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Aug 20, 2013

NYT Global Update August 20, 2013: Turkish Skyline Foreshadows Emerging-Market Slowdown

August 20, 2013
Compiled 20:45 GMT

Global Update


TOP NEWS

Turkish Skyline Foreshadows Emerging-Market Slowdown

By LANDON THOMAS Jr.
Even optimists are growing nervous over the rapid accumulation of dollar-denominated debt in emerging economies like Turkey, while the Fed weighs its options.

Egyptian Police Arrest Spiritual Leader of Muslim Brotherhood

By DAVID D. KIRKPATRICK and ALAN COWELL
Mohamed Badie was arrested hours after a court ordered the release of former President Hosni Mubarak, offering a measure of Egypt's redrawn political landscape.

Pakistani Court Indicts Musharraf in Bhutto Assassination

By SALMAN MASOOD and DECLAN WALSH
New court action against the former military ruler Pervez Musharraf is the first time such a senior Pakistani Army figure has faced criminal charges.
Opinion

Op-Ed Contributor

America Has No Leverage in Egypt

By STEVEN SIMON
A billion dollars won't buy democracy. It never has.
Fashion & Style

Video: Intersection: Fete Fashion in Rio

In Rio de Janeiro's Madureira neighborhood, locals show off their style outside a charme dance party.
WORLD

Prime Minister of Pakistan Open to Talks With Taliban

By SALMAN MASOOD
In his first televised policy speech since taking office, Prime Minister Nawaz Sharif also maintained the option of military action against militants.

Saudi Arabia Promises to Aid Egypt's Regime

By ROD NORDLAND
As Europeans and the United States considered cutting cash aid to Egypt, Saudi Arabia said that it and its allies would make up any reduction and vowed continued support.

European Union Sets Emergency Session on Suspending Aid to Egypt

By STEVEN ERLANGER
The Europeans have struggled to negotiate a political solution in the continuing military crackdown.
BUSINESS

Health Premiums Up 4% as Steep Climb Levels Off

By ANDREW POLLACK
The 4 percent increase for a family is tame by historical standards, but is still a far bigger annual increase than the 1.8 percent rise in wages, the Kaiser Family Foundation said.

Home Depot Earnings Jump 17%, Fueled by Housing Recovery

By STEPHANIE CLIFFORD
The retailer's second-quarter sales gained 9.5 percent, to $22.5 billion. Earlier, J.C. Penney reported a nearly 12 percent drop in revenue.
DealBook

Barnes & Noble Chairman Drops Bid to Buy Its Bookstores

By MICHAEL J. DE LA MERCED
The move raises further questions about the bookseller's future amid its previously announced plans to stop making its Nook line of tablets.
TECHNOLOGY
Bits Blog

How Pay-Per-Gaze Advertising Could Work With Google Glass

By NICK BILTON and CLAIRE CAIN MILLER
Google was awarded a patent last week that many think could connect Glass with advertising. But a patent is one thing; turning that into a feature could take a while.
DealBook

New York State Comptroller to Promote Investments in Silicon Alley

By MICHAEL J. DE LA MERCED
As New York City continues to publicize the rise of Silicon Alley start-ups, the state comptroller's office is doing its part for the cause.
DealBook

Birst, a Data Analysis Provider, Raises $38 Million in New Round

By MICHAEL J. DE LA MERCED
Birst, a start-up that draws on cloud computing to power its data analysis services, said on Tuesday that it had collected $38 million in a new round of financing. The Series E round was led by Sequoia Capital, an existing investor, and included new investors like Northgate Capital. Read more »
SPORTS

All Together Now at Manchester City

By ROB HUGHES
The team opened up English Premier League play looking dominant and in sync, living up to its billing as one of the three favorites this season.

Cemetery Left in Peace in City Remade by Olympics

By JOHN BRANCH
Russia's ambitious vision for the 2014 Olympics is being built around the perimeter of a century-old cemetery.

