Selloff, we hardly knew ye:
- What, you thought we might have two down days in a row? Stocks rebounded Wednesday from Tuesday’s gentle decline, posting another one of those two-year-highs. Tech outperformed, as did smallcaps. In fact, it seemed like a day that favored the mostly out of favor: Dell (NASDAQ:DELL) jumped after a strong earnings report the night before, while both homebuilders and retailers were higher as a group. Oil prices creeped back up to about $85 a barrel, but nobody sweated it. Bonds ticked lower, raising the 10-year note yield to 3.61%. Also, the VIX was interestingly up 2% despite the broader market’s gain.
- After the closing bell, shares of Nvidia (NASDAQ:NVDA) really had no choice but to go down after the company’s fourth-quarter earnings report. Even the most bullish announcement in the world (and this one wasn’t bad) was going to engender a sell-the-news reaction on a stock that’s gained 85%(!) since its last earnings announcement on Nov. 11. Still, Nvidia was down just 0.8% after hours. NetApp (NASDAQ:NTAP) dipped 4.3% after the company’s third-quarter earnings report included glum guidance for the fourth quarter. Cliffs Natural Resources (NYSE:CLF) showed what’s up with a fourth-quarter earnings report that blew away expectations. The company’s shares were up 9.5%. And congratulations to shareholders of Joy Global (NASDAQ:JOYG), enjoy Thursday’s bump from joining the S&P 500.
- On Thursday, we find out how much of that jump in producer-paid prices was passed along to consumers — the CPI report comes down at 8:30 a.m. EST. Also on tap will be the weekly jobless claims report, January real earnings, the February Philly Fed Index, and January’s leading indicators. On the earnings front, well, frankly, not a lot there that you can’t live without. Disney (NYSE:DIS) holds an investor conference.
OUT THERE SOMEWHERE:
- Chevron (NYSE:CVX) having some issues in Ecuador. Or maybe not.
- German malaise re the euro can’t be good for that currency.
- Michael Lewis would be proud: the Irish may be, um getting their Irish up.
- In case you forgot: we’re also on the hook for Fannie’s legal fees.
- Rolling Stone asks, Why Isn’t Wall Street in Jail?
- 6 takeaways from the Era of Apple (NASDAQ:AAPL).
- OK, it’s come to banks lending directly to municipalities.
- For better and for worse, banks are back to that demanding a down payment thing.
- Those giant cash hoards at corporations? Turns out, they’ve spent a little of it.
