 to 13,168.60; S&P 500 up 7.1 to 1,401.35; Nasdaq up 26.0 to 3,015.86

The following is a brief summary of events moving markets today:
  • More stimulus, please!: The S&P 500 crossed above 1,400 for the first time in months following comments from Boston Fed President Eric Rosengren. Rosengren called for an aggressive, open-ended bond-buying program to sustain the U.S. economy until unemployment begins to fall again. He is a nonvoting members of the Fed's policy-setting committee.

  • Listen up! People love satellite radio: Sirius XM Radio (Nasdaq: SIRI) posted Q2 EPS of 48 cents on revs of $838 million, compared with EPS expectations of 2 cents and sales of $834.4 million. The total paid subscriber base rose to a record high 22.9 million subscribers. Strong auto sales helped lift total paid and unpaid trial inventory by approximately 400,000 from the first quarter to 6.1 million.

    For more, click here.

  • They found the cure for Icarus syndrome...bad guidance: Priceline.com (Nasdaq: PCLN) reported adjusted second-quarter earnings of $7.85 per share on revenue of $1.33 billion, compared with consensus views calling for EPS of $7.37 and revs of $1.35 billion. For more color, click here.

  • Are they going for Formula One next?: According to the WSJ on Tuesday, Chrysler's Dodge will not be entering the 2013 NASCAR season, ending a 10 year run with mixed results. Prompting the move was when Penske Racing, of Penske Auto Group (NYSE: PAG), said it would switch to Ford (NYSE: F) cars next season.

    SRT chief Ralph Gilles said the unit couldn't reach agreements with drivers and teams, or compete at the level where it was used to competing. Dodge was working on a new car into last week.
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