Others Are Imitating, but Only Barcelona Is Dominating

By ROB HUGHES
Barcelona crushed Levante, 7-0, in its league opener, and while Real Betis can play a style similar to the Catalan giant, it still ended up losing to Real Madrid, 2-1.
U.S. NEWS

Fort Hood Gunman E-Mailed Supervisors Over Concerns

By MANNY FERNANDEZ
Days before he opened fire at Fort Hood, Maj. Nidal Malik Hasan, a military psychiatrist, sought advice on how to handle three cases that disturbed him.

Manning Will Be Sentenced on Wednesday

By EMMARIE HUETTEMAN
The sentencing of Pfc. Bradley Manning for the largest leak of confidential materials in American history is scheduled for 10 a.m., and he faces up to 90 years in prison.

Boston Bombing Suspect's Injuries Detailed in Court Papers

By TIMOTHY WILLIAMS
The documents said the suspect, Dzhokhar Tsarnaev, suffered multiple injuries before his capture, including a bullet wound that fractured his skull.
OPINION
Op-Ed Columnist

How Not to Stay on Top

By JOE NOCERA
In four short years, BlackBerry went from dominance to being an also-ran.
Editorial

False Choices on Egypt

By THE EDITORIAL BOARD
The United States and the rest of the world cannot acquiesce to the military's brutality.
Op-Ed Contributor

The AIDS Epidemic Can Be Ended

By BERTRAND AUDOIN
We have the medical means to stop it, but those most at risk of infection fear recrimination and are reluctant to seek help.

DealBook P.M. Edition August 20, 2013: Barnes & Noble Chairman Drops Bid to Buy Its Bookstores


Tuesday, August 20, 2013
TOP STORY
Barnes & Noble Chairman Drops Bid to Buy Its Bookstores The move raises further questions about the bookseller's future amid its previously announced plans to stop making its Nook line of tablets.
  • DEALBOOK »
  •  
  • DEALBOOK HIGHLIGHTS
    S.E.C. Charges Former Oppenheimer Manager With Misleading Investors Federal securities regulators accused a former portfolio manager at Oppenheimer & Company on Tuesday of misleading investors about the performance of a fund, a rare enforcement action involving the private equity industry.
    New York City's technology sector, which includes co-working spaces like Grind, has sometimes been called
    New York State Comptroller to Promote Investments in Silicon Alley As New York City continues to publicize the rise of Silicon Alley start-ups, the state comptroller's office is doing its part for the cause.
    Bank of America Intern in London Dies The death of a 21-year-old intern at Bank of America Merrill Lynch shocks bank employees in London's financial district.
    In Debt: Before Detroit's Bankruptcy Proceeds, a Question of Eligibility The bankruptcy clause of the Constitution should triumph over state laws as Detroit seeks to prove that it is eligible to file for Chapter 9, says Stephen J. Lubben.
    Glencore Xstrata Takes Write-Down After Merger The mining giant Glencore Xstrata reported sharply lower results on Tuesday after it wrote down $7.7 billion on the value of assets it acquired as part of the merger that created the company.
    Breakingviews: Mining Giants Adjust to Austere Times Results for Glencore and BHP Billiton showed both companies girding themselves for a long, slow period for the industry, writes Kevin Allison of Reuters Breakingviews.
    Carlyle Hires G.E. Executive for Power Investment Team The Carlyle Group has hired Matthew J. O'Connor from General Electric as a new co-head of its power investments group, the latest move to expand its energy practice.
    Buzz Tracker
    Birst, a Data Analysis Provider, Raises $38 Million in New Round The Series E round was led by Sequoia Capital, an existing investor, and included new investors like Northgate Capital.
    LOOKING AHEAD
    Economic Data Data to be released on Wednesday includes minutes from the Federal Reserve's meeting of the Federal Open Market Committee in July, and the National Association of Realtors sales of existing homes for July.
    Corporate Earnings Companies reporting results on Wednesday include Hewlett-Packard, Staples, Target, Toll Brothers, Heineken and China Telecom.
    Overseas On Wednesday, Britain reports on its budget deficit for July. 
     
     

ADVFN III Evening Euro Markets Bulletin August 20, 2013.


