The Dow Jones Industrial Average traded above 12,600 on Friday morning then traded as low as 12,486 before rebounding back to 12,580, and fading into the close. The NASDAQ rebounded 8 points on Thursday to 2823 up 6.4% year to date. On Friday the NASDAQ traded down from 2820 to 2796 then back up to 2814.
Asian stocks were virtually flat overnight on Friday with the Nikkei 225 slipping just 0.14% to 9,607. European stocks ended their session with the FTSE 100 down just 0.1%, the DAX down 1.2% and the CAC 40 down 0.9%. The yield on the 10-Year US Treasury note traded between 3.189 and 3.143 on Friday consolidating the recent decline to 3.088 on Wednesday. Comex gold was above $1500 early on Friday, dipped to $1486.4 then rebounded sharply to $1515.8 the Troy ounce. Nymex crude oil traded up to $100.42 per barrel Friday morning then slipped to $96.35 before a strong rebound back above $100 Friday afternoon. The euro versus the dollar tested its 50-day simple moving average at 1.4341 early Friday then faded to 1.4140 before an afternoon rebound pushed the euro back above 1.4200. On Thursday the Dow Industrial Average gained 45 points to 12,606 up 8.9% year to date.
MOEX Offshore has agreed to pay BP (BP) $1.065B to settle all claims between the companies over the accident at the Deepwater Horizon well, in which MOEX (MITSY.PK) held a 10% stake. BP Plc (BP) is resumed with an Outperform at RBC Capital, which makes rival Royal Dutch Shell (RDS-A) a Top Pick. Brigham Exploration (BEXP) is moved to Outperform from Market Perform by BMO Capital. LDK Solar (LDK) is downgraded to Hold from Buy with a new lower price target of $8 at Kaufman Brothers. In afternoon trading: Shares of Treaty Energy (TECO) are up about 15.2%. Shares of Anadarko Petroleum (APC) are up about 5.1%. Shares of LDK Solar are down about 8.7%. Shares of Yingli Green Energy (YGE) are down about 8.4% after missing estimates by a penny and revenue by $46.16M. Shares of Statoil (STO) are down about 5.2%.
The Energy Select Sector SPDR (XLE) was trading at $74.63 at 4:00 PM on Friday, down slightly on the day – up 9.35% year-to-date.
U.S. Energy (USEG) gets begun with a Buy rating and $8.50 price objective at Global Hunter Securities. Mosaic (MOS) is moved to Positive from Neutral at Susquehanna. In afternoon trading: Shares of China Agritech (CAGC) are down about 64% on news that the company will be delisted from NASDAQ. Shares of US Energy (USEG) are up about 9.25%. Shares of Yongye International (YONG) are up about 6.1%.
The Materials Select Sector SPDR (XLB) traded at $38.51 at 4:00 PM on Friday, down 1% on the day – up 0.26% year-to-date.
MOEX Offshore has agreed to pay BP (BP) $1.065B to settle all claims between the companies over the accident at the Deepwater Horizon well, in which MOEX (MITSY.PK) held a 10% stake. Vestas Wind Systems (VWDRY) is upgraded to Buy from Neutral at Societe Generale. Knight Transportation (KNX) is now Market Perform from Outperform at Wells Fargo. In afternoon trading: Shares of YRC Worldwide (YRCW) are down about 6.3%. Shares of SmartHeat (HEAT) are down about 5%. Shares of Sterling Construction (STRL) are up about 5.6%. Actives: Shares of General Electric (GE) are down about 1.6%. Shares of Corning (GLW) are down about 1.1%. Shares of Delta Air Lines (DAL) are up about 1.4%.
The Industrial Select Sector SPDR (XLI) traded at $37.37 at 4:00 PM on Friday, down 1.06% on the day – up 7.17% year-to-date.
