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Closing Update: Stocks Rally for Second Day
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04:12 PM Eastern Standard Time
-NYSE up 93.2 (1.3%) to 7,101.42. -DJIA up 111.3 (1.1%) to 10,297. -S&P 500 up 14 (1.3%)to 1,103. -Nasdaq up 18.8 (0.9%) to 2,190. GLOBAL SENTIMENT Hang Seng up 0.14% Nikkei up 1.63% FTSE up 0.68% UPSIDE MOVERS (+) LXK beat with Q4. (+) UPS beat with Q4. (+) ANN hiked sales view. (+) Q removed from Goldman Conviction Sell list. (+) XOM gets analyst upgrade. (+) CITP sold to Manpower. (+) CGEN jumps on protein discovery. (+) ACHN continues evening gain seen after licensing deal. (+) BKS continues run on report of key investor interested in bigger DOWNSIDE MOVERS (-) DOW down despite swing to Q4 profit that beats. (-) AMD added to Goldman's Conviction Sell list. (-) BP down on report of refining weakness. (-) XOMA selling shares. (-) DISK to be delisted from Nasdaq. MARKET DIRECTION Stocks end up around 1%, with the DJIA putting together back-to-back triple digit gains. It's the strongest two-day performance for the broader market since November. The National Association of Realtors said its index of sale contracts rose 1 percent in December. It was the ninth improvement over the past 10 months. Better-than-expected results from builder DR Horton (DHI) added to renewed enthusiasm for the housing sector. Crude oil futures gained on the housing news and amid expectations of a drop in U.S. supplies of crude. Crude oil for March delivery finished up $2.80, or 3.6%, at $77.23 a barrel. Earnings news was mostly positive. Lexmark (LXK) reported Q4 revs of $1.07 bln, better than the analyst mean of $989 mln on Thomson Reuters. Earnings were $0.76 per share on a GAAP basis, and $1.16 per share on an ex-items basis, both better than the Street view of $0.62 per share. For Q1, the company expects revenue to be up slightly year-on-year, GAAP EPS of $0.64 to $0.74 per share, and ex-items EPS of $0.80 to $0.90 per share. The Street is at $0.61 per share in earnings. UPS (UPS) reported Q4 earnings of $0.75 per share, a penny ahead of the analyst mean on Thomson Reuters. Revenue was $12.3 bln, ahead of expectations of $12.24 bln. For 2010, the company is guiding for EPS within a range of $2.70 to $3.05 per share. The Street is at $2.81 per share. Dow Chemical (DOW) declined despite its swing to profit. The company reported Q4 EPS ex-items of $0.18, swinging from a comparable loss of $0.63 in the same quarter a year ago, and topping the Thomson Reuters mean analyst estimate for $0.11. Sales rose 15% to $12.5 billion, topping the Street view for $11.8 billion. Next Analysis:
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