Paul Tudor Jones Warns, Stocks Slip, Abby Stays Positive
Hedge Fund icon, Paul Tudor Jones, warned his clients that the rally is nothing more than a bear market bounce, a common occurrence during extended downtrends. However, this negative sentiment was challenged by Goldman Sach’s Abby Joseph Cohen who stated a new bull run has started with investors easily seeing a 10% gain in the S&P 500 by years end. Positive data from the unemployment front counteracted a slew of poor earnings reports resulting in a slight negative bias on the day. The DJIA gave back -24.71 to 9256.26, the Nasdaq fell -19.89 to 1973.16 and the broad based S&P 500 dropped -5.64 to 997.08.
MetroPCS
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PowerRating) – Missed analysts estimates by 30% sending shares tumbling 29.16% or $3.70 to $8.99.
Staples
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PowerRating) – The office supply retailer was upgraded to conviction buy at Goldman Sachs triggering a rally of 5.50% or $1.16 to $22.27.
Macy’s
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PowerRating) – Optimistically rose its forecast sending shares higher by 5.56% or 79 cents to $15.07.
Home Inns & Hotel Management
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PowerRating) – The Chinese low end hotel operator increased its sales forecasts with shares soaring 23.29% or $4.64 to $24.56.
Oil slipped 3 cent to $71.96, gold eased higher by $3.40 to $962.90 and the fear index VIX advanced 3.09% to 25.67.
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