Latest News In Stock Market Investment Research – May 28, 2010

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Retail stocks fall on flat consumer spending

28 May 2010 at 6:55am

NEW YORK (MarketWatch) — Retail stocks edged lower Friday after consumer spending turned flat in April following six straight monthly gains. The S&P Retail Index fell 0.5% to 446.57. Guess Inc. shares were little changed after the company lowered its full-year outlook amid the decline of the euro against the dollar that is expected to hurt its translated European sales. J. Crew Group Inc. shares rose 4.5% after the company raised its full-year outlook following a stronger than-expected first-quarter result. Meanwhile, Toys “R” Us Inc. said it plans to raise $800 million through an initial public offering.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fitch upgrades Mattel’s rating to ‘BBB+’

28 May 2010 at 6:54am

SAN FRANCISCO (MarketWatch) — Fitch Ratings on Friday raised Mattel Inc.’s issuer default rating to BBB+ from BBB due to its strong credit metrics. Fitch also cited Mattel’s conservative financial policies for the upgrade. “The ratings on Mattel reflect its leading position in the traditional toy industry, its strong brands, and its broad product portfolio. Furthermore, Mattel’s considerable liquidity and low leverage provide strong support to the company’s credit profile,” said Fitch in a statement. The rating outlook is stable.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Drug sector indices split in early action

28 May 2010 at 6:52am

BOSTON (MarketWatch) — The drug sector’s two leading indices were split in early action Friday during a comparatively placid session for the industry on Wall Street. The NYSE Arca Pharmaceutical Index was up nominally at 272.75 while the NYSE Arca Biotechnology Index slipped 0.7% to 1049.29. Cubist Pharmaceuticals was an advancer of note among the mid-cap biotech issues, with shares trading up 3% at $21.50. Analysts at Cowen and Co. raised their rating of the stock to outperform from neutral.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Chicago PMI index off 5-yr highs in May

28 May 2010 at 6:48am

WASHINGTON (MarketWatch) — Manufacturing activity in the Chicago region in May retreated from five-year high levels reached in April, according to media reports of the purchasing managers index for the Chicago region released on Friday. The Chicago purchasing managers index fell to 59.7% from 63.8% in April. This was the highest level since April 2005. Economists had been anticipating a retreat but this was a slightly bigger decline than expected. Still, the report signals solid growth. Readings over 50% indicate overall business expansion. The Chicago PMI is also considered a leading indicator to the national Institute for Supply Management manufacturers’ survey for May to be released on Tuesday. Economists expect the May ISM manufacturing composite to slow a bit to 59.3 from a strong April reading of 60.4.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Financial stocks slip after Thursday’s rally

28 May 2010 at 6:48am

BOSTON (MarketWatch) — The U.S. financial sector failed to extend the previous session’s rally early Friday as the Financial Select Sector SPDR Fund dropped 1% after surging 4.5% on Thursday. Virtually every financial stock in the S&P 500 was in the red on light trading volume before the holiday weekend. The financial-sector ETF is on track for a loss of 8% for the month of May.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Microsoft, Google among early tech decliners

28 May 2010 at 6:43am

SAN FRANCISCO (MarketWatch) — Technology stocks continued with their erratic ways Friday as much of the sector was in the red following the previous day’s big gains. Losses came from Microsoft Corp. , Google Inc. , Cisco Systems Inc. and Hewlett-Packard Co. . The Nasdaq Composite Index fell 10.5 points to 2,267, and the Philadelphia Semiconductor Index was also down 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Caja de Avila; Talking with Caja Madrid, others

28 May 2010 at 6:43am

MADRID (MarketWatch) — Spanish savings bank Caja de Avila said Friday it has initiated talks with Caja Madrid, Caja Insular de Canarias, Caixa Laietana, Caja Segovia and Caja Rioja to possibly create a joint banking group, known as a system of institutional protection. Cajas in Spain are pushing hard to meet a June 30th deadline from Spain’s Fund for Orderly Banking Restructuring. Earlier on Friday, Spain’s La Caixa said it was in talks with much smaller savings bank Caixa Girona about a possible merger. The news adds to a busy week of mergers action surrounding Spain’s troubled savings banks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Energy stocks shift into reverse after gains