ADVFN III Evening Euro Markets Bulletin
Daily world financial news Tuesday, 20 August 2013

London Market Report
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London close: Markets finish lower despite late rally
Markets slumped to a six-week low on Tuesday as investors trimmed positions and scaled back risk appetite ahead of minutes of the latest US policy meeting due out tomorrow.

The FTSE 100 dropped to an intraday low of around 6,400 early on after a series of disappointing corporate earnings, but rallied strongly in afternoon trade to finish at 6,453.46, down just 12.27 points on the day. Still, the last time the London benchmark closed lower was on July 8th when it finished the day at 6,450.07

"Even though we've seen losses across Europe today, markets have pulled off their worst levels as bond yields, which jumped sharply yesterday, are slipping back today, and that has limited the downside," said Senior Market Analyst Michael Hewson from CMC Markets.

After rising to a fresh two-year high of 2.89% yesterday, the yield on a benchmark 10-year US Treasury pulled back to the 2.82% mark today. However, they will likely remain in focus until they fall further from current elevated levels, having surged by 34 basis points over the last month alone.

Bond and equity markets have been choppy over recent weeks given the heightened speculation that the Fed will begin to taper it quantitative easing programme at the next Federal Open Market Committee (FOMC) meeting in September.

FTSE 100: Wood Group drops on cautious outlook

Oil and gas services company Wood Group fell to a seven-week low today after scaling back its full-year EBITA growth guidance for its engineering division from 15% to "10-15%", reflecting some project delays and further weakening in Canada. The firm however said that it expects to meet full-year expectations on the whole.

CRH also fell sharply after swinging to a loss for the half-year period. The building materials firm reported a loss before tax of €71m, down from €102m the year before, while sales fell 3.0% to €8.01bn.

Mining stocks were broadly out of favour today as results from BHP Billiton and Glencore Xstrata failed to impress. BHP said lower commodity prices wiped $8.9bn off its underlying earnings which plunged 22.4% in the year to the end of June, while Glencore Xstrata was forced to write down $7.7bn in assets as it reported a 9.0% drop in first-half adjusted EBITDA.

Even housebuilder Persimmon fell into the red despite a strong jump early on. The company said that first-half profits jumped 38% and its order book was running 21% ahead of last year as the government's 'Help to Buy' scheme boosted demand.

A number financial stocks were also lower today with Prudential and Standard Chartered among the heaviest fallers given the concerns about money pouring out of emerging markets.

Terrestrial broadcaster ITV was among the best performers today after Morgan Stanley raised its target for the stock, saying the business could benefit from an upswing in UK advertising as the economic recovery gathers momentum.

Meggitt, the engineering group working in the aerospace, defence and energy markets, was slightly higher after Investec upgraded the stock from 'add' to 'buy', saying it still sees further upside even after a strong performance this year.

FTSE 250: Fisher, NMC Health, Evraz

James Fisher, the worldwide marine services firm, was on the rise after revealing that it had sold 25% of its stake in Foreland Holdings and acquired Osiris, a diving and sub-sea services firm.

Growth in referrals and patient numbers helped Abu Dhabi healthcare and distribution group NMC Health to a strong first-half result, prompting a strong rise in shares.

As on the top tier index, miners on the FTSE 250 were providing a drag, with steel group EVRAZ dropping sharply, along with Kenmare Resources and Hochschild Mining.


FTSE 100 - Risers
Fresnillo (FRES) 1,184.00p +2.33%
BT Group (BT.A) 328.20p +1.86%
ITV (ITV) 161.90p +1.82%
Compass Group (CPG) 870.00p +1.46%
National Grid (NG.) 743.50p +1.36%
GlaxoSmithKline (GSK) 1,662.00p +1.03%
InterContinental Hotels Group (IHG) 1,978.00p +1.02%
Bunzl (BNZL) 1,362.00p +0.96%
Meggitt (MGGT) 537.50p +0.94%
Intertek Group (ITRK) 3,224.00p +0.91%

