Wall Street

Wall Street Rallies on Europe Rumors and Black Friday Numbers, Stocks to Watch: BAC, C, F, S, SIRI, INTC

Stocks are rallying today on rumors of progress in Europe and positive holiday numbers in the U.S. The number of shoppers on Black Friday both in stores and online were up from last year giving retailers hope they will post strong holiday sales figures.

Other news stories that sent the markets up early were centered around Europe including reports of an IMF bailout of Italy which has since been denied. Also there were reports of a plan for the strong euro countries to get together and do ‘elite bonds’, but has been denied by Germany, strong opposes any kind of eurobond.

If the European debt crisis worsens any more or European leaders continue to not take any action this rally will most likely be shortlived.

Let’s take a look at the volume leaders in midday trading today.

Bank of America Corp. (NYSE:BAC) is up 3.68% at $5.36. BAC has traded 87 million shares so far today and trades 260.5 million shares on average. BAC is off its highs today after it gaped at open to $5.50. BAC is starting the week off good today after selling off last week when it lost more than $0.40 per share. Bank of America has a current market cap of 54.38 billion.

Citigroup Inc. (NYSE:C) is up 6.05% at $25.06. C has traded 23.65 million shares so far today and trades on average 58.65 million shares a day. C has gained back most of its losses from last week today. Citigroup has a current market cap of 73.27 billion.

Ford Motor Company (NYSE:F) is up 3.44% at $10.09 in midday trading. F has traded 21.03 million shares so far today and trades 61.97 million shares on average. F has made up all of its losses from last week after it traded as low as $9.75 on Friday. Ford has a current market cap of 38.32 billion.

Sprint Nextel Corporation (NYSE:S) is up 5.46% today at $2.51. Sprint has made up its losses from Friday after it dropped to below $2.40. S has traded 20.32 million shares so far today and averages 48.31 million shares a day. Sprint has a current market value of 7.52 billion.

Sirius XM Radio Inc. (NASDAQ:SIRI) is up 1.74% at $1.78 in midday trading. SIRI has traded 14.41 million shares so far today and trades 65.42 million shares on average a day. SIRI has come off its high today after gaping at open to $1.80. Sirius XM Radio has a current market cap of 6.68 billion.

Intel Corporation (NASDAQ:INTC) is up 3.52% at $23.53 in midday trading. INTC has traded 14.09 million shares so far today and looks to trade less than its daily average of 64.66 million shares. Intel has a current market cap of 119.81 billion.

Wall Street Looks To Recoup After European Fears Push Markets Down, Stocks To Watch Include: AAPL, NFLX, IBM, GE, MAT, MMM

Wall Street will be looking at home for some good news this week as the European debt crisis has taken its toll on financial markets worldwide. The Dow Jones Industrial Average has been down for a third week out of four. The Dow joined other benchmarks and entered negative territory for 2011.

The Street has been riding a wave of uncertainty not knowing what European leaders are doing from one moment to the next in trying to stem the contagion from the sovereign debt crisis that threatens the entire European region.

“There is a lack of leadership on that side of the pond that is concerning — we want them to come up with decisions and execute them. It feels like we’re turning what could be a 12-month project into a 32-month project,” Art Hogan, market strategist at Lazard Capital Markets, said of Europe’s ongoing troubles.

After being caught up in the woes of the Europeans and mostly casting aside the better than expected domestic data over the past few weeks, analysts are hopeful market watchers will focus back on the United States.

This week on the home-front is jobs data week. ADP will report employment figures on Wednesday as well as the Labor Department’s unemployment figures on Thursday. Then, Friday will see a release for nonfarm payroll reports. Hopefully the trend of jobless claims below 400,000 will continue and get some notice from Wall Street.

The holiday shopping season is in full swing with retailers reporting brisk sales on Black Friday and throughout the weekend. Cyber Monday will get kicked off at midnight as online retailers hope to cash in with success. The Reuters-University of Michigan consumer sentiment index released earlier this month inched higher, showing consumers feel a little better now than a month ago.

The Institute for Supply Management’s November factory activity due out Thursday with an expected rise in demand. Economists are predicting an increase to 52.0 from 50.8 last month. Factory activity is a direct indicator of demand. Weak consumer demand for U.S. goods has crippled the economic recovery for months.

Stocks to watch at the start of the week include, Apple Inc. (NASDAQ:AAPL), Netflix, Inc. (NASDAQ:NFLX), International Business Machines Corp. (NYSE:IBM), General Electric Company (NYSE:GE), Mattel, Inc. (NASDAQ:MAT) and 3M Company (NYSE:MMM)

Apple Inc. (NASDAQ:AAPL) fell 0.93% on Friday and closed at $363.57. AAPL traded 9.10 million shares on the shortened trading day and trades 17.67 million shares on average. AAPL shares fell more than $10 during the week after closing last Friday at $375. The company has a current market cap of 337.91 billion.

