The latest “less bad” report on initial unemployment claims lost its luster after the first hour of trading, when the three major stock indices headed into negative territory. As enthusiasm began to build about an imminent resolution by Greece to adopt austerity measures, stocks began climbing. By mid-afternoon, leaders of Greece’s three political parties had approved the resolution and American stocks moved modestly into the black. Enthusiasm was tepid, as the Dow dropped 20 points during the last 90 minutes of trading.
With the exception of Ryder System (R), stocks for Miami-based companies spent the morning in the red, holding off until after lunch hour to break into positive territory. Ryder stair-stepped its way northbound until the last half-hour, when it ceded a bit of ground. Ryder benefited from yesterday’s announcement that it has launched “Ryder Locator,” a free smart phone application that helps customers easily and quickly find their nearest Ryder truck rental, maintenance, or fueling location in the U.S. and Canada.
Thursday’s report on initial unemployment claims appeared as though the revised figure (due next Thursday) could erase most of this week’s small decrease in claims (15,000) represented by the “advance figure”:
In the week ending February 4, the advance figure for seasonally adjusted initial claims was 358,000, a decrease of 15,000 from the previous week's revised figure of 373,000. The 4-week moving average was 366,250, a decrease of 11,000 from the previous week's revised average of 377,250.
The Dow Jones Industrial Average picked up 6 points on Thursday, to close at 12,890 for a gain of 5 basis points (0.05 percent). The S&P 500 advanced by 15 basis points (0.15 percent) to finish at 1,351. The NASDAQ Composite advanced by 39 basis points (0.39 percent) to end the day at 2,927.
Miami-based corporations had a mixed day on Thursday. Lennar (LEN) led the group with a gain of 1.58% to close at 23.74. Ryder System (R) was next, climbing by 1.06% to finish at 54.15. Royal Caribbean (RCL) was flat on the day, closing at Wednesday’s price of 31.52. Carnival Cruise Lines (CCL) declined by 9 basis points (0.09%) to end the day at 31.97.
The following companies will be playing “beat the number” on Friday, with the release of their quarterly earnings reports: Alliance Bernstein (AB), Alliant Energy (LNT), Apollo Global Management (APO), Arch Coal (ACI), Calpine (CPN), Buckeye Partners (BPL), Flir Systems (FLIR), General Finance Corp (GPN), IPG Photonics (IPGP), Laboratory Corporation of America Holdings (LH), Lyondell Basell Industries (LYB), NYSE Euronext (NYX), PPL Corp (PPL), Ruth’s Hospitality Group (RUTH), Shengkai Innovations (VALV), Snyder's-Lance (LNCE), Synthesis Energy Systems (SYMX), TELUS Corp (TTO) and TreeHouse Foods (THS). Good luck!
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