FTSE 100 - Fallers
Wood Group (John) (WG.) 831.00p -7.97%
Prudential (PRU) 1,148.00p -3.20%
Standard Chartered (STAN) 1,479.00p -2.76%
Vedanta Resources (VED) 1,173.00p -2.25%
CRH (CRH) 1,394.00p -2.24%
Experian (EXPN) 1,178.00p -1.83%
Aberdeen Asset Management (ADN) 378.80p -1.74%
BHP Billiton (BLT) 1,923.50p -1.66%
Lloyds Banking Group (LLOY) 73.80p -1.60%
Glencore Xstrata (GLEN) 297.15p -1.59%

FTSE 250 - Risers
Fisher (James) & Sons (FSJ) 1,057.00p +5.86%
NMC Health (NMC) 348.50p +5.61%
Crest Nicholson Holdings (CRST) 337.00p +4.27%
Ladbrokes (LAD) 197.50p +3.13%
Keller Group (KLR) 1,070.00p +2.59%
Law Debenture Corp. (LWDB) 473.00p +1.83%
Hikma Pharmaceuticals (HIK) 1,090.00p +1.68%
Moneysupermarket.com Group (MONY) 168.60p +1.57%
Barr (A.G.) (BAG) 565.00p +1.35%
Berendsen (BRSN) 867.50p +1.34%

FTSE 250 - Fallers
Evraz (EVR) 115.00p -6.58%
Perform Group (PER) 520.50p -5.28%
Ashmore Group (ASHM) 335.40p -4.91%
Brewin Dolphin Holdings (BRW) 263.10p -4.50%
Enterprise Inns (ETI) 132.80p -3.91%
Domino Printing Sciences (DNO) 675.00p -3.78%
Kenmare Resources (KMR) 29.70p -3.51%
Renishaw (RSW) 1,706.00p -3.40%
Inchcape (INCH) 612.00p -3.39%
Hochschild Mining (HOC) 225.50p -3.18%

Europe Market Report
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Europe close: Stocks fall as investors await FOMC minutes
- Stoxx 600 at three-week low
- Fed taper concerns continue to weigh on sentiment
- Banking stocks decline across the continent

FTSE 100: -0.19%
Xetra DAX: -0.79%
CAC 40: -1.35%
IBEX 35: -1.79%
FTSE MIB: -1.41%
Stoxx 600: -0.83%

European stock markets finished firmly lower on Tuesday with banking stocks across the continent bearing the brunt of a reduction in risk appetite.

The Stoxx Europe 600 index finished 0.83% lower at 302.25, its worst level since July 31st.

Investors were trimming positions ahead of the minutes of the last Federal Open Market Committee (FOMC) meeting due out tomorrow which will be closely watched for hints of a timeframe for the reduction of US stimulus.

"Many are now anticipating the July minutes could strengthen the view that the central bank could soon taper its bond-buying programme," said Lee Mumford, Financial Sales Trader at Spreadex.

Societe Generale was among the worst performers in France, Commerzbank and Deutsche Bank declined in Germany, while Banco de Sabadell and Bankinter suffered heavy losses in Spain.

Meanwhile, a number of disappointing corporate earnings in London weighed on sentiment today.

Oil and gas services company Wood Group fell to a seven-week low today after scaling back its full-year EBITA growth guidance for its engineering division from 15% to "10-15%", reflecting some project delays and further weakening in Canada.

Mining stocks were broadly out of favour today as results from BHP Billiton and Glencore Xstrata failed to impress. BHP said lower commodity prices wiped $8.9bn off its underlying earnings which plunged 22.4% in the year to the end of June, while Glencore Xstrata was forced to write down $7.7bn in assets as it reported a 9.0% drop in first-half adjusted EBITDA.

Irish building materials firm CRH fell sharply after swinging to a loss for the half-year period. The firm reported a loss before tax of €71m, down from €102m the year before, while sales fell 3.0% to €8.01bn. European cement makers Holcim and HeidelbergCement also finished in the red.

Swiss chocolate maker Lindt surged closed to a six-year high today after beating profit forecasts with in the first half and upping its full-year guidance.


