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Tuesday’s mixed news brings mixed results

New York Stock Exchange
New York Stock Exchange
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A trio of economic reports with good news and bad news brought mixed results in Tuesday’s stock trading. Meanwhile, Miami-based corporations saw their stocks post solid gains.

The Census Bureau’s report on New Home Sales for March revealed a decline by 7.1% to an annual rate of 328,000. Nevertheless, the decrease was not as significant as economists’ expectations. February’s new home sales were revised upward from 313,000 to 353,000 on an annualized rate.

The Case-Shiller Home Price Index for February was released on Tuesday. It showed annual declines of 3.6% and 3.5% for the 10- and 20-City Composites, respectively. This demonstrated an improvement over the annual rates posted for the month of January: -4.1% and -3.9%, respectively.

Also on Tuesday, The Conference Board reported that its Consumer Confidence Index for April remained “virtually unchanged”. However a close reading of the report will reveal what “virtually unchanged” really means:

The Index now stands at 69.2 (1985=100), down slightly from 69.5 in March. The Expectations Index declined to 81.1 from 82.5, while the Present Situation Index improved to 51.4 from 49.9 last month.

The Dow Jones Industrial Average gained 74 points on Tuesday, closing at 13,001 for a gain of 58 basis points (0.58 percent). The S&P 500 advanced by 37 basis points (0.37 percent) to finish at 1,371. The NASDAQ Composite declined by 30 basis points (0.30 percent) to end the day at 2,961. A two-percent swoon by Apple (AAPL) influenced the Nasdaq retreat.

Miami-based corporations had a great day on Tuesday. Lennar (LEN) led the group with a gain of 2.22% to close at 25.27. Carnival Cruise Lines (CCL) advanced by 1.56% to finish at 31.96. Royal Caribbean (RCL) rose by 12 basis points (0.12%) to close at 26.06. After providing us with a classic example of the “beat the number” game (beating its quarterly earnings expectation by one penny) Ryder System (R) gained 6 basis points (0.06%) to end the day at 48.41.

The following companies will be playing “beat the number” on Wednesday, with the release of their quarterly earnings reports: Akamai Technologies (AKAM), Auto Nation (AN), Bank United (BKU), Boeing (BA), Caterpillar (CAT), Cirrus Logic (CRUS), Citrix Systems (CTXS), Cliffs Natural Resources (CLF), Corelogic (CLGX), Corning (GLW), Dana Holdings (DAN), Delta Air Lines (DAL), Diebold (DBD), Dr Pepper Snapple Group (DPS), Eli Lilly (LLY), GNC Holdings (GNC), Graco (GGG), Harley-Davidson (HOG), Hess (HES), International Shipholding (ISH), McClatchy (MNI), Netgear (NTGR), Northrop Grumman (NOC), Owens Corning (OC), Owens Illinois (OI), Penske (PAG), Skechers USA (SKX), Sprint Nextel (S), Jones New York (JNY), Tupperware (TUP), Virgin Media (VMED), W.R. Grace (GRA), WellPoint (WLP), Xlinx (XLNX) and Zipcar (ZIP). Good luck!

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