Market movers
Dow Jones Industrial: 0.56%
Nasdaq Comp.: 0.29%
S&P 500: 0.52%
LONDON (SHARECAST) - US markets are still holding higher on the back of better than expected US retail sales figures out this afternoon.
That after last week’s losses and despite warnings from the likes of the Bank of Israel’s governor, Stanley Fisher, regarding the downside risks to global growth forecasts.
Nevertheless, the best performing sector now is healthcare –typically considered a ‘defensive’ one in nature. Shares of Eli Lilly are advancing after the drugmaker released positive results for a late-stage study of a gastric cancer drug. The company also benefitted today from positive broker comments.
Citigroup rises after resultsBanking colossus Citigroup saw revenue from fixed income securities trading surge by just under two-thirds year-on-year in the third quarter, putting a positive sheen on the company's results.
American phone company Sprint Nextel shot up in pre-market trade in New York after Softbank confirmed that it will acquire a 70% share in the company for $20.1bn, but then came off its highs of the day.
The deal will be the largest acquisition ever made by a Japanese company.
According to a statement by Softbank, the operation will take place with a direct purchase of $8bn of Sprint’s treasury stock, while the remaining $12.1bn will be acquired via market transactions.
Softbank says both boards of directors have approved the deal and that they expect the transaction to close in mid-2013.
Wireless broadband firm Clearwire, in which Sprint owns a strategic stake, is rocketing higher in sympathy.
Advanced Micro Devices, a distant second to Intel in the US computer chip manufacturing market, is rumoured to be slashing around one-fifth of its workforce.
Blackrock and CarMax rose on the back of positive comments on the companies’ share prices in the latest edition of Barron’s.
From a sector stand-point the best performance is now to be seen in the following industrial groups: Health care (3.49%), Clothing (2.4%) and Home improvement retailers (2.10%).
Retail sales data boosts GDP tracking estimates
US retail sales, excluding automobiles, rose 1.1% in September, comfortably beating the consensus expectation of a 0.6% rise. The previous month's reading has been revised down to a rise of 0.8% from a preliminary estimate of 1.0%.
The above data (and revisions) pushed Barclays Research’s tracking estimate for growth in third quarter gross domestic product higher, by 0.2 percentage points, to 2%.
In other economic news, the Empire State Manufacturing Index for October remained in negative territory for the third month in a row, at -6.2, though this was an improvement from September's reading of -10.2. The sub-index for new orders increased to -8.9 from -14.
Business inventories climbed by 0.6% month-on-month in August (Consensus: 0.5%).
Bonds and crude futures fall
10 year US Treasuries are now down by 5/32 dollars, with yields at the 1.68% mark.
Front month West Texas crude futures have turned around to rise by 0.03% to the 91.87 dollar level on the NYMEX. S&P 500 - Risers
Alpha Natural Res (ANR) $8.44 +7.11%
PulteGroup Inc. (PHM) $16.39 +5.00%
American Tower Corp (Reit) (AMT) $75.43 +4.52%
Cablevision Systems Corp. (CVC) $17.65 +4.38%
Eli Lilly and Company (LLY) $52.55 +4.16%
Citigroup Inc. (C) $36.17 +4.09%
Crown Castle International (CCI) $67.05 +3.71%
Sandisk Corp. (SNDK) $43.67 +3.29%
Textron Inc. (TXT) $26.31 +3.22%
D. R. Horton Inc. (DHI) $20.60 +3.21%
S&P 500 - Fallers
Metropcs Communications Inc. (PCS) $11.31 -4.76%
Harris Corp. (HRS) $46.83 -4.13%
Hasbro Inc (HAS) $37.76 -3.91%
Apollo Group Inc. (APOL) $27.81 -2.90%
BMC Software Inc. (BMC) $41.38 -2.74%
CONSOL Energy Inc. (CNX) $34.24 -2.58%
Bed Bath & Beyond Inc. (BBBY) $60.27 -1.92%
QEP Resources Inc (QEP) $31.40 -1.88%
Nabors Industries Ltd. (NBR) $14.28 -1.72%
Gilead Sciences Inc. (GILD) $66.78 -1.71%
Dow Jones I.A - Risers
Bank of America Corp. (BAC) $9.32 +2.19%
Wal-Mart Stores Inc. (WMT) $77.15 +1.77%
Merck & Co. Inc. (MRK) $46.42 +1.74%
Home Depot Inc. (HD) $60.53 +1.63%
JP Morgan Chase & Co. (JPM) $42.25 +1.51%
Pfizer Inc. (PFE) $25.47 +1.37%
Intel Corp. (INTC) $21.76 +1.33%
McDonald's Corp. (MCD) $93.54 +1.11%
Travelers Company Inc. (TRV) $69.48 +1.11%
Procter & Gamble Co. (PG) $68.69 +1.10%
Dow Jones I.A - Fallers
AT&T Inc. (T) $35.04 -1.64%
Hewlett-Packard Co. (HPQ) $14.31 -0.66%
American Express Co. (AXP) $57.55 -0.59%
Caterpillar Inc. (CAT) $82.50 -0.38%
Coca-Cola Co. (KO) $38.11 -0.31%
Verizon Communications Inc. (VZ) $44.57 -0.11%
3M Co. (MMM) $92.71 -0.04%
Nasdaq 100 - Risers
Sandisk Corp. (SNDK) $43.67 +3.29%
Virgin Media Inc. (VMED) $31.70 +3.22%
Intuitive Surgical Inc. (ISRG) $509.92 +3.10%
Texas Instruments Inc (TXN) $28.10 +3.01%
Fossil Inc. (FOSL) $85.00 +2.74%
Baidu Inc. (BIDU) $113.13 +1.72%
Amgen Inc. (AMGN) $85.43 +1.70%
Fiserv Inc. (FISV) $75.01 +1.69%
Wynn Resorts Ltd. (WYNN) $115.70 +1.66%
Comcast Corp. (CMCSA) $36.37 +1.63%
Nasdaq 100 - Fallers
Apollo Group Inc. (APOL) $27.81 -2.90%
BMC Software Inc. (BMC) $41.38 -2.74%
Bed Bath & Beyond Inc. (BBBY) $60.27 -1.92%
Gilead Sciences Inc. (GILD) $66.78 -1.71%
Citrix Systems Inc. (CTXS) $66.65 -1.55%
Dollar Tree Stores Inc. (DLTR) $40.52 -1.43%
O'Reilly Automotive Inc. (ORLY) $82.19 -1.33%
Vertex Pharmaceuticals Inc. (VRTX) $52.83 -1.31%
Mattel Inc. (MAT) $35.57 -1.22%
eBay Inc. (EBAY) $47.27 -1.21%
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