2012 Stock Predictions and Outlook
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The benchmark 10-year Treasury dropped 25/32, raising the yield to 1.679%. The greenback fell 0.17%, according to the dollar index. October crude oil futures settled up 17 cents at $95.53 a barrel and December gold futures surged $11.60 to settle at $1,705.60 an ounce. On the corporate front, Amazon ( AMZN) shares rose 2.1% after the company unveiled its Kindle Paperwhite e-reader and an updated version of its Kindle Fire tablet. Men's Wearhouse ( MW) shares were jumped 18.7% after the specialty retailer of men's suits posted second-quarter earnings that beat estimates, and hiked its full-year outlook, as same-store sales increased at the company's namesake and Moores brands. OCZ Technology ( OCZ) saw its shares drop 19% after the disk-drive maker reported preliminary fiscal second-quarter sales that missed the company's estimates due to supply shortages. VeriFone Systems ( PAY) shares plunged 14% after the electronic payment solutions company reported fiscal third-quarter revenue that missed estimates, hurt by difficulties at the company's Brazilian operations. Shares of Supervalu ( SVU) added 3.5% after the company said it plans to close about 60 stores. The grocer said Wednesday it would shutter most of the "underperforming or non-strategic stores" before Dec. 1. The company suspended its dividend in June and said it was reviewing its options with financial advisers, including a possible sale of the company. Navistar International ( NAV), the heavy truck and recreational vehicle maker, posted fiscal third-quarter earnings of $1.22 a share, with the period including an income tax benefit and costs tied to engineering integrations and non-conformance penalties. Revenue came in at $3.32 billion for the fiscal third quarter. Analysts were expecting a loss of $1.36 a share on revenue of $2.96 billion. Shares popped more than 17%.
--Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.