Daily Wrap

DJIA -21.73 (-0.16%) to 13,971.24; S&P 500 -0.92 (-0.06%) to 1,517.01; NASDAQ -1.87 (-0.06%) to 3,192.00

Today’s market held in a tight range and is reflected in the close in the S&P 500 which is down less than 1point.  This week has a fair amount of data, fed speak and some scheduled Obama talk.  I try and log it all and then update the numbers as they come out so visit the Event’s Calendar for the updates and there is also currently a dividends and splits list.

The stock of the day today was Nordisk (NVO) which received an FDA Complete Response Letter indicating that the company’s insulin products will need additional tests before approval.  NVO fell $26.89, or 13.98%, to $165.40 following the FDA decision.  I had NVO recently added to Goldman Sach’s Conviction Buy list (1/28/13) and have not seen comments from them yet but just before the open I saw NVO upgraded to Buy from Neutral at Nomura.  This could end up being an opportunity to get into a name like NVO but I want to see a bottom put in first and will not be the one to step in and try and catch the falling knife.  I did not have Nomura’s upgrade on my list as it happened later than when I compiled them but as a reminder that you can review the list I compile each day as well as an archive of past days in the Upgrades/Downgrades section.

NVO’s misery was Sanofi’s (SNY) glee as they gained $1.49 or 3.2% closing at $48.01 on their rivals bad news.

Apple Computers (AAPL) continued its bounce and while there was rumors of an “iWatch” floating around and anticipation of what Tim Cook might say at the upcoming Goldman Sachs Technology and Internet Conference tomorrow 2/12/13.  AAPL also received good news after BlackBerry (BBRY) received bad news as Home Depot (HD) officially announced that they would replace their staff BlackBerry’s with Apple’s iPhone 4S.   I think it could be that the market used the upcoming conference and David Einhorn’s comments to provide a technical bounce after reaching oversold levels but ultimately the bottom may be put in after some more work is done.

A random note from Friday which I missed for the weekend re-cap.  Google (GOOG) investors, Chairman Eric Schmidt disclosed plans late Friday to sell 3.2M of the shares he holds, valued at $2.5B.

The following noteworthy companies are scheduled to report earnings before tomorrow’s open: AVP, FIS, FOSL, HERO, LVLT, MMC, KORS, OMC, RAI, KO, GT, MHP, VAL