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Bob Carey
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  US Stocks Week Ended January 16, 2015
Posted Under: Weekly Market Commentary

 
The S&P 500 lost 1.22% last week during the second week of earnings season. The Swiss central bank shocked markets by removing the cap on the Swiss to Euro exchange rate. Also detracting from returns was a further drop in oil prices. On Tuesday, Oil futures closed at a 5-year low of $45.89. With the exception of the 2008 economic crisis and ensuing aftermath, investors have not seen oil price this low since 2004. Cell phone maker, Blackberry, took its investors for a roller coaster ride this week. Shares in the company began the week at $10.38, but reached an intraweek high of $12.60, after rumors began to swirl that the company had been approached by Samsung about a potential takeover. However, shares in the company dropped sharply, after Blackberry was quick to deny rumors they were being courted by the rival handset maker. It was a mostly bad week for domestic banks reporting earnings. Citi, Bank of America, Goldman Sachs, and JP Morgan all reported lower earnings. The weak performance was mostly attributable to lower trading revenues. The S&P 500 Financials sector index fell 2.67% for the week. Retailer Target announced plans to abandon its efforts to sell merchandise north of the border. Two years ago, Target made a large investment in Canada opening 133 stores. Last week, they announced closure of those stores along with layoffs of 17,000. Shares responded favorably, returning 1.20% last week. Chipmaker, Intel, reported Q4 EPS of $.74. However, the company gave weak sales outlook and reported an operating loss of $4.2 billion within their mobile business. Share prices will largely be driven by earnings announcements in the holiday-shorted trading session. Companies reporting fourth quarter results include PACCAR, Halliburton, General Dynamics and Verizon.
Posted on Tuesday, January 20, 2015 @ 8:46 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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