Netflix, Inc. (NASDAQ:NFLX) closed Friday at $63.86, a loss of 6.8%. NFLX traded 5.43 million shares on Friday and trades 8.82 million shares on average daily. NFLX shares continue to fall as they lost more nearly $15 over the past week. The company has a current market cap of 3.35 billion.

International Business Machines Corp. (NYSE:IBM) finished Friday down 0.5% at $177.06. IBM traded 2.23 million shares on Friday and trades 5.55 million shares on average. Shares of IBM were down more than $8 during Thanksgiving week. The company has a current market cap of 208.69 billion.

General Electric Company (NYSE:GE) closed Friday down 0.20% at $14.70. GE traded 23.16 million shares on the shortened day Friday and trades on average 60.32 million shares daily. GE lost about $1 per share during the whole week. The company has a current market cap of 155.19 billion.

Mattel, Inc. (NASDAQ:MAT) closed Friday up 0.51% at $27.55. MAT traded 1.24 million shares on Friday and trades 3.34 million shares on average. MAT stock finished the week slightly in the red after seesawing during the middle of the week. The company has a current market cap of 9.33 billion.

3M Company (NYSE:MMM) rose 0.78% on Friday at $76.13. MMM traded 2.09 million shares and trades 4.75 million shares a day on average. MMM followed the overall market last week and lost more than $4 per share for the week. The company has a current market cap of 53.36 billion.

Wall Street Has Worst Week In Two Months

Although Black Friday proved to be rich with bargains for American consumers, Wall Street had a much sleepier day as European debt fears continue to pound financial market worldwide.

The Dow Jones Industrial Average slid 25.6 points, or 0.23%, to 11,232, the S&P 500 skidded 3.1 points, or 0.27%, to 1,159 and the Nasdaq Composite fell 18.5 points, or 0.75%, to 2,442. The Dow, S&P and Nasdaq all finished the shortened trading week by more than 4.7% to the downside, and have now been down for two weeks in a row. All three markets haven fallen into the red for the year after a short-lived rally in the fall.

Investors have been worried about Europe’s inability to get its sovereign debt crisis in check. While Belgium had its credit rating reduced one notch from AA+ to AA by Standard & Poor’s rating agency, Hungary’s debt rating was slashed to junk status by Moody’s late on Thursday. While this came as no real surprise, it still serves as a reminder just what a mess the whole European region is facing.

Also in Europe, Italy was forced to pay an average yield of 6.5% on a roughly $10.7 billion auction of six-year bonds, far higher than the 3.5% it paid at its October auction, signaling a much higher risk premium.

European blue chips jumped 1%, while the euro fell 0.76% to $1.324. The English FTSE 100 climbed 1.4% to 5,198 and the German DAX rose 1.7% to 5,421.
In Asia, the Japanese Nikkei 225 edged lower by 0.06% to 8,160 and the Chinese Hang Seng tumbled 1.4% to 17,689.

The benchmark crude oil contract traded in New York rose $1.03, or 1.1%, to $97.20 a barrel. Wholesale RBOB gasoline slipped less than a penny, or 0.15%, to $2.51 a gallon.

Gold dropped $2.30, or 0.14%, to $1,697 a troy ounce. The yield on U.S. government debt ticked higher. The benchmark 10-year note yields 1.939% from 1.883%.

NYSE Stocks Horizon lines, Orbitz, and Hill International all Gaining

The NYSE is a mixed bag heading toward market close. The NYSE composite is up 6.2 points while other sectors of the index are down slightly. While gains and losses across the board have been marginal today, several stocks are climbing and actually showing some strong gains.

Horizon Lines, Inc. (NYSE:HRZ) shares are up 30.3% to $1.33 per share with an intraday high of $1.56. HRZ has traded on three times normal volume today as the company announced it has reached an agreement to refinance its debt. The agreement is with holders of its 4.25% convertible senior notes. Horizon Lines will exchange the convertible notes for a newer version of convertible notes with 6% interest and 5.5 year maturity. This is a big step for HRZ who was warned that the NYSE may de-list the company if they cannot refinance its debt.

Orbitz Worldwide, Inc (NYSE:OWW) shares have climbed today up 30% to 42.85 per share with an intraday high $3.23 per share. Orbitz has seen volume of over 3 million shares today as it announced it was awarded a case against American Airlines (NYSE:AMR). An Illinois Circuit Court Judge forced American Airlines to resume ticket sales on the discount travel website after it had removed its fares from the Orbitz web site in December 2010. American Airlines has agreed to comply with the judges decision but is mulling over its legal options at this time.

Hill International Inc. (NYSE:HIL) shares soared today up 58% to $6.91 per share with an intraday high of $7.38. Volume exceeded 4.7 million shares as HIL was awarded with a contract worth $1.5 billion. The contract from TRAC Development group call for hill international to provide project management an construction management services in conjunction with a housing development in Iraq. The development will include construction of 500,000 housing units plus all related infrastructure. Hill International’s contract is for the initial phase including construction of 100,000 units.

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