After Market: A Nice Rebound After Last Week's Weak Showing

Before you go, we thought you'd like these...
Before you go close icon

Citigroup grabbed the spotlight Monday -- for reasons both positive and negative -- while Wall Street continued its march higher as earnings season started to kick into high gear.

The Dow Jones industrial average (^DJI) gained 111 points, the Nasdaq composite (^IXIC) rose almost 25 points and the Standard & Poor's 500 index (^GPSC) was up by 9 points.

All eyes were on Citigroup (C) on Monday. The bank agreed to pay $7 billion to settle charges related to mortgages it sold before the financial crisis, and it also beat on earnings. The stock closed 3 percent higher. This week is jam-packed with banks coming out with their results. Bank of America (BAC) and JPMorgan Chase (JPM) were up around 1 percent ahead of releasing their results.

Some acquisition activity boosted other stocks. Pharma company Mylan (MYL) is buying part of Abbott Laboratories' (ABT) business for $5.3 billion in stock. Mylan gained 2 percent and Abbott was higher by more than 1 percent.

Engineering firm URS (URS) is going to be acquired by rival Aecom Technology (ACM) in a deal valued at around $4 billion. The news sent both stocks sharply higher. URS gained 12 percent and Aecom was up 10 percent.

Energy company Whiting Petroleum (WLL) rallied more than 7.5 percent on news it is seeking to buy Kodiak Oil & Gas (KOG). Whiting has been on fire this year. Its stock has risen 36 percent year to date. In other energy M&A news, oilfield services company Weatherford (WFT) International is selling its Venezuelan and Russian assets to Russia's Rosneft. Weatherford was up 2.5 percent.

And a report in an Israeli newspaper that drugmaker Perrigo (PRGO) might be on the auction block sent its stock higher by more than 8.5 percent.

Elsewhere in deal news, British soccer team Manchester United (MANU), which is a publicly traded company in the U.S., rallied more than 4 percent on news that Adidas will be sponsoring the team for 10 years and paying them $130 million a year for the honor. It will be the largest uniform sponsorship deal in history.

Apple (AAPL) got a 1 percent boost from an upgrade at Barclay's. EBay (EBAY) fell half a percent on a downgrade and TripAdvisor (TRIP) dropped less than 1 percent on a downgrade as well. But the downgrade to neutral from Nomura is mainly because the TripAdvisor has had a 25 percent run up since the beginning of the year.

-Produced by Karina Huber.

What to Watch Tuesday:

  • At 8:30 a.m. Eastern time, the Commerce Department releases retail sales data for June; the Federal Reserve Bank of New York releases its latest survey of manufacturing conditions in New York state; and the Labor Department releases import and export prices for June.
  • The Commerce Department releases business inventories for May at 10 a.m.
These major companies are due to release quarterly financial statements:
  • Cintas (CTAS)
  • Comerica (CMA)
  • Commerce Bankshares (CBSH)
  • CSX (CSX)
  • Goldman Sachs (GS)
  • J.B. Hunt Transport Services (JBHT)
  • Johnson & Johnson (JNJ)
  • JPMorgan Chase (JPM)
  • Pinnacle Financial Partners (PNFP)
  • Yahoo (YHOO)
The 7 Best Things to Buy in July
See Gallery
After Market: A Nice Rebound After Last Week's Weak Showing
It's time to hit the thrift stores, consignment shops and furniture outlets. Now that most people have done their spring cleaning and renovating, their used furniture is on the market. That means a hefty supply, plus low prices since stores only have so much space. You can also find discounted new furniture in July, because the next year's models arrive in stores in early August. Don't be afraid to try to negotiate on prices. It often works.
Electronics -- computers and tablets specifically -- see decreases in price starting in early July. These prices continue to drop as the school year gets closer, and best way to stay on top of the hottest deals is to sign up for e-newsletters from retailers. Remember to take advantage of company and educational discounts that may be available to you, and to negotiate for free or discounted accessories.
Bottled water goes on sale throughout July as a lure to get you into stores. it also gets purchased more frequently throughout the summer -- the natural result of barbecue and picnic season, when people entertain and spend more time outdoors. So if you drink bottled water year-round, stock up now.
If you can manage, hold off purchasing your new grill until after the Fourth of July, when mark-downs approach 50 percent off. This applies to grilling accessories, too, including grill baskets and utensils. Also, check consignment shops and thrift stores. Many people buy new grills for the Fourth of July and donate or sell their old ones.
Speaking of grilling, among the hottest buys during July are condiments for burgers and hot dogs: mustard, ketchup, relish, sour cream, sauerkraut, mayonnaise and pickles, etc. Buy in bulk, and pair in-store specials with coupons for super-low prices on these summer must-haves.
If you're in the market for a sweet new pair of jeans, July is the best time to buy them. Few people buy jeans during one of the hottest months of the year, so retailers put them on sale to move them. Stores also get new jeans in the late summer in anticipation of fall shopping season, so they're eager to sell old ones to make room for new duds.
Formal suits are also seldom purchased during the middle of summer. Consequently, many suit retailers will hold sales to keep business moving. If you have an upcoming formal wedding to attend -- or if you simply need new suits for work and special occasions -- July is the best time to buy.
Read Full Story

People are Reading