Homebuilders’ growing confidence in the housing market comes as U.S. sales of new homes have picked up in recent months. The report sent shares of homebuilders mostly higher, led by M/I Homes. The stock rose 81 cents, or 3.5 percent, to 23.72. BANK WOES: Bank of America fell 30 cents, or 1.9 percent, to $15.51 after reporting second quarter earnings that were hit by higher litigation expenses.
Source: http://news.yahoo.com/us-stocks-afternoon-trading-earnings-news-172519019–finance.html
US stocks close higher; Time Warner soars – Business – NorthJersey.com
And following reports of the proposed Fox-Time Warner deal, Nuveen’s Bob Doll told Business Insider that Time Warner moved from “in play conceptually” to “in play for real.” 2) It was a busy day on the economic data front, headlined by the Producer Price Index , which showed that prices grew 0.4% in June compared to the prior month, better than the 0.2% increase that was expected. Economists were expecting prices to rise 0.2%. Excluding the cost of food and energy, prices rose 0.2%, which was in line with estimates.Following the report, Ian Shepherdson at Pantheon Macro said, “In one line: Much better core than implied by NFIB survey; it can’t last… We expected a much bigger core number in the wake of the further increase in selling prices reported by the NFIB…
Source: http://www.businessinsider.com/closing-bell-july-16-2014-7
Closing Bell, July 16 – Business Insider
companies. The gains http://www.todayhotstocks.com pushed the Dow Jones industrial average to its second record high close this month. The Dow rose 77 points, or 0.5 percent, to 17,138 Wednesday, beating the record high close it set on July 3. The Standard & Poor’s 500 index rose eight points, or 0.4 percent, to 1,981.
Source: http://www.northjersey.com/news/business/us-stocks-close-higher-time-warner-soars-1.1051958
Investors beware: A market shock is looming – Yahoo News
Revenue was $9.13 billion, also better than the $7.98 billion that was expected. Goldman’s revenue in its fixed income, currency and commodities client execution segment were down 10% over last year, while revenues in equities were down 13%. 7) Things are still tough on Wall Street, and these two charts from JPMorgan’s earnings presentations showed just how hard things were for traders in the second quarter. JPMorgan’s markets revenue down 14% in Q2 (though the bank said in May that it could fall as much as 20%), while mortgage production fell 74% over last year. 8) Tobacco giants Reynolds American and Lorillard announced a $27.4 billion merger deal in which Reynolds would acquire Lorillard, as well as spin off some of its brands to British tobacco company Imperial Tobacco. Following the news, shares of Reynolds closed down nearly 7%, while Lorillard shares fell more than 10%. Follow Closing Bell and never miss an update!
Source: http://www.businessinsider.com/closing-bell-july-15-2014-7
Closing Bell July 15 – Business Insider
In the equity area, were looking at defensive plays, things that have dividend yields, things that people buy regardless: utilities, consumer staples, health care. But hes also had some success with short interest plays in currencies and commodities. Were also short the euro currency because the European Central Bank is basically out to trash the euro, says Shilling. They see that as fostering deflation because it reduces the cost of imports and forces those who compete with importers to reduce their costs, so thats been another play as far as were concerned. While many investors rush to the safety of commodities when looking for defensive alternatives to equities, Shillings not a buyer. [Commodities have] been a loser, he says.
Source: http://news.yahoo.com/investors-beware–a-market-shock-is-looming-142728562.html
Young and Broke 