Stock Market Today Hits Biggest Weekly Gain of 2014

Email

Stock market today, Feb. 14: U.S. stocks rose today, marking the biggest weekly gain this year amid a slew of better-than-expected corporate quarterly earnings and more optimism about the economy.

The Dow Jones Industrial Average closed up 0.79%, or 126 points, at 16,154 points; the S&P 500 closed up 0.50%, or 9 points, at 1,839; and the Nasdaq closed up 0.08%, or 3 points, at 4,244.

Energy futures were mixed today, with light, sweet crude oil for March delivery trading down 0.3% at $100.08 per barrel, heating oil for March delivery trading up 1.1% at $3.06 per gallon, and natural gas trading down 1.1% at $5.17 per million BTUs.

Metal futures were buoyant, with gold for April delivery trading up 1.4% at $1,318.40 per ounce, and silver was up about 5% at $21.42 per troy ounce.

Stock Market Gainers Today: Campbell Soup, Ciena

Several stocks made strides on earnings reports today. Campbell Soup Co. (NYSE: CPB) shares were up about 5% today after it reported second-quarter earnings were up 19% year over year, at $0.76 from $0.64 per share. Analysts expected $0.71 per share.

Campbell Soup also reported revenue of $2.3 billion, on par with analysts' target. For 2014, the food product maker said it expects earnings of between $2.53 to $2.58 per share, above analysts' $2.51 estimate.

And, Ciena Corp. (NYSE: CIEN) shares were up 8% today after it announced plans to partner with Ericsson (Nasdaq: ERIC) on several technology initiatives, with Ericsson offering Ciena's Converged Packet Optical portfolio, effective immediately.

Financial details of the deal were not reported.

Note: The Fed's 2014 taper means volatility ahead. So we've outlined how to find profits in a volatile market – like triple-digit gains in just days – if you start with this strategy…

Stock Market Losers Today:  J.M. Smucker Co.

But not all earnings impressed investors. Shares of the J.M. Smucker Co. (NYSE: SJM) fell about 4% Friday to a new 52-week low of $87.10 on its results.

The food product producer reported third-quarter sales of $1.46 billion, down from $1.55 billion a year prior and firmly below the Street view for $1.52 billion. Earnings were $1.66 per share, up from $1.46 per share the year prior and off the Street view of $1.68 per share.

Smuckers said it expects sales to decrease 5% from 2013 this year as it lowered its earnings projections to between $5.55 to $5.60, well below the Street view of $5.77 per share.

Analyst Actions: Dish, Starwood Resorts

Finally, several stocks noted significant movements after analyst actions.

DISH Network Corp. (Nasdaq: DISH) was downgraded to Neutral from Buy at Citigroup, sending the stock down more than 2% for much of the session. Shares of DISH still traded near the top of a 52-week spread of $33.79 to $58.87.

And, Starwood Hotels & Resorts (NYSE: HOT) shares were up more than 4% Friday after UBS upgraded it to a Buy from Neutral in the wake of Thursday's positive earnings report. UBS has a price target of $85 on HOT, up from $75.

Starwood reported fourth-quarter earnings of $0.73 per share, up from $0.70 per share a year prior and topping the analyst estimate for $0.70 per share. Revenues were $1.5 billion, on par with the Street view.

Finally, Petroquest Energy (NYSE: PQ) shares were up about 9% on an upgrade at FBR Capital Markets, which raised its rating to Outperform from Market Perform and its price target to $8.00 from $7.00.

Biotech has been on fire in 2014, and we know the secret to the best profits: Bypass These Pitfalls to (Major) Profits in Bioscience

Join the conversation. Click here to jump to comments…

Leave a Reply

Your email address will not be published. Required fields are marked *


five − 2 =

Some HTML is OK

© 2014 Money Map Press. All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning. 16 W. Madison St. Baltimore, MD, 21201, Email: customerservice@MoneyMorning.com