US Market Report
US close: Stocks fall as bond yields continue to rise
- Eyes turn to FOMC minutes on Wednesday
- Benchmark yields continue to rise
- Dow, S&P in longest losing streak since Dec 2012

Dow Jones: -0.47%
NASDAQ: -0.38%
S&P 500: -0.59%

US stocks fell firmly into the red on Monday despite a positive start as rising bond yields and heightened speculation about a tapering of stimulus continued to hit market sentiment.

Following a choppy week last week - volumes are still said to be light with many traders away on summer holidays - both the Dow Jones and S&P 500 finished lower for the fourth straight day, the longest losing streak since December 28th 2012, according to MarketWatch.

Treasury yields were on the advance again on Monday with the majority of analysts now expecting the Fed to begin tapering quantitative easing as early as September. The yield on the US 10-year Treasury note was up seven basis points (bp) at a fresh two-year high of 2.89%, as eyes begin to turn towards the minutes of the Federal Open Market Committee (FOMC) meeting due for release on Wednesday.

US benchmark yields have surged so far in 2013, boosted by Fed Chairman Ben Bernanke's indication in May that the central bank would begin to trim its $85bn-a-month of asset purchases if the economic recovery gathers momentum.

Market Strategist Ishaq Siddiqi from ETX Capital said: "The growing optimism over the US economy/prospects of September Fed tapering drives the spike in bond yields, which are widely seen as unwelcomed due to the negative impact on growth at a time when economies are just starting to show tangible signs of recovery."

Intel, Facebook, Apple on the rise

Chipmaker Intel rose after investment bank Piper Jaffray upgraded the stock from 'underweight' to 'neutral', saying that PCs "are not going away anytime soon" despite the chip industry being solidly in the "post-PC era".

Facebook was making decent gains after Evercore Partners upped its price target for the social media titan from $34 to $45 and maintained an 'overweight' position. Apple was also providing a lift on the Nasdaq today.

Zillow Inc. declined after agreeing to acquire New York City real-estate website StreetEasy.

Industrial technology group Edwards Group surged after Atlas Copco agreed to buy the company for up to $1.6bn.


S&P 500 - Risers
Dollar General Corp (DG) $54.09 +3.09%
Intuitive Surgical Inc. (ISRG) $384.95 +1.75%
Intel Corp. (INTC) $22.28 +1.67%
Nike Inc. (NKE) $64.71 +1.67%
Monster Beverage Corp (MNST) $59.11 +1.49%
Johnson & Johnson (JNJ) $90.45 +1.21%
Boeing Co. (BA) $104.72 +1.21%
Best Buy Co. Inc. (BBY) $30.73 +1.19%
Ball Corp (BLL) $45.54 +1.18%
Covidien Plc (COV) $60.90 +1.08%

S&P 500 - Fallers
Marathon Oil Corp. (MRO) $32.61 -4.82%
Cliffs Natural Resources Inc. (CLF) $21.74 -4.77%
Apache Corp. (APA) $75.37 -4.58%
Genworth Financial Inc. (GNW) $12.02 -4.53%
United States Steel Corp. (X) $17.99 -4.41%
Lennar Corp. Class A (LEN) $32.39 -4.40%
Peabody Energy Corp. (BTU) $16.74 -4.01%
PulteGroup Inc. (PHM) $15.65 -3.87%
D. R. Horton Inc. (DHI) $18.30 -3.68%
Tesoro Corp. (TSO) $47.04 -3.61%

Dow Jones I.A - Risers
Intel Corp. (INTC) $22.28 +1.67%
Johnson & Johnson (JNJ) $90.45 +1.21%
Boeing Co. (BA) $104.72 +1.21%
McDonald's Corp. (MCD) $95.48 +0.47%
Unitedhealth Group Inc. (UNH) $71.71 +0.39%
Pfizer Inc. (PFE) $28.46 +0.32%

Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $51.83 -2.74%
Alcoa Inc. (AA) $7.94 -2.22%
Hewlett-Packard Co. (HPQ) $25.88 -2.04%
Bank of America Corp. (BAC) $14.15 -1.87%
E.I. du Pont de Nemours and Co. (DD) $57.53 -1.29%
Microsoft Corp. (MSFT) $31.39 -1.28%
AT&T Inc. (T) $33.79 -1.14%
Caterpillar Inc. (CAT) $84.20 -1.13%
Exxon Mobil Corp. (XOM) $86.92 -1.13%
American Express Co. (AXP) $74.34 -1.10%

Nasdaq 100 - Risers
Facebook Inc. (FB) $37.81 +1.97%
Intuitive Surgical Inc. (ISRG) $384.95 +1.75%
Intel Corp. (INTC) $22.28 +1.67%
Monster Beverage Corp (MNST) $59.11 +1.49%
Apple Inc. (AAPL) $507.74 +1.08%
Google Inc. (GOOG) $865.65 +1.02%
Dollar Tree Inc (DLTR) $50.91 +0.91%
Garmin Ltd. (GRMN) $38.07 +0.77%
Gilead Sciences Inc. (GILD) $57.34 +0.76%
Ross Stores Inc. (ROST) $65.18 +0.65%

Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $16.79 -2.95%
Sears Holdings Corp. (SHLD) $40.12 -2.58%
Randgold Resources Ltd. Ads (GOLD) $78.19 -2.57%
Staples Inc. (SPLS) $16.41 -2.55%
Sirius XM Radio Inc (SIRI) $3.61 -2.43%
Broadcom Corp. (BRCM) $25.29 -2.39%
F5 Networks Inc. (FFIV) $85.70 -2.05%
Liberty Global plc Series A (LBTYA) $74.84 -1.84%
Fossil Group Inc (FOSL) $115.04 -1.81%
Twenty-First Century Fox Inc Class A (NWSA) $15.70 -1.75%

Broker Tips
Broker tips: AMEC, Meggitt, ITV
Credit Suisse has maintained its upbeat stance on engineering consultancy firm AMEC despite Monday's rejected takeover bid of smaller rival Kentz Corporation, saying that the company could re-start share buybacks later in the year.

"If Amec fails to secure a meaningful acquisition by 4Q management can be expected to announce the re-commencement of share buybacks. Some investors may view this as an admission of failure, but we believe management should maintain its policy of strict capital discipline."

Meggitt, the engineering group working in the aerospace, defence and energy markets, was making gains on Tuesday morning after Investec upgraded the stock from 'add' to 'buy', saying it still sees further upside even after the near-40% ire so far this year.

Analyst Chris Dyett said: "For a number of years now civil aerospace stocks have been market favourites given the long term visibility and growth prospects. However, we favour Meggitt for its subtle improvements, which we still think are under-estimated and under-valued."

Morgan Stanley has raised its target for terrestrial broadcaster ITV from 175p to 185p, highlighting the potential for an upswing in UK advertising.

The bank, which reiterated its 'overweight' position on the stock, said: "Advertising momentum will be the key driver of the short-term share price. 2013 appears to be in good shape and the market is optimistic that 2014 will see an improving UK environment."

Wall Street at Close Report by MarketWatch August 20, 2013: U.S. stocks rise after four-session slide

U.S. stocks rise after four-session slide

By Kate Gibson, MarketWatch 
 
NEW YORK (MarketWatch)U.S. stocks on Tuesday mostly climbed, with the S&P 500 halting its longest losing streak this year, as retailers including Best Buy Co. beat estimates and as Wall Street looked to clues about future U.S. monetary policy. 

“There are mixed signals coming into the market right now. Any week that you have Fed minutes being released, the market is going to go on pause until you get the minutes,” Chris Gaffney, senior market strategist at EverBank Financial, said of Wednesday’s release of minutes from the Federal Open Market Committee’s July 30-31 gathering. 

Specifically, investors will be looking for clues as to when the Federal Reserve might cut the pace of its $85 billion in monthly bond purchases. The asset buying is viewed as aiding the S&P 500’s more than 150% rise from its bear-market low in 2009, with the index hitting a record on Aug. 2, then declining nearly 4% through Monday.

