*from www.bloomberg.com, Mar. 22, 2013 (To view original article click here.)
Take Away #1: U.S. stocks rose, paring the second weekly decline of the year for the S&P 500 Index as Nike Inc. and Tiffany & Co. beat earnings estimates.
Key Facts and Figures:
- Nike rallied 11% after the world’s largest sporting-goods company reported a rebound in profitability.
- Tiffany & Co. (TIF) climbed 2.1% after posting better-than-estimated quarterly profit amid increased demand in the Asia-Pacific region.
- Micro Technology Inc. (MU) jumped 11% after revenue exceeded estimates.
Take Away #2: The market is taking a pause after a very big run. The increased concern over Europe has led investors to take a few chips off the table.
Key Facts and Figures:
- The S&P 500 added 0.6% to 1,554.91 at 1 p.m. in New York, trimming its weekly loss to 0.4%.
- The Dow Jones Industrial Average rose 77.22 points, or 0.5%, to 14,498.71 today.
- Trading in S&P 500 stocks was 12% below the 30-day average during this time of day.
- The S&P 500 is headed for its second weekly decline this year after uncertainty in Cyprus and a contraction in euro-area manufacturing.
- The S&P 500 has still climbed 9% this year and rose within two points of its record set in 2007.
Take Away #3: Lawmakers in Cyprus began debating legislation to help unlock bailout funds needed to avoid a financial collapse.
Key Facts and Figures:
- Government spokesman Christos Stylianides said talks with the ECB, the European Commission, and the IMF were in the final stages.
- The ECB has said it will cut emergency funds for Cypriot banks after Mach 25 unless it comes to an agreement with the so-called troika.
- Euro-area finance ministers expect a proposal from Cyprus “as rapidly as possible” to raise 5.8 billion euros ($7.5 billion) needed to trigger the emergency loans.
Take Away #4: The bull market in equities entered its fifth year this month as the S&P 500 Index more than doubled from its bottom in 2009, driven by an unprecedented three rounds of bond purchases by the Federal Reserve.
Key Facts and Figures:
- The S&P 500 (SPX) had gained every week this year, except for the holiday-shortened four-day sessions ended Feb. 22, amid better than expected corporate earnings and economic data.
- The central bank said this week that it will keep up its bond buying to stimulate the economy.
- Nine of the 10 industry groups in the S&P 500 advanced today, as consumer, phone, and energy shares climbed the most, rising at least 0.6%.
- The VIX fell 1.6% to 13.77, and is down 24% this year and reached its lowest level since Feb. 2007 last week.
Take Away #5: Nike, Tiffany, Micron, Mondelez, PepsiCo, and Titan advance while Tibco and Monster see declines.
Key Facts and Figures:
- Nike surged 11% to $59.65.
- Nike said its gross margin widened for the first time in nine quarters as orders for the Nike brand in China climbed 3%, beating estimates for a decline of 4.3%.
- Tiffany & Co. (TIF) advanced 2.1% to $69.31.
- Tiffany said sales in the Asia-Pacific region advanced 13% to $254 million in the quarter helped by store openings in Singapore, China, and Australia.
- Micro Technology Inc. (MU) climbed 11% to $10.09.
- Micron reported a 3.4% increase in second-quarter sales to $2.08 billion, beating the average analyst estimate of $1.91 billion, amid a rebound in chip shipments.
- Mondelez International Inc. (MDLZ) the snacks company separated from Kraft Foods Inc. jumped 5.1% to a record $30.01.
- PepsiCo Inc. added 3.8% to $79.07.
- Billionaire investor Nelson Peltz has built stakes in the food makers.
- Titan Pharmaceuticals Inc. (TTNP) soared 29% to $1.59 after advisers to U.S. regulators recommended the company’s experimental implant to treat addiction to heroin and prescription painkillers.
- The FDA will decide by April 30 whether to approve the treatment.
- Tibco Software Inc. (TIBX) slumped 15%to $19.80 after forecasting sales and profit short of analysts’ forecasts, citing execution challenges.
- Monster Beverage Corp. dropped 3% to $48.82.
*To view original article from www.bloomberg.com click here.