Stock Market News for November 6, 2009 – Market News
Source: http://www.zacks.com/stock/news/26978/Stock+Market+News+for+November+6%2C+2009+-+Market+NewsPosted on Friday, November 6th, 2009 | In Investing Lessons, Stocks to Watch
A drop in the number of newly laid-off workers and upbeat remarks from bellwether Cisco Systems injected confidence about an economic recovery ahead of this morning’s highly expected October jobs report, propelling the Dow average to its first close above 10,000 in two weeks.
Cisco Systems’ (NASDAQ:CSCO) CEO John Chambers said he now sees a global economic recovery, fueling a rebound in the company’s sales this quarter. The Dow average jumped 203 points, or 2%, while the tech-heavy NASDAQ, riding high on Cisco’s forecast, bolted up 50 points or about 2.4%.
All ten S&P 500 industry groups ended in the green, with banking shares advancing 2.6% as analyst Dick Bove of Rochdale Securities noted the group will double by the end of 2010. Technology shares advanced 2.2%. Qualcomm Inc. (NASDAQ:QCOM) jumped 5.4% to $43.85 and Microchip Technology Inc. (NASDAQ:MCHP) gained 3.9% to $25.37 after it was raised to “buy” from “neutral” at FTN Equity Capital Markets. Research in Motion (NASDAQ:RIMM) jumped on news of its $1.2 billion share buyback plan as well as a Standard & Poor’s ratings increase to “buy” from “hold.” A report on the semiconductor industry projected sales growth of 10% in 2010.
On the retail sales front, action was largely mixed. About half of firms that reported numbers missed expectations as the growth proved selective. Costco (NASDAQ:COST) posted 3% same-store-sales gains excluding gasoline results; Gap (NYSE:GPS) registered a 4% sales growth and raised its third quarter guidance. Luxury retailers Nordstrom (NYSE:JWN) showed surprising gains with its 6.5% sales increase.
On the political front, President Obama is expected to sign into law today an extension and broadening of the homebuyers’ tax credits, to include both first-time buyers’ credits of $8,000, and existing homeowners, in residence for over five years, of $6,500. The measure also includes an extension of unemployment benefits by up to twenty weeks.
Last 5 posts by Zacks Market Commentaries
- CNP & FPL Ink Pipeline Deal - Analyst Blog - November 20th, 2009
- Buffett Borrows for Rail Acquisition - Analyst Blog - November 20th, 2009
- Stone Energy Outdoes Estimates - Analyst Blog - November 20th, 2009
- Smucker's Beats, Raises Guidance - Analyst Blog - November 20th, 2009
- GameStop Meets Expectations - Analyst Blog - November 20th, 2009
Analyst, ceo, Cisco Systems, costco, Dick Bove;, Dow 30, Gap, Industry Groups, Investing Lessons, John Chambers;, Microchip Technology Inc, Nasdaq 100, Nordstrom, obama, president, Qualcomm Inc, Research-In-Motion, retail sales front, Rochdale Securities;, semiconductor, Sp 500, Standard Poors, Stocks to Watch, Technology shares;, USD, Zacks Market Commentaries
 About Zacks Market Commentaries (http://www.zacks.com/)
Zacks Market Commentaries |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.