Bloomberg Image
Best Buy rallies after quarterly sales top targets.
“Just how serious is the Fed about pulling back on the bond buying in September? Our own St. Louis Fed head has been warning you don’t want to pull back on those purchases too quickly, and he’s usually a big inflation hawk,” said Gaffney, who believes that while markets are pricing in a September move, it’s more likely to come in December.
“I do think [Fed Chairman Ben] Bernanke wants to start the taper on his watch, and with him leaving in January, I think it’s going to start in December,” he added.
Gaining after its longest down streak this year, the S&P 500 index SPX +0.38%  climbed 6.29 points, or 0.4%, to 1,652.35, with consumer discretionary and financials pacing sector gains. 

“Good news from Home Depot and Best Buy appear to be giving the stock market” a lift, Fred Dickson, chief investment strategist at Davidson Cos., said in emailed commentary.
Best Buy BBY +13.24% gained 13.2% after the consumer-electronics retailer reported quarterly sales that surpassed estimates

Urban Outfitters Inc. URBN +8.19%  rose 8.2% after Wedbush Securities upgraded its rating on the retailer. 

The Nasdaq Composite COMP +0.68%  added 24.50 points, or 0.7%, to 3,613.59.
The gains contrasted with a sharp selloff in Asia, where worries about reduced Federal Reserve stimulus hit stocks, particularly in emerging markets.
After briefly slipping below 15,000 for the first time since July 5, the Dow Jones Industrial Average DJIA -0.05%  ended at 15,002.99, down 7.75 points, or 0.1%, extending its losing streak to five sessions. 

For every share declining, roughly three gained on the New York Stock Exchange, where 634 million shares traded. 

Composite volume approached 3 billion. 


3 stocks to watch Tuesday
Matt Jarzemsky joins the News Hub with a look at today's market action, including three stocks to watch. Photo: Getty Images. 

The dollar DXY -0.43%  fell against the currencies of major U.S. trading partners, including the yen USDJPY -.00%  and the euro EURUSD +0.01%  , while the yield on the 10-year Treasury note 10_YEAR -2.32%  fell 6 basis points to 2.815%. 

Gold futures GCZ3 +0.37%   rose $6.90, or 0.5%, to $1,372.60 an ounce.

Crude-oil futures for September delivery CLU3 -2.04%  shed $2.14, or 2%, to settle at $104.96 a barrel on the New York Mercantile Exchange

“One surprise is the lack of big movement in crude-oil prices in recent days given the trouble in Egypt and growing threats that an unstable government might change priority patterns for U.S. and Western Europe ships passing through the very crowded Suez Canal,” noted Dickson. 

“It’s the result of all the oil we’ve found in the United States; the U.S. has become more self-sufficient,” offered Gaffney of the less-volatile oil market. 

Shares of Barnes & Noble Inc. BKS -12.36%  fell more than 12% after Chairman Leonard Riggio halted his attempts to acquire the book seller’s retail business, according to a regulatory filing.
Reversing course, Home Depot Inc. HD -1.22%  slid 1.2% after the home-improvement retailer and Dow component raised its outlook for yearly profit growth. 

J.C. Penney Co. Inc. JCP +5.98%  added 6% after the department-store chain tallied second-quarter sales that declined at a slower pace than the prior year. Bloomberg News on Tuesday reported that J. Kyle Bass, founder of Hayman Capital Management LP, has built up a long position in the retailer. The report cited a person familiar with the matter.
Zillow Inc. Z -4.76%  fell nearly 5% after the real-estate website said it would sell $411.9 million in shares. 

Later this week, global central bankers will meet in Jackson Hole, Wyo., for a summer retreat, but Fed Chairman Ben Bernanke won’t attend. 

Economic reports this week include one Wednesday on the sale of existing homes in July, followed by another on weekly jobless claims scheduled for release on Thursday. 

Kate Gibson is a reporter for MarketWatch, based in New York.

Wall Street at Close Report by CNBC August 20, 2013: Stocks end mixed, Dow posts 5-day losing streak; Best Buy spikes 13%.