28 May 2010 at 6:41am

NEW YORK (MarketWatch) — Energy stocks fell back Friday after big gains in the previous session. The NYSE Arca Oil Index fell 1% to 971. The NYSE Arca Natural Gas Index dropped 0.3% to 509. The Philadelphia Oil Service Index fell 3.4% to 175. BP Plc fell 4% to $43.58.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Dollar turns up versus euro

28 May 2010 at 6:41am

NEW YORK (MarketWatch) — The dollar turned slightly higher in morning trading on Friday, with analysts pointing to expected thinning trading ahead of a 3-day weekend. The euro bought $1.2348, down from $1.2356 in North American trading late Thursday. It traded above $1.24 in the European session. The dollar index [s; $dxy], which tracks the U.S. unit against a basket of six major currencies, rose to 86.356, compared to 86.305 late Thursday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


U.S. stocks opening lower as euro falls

28 May 2010 at 6:37am

NEW YORK (MarketWatch) — U.S. stocks started the final trading day of the month lower, as the euro weakened and the dollar gained, hitting commodities priced in the U.S. currency. The Dow Jones Industrial Average fell 29.25 points to 10,229.74. The S&P 500 Index declined 3.64 points to 1,099.42. The Nasdaq Composite was down 8.51 points to 2,269.17.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Apple price target hiked to $325 at BofA Merrill

28 May 2010 at 5:56am

LONDON (MarketWatch) — Apple’s price target was increased to $325 from $300 by Bank of America Merrill Lynch, which kept a buy rating on the company. “We believe multiple tailwinds exist for iPhones, including strength at AT&T and internationally, and Asia production levels remain solid. We raise our iPad estimates on better-than-expected sales (with lengthy lead times) and Asia channel checks,” the broker said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Crude oil up, gold down after spending data

28 May 2010 at 5:42am

NEW YORK (MarketWatch) — Crude oil futures were higher and gold fell early Friday after the government reported U.S. personal income rose 0.4% in April, while consumer spending was flat. Crude oil for July delivery was up 2 cents at $74.58 a barrel. Gold for June fell $2.10, or 0.2%, to $1,209.80 an ounce. With incomes running faster than spending, the personal savings rate rose to 3.6% of disposable income from 3.1% in March.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Spain cuts GDP forecast for 2013

28 May 2010 at 5:42am

MADRID (MarketWatch) — The Spanish government on Friday projected gross domestic product would rise 2.5% in 2012, against prior forecasts of 2.9%. Growth is expected to fall 0.3% this year. For 2013, GDP is expected to fall to 2.7%, against 3.1% in a prior forecast. It sees unemployment at 19.4% for this year, 18.9% for 2011, 17.5% for 2012 and 16.2% for 2013. The government stuck to its debt-to-GDP target of 3% for 2013, which is required for euro area membership. It sees debt to GDP at 4.4% in 2012 and 6% for 2011.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


U.S. stock futures erase bulk of gains after data

28 May 2010 at 5:40am

NEW YORK (MarketWatch) — U.S. stock futures on Friday trimmed their gains after economic data showed a 0.4% rise in personal income in April, while spending held flat. Up modestly before the data, major index futures pared their rise to nearly flat. Futures for the Dow Industrial Average were up 1 point at 10,236. Those for the S&P 500 were fractionally higher at 1,101.9, while Nasdaq 100 futures rose 17.25 points to 1,865.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Lowe’s raises dividend by 22%

28 May 2010 at 5:37am

NEW YORK (MarketWatch) — Lowe’s Companies Inc. said Friday that it has declared a 22% increase in its quarterly cash dividend to 11 cents a share, payable Aug. 4, 2010, to shareholders of record as of July 21, 2010. Lowe’s has declared a cash dividend each quarter since going public in 1961.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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May 28 2010 06:05 am | Stock Market News

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