John Malone's Liberty Media (LCAPA) has proposed to buy Barnes & Noble (BKS) for $1.02B nine months after the U.S.'s largest bookseller put itself up for sale. The $17 a share offer represents a 20.5% premium on B&N's Thursday closing price. Apple (AAPL) has reached licensing agreements with Sony (SNE), EMI (C) and Warner Music (WMG) to let users of a new music service access their song collections from handheld devices via the Internet rather than having to load the music onto those devices. Chrysler (DDAIF) could return most of its government loans as early as next week. The automaker plans to issue $3.2B worth of bonds, and take out $4.3B in new bank loans consisting of a $3B term loan and a $1.3B revolving credit facility. Chrysler will also use a $1.3B investment from Fiat (FIATY.PK), which owns 46% of the Detroit company, to return its debt. Publicis Groupe SA (PUBGY) gets upgraded to Overweight from Neutral at HSBC. Aeropostale (ARO) is downgraded to Hold from Buy at Stifel Nicolaus. In afternoon trading: Shares of Barnes & Noble are up about 31%. Shares of Red Robin (RRGB) are up about 23.5% after reporting a 5.2% year-over-year increase in Q1 revenue and its comparable-store sales rose for the third quarter in a row. Shares of Foot Locker (FL) are up about 12.25% after beating estimates by 16 cents and revenue by $100M. Shares of Gap (GPS) are down about 17.25% despite beating estimates by a penny, after the clothing retailer reported that Q1 2011 net profit dropped 23% to $233M and it slashed its full-year guidance to $1.40-$1.50 from $1.88-$1.93 versus expectations of $1.84. Gap Inc is cut to Neutral from Overweight at Piper Jaffray. Shares of Aeropostale are down about 14.5% after forecasting Q2 far below analysts' estimates. Shares of Kirklands (KIRK) are down about 11%.
The Consumer Discretionary Select Sector SPDR (XLY) traded at $40.27 at 4:00 PM on Friday, down 0.96% on the day – up 7.65% year-to-date.
Tyson Foods (TSN) is lifted to Buy from Hold boost at KeyBanc Capital. In afternoon trading: Shares of China-Biotics (CHBT) are down about 9.5%. Shares of PriceSmart (PSMT) are down about 6.5%. Shares of Yuhe International (YUII) are down about 5.25%. Shares of SuperValu (SVU) are dowm about 4.6%.
The Consumer Staples Select Sector SPDR (XLP) traded at $32.32 at 4:00 PM on Friday, down 0.31% on the day – up 10.27% year-to-date.
MAKO Surgical (MAKO) is begun as an Outperform at Brokerage William Blair. NuVasive (NUVA) is a new Sell at Madison Williams. United Therapeutics (UTHR) is upgraded to Add at Citadel. AmSurg (AMSG) is now Neutral from Underweight at Piper Jaffray. Gilead Sciences (GILD) gets upgraded to Outperform from Market Perform by Sanford Bernstein. Savient Pharmaceuticals (SVNT) is cut to Neutral from Buy at Citadel. Animal Health International (AHII) is downgraded to Neutral from Overweight at Piper Jaffray. Patterson Companies (PDCO) is now Neutral from Buy at UBS. Express Scripts (ESRX) gets moved to Market Perform from Outperform at BMO Capital. In afternoon trading: Shares of Acorda Therapeutics (ACOR) are up about 12.5%. Shares of Metabolix (MBLX) are up about 9%. Shares of Biosante Pharmaceuticals (BPAX) are up about 8%. Shares of Cadence Pharmaceuticals (CADX) are up about 8%. Shares of Arena Pharmaceuticals (ARNA) are up about 7.75%.
The Health Care Select Sector SPDR (XLV) traded at $36.04 at 4:00 PM on Friday, down 0.83% on the day – up 14.41% year-to-date.
LinkedIn (LNKD) had an astonishing debut on the NYSE yesterday as its shares rose 109% to end Thursday at $94.25, giving the company a market capitalization of $8.9B, or 584 times 2010 earnings and 37 times revenue. Goldman Sachs (GS) expects to soon receive subpoenas from the Justice Department seeking more information about the bank's mortgage-related operations. American Express (AXP) is begun with a Buy at Goldman Sachs, which assigns new Neutrals on Discover Financial Services (DFS) and Capital One (COF). JPMorgan Chase (JPM) is initiated with a Hold at Stifel Nicolaus. Apollo Global Management (APO) and Pacific Continental (PCBK) are both picked up at Outperform by Keefe Bruyette. Credit Suisse (CS) is boosted to Buy from Hold at Deutsche Bank. Lloyds Banking Group (LYG) is moved to Neutral from Buy at Goldman Sachs. In afternoon trading: Shares of The PMI Group (PMI) are down about 9.5%. Shares of ZipRealty (ZIPR) are down about 7.7%.
