Market movers
Dow Jones: 0.49%
Nasdaq Comp.: 0.40%
S&P 500: 0.45%
LONDON (SHARECAST) - -Barclays sees strong employment numbers
-Barclays believes public employment to improve
-Crude futures give back gains after despite geopolitics
The major US equity benchmarks are now holding moderately higher, with gains of approximately 0.5 per cent to be seen in the major market averages.
That following better than expected employment data this afternoon. Nevertheless, some economists are pointing out that a monthly gain in employment of 114,000 individuals cannot even be considered as ´treading water.´ Others, however, are pointing out that the average year-to-date is closer to the level -150,000- which is considered by many to be at least “treading water.”
All of the above, of course, is transpiring in the run-up to the next presidential elections.
Shares of Zynga are plummeting by 18% after the company lowered its full-year forecast for bookings, which in turn is weighing on shares of Facebook; the latter in part due to a negative research note out from analysts at JP Morgan.
Constellation Brands on the other hand is up by 2% following its latest quarterly results.
Analysts at Oppenheimer have downgraded Biogen to neutral, from outperform.
Sterne Agee has lowered its view on Hewlett Packard to neutral from buy.
Of interest, for the first time this year hedge funds are turning away from a rally in the global stock market. The ratio of bullish to bearish bets among professional speculators fell last week and is below historical averages, according to a survey by International Strategy & Investment Group, Bloomberg is reporting.
Non-farm payrolls barely treading water?In purely quantitative terms the long awaited monthly employment report has come in clearly better than expected, particularly as regards the unemployment rate, which dropped by three tenths of a percentage point in September, to 7.8% (Consensus: 8.2%).
Non-farm payrolls, however, showed a rather lacklustre pace of job creation in the private sector (110,000). True enough, government hiring recovered a little (10,000), but on the whole that pattern left a rather bitter-sweet taste for some analysts, although not all.
Thus, Barclays Research comments that: “This represents the first time government sector payrolls expanded for three consecutive months since the census hiring in 2010 and signals to us that the belt-tightening of state and local governments is starting to ease [as opposed to being a one-off].”
The length of the average work-week has come in as expected, at 34.5 hours, while earnings per hour were actually slightly better than forecast.
Of interest as well, Barclays adds that: “our view of labour market dynamics differs markedly from the Fed and other economic forecasters. Our view is that demographic and other factors mean that the economy needs to generate only 75-100k jobs a month to keep the unemployment rate steady.”
Large drop in crude futures
Front month crude futures are off now by 2.595 dollars to the 89.39 dollar mark on the NYMEX.
10 year US Treasuries are down by 12/32 dollars, with their yields trading at 1.71%.
S&P 500 - Risers
Avon Products Inc. (AVP) $17.20 +6.04%
Owens-Illinois Inc. (OI) $20.34 +5.06%
Constellation Brands Inc. Class A (STZ) $36.26 +4.44%
Genworth Financial Inc. (GNW) $5.43 +4.22%
Dollar Tree Stores Inc. (DLTR) $48.44 +3.40%
Vulcan Materials Co. (VMC) $49.52 +3.25%
Lowe's Companies Inc. (LOW) $31.93 +3.17%
Sprint Nextel Corporation (S) $5.25 +3.14%
Teradata Corp. (TDC) $76.54 +2.96%
Eastman Chemical Co. (EMN) $59.13 +2.83%
S&P 500 - Fallers
First Solar Inc. (FSLR) $20.22 -10.32%
F5 Networks Inc. (FFIV) $104.52 -2.71%
Marriott International Inc. (MAR) $38.10 -2.16%
Netflix Inc. (NFLX) $65.29 -2.07%
Range Resources Corp. (RRC) $69.22 -1.91%
NetApp Inc. (NTAP) $30.45 -1.90%
Unitedhealth Group Inc. (UNH) $57.06 -1.57%
International Game Technology (IGT) $13.01 -1.36%
Darden Restaurants Inc. (DRI) $55.28 -1.36%
Citrix Systems Inc. (CTXS) $73.70 -1.27%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $62.93 +1.93%
Boeing Co. (BA) $71.00 +1.51%
E.I. du Pont de Nemours and Co. (DD) $50.47 +1.45%
Bank of America Corp. (BAC) $9.55 +1.43%
Intel Corp. (INTC) $22.77 +1.36%
Wal-Mart Stores Inc. (WMT) $75.33 +0.82%
Walt Disney Co. (DIS) $53.06 +0.82%
Alcoa Inc. (AA) $9.14 +0.77%
General Electric Co. (GE) $23.13 +0.76%
Chevron Corp. (CVX) $118.02 +0.74%
Dow Jones I.A - Fallers
AT&T Inc. (T) $37.97 -0.95%
Hewlett-Packard Co. (HPQ) $14.85 -0.64%
Verizon Communications Inc. (VZ) $47.02 -0.50%
Mondelez International Inc. (MDLZ) $27.98 -0.29%
McDonald's Corp. (MCD) $90.86 -0.19%
Microsoft Corp. (MSFT) $30.00 -0.10%
Nasdaq 100 - Risers
Dollar Tree Stores Inc. (DLTR) $48.44 +3.40%
Baidu Inc. (BIDU) $116.15 +2.61%
Monster Beverage Corp (MNST) $56.71 +2.40%
Apollo Group Inc. (APOL) $29.34 +2.37%
Lam Research Corp. (LRCX) $32.42 +2.01%
Whole Foods Market Inc. (WFM) $101.53 +2.01%
CH Robinson Worldwide Inc (CHRW) $60.96 +1.77%
Ross Stores Inc. (ROST) $66.54 +1.74%
Automatic Data Processing Inc. (ADP) $59.88 +1.66%
Micron Technology Inc. (MU) $5.97 +1.62%
Nasdaq 100 - Fallers
Green Mountain Coffee Roasters Inc. (GMCR) $22.67 -4.10%
F5 Networks Inc. (FFIV) $104.52 -2.71%
Netflix Inc. (NFLX) $65.29 -2.07%
NetApp Inc. (NTAP) $30.45 -1.90%
Citrix Systems Inc. (CTXS) $73.70 -1.27%
Oracle Corp. (ORCL) $31.49 -1.27%
Apple Inc. (AAPL) $659.51 -1.09%
Electronic Arts Inc. (EA) $12.90 -0.96%
Infosys Technologies Ltd. (INFY) $49.19 -0.94%
Expedia Inc. (EXPE) $58.13 -0.67%
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