Wall Street Ends Cautiously Higher as Earnings Reports Begin (HLF, FB)
Stocks ended their losing streak on Wednesday and finished with cautious gains. Several earnings reports have come in but it is still too early to know how well corporations did overall during the fourth quarter. Herbalife Ltd. (HLF) was up 4.2% and made headlines after hedge fund manager Dan Loeb took an 8% stake in the company. Facebook (FB) saw its shares rise over $30 for the first time since July due to speculation that a new major product will be announced soon.Apollo Group Inc. (APOL) reported losses and cut its operating profit outlook for 2013, sending shares down by almost 8%. SEC enforcement director Robert Khuzami stepped down after a four-year tenure. Due to a sharp increase of supplies last week, crude oil futures fell. Domestic production continues to grow and inventories are close to twenty-year highs. The US dollar gained today erasing the yen's small rebound on Tuesday.
Word on the Street
- Oil futures fall slightly after a rise in last week's gain in fuel stocks, a good sign of ample supply.
- AIG (AIG) decides not to join CEO Greenberg's lawsuit against the government.
- Hedge fund manager Loeb discloses 8% stake in Herbalife (HLF) and clashes with short-seller Ackman.
- Facebook (FB) shares cross $30 for the first time since July.
- Both Dish Network and Sprint Nextel (S) vie for Clearwire Corporation (CLWR).
- Morgan Stanley (MS) to cut 6% of its employees and emphasize senior staff.
- Treasurys rise for the third consecutive day, pushing yields down from their highest level in months.
- What the recent jobs numbers mean for the unemployment rate and economy.
- A study that has shed some light on recruiters' decision-making behavior when scanning resumes.
Published on Jan 9, 2013By InvestorGuide Staff