Market Update |   Set Alert |
Weekly Recap - Week ending 05-Oct-12Dow +34.79 at 13615.4, Nasdaq -13.27 at 3136.19, S&P -0.47 at 1460.93
Equities began the day on a higher note despite mixed jobs data. After reaching session highs within the first hour, the major averages reversed and spent the remainder of the day sliding towards the unchanged level. As a result, the S&P 500 ended flat while the Dow advanced 0.3% to close at its best level in five years.
Nonfarm payrolls were reported at 114K versus the 120K Briefing.com consensus. The prior reading was revised up to 142K from 96K. Meanwhile, nonfarm private payrolls added 104K against the 130K consensus. The unemployment rate was reported at 7.8% versus the 8.1% consensus.
In addition, hourly earnings increased by 0.3% while the expectations called for an uptick of 0.2%. Lastly, average workweek ticked up to 34.5 from 34.4.
The materials sector led the way. Within the group, steel producers outperformed. AK Steel (AKS 4.87, +0.05) and Steel Dynamics (STLD 11.91, +0.18) added 1.0% and 1.5%, respectively.
Telecom stocks were the biggest laggard. However, the underperformance was due to notable weakness in a single stock. Inteliquent (IQNT 7.70, -1.36) fell 15.0% after Robert W. Baird downgraded the stock from ‘outperform' to ‘neutral' and lowered its price target from $15 to $10. Originally, Robert W. Baird upgraded the stock in the spring on the expectation of a financial engineering catalyst. Although that catalyst was achieved, the firm says results have unfortunately deteriorated more than expected and there now appears to be increased material risk to forward estimates.
Equities began the day on a higher note despite mixed jobs data. After reaching session highs within the first hour, the major averages reversed and spent the remainder of the day sliding towards the unchanged level. As a result, the S&P 500 ended flat while the Dow advanced 0.3% to close at its best level in five years.
Nonfarm payrolls were reported at 114K versus the 120K Briefing.com consensus. The prior reading was revised up to 142K from 96K. Meanwhile, nonfarm private payrolls added 104K against the 130K consensus. The unemployment rate was reported at 7.8% versus the 8.1% consensus.
In addition, hourly earnings increased by 0.3% while the expectations called for an uptick of 0.2%. Lastly, average workweek ticked up to 34.5 from 34.4.
The materials sector led the way. Within the group, steel producers outperformed. AK Steel (AKS 4.87, +0.05) and Steel Dynamics (STLD 11.91, +0.18) added 1.0% and 1.5%, respectively.
Telecom stocks were the biggest laggard. However, the underperformance was due to notable weakness in a single stock. Inteliquent (IQNT 7.70, -1.36) fell 15.0% after Robert W. Baird downgraded the stock from ‘outperform' to ‘neutral' and lowered its price target from $15 to $10. Originally, Robert W. Baird upgraded the stock in the spring on the expectation of a financial engineering catalyst. Although that catalyst was achieved, the firm says results have unfortunately deteriorated more than expected and there now appears to be increased material risk to forward estimates.
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