Biggest OTC % Gainers/OTC % Losers /Top OTC Volume Movers 1/27 close:
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After-hours buzz: AT&T, Apple, Yahoo & more
Amgen – The biotechnology company advanced in extended-hours trading after tallying better-than-estimated fourth-quarter profit.
Apple – The maker of consumer technology gained in after-hours trading after reporting beats on both its top and bottom lines.
AT&T – The wireless carrier rose in extended-hours trading after it reported fourth-quarter revenue above estimates.
Electronic Arts – The video game publisher advanced after posting an almost 40 percent gain in quarterly profit.
Yahoo – The search engine jumped after saying it would spin off its remaining stake in Alibaba Group Holding.
U.S. stocks suffer biggest drop in 3 week
Durable-goods orders decline sharply in December
NEW YORK (MarketWatch) — U.S. stocks recorded their biggest decline in three weeks on Tuesday, following a surprise drop in durable-goods orders and disappointing earnings from Microsoft Corp. and Caterpillar Inc.
The weak data stoked fears that economic growth is decelerating
The S&P 500 SPX, -1.34% closed down 27.53 points, or 1.3%, at 2,029.56, as Microsoft Corp. MSFT, +0.23% and Caterpillar Inc. CAT, +0.44% plunged to lead losses. The Dow Jones Industrial Average DJIA, -1.65% dropped as much as 380 points, but closed down 291.49 points, or 1.7%, at 17,387.21. The Nasdaq Composite COMP, -1.89% ended the day with a loss of 90.27 points, or 1.9%, at 4,681.50, as its largest component, Apple Inc. AAPL, +5.76% slid 3.5%.
Jonathan Golub, chief market strategist at RBC Capital Markets, said weakness in economic data and company earnings are behind the selloff.
“Markets are down nicely, but in larger contexts, they are off only 3-4% from their peaks. This does not alter our general view that markets will gain in 2015. U.S. stocks will benefit from capital flows from foreign investors, due to stronger dollar and relative strength of our economy,” Golub said.
Tuesday’s unexpected drop in orders for durable goods aren’t a worry because they support his projection that the economy will grow 2.5%, rather than the consensus call of 3%, he said.
“We believe the 2.5% growth is the new benchmark,” he added.
Economists had expected a modest rise, but orders fell 3.4% in December, and November data were also revised downward. Analysts said the data will make the Federal Reserve’s task of raising rates this year harder.
Colin Cieszynski, chief market analyst at CMC Markets, said the negative effects of the plunge in commodities prices are showing up in economic data, but the benefits are lagging.
“The slowdown pushes the Fed’s rate-hike schedule a bit further into the fall or even toward the end of the year. We expect to see some more layoffs due to cuts in capex in the energy sector. It will take some time before consumers realize that low gas prices are here to stay and open up their purses,” Cieszynski said.
Separately, U.S. house prices edged back 0.2% in November, to lower the year-over-year advance to 4.3%, according to the S&P/Case-Shiller 20-city composite index released Tuesday. On a seasonally adjusted basis, home prices advanced 0.7%, the report said.
Separately, the consumer confidence index jumped in January to the best reading since August 2007. And in another report, sales of new homes rose 11.6% in December.
Snowfall predictions for the East Coast was downgraded on Tuesday, but New England was still pummeled. The New York Stock Exchange and the Nasdaq were open for business as usual.
The Federal Open Market Committee’s two-day meeting began Tuesday, with a statement and decision coming at 2 p.m. Eastern Time on Wednesday.
Microsoft, Caterpillar under pressure: Shares of Microsoft plunged 10% as a number of analysts downgraded the stock in the wake of earnings. The software group’s commercial sales came in short of Wall Street’s estimates late Monday.
Caterpillar CAT, -7.18% shares skidded more than 7% after the heavy-machinery maker gave a disappointing outlook for 2015 and reported earnings that missed forecasts.
DuPont DD, -1.25% DD, -1.25% posted a fourth-quarter sales drop of 5%, citing a strong dollar. Shares in the chemical company were down. Shares of Procter & Gamble Co. PG, -3.45% dropped more than 2% as results disappointed.
3M MMM, -0.37% and Bristol-Myers Squibb Co. BMY, -0.75% were also down in the wake of results.
After the closing bell, Apple Inc. AAPL, +5.72% Yahoo Inc. YHOO, +7.17% AT&T Inc. T, -1.12% and Amgen Inc. AMGN, -0.53% deliver their reports. http://www.marketwatch.com/story/us-stocks-futures-fall-as-caterpillar-3m-durable-goods-line-up-2015-01-27?page=2
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U.S. stocks open with sharp losses amid weak data, earnings
NEW YORK (MarketWatch) — U.S. stocks opened sharply lower after a weaker-than-expected durable-good orders report triggered fears that economic growth is slowing. Durable-goods orders fell 3.4% in December, raising questions about whether businesses are really ready to ramp up investment in 2015. A string of disappointing earnings reports from the likes of Microsoft Corp., Caterpillar Inc., DuPont and Freeport-MoMoRan Inc. also dented sentiment. The S&P 500 SPX, -1.22% opened 23 points, or 1.2%, lower at 2,033. The Dow Jones Industrial Average DJIA, -1.65% dropped 263 points, or 1.5%, to 17,411. The Nasdaq Composite COMP, -1.62% began the day with a loss of 75 points, or 1.6%, at 4,695
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Apple, Pfizer, Yahoo earnings in focus
Apple had better deliver big fireworks…or else
U.S. stocks: Futures fall as DuPont, Microsft disappoint; durables ahead
MADRID (MarketWatch) — U.S. stock futures pointed to a weak start for Wall Street on Tuesday, amid some investor nervousness over a heavy batch of earnings and important durable-goods and housing data.
Shares of Microsoft Corp. fell in premarket trade after sales data disappointed Wall Street. DuPont was also down after its results, while earnings for Caterpillar Inc. and 3M Co. lie ahead.
Extending earlier losses, futures for the Dow industrials DJH5, -0.51% fell 92 points, or 0.5%, to 17,522 while those for the S&P 500 index SPH5, -0.51% slid 9.8 points, or 0.5%, to 2,043.80. Futures for the Nasdaq-100 index NDH5, -0.60% dropped 27 points, or 0.6%, to 4,242.25.
A Northeast blizzard for the East Coast was downgraded on Tuesday as snowfall predications were pared back. The New York Stock Exchange and the Nasdaq will be open for business as usual on Tuesday, though trading volumes could be lighter, as many workers may not be able to reach their offices. http://www.marketwatch.com/story/us-stocks-futures-fall-as-caterpillar-3m-durable-goods-line-up-2015-01-27?dist=beforebell
Whether up or down, new-home sales were a disappointment last year
WASHINGTON (MarketWatch) — It’s on a knife’s edge whether new-home sales rose or fell last year — but either way, 2014 could only go down as a disappointment, given a U.S. economy that’s outperformed the housing market.
New home sales for December are due for release by the Commerce Department on Tuesday at 10 a.m. Eastern. Economists polled by MarketWatch expect the seasonally adjusted annual rate to rise to 455,000 from 438,000 in November.
The tally for 2014, by contrast, is not seasonally or otherwise adjusted. Last year, there were 429,000 new homes sold; in the 11 months through November, 402,000 homes were sold.
That will leave it to December — and, crucially, previous month revisions — to see if sales of new home sales were up or down for the year.
Either way, what’s clear is the market for new homes, much like the market for older ones, didn’t generate much traction. Economists at BBVA say tight credit — from banks who were burnt during the housing crisis — and constrained supply — from builders who don’t want to get caught out again — are still playing a significant role in holding back the market for new homes.
Also on tap for Tuesday will be data on durable-goods orders for December, the S&P/Case-Shiller home price index for November and the January consumer confidence report for January. http://www.marketwatch.com/story/whether-up-or-down-new-home-sales-were-a-disappointment-last-year-2015-01-26?dist=beforebell