March 28, 2024

Daily Wrap

DJIA -46.23 (-0.30%) to 15,612.13;S&P 500 -2.53 (-0.15%) to 1,707.14;NASDAQ +3.36 (+0.09%) to 3,692.95

The Dow and S&P 500 closed slightly lower while the Nasdaq saw a small gain mainly do to a good day in trading for Apple (AAPL).  This will likely be a much quieter week with not as many big names earnings reports or economic events but we did have PMI which came in better than analysts expected with a reading of 56.  Tomorrow on the calendar we have Trade Balance at 8:30 am EST and then FOMC member Evans is speaking at 1 pm EST (fireworks not expected).

As noted earlier, AAPL had a strong day in trading closing roughly 1.5% higher on news that the White House stepped in Saturday and reversed an ITC decision to ban the import of older iPhone and iPads due to an infringement of a Samsung patent.  AAPL’s move since 6/28 has left it only a few points away from it’s 200 day SMA which could prove to be resistance on the first touch.

Tyson Foods (TSN) gave investor’s something to cheer about today with an over 4% gain after beating earnings estimates before the open.  TSN reported EPS of 69c vs consensus estimates of 60c and did so on $34.5B in revenue besting the $34.21B expectation.  Further impressing, TSN went on to state they expect Full Year 2014 review to be $36B which is roughly 1B above current consensus.

The following noteworthy companies are scheduled to report earnings before tomorrow’s open:  CVS, EMR, D, REGN, ADM, SE, DISH, KORS, ICE

In analyst notes today, Dow Chemical (DOW) was upgraded to Buy at Argus with a $47 price target.  JP Morgan raised priceline.com’s (PCLN) price target to $1040 from $830 and maintained an Overweight and Synchronoss (SNCR) was added to the U.S. Focus List at Credit Suisse.

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