Market Wrap: Saudis Step Up on Crude; H-P Consolidates; Amazon Acquires Efficiency

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/21/2026

1. WMT
2. ROST
3. SPY
4. AAP
5. QQQ
6. HD
7. SFNC
8. FMG:AU
9. AVAH
10. JHX

March 20, 2012 6:27 PM EDT
Market wrap-up for March 20th

End of the Day: Dow Jones down 68.9 to 13,170.19; Nasdaq down 4.2 to 3,074.15; S&P 500 down 4.2 to 1,405.52

The following is a brief summary of events moving markets today:
  • Feel free to fire-up the family rumbler: Crude took a tumble Tuesday following reports Saudi oil ministers would move to maintain supplies should tension in Iran continue.

    Saudi Oil Minister Ali al-Naimi was quoted as saying there is currently no shortage of supply in the market, but Saudi Arabia would increase output to 12.5 million barrels per day if needed.

    Tensions between the U.S./U.N. and Iran have increased as tougher sanctions have been placed on Iran to stem its nuclear program.

  • Meg's making more changes: Hewlett-Packard (NYSE: HPQ) closed about 1.5 percent lower amid reports it will combine its Imaging and Printing Group (IPG) into its Personal Systems Group (PSG). Printing head Vyomesh Joshi is said to be retiring, while PC lead Todd Bradley will take the reigns of the newly-combined unit.

    Nothing official has been released from Hewlett-Packard yet.

  • Solars energized following tariff decision: Yingli Green Energy (NYSE: YGE), Trina Solar (NYSE: TSL), LDK Solar (NYSE: LDK) and a slew of others moved to the upside following the U.S. Commerce Department deciding to impose a modest tariff of below 5 percent on imports of Chinese solar panels.

    Though U.S. firms were pushing for duties as much as 10 percent, the result propelled solar shares higher. Suntech Power (NYSE: STP) ended 14 percent better, while Trina finished the session 7.9 percent in positive territory.

  • Still, not too bad: February housing starts fell 1.1 percent from January as more families look to renting as an alternative to home ownership. According to data from the Department of Commerce, new housing starts came in at a pace of 698,000 units for February, slightly below the economist estimate of 700,000. January numbers were revised higher to 709,000.

  • Amazin' acquisition: Amazon.com (Nasdaq: AMZN) moved higher Tuesday following the acquisition of Kiva Systems. Many expect the deal to aid Amazon in its quest to improve operating margins, with many reporting a significant increase in efficiency for Amazon to ship orders more quickly.

    For more color and analyst comments on the deal,

    Serious News for Serious Traders! Try StreetInsider.com Premium Free!

    You May Also Be Interested In





    Related Categories

    Market Check

    Related Entities

    Standard & Poor's, Crude Oil, Housing Starts