Market Wrap: Pending Home Sales Pop; Apple Offers Little at Meeting; Shell to Pause Alaska Drilling

February 27, 2013 5:36 PM EST Send to a Friend
Market wrap-up for February 27th

End of the Day: S&P 500 up 19.1 to 1,515.99; Dow Jones up 175.2 to 14,075.37; Nasdaq up 32.6 to 3,162.26

The following is a brief summary of events moving markets today:

* J.C. Penney Co., Inc. (NYSE: JCP) reported a Q4 loss of $1.95 per share, which may not compare to the analyst estimate of ($0.18). Estimates may not compare. Revenue for the quarter came in at $3.88 billion versus the consensus estimate of $4.08 billion.

For more color on the quarter, click here.

* The U.S. National Association of Realtors (NAR) Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings. The number compares with expectations calling for just a 1 percent rise. Click here for more color.

* Though early speculation was rampant, Coach, Inc. (NYSE: COH) said it wouldn't comment on today's rumors they are for sale. Company spokesperson Andrea Shaw Resnick states, "We do not comment on speculation or rumors, particularly unsubstantiated ones."

* Apple (Nasdaq: AAPL) held its annual meeting today. Though speculation was rampant, no decision was made by CEO Tim Cook & Co. over what to do with its $137 billion war chest. Cook has been harangued by at least one noted investor in Greenlight Capital's David Einhorn as to what to do with the cash. Though nothing was done today, Cook said discussions over what to do with the cash have been "very active."

* Fed Chairman Ben Bernanke said that the central bank might decide to hold bonds to maturity on its $3.1 trillion balance sheet as it works to exit current monetary easing practices. The exit plan by the Fed was originally established in June 2011. That plans calls for the Fed to stop reinvesting principal payments from its securities, revise its interest-rate outlook, boost the federal funds rate, and then begin selling housing debt.

* Groupon (Nasdaq: GRPN) reported an adjusted loss of 5 cents per share with its Q4 results, versus expectations calling for EPS of 3 cents. Revs of $638.3 million were just about flat. For more color on the results, click here.

* Royal Dutch Shell (NYSE: RDS-A) said it would not be drilling in Alaska's Beaufort and Chukchi Seas as it sends two drill rigs back to Asian ports for repairs. This would be the second summer for the energy giant to skip drilling in the Arctic Ocean. Both the ships are being leased from Noble (NYSE: NE).

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