Stocks to Watch as Consumer Data Sends Market Higher: TBET, ODP, SINA, DPZ, MU, RENN

Wall Street

Consumer Confidence Data

Consumer confidence in the U.S. rose to a one-year high in February thanks to optimism on the labor market offset soaring oil prices. The consumer confidence index rose to 70.8 this month from a revised reading of 61.5 in January. This is the highest it has been since last February. Economists who were polled by Reuters were estimating a reading of 63.0. “Consumers are considerably less pessimistic about current business and labor market conditions than they were in January,” said Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement. “And, despite further increases in gas prices, they are more optimistic about the short-term outlook for the economy, job prospects, and their financial situation.” The market is trending higher after a choppy morning with the Dow up 11 points, the Nasdaq up 14 points and the S&P 500 up 2 points.

Stocks to Watch

Tibet Pharmaceuticals, Inc. (NASDAQ:TBET) is up 30% this morning at $1.95. TBET is up on heavy volume with 2.3 million shares traded so far today, well above its daily average of 106 thousand shares. Tibet shares are rallying today after the company announces intent to go private. CEO Hong Yu, “I hereby make an offer to purchase TBET stocks not owned by me for $3.00 per share in cash.” The company has a market cap of 30.14 million.

Office Depot, Inc. (NYSE:ODP) is up 15.57% today at $3.4902. ODP has traded 6.8 million shares so far today, 3 million more than its daily average. Office Depot is up this morning after reporting fourth quarter earnings. Excluding items net income was $0.03 per share, higher than analysts estimates of the company breaking even. Revenue came in at $2.97 billion, just under the $3 billion analysts were expecting. The company has a market cap of 978.83 million.

Sina Corporation (NASDAQ:SINA) is up 11.88% in early trading at $70.30. SINA has traded traded 8.2 million shares so far today, well above its daily average of 5.5 million shares. Sina Corp announced fourth quarter results yesterday. Sina Corp saw sales increase in the fourth quarter, but forecasted revenue missed Wall Street estimates. The company expects first quarter revenue of $101 – $104 million, analysts were expecting $113.7 million. The company has a market cap of 4.62 million.

Domino’s Pizza Inc. (NYSE:DPZ) is up 11.15% today at $37.30. DPZ has traded 2.2 million shares so far today, well above its daily average of 661 thousand shares. Domino’s announced fourth quarter earnings earlier today. EPS came in at $0.52, beating estimates by $0.03. The company has a market cap of 2.18 billion.

Micron Technology, Inc. (NASDAQ:MU) is up 4.56% this morning at $8.96. MU shares are up today after Micron and Intel expand their NAND flash memory joint venture relationship. MU has traded 32.1 million shares so far today, 4 million shares more than its daily average. The company has a market cap of 8.84 billion.

Renren Inc. (NYSE:RENN) is up 4.48% today at $5.37. RENN has traded 2.8 million shares this morning and trades 7.7 million shares a day on average. RENN has been trading flat the past month after jumping last month from all the Facebook IPO hype. The company has a market cap of 2.11 billion.

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About Kyle Pinder

Kyle Pinder has has over five years trading and research experience in the large cap space. While still in grad school, Kyle trades daily and keep Active Investor up to date with the latest breaking news coming out of Wall Street and Washington.

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