Retail Sales, Inflation Data Lift U.S. Stocks

123jump.com Staff
14 Apr, 2010
New York City

Stocks in the early trading scaled higher after JPMorgan Chase reported better than expected earnings, retail sales in March gained and core rate of inflation was in line with the Fed range in March.

[R]10:30 AM New York – Stocks in the early trading scaled higher after JPMorgan Chase reported better than expected earnings, retail sales in March gained and core rate of inflation was in line with the Fed range in March.[/R]

Retail sales adjusted for seasonality and calendar increased 1.6% to $363.2 billion from February and up 5.5% from a year ago. February retail sales revised lower to 0.5% from the previous estimate of 0.3%.

The index of consumer prices increased 0.1% in March from February and increased 2.3% from a year ago month. The energy index was unchanged in March.

Industrial output in 16-nations euro zone increased by 0.9% in February from previous month and rose by 4.1% from a year ago.

Commodities, Currencies and Yields

Dollar edged higher against euro to $1.3613 and increased against the Japanese yen to 93.49.

Crude oil increased 85 cents to $84.90 a barrel for a front month contract, natural gas edged lower $0.02 cent to $4.14 per mBtu and gasoline increased 0.330 cents to 231.26 cents.

Gold increased $4.90 in New York trading to close at $1,158.30 per ounce, silver closed higher $0.146 to $18.39 per ounce and copper for the front month delivery increased 0.550 cents to $3.61 per pound.

Yields on 10-year U.S. bonds increased to 3.83% and on 30-year U.S. bonds traded at 4.70%.

Stock Movers

CX Corp gained more than 1% after the railroad operator reported adjusted earnings of 78 cents a share.

Intel Corp increased more than 3% after the largest microprocessor maker estimated higher sales in the second quarter on the rising worldwide demand.

JPMorgan Chase & Co rose 3% to $47.10 after it reported first quarter net income increased to $3.33 billion or 74 cents a share from $2.14 billion or 40 cents a share.

Texas Instruments Incorporated advanced 2.4%.

W.W. Grainger Inc declined 3% after it reported adjusted first quarter profit of $1.38 a share beating the estimates by 2 penny a share of the consensus forecast of the market analysts estimate surveyed by 123jump.com.

Earnings Review

Adtran, Inc. ((ADTN)) the manufacturer of communications networks said first quarter sales rose 15% to $127.0 million from $110.4 million a year ago. Net income in the quarter rose 19.7% to $18.2 million or 29 cents per diluted share compared to net income of $15.2 million or 24 cents per share a year ago.

CSX Corporation ((CSX)) the railroad said first quarter revenues rose 11% to $2.5 billion from $2.25 billion a year ago. Net income in the quarter rose 24.4% to $306 million or 78 cents per diluted share compared to net income of $246 million or 62 cents per share a year ago.

Healthcare Services Group, Inc ((HCSG)) the provider of healthcare services said first quarter revenues rose 14.5% to $183.8 million from $160.4 million a year ago. Net income in the quarter fell 4% to $7.4 million or 17 cents per diluted share compared to net income of $7.7 million or 18 cents per share a year ago.

Intel Corporation ((INTC)) the semiconductor chipmaker said first quarter revenues rose 44.2% to $10.3 billion from $7.14 billion a year ago. Net income in the quarter rose 288% to $2.44 billion or 43 cents per diluted share compared to net income of $629 million or 11 cents per share a year ago.

Linear Technology Corporation ((LLTC)) the chip maker said third quarter revenues rose 55% to $311.3 million from $200.9 million a year ago. Net income in the quarter rose 104% to $100.6 million or 44 cents per diluted share compared to net income of $49.3 million or 22 cents per share a year ago.

Westamerica Bancorporation ((WABC)) the bank said first quarter net interest income fell 4% to $57.0 million from $59.4 million a year ago. Net income in the quarter fell 55% to $23.6 million or 80 cents per diluted share compared to net income of $52.2 million or $1.80 per share a year ago.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 43.67 or 0.39% to 11,204.90, Hang Seng index in Hong Kong increased 17.90 or 0.08% to 22,121.43 and CSI 300 index in China higher 11.99 or 0.35% to 3,403.71. ASX 200 index in Australia increased 43.10 or 0.87% to 4,994.70. The FTSE Bursa KL Composite index in Malaysia closed higher 1.37 or 0.10% to 1,335.89.

The Kospi Index in South Korea increased 24.74 or 1.45% to close at 1,735.33. , JSE Index in Indonesia increased 0.31 or 0.01% to 2,885.02. The Markets of India and Thailand were closed today.

Europe Markets Review

In London FTSE 100 Index closed higher 33.39 or 0.58% to 5,795.05, in Paris CAC 40 Index increased 27.44 or 0.68% to close at 4,059.43, in Frankfurt DAX index higher 45.47 or 0.73% to close at 6,276.30. In Zurich trading SMI increased 28.27 or 0.41% to close at 6,914.13.