Tuesday, February 05, 2013 – Stock Market Headlines
Rebounding from yesterday’s losses, stocks ended up higher today. The Dow (DJIA) was up 0.71%, ending the day close to 14,000. The last couple of trading days have seen the index oscillating around the 14,000 level. The S&P and Nasdaq both ended up over 1%.
There were no major “market moving” economic news today. The rally was mostly based on better than expected corporate earnings and investors jumping in to trade beaten down stocks from yesterday’s biggest one day stocks decline in 2013.
- Revlon (REV)’s stock was the highest gainer across the NYSE and Nasdaq. Before markets opened today, the company reported earnings that topped Wall Street analysts' estimates. Stock analysts had estimated Q4 earnings would come in around $380.4 million, but Revlon reported Q4 earnings of $391.3 million, an 8.8% increase (year over year) from the previous year's fourth quarter.
- Virgin Media (VMED), an entertainment and communications services firm in the UK, was the next highest gainer across the NYSE and Nasdaq. The company's management confirmed today that they were in talks with Liberty Global on a possible sale of Virgin Media. The stock jumped 17.89% ending the day at $45.61.
- Arch Coal’s stock, ACI, dropped -12.84% today, making it the biggest loser across the NYSE and Nasdaq. The firm reported Q4 earnings of $968.2 million that missed stock analysts’ estimates. Total 2012 revenue was $4.16 billion, a 3% decline from the previous year.
- Diana Containerships’s stock was the next biggest loser, declining -11.27% to close the day at $6.14 – based on no major news.