The Financial Select Sector SPDR (XLF) traded at $15.72 at 4:00 PM on Friday, down 1.38% on the day – down 1.44% year-to-date.
Apple (AAPL) has reached licensing agreements with Sony (SNE), EMI (C) and Warner Music (WMG) to let users of a new music service access their song collections from handheld devices via the Internet rather than having to load the music onto those devices. Autodesk (ADSK) beat estimates by 3 cents and revenue by $5M. Brocade Communications Systems (BRCD) beat estimates by 3 cents and revenue by $1M. Intuit (INTU) beat estimates by 5 cents with revenue in-line with estimates. Salesforce.com (CRM) beat estiamtes by a penny and revenue by $21M. Motorola Mobility (MMI) is given an Outperform at Macquarie and a Buy at ThinkEquity. Research in Motion (RIMM) gets resumed with a Hold at ThinkEquity. WebMD Health (WBMD) gets upgraded to Buy from Neutral at Goldman. Take-Two (TTWO) is taken to Underperform from Neutral at Cowen. Shares of Aruba Networks (ARUN) are down about 15.25% despite beating estimates by a penny, as its outlook for the current quarter disappointed. Shares of Evergreen Solar (ESLR) are down about 10%. Shares of STEC (STEC) are up about 12.75%.
The Technology Select Sector SPDR (XLK) traded at $26.17 at 4:00 PM on Friday, down 0.57% on the day – up 3.89% year-to-date.
Sprint Nextel (S) is boosted to Overweight from Neutral at Piper Jaffray. MetroPCS (PCS) is now Neutral from Overweight at JP Morgan. Leap Wireless (LEAP) gets lowered to Neutral from Overweight at JP Morgan. In afternoon trading: Shares of Global Crossing (GLBC) are up about 9.5%. Shares of Level 3 Communications (LVLT) are up about 7.8%. Shares of China Unicom (CHU) are up about 4.75%. Shares of SureWest Communications (SURW) are up about 4.5%. Shares of Leap Wireless are down about 4.5%.
The NASDAQ Telecommunications Index (IXTC) traded at $222.51 at 4:00 PM on Friday, down 0.47% on the day – down 1.27% year-to-date.
Tokyo Electric Power (TKECY.PK), the operator of the stricken Fukushima Daiichi nuclear plant, has posted a net loss of ¥1.25T ($15.28B) for the fiscal year ended in March, which is the biggest annual loss in Japanese corporate history outside the financial sector. AES Corp (AES) is lifted to Buy from Hold at Citigroup. In afternoon trading: Most Actives: Shares of Genon Energy (GEN) are up about 5%. Shares of AES are up about 1.3%. Shares of Edison International (EIX) are up about 2.3%. Shares of Exelon (EXC) are up about 1.2%.
The Utilities Select Sector SPDR (XLU) traded at $34.13 at 4:00 PM on Friday, down slightly on the day – up 8.90% year-to-date.
STOCKS: BP, MITSY, RDS.A, BEXP, LKD, TECO, APC, YGE, STO, USEG, MOS, CAGC, USEG, YONG, VWDRY, KNX, YRCW, HEAT, STRL, GE, GLW, DAL, LCAPA, BKS, AAPL, SNE, C, WMG, DDAIF, FIATY, PUBGY, ARO, RRGB, FL, GPS, KIRK, TSN, CHBT, PSMT, YUII, SVU, MAKO, NUVA, UTHR, AMSG, GILD, SVNT, AHII, PDCO, ESRX, ACOR, MBLX, BPAX, CADX, ARNA, LNKD, GS, AXP, DFS, COF, JPM, APO, PCBK, CS, LYG, PMI, ZIPR, ARUN, ADSK, BRCD, INTU, CRM, MMI, RIMM, WBMD, TTWO, ARUN, ESLR, STEC, S, PCS, LEAP, GBLC, LVLT, CHU, SURW, TKECY, AES, GEN, EIX, EXC
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer