Stocks finished in the red today, as the market apparently decided it need to take a breather.
Eric Thayer/Bloomberg News
The S&P 500 fell 0.4% to 2,165.17 today, while the Dow Jones Industrial Average dropped 77.80 points, or 0.4%, to 18,517.23. The Nasdaq Composite declined 0.3% to 5,073.90. The Dow’s drop ended its nine-day streak of new highs.
So is this the beginning of the end? It doesn’t look that way. The U.S. economy, for instance, appears to be muddling through, explains Strategas Research Partners’ Don Rissmiller and Erica Halie Comp:
The Philly Fed index fell to -2.9 in July, though the components of this report were stronger than the headline. New orders rose to 11.8 after being negative in June, and shipments moved up to 6.3. Our Strategas Leading Indicator of Mfg (SLIM) also showed continued moderate growth in July. U.S. jobless claims also remained very low this week, falling -1,000 to 253,000 (the U.S. economy looks to be at full employment). Mtg applications for purchase did fall -2.1% w/w this week, but remain in an uptrend. U.S. housing starts rose +4.8% m/m in June, with single-family permits up +1.0%. Existing home sales ticked higher to a 5.6 million SAAR. In general, housing continues to recover, which indicates the U.S. muddle thru is continuing (despite risk from abroad, eg, the plunge in Germanys ZEW survey this week). Also worth noting, the U.S. leading indicator (LEI) rose +0.3% m/m in June, ie, no problem here.
investment consultant: National Oilwell Varco, Inc.(NOV)
- [By Lauren Pollock]
Among the companies with shares expected to actively trade in Tuesday’s session are Applied Materials Inc.(AMAT), Red Hat Inc.(RHT) and National Oilwell Varco Inc.(NOV)
- [By Jim Robertson]
On Tuesday, our Elite Opportunity Pronewsletter suggestedgoing long on large cap oilfield equipment manufacturer and technology stock National-Oilwell Varco, Inc (NYSE: NOV):
- [By Tony Daltorio]
But the best investment in this sector, according to Moors, is National Oilwell Varco Inc. (NYSE: NOV).
He calls it the “one company that stands to benefit most directly from what is happening in the equipment sector.”
- [By Shauna O’Brien]
Jefferies reported on Monday that it has lifted its price target on National-Oilwell Varco, Inc. (NOV).
The firm has reaffirmed a “Buy” rating on NOV, and has raised the company’s price target from $84 to $91. This price target suggests a 14% increase from the stock’s current price of $78.24.
Analyst Brad Handler noted that NOV’s weak margin will likely rebound in 2014 and the chances of a dividend increase are high.
Looking forward, the firm has lifted its order estimates for FY2013 from $10.8 billion to $11.3 billion. FY2014 earnings estimates have been raised from $6.40 to $6.50 per share and FY2015 estimates have been increased from $7.65 to $7.95 per share.
National-Oilwell Varco shares were up 76 cents, or 0.97% during pre-market trading Monday. The stock is up 14% YTD.
investment consultant: Grupo Aeroportuario Del Pacifico, S.A. de C.V.(PAC)
- [By Asit Sharma]
In its fourth-quarter 2016 earnings filed on Feb. 23, Grupo Aeroportuario del PacificoSAB de CV(NYSE:PAC)capped a year of growth across several important metrics. The Mexican airport operator, which abbreviates its name to GAP, reported increases in revenue, profits, and domestic and international passenger traffic.
investment consultant: United Dominion Realty Trust, Inc.(UDR)
- [By Monica Gerson]
UDR, Inc. (NYSE: UDR) is expected to post its quarterly earnings at $0.43 per share on revenue of $234.80 million.
Everest Re Group Ltd (NYSE: RE) is projected to post its quarterly earnings at $5.57 per share on revenue of $1.35 billion.
investment consultant: North American Energy Partners, Inc.(NOA)
- [By Lisa Levin]
In trading on Tuesday, energy shares slipped by 1.36 percent. Meanwhile, top losers in the sector included Northern Oil & Gas, Inc. (NYSE: NOG), down 9 percent, and North American Energy Partners Inc.(USA) (NYSE: NOA), down 6 percent.
investment consultant: Check Point Software Technologies Ltd.(CHKP)
- [By WWW.THESTREET.COM]
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