Ryan Vlastelica, Reuters
Wall Street rebounds, but Cisco weighs
(Reuters) – Stocks rose early Thursday as investors sought bargains after a string of losing sessions.
Concerns over Europe’s sovereign debt crisis helped spark a drop in the S&P 500 in five of the past six sessions. While concerns over the region persisted, heightened by political gridlock in Greece, investors used the declines as a buying opportunity.
“We were oversold, but now there are some fair valuations in stocks, especially in ones that pay dividends or have recently increased them,” said Jerry Harris, president of asset management at Sterne Agee in Birmingham, Alabama.
“The issues with Europe aren’t going away, but they seem to come in waves and right now the latest wave is ebbing.”
Yesterday’s Top Performing Small Cap Stock:
Medical Marijuana Inc. (Pink Sheets: MJNA)
Medical Marijuana Inc. was a SmallCapVoice top performer on trading volume of 1,010,157 shares.
Dixie Elixirs & Edibles and PhytoSPHERE Systems, Portfolio Companies of Medical Marijuana, Inc, Grow Relationship with New Licensing Agreement
Colorado’s Leading Manufacturer of Edible Medical Marijuana Products Looks to Ensure Global Product Consistency and Enhanced Cost Control with PhytoSPHERE’s Systems
Rita Nazareth, Bloomberg
S&P 500 Declines to Lowest Level in Two Months on Greece
U.S. stocks fell, sending the Standard & Poor’s 500 Index to its lowest level in two months, as Greece’s struggle to form a new government intensified concern about a euro exit and deepening of the region’s debt crisis.
McDonald’s Corp. (MCD), the world’s largest restaurant chain, retreated 1.6 percent after April sales trailed analysts’ projections. Electronic Arts Inc. (EA), the second-largest U.S. video-game publisher, declined 7.4 percent after its forecasts fell short of estimates. Fossil Inc. (FOSL), owner of the namesake watch brand, plunged 37 percent after the company reduced its full-year earnings forecast amid weakness in Europe.
The S&P 500 retreated 1.3 percent to 1,352.07 at 10:46 a.m. New York time. The Dow Jones Industrial Average declined 161.21 points, or 1.2 percent, to 12,847.32. The 30-stock gauge slumped for a fifth straight day. Trading in S&P 500 companies was 4.8 percent above the 30-day average at this time of day.
Yesterday’s Top Performing Small Cap Stock:
Plandaí Biotechnology Inc. (OTCBB: PLPL)
Plandaí Biotechnology Inc. was a SmallCapVoice top performer closing up over 14% on trading volume of 369,122 shares.
Rita Nazareth, Bloomberg
S&P 500 Poised to Snap Two-Week Gain on Employment Report
U.S. stocks declined for a third straight day, indicating the Standard & Poor’s 500 Index will halt a two-week advance, after a government report showed employers added fewer jobs than forecast in April.
Nine out of 10 groups in the S&P 500 fell as commodity, technology and financial shares had the biggest losses. Cisco Systems Inc. (CSCO) and Bank of America Corp. dropped at least 2.3 percent to pace declines among the largest companies. LinkedIn (LNKD) Corp., the biggest professional-networking website, surged 7.2 percent as sales and profit exceeded analysts’ projections.
The S&P 500 decreased 1.2 percent to 1,375.25 at 10:35 a.m. New York time. The benchmark gauge has fallen 2.1 percent this week. The Dow Jones Industrial Average retreated 135.81 points, or 1 percent, to 13,070.78. Trading in S&P 500 companies was 4.2 percent above the 30-day average at this time of day.
Yesterday’s Top Performing Small Cap Stock:
Medical Marijuana Inc. (Pink Sheets: MJNA)
Medical Marijuana Inc. was a SmallCapVoice top performer closing up over 4% on trading volume of 1,301,302 shares.
Chuck Mikolajczak, Reuters
Mixed data sends Wall Street lower ahead of payrolls
Stocks were lower on Thursday as another round of mixed economic data left a muddled picture of the domestic recovery ahead of Friday’s key payrolls report.
Initial claims for state unemployment benefits dropped by 27,000, the biggest weekly drop since May 2011. The report ran counter to data indicating weaker private sector hiring that pushed stocks lower Wednesday.
But a report from the Institute for Supply Management showed the pace of growth in the U.S. services sector slowed more than expected in April and new orders dropped. On Tuesday, the ISM report showed factory activity picked up in April.
“It’s par for the course. Obviously we had the real strong manufacturing data two days ago and we are getting a mixed picture on the jobs front as well. So really it’s kind of this economy that can’t make its mind up. Some of the data is good, some of the data is weak,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research in Cincinnati, Ohio.
Yesterday’s Top Performing Small Cap Stock:
Medical Marijuana Inc. (Pink Sheets: MJNA)
Medical Marijuana Inc. was a SmallCapVoice top performer closing up over 7% on trading volume of 1,706,436 shares.
Edward Krudy, Reuters
Dow hits 4-year high, lifted by ISM factory data
(Reuters) – The Dow closed at its highest level in more than four years on Tuesday after U.S. manufacturing expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.
The Dow now sits at levels not seen since December 2007. The gains leave the benchmark S&P 500 within about 16 points of a high reached in May 2008. A convincing break above that level could set the market up for more gains, traders said.
“That’s where a lot of traders’ eyes are right now – it might be tough to get through there the first time,” said Michael James, senior trader at Wedbush Morgan in Los Angeles.
But the Nasdaq sold off sharply into the close on weakness in Apple (AAPL) and BlackBerry maker Research in Motion (RIMM) in a sign the market could struggle to make further headway in the short-term.
SmallCapVoice.com Clients’ News:
Medical Marijuana Inc. (Pink Sheets: MJNA)
Medical Marijuana, Inc.’s Dixie Elixir and Edibles Brand to Launch First non-THC-Based Line of Health and Wellness Products
Colorado’s Leading Manufacturer of Edible Medical Marijuana Products Expands Patient Footprint with Federally Legal Hemp Extract (Cannabidiol) Products to Address Pain Relief, Mental Focus, and Sleep Regularity
Dixie Elixirs and Edibles, Colorado’s premier Tetrahydrocannabinol or THC-infused products company, today announced a new line of products which will break entirely new ground for the company in the category of non-THC-infused product development. Following closely on the heels of its acquisition by cannabis and hemp industry innovators Medical Marijuana, Inc. (OTC: MJNA), today’s announcement consists of three new hemp-based Cannabidiol (CBD) products that contain no THC
Edward Krudy, Reuters
Wall Street surges on Apple results
(Reuters) – Wall Street jumped on Wednesday after forecast-beating results from Apple cleared away a weeks-old market overhang and lifted optimism in an earnings season already far outstripping expectations.
Quarterly profit at Apple Inc (AAPL) almost doubled after a jump in iPhone sales. The stock, which dominates U.S. markets because of its size, had sold off recently, partly on fears earnings could disappoint.
Apple shares jumped 10 percent to $615.40 and could propel the market back to 2012 highs hit earlier this month. The Nasdaq soared almost 2 percent at the open.
Yesterday’s Top Performing Small Cap Stock:
Medical Marijuana Inc. (Pink Sheets: MJNA)
Medical Marijuana Inc. was a SmallCapVoice top performer closing up over 1% on trading volume of 1,592,931 shares.