Daily Market Commentary for June 14, 2011
Labor Department reported that U.S. wholesale prices rose during month of May at the slowest pace seen in 10 months as the cost of food fell and energy prices moderated.
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Markets opened to the upside today, beginning in the pre-market trading session. The DOW was hosting triple digit gains during the session. The agreement includes both firms withdrawing their complaints to the U.S. International Trade Commission. The deal consists of â€œa one-time payment payable by Apple and ongoing royalties to be paid by Apple to Nokia for the term of the agreement,â€ Nokia said.
Nokia (NYSE: NOK) reported that they agreed to settle all patent litigation with Apple (NasdaqGS: AAPL) a move thatâ€™s expected to have a positive impact on the Finnish firmâ€™s recently lowered Q2 outlook. NOK shares were higher by 3% and AAPL shares were higher by 1% into afternoon trading session.
Caseys General Stores (NasdaqGS: CASY) shares were higher by 5% after reporting Q4 topped estimates.
GT Solar International (NasdaqGS: SOLR) shares were higher by 6% after raising its outlook for fiscal Q1.
Best Buy (NYSE: BBY) shares were higher by 4% after reporting Q1 profit and sales that exceeded street expectations.
SIGA Technologies (NasdaqGM: SIGA) shares were lower by 9%, amidst heavy trading volume, after the report that Congress plans to investigate a government contract awarded the bio-defense company.
Economic data released today:
Retail Sales: April Retail & Food Sales Revised to +0.3% from +0.5%; U.S. May Retail & Food Sales Excluding-Autos +0.3%; U.S. May Passenger Car Prices +0.5%; U.S. May Retail & Food Sales -0.2%; Consensus -0.6%.
PPI [Producer Price Index]: U.S. April PPI Unrevised at +0.8%; U.S. May PPI Crude Goods -4.1%; U.S. May PPI Core Crude Goods -0.9%; U.S. May PPI Energy Prices +1.5%; U.S. May PPI Intermediate Goods +0.9%; U.S. May PPI Core Intermediate Goods +0.9%; U.S. May PPI Excluding Food & Energy +0.2% vs. Consensus +0.2%; U.S. May Producer Prices +0.2% vs. Consensus +0.1%.
Business Inventories: U.S. April Business Inventories +0.8% vs. Expected +0.9%.
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