Major indices started the day by taking losses, but better than expected housing and manufacturing data brought them up late in the day to break even by the time that markets closed. The National Assocation of Realtors’ Pending Home Sales Index had contracts to buy previously owned homes at very near a 2-year high in January. The Federal Reserve Bank of Dallas said that the manufacturing activity in the Dallas area had increased at a faster rate this month than the month before. In corporate news, Netflix’s (NFLX) deal with Starz is coming to an end, with most of Starz Play’s titles being removed from Netflix’s Instant Watch streaming feature by the end of this month. In a strategic change of direction, Dell (DELL) announced that while it would continue to make PC’s, its focus would be as an IT company, not a PC company.
Word on the Street
- Notes on Warren Buffett’s 2011 Letter to Shareholders
- Housing and manufacturing data gave major indices a late boost today.
- January’s pending home sales were very near a two-year high.
- The yen is up, but the euro is down.
- Netflix’s (NFLX) relationship with Starz Play is coming to an end.
- Dell (DELL) has announced it is not a PC company, but an IT company.
- The ECB’s actions haven’t resulted in a real rise in lending to businesses.