Stocks eased off their highs in the final minutes of trading to close narrowly mixed Tuesday, with the Dow logging its fifth-straight day lower. But losses were limited as handful of retailers and as bond yields receded from two-year highs.
Investors also awaited further indications over the timing of the Federal Reserve's widely expected reduction in asset purchases.

(Read more: Watch Art Cashin:S&P at 'very critical area')
Name Price Change %Change
DJIA Dow Jones Industrial Average 15002.99
-7.75 -0.05%
S&P 500 S&P 500 Index 1652.35
6.29 0.38%
NASDAQ Nasdaq Composite Index 3613.59
24.50 0.68%

The Dow Jones Industrial Average turned lower in the final minutes of trading to finish in the red for the fifth-straight day. Home Depot led the blue-chip laggards.

The S&P 500 and the Nasdaq finished higher. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, finished below 15.

The Dow and S&P 500 are on pace for their worst month since May 2012.


Among key S&P sectors, consumer discretionary and financials led the gainers, while consumer staples finished slightly lower.
Closing Bell Exchange
With tapering looming, Tom Karsten, Karsten Advisors; Bill Stone, PNC Asset Management Group; Vince Lowry, Revenue Shares; and CNBC's Rick Santelli provide insight on the markets going into the fall.
With no major economic news, investors have been focusing on when the Federal Reserve will start scaling back stimulus effort. The yield on the 10-year Treasury note slipped near 2.83 percent after hitting a fresh two-year high of 2.90 percent on Monday. "If you buy bond funds now, you're guaranteed to lose money whereas if you buy stocks, you still have a chance to make money," said Dan Veru, CIO of Palisade Capital Management. "We're going through this adjustment period of rates coming back up and that process can sometimes create headwinds for the market. And given we had no significant pullbacks for the market this year, we could be vulnerable to some setbacks." Global markets took a hit from worries about reduced Fed stimulus. European markets were lower across the board. In Asia, emerging market stocks extended their sharp losses. Indonesia's Jakarta Composite fell nearly 5 percent, placing it in bear market territory, having lost approximately 22 percent from May's all-time record high. And Thailand's benchmark SET Index dropped nearly 3 percent. (Read more: First India, then Indonesia... who is next?) Japan's Nikkei closed at a near two-month low and China's Shanghai Composite fell 0.6 percent. "The market did an excellent job of ignoring the overseas market damage this morning," wrote Elliot Spar, market strategist at Stifel Nicolaus. "If the market can have strong close today, my upside target is the gap at 1,685 on the S&P. We really don't want to get there too fast. Many damaged sectors and names need time to repair themselves. A rally in the S&P back to the recent high at 1,709 that is accompanied by numerous negative divergences would not be healthy for the market."
Meanwhile, several retailers bucked the recent downbeat earnings trend. Best Buy surged to lead the S&P 500 gainers after the consumer electronics retailer easily topped Wall Street expectations. Urban Outfitters soared after the specialty retailer posted earnings that beat expectations. At least four brokerages lifted their price targets on the company. JCPenney posted sales that continued to fall sharply last quarter, but the troubled retailer said the back-to-school season has so far been "encouraging." The company also said sales trend had improved every month in the quarter. Shares traded higher. And Dow component Home Depot posted second quarter earnings that topped expectations and raise its full-year guidance, citing the rebounding housing market. (Read more: Cramer: Once hated,these retailers will go higher) Analog Devices and Intuit are among notable companies scheduled to post earnings after the closing bell. Apple dipped after S&P Capital IQ downgraded the iPhone maker to "buy" from "strong buy." S&P Capital IQ equity analyst Scott Kessler said the stock was nearing his target price of $550, and noted that it had already risen 30 percent off a low set on June 27. Sony will release its PlayStation 4 console on November 15 in North America. The company said pre-orders for the new console has already exceeded one million. Barclays declined after a U.S. appeals court said investors may revive a lawsuit that alleges the bank misled them about its subprime mortgage exposure.
—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: