Cranky Consumers, Stocks Mixed, Leverage Soars
Consumer attitudes hit a four month low despite a surging stock market and perceived overall improving economic conditions. Positive news of leverage use rising at the fastest pace since 2007 failed to push stocks overall higher on the day ending a 7 session rally. Intel and Dell raised their sales outlook causing the Nasdaq index to buck the negative trend closing positive on the day. The DJIA fell -36.43 to 9544.20, the tech heavy Nasdaq added +1.04 to 2028.77, and the broad based S&P 500 gave up -2.05 to 1028.93.
Armstrong World Industries
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PowerRating): SunTrust Robinson raised its rating to “buy” from “neutral”,l sending shares higher by 8.87% or $2.60 to $31.90.
Intel
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PowerRating): Climbed 4.01% or 78 cents to $20.25/share after raising its third quarter estimates.
Bristol Myers Squibb
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PowerRating): Fell 2.90% or 66 cents to $22.12/share after being cut to “equal weight” at Morgan Stanley.
Whirlpool
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PowerRating): Added 2.43% or $1.57 to $66.11 upon announcing cost cutting measures including shuttering an Indiana factory.
Oil added 25 cents to $72.806, gold surged $11.50 to $958.80 and the VIX fear index advanced 0.32% to 24.76.
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