This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Start September With Mixed Finish

Jeffrey Sica, chief investment officer at SICA Wealth Management, cautions that Draghi's comments over the last few weeks offering hopes of ECB support could prove to be "beyond reckless, as he spoke in advance of a wholehearted world commitment -- especially Germany," whose constitutional court has yet to deliver a ruling on the ratification of the permanent European Stability Mechanism rescue fund. The ruling is expected on Sept. 12.

"Chances are he will attempt to stall the process over again and wait for official ratification," Sica said.

The FTSE in London finished down 1.50% and the DAX in Germany closed lower by 1.17%, coming off the prior session's rally.

The Hong Kong Hang Seng index closed lower by 0.66% and the Nikkei in Japan finished down 0.10%.

The benchmark 10-year Treasury fell 8/32, raising the yield to 1.580%. The greenback was up 0.17%, according to the dollar index.

October crude oil futures settled down $1.17 at $95.30 a barrel and December gold futures rose $8.40 to settle at $1696 an ounce.

In corporate news, Apple shares rose after the company set the date for its next big event. The Sept. 12 happening is widely expected to be the launch of the iPhone 5.

Wedbush Morgan also lifted its price target on the stock to $885 from $800 and lifted its iPhone unit and earnings estimates, while also reiterating an outperform rating.

Shares of Valeant Pharmaceuticals (VRX) rose nearly 15% after the company agreed to buy dermatology products maker Medicis Pharmaceutical (MRX) for about $2.6 billion in cash. Medicis shares surged more than 38%.

Campbell Soup (CPB) posted fiscal fourth-quarter earnings of 41 cents a share on revenue of $1.61 billion, beating analysts' estimates of 39 cents a share on revenue of $1.59 billion. Shares dipped slightly.

Ford (F) reported its sales for August rose 12.6%, better than the 9.8% increase that Edmunds was expecting. Shares added less than 1%.

General Motors (GM) reported August U.S. sales that rose 10%, better than the 6.4% gain that Edmunds forecasted. The stock closed down 0.19%.

Smithfield Foods (SFD) reported fiscal first-quarter earnings that declined 25% as its fresh pork business suffered from soft U.S. retail demand and higher supplies. Total packaged meats volume increased 4% in the first quarter. Shares were up more than 3%.

Heckmann (HEK) shares advanced 38% after the water solutions services provider to the shale or unconventional oil and gas exploration industry said it plans purchase privately-held environmental services firm Power Fuels for about $380.5 million in cash and stock.




--Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
HEK $0.00 0.00%
AAPL $130.28 -1.14%
FB $79.19 -1.19%
GOOG $532.11 -1.42%
TSLA $250.80 -0.26%

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs