Stocks curb losses, AT&T rallies
3 min readEssex Investment Management senior portfolio manager Nancy Prial names her Wall Street stock picks.
U.S. equity markets curbed some losses midday Thursday as traders digested better-than-expected jobless claims, details from President Biden’s climate summit, and a basket of fresh earnings.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33976.33 | -160.98 | -0.47% |
| SP500 | S&P 500 | 4163.6 | -9.82 | -0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13962.546714 | +12.33 | +0.09% |
The Nasdaq Composite rose 0.2%, while the S&P 500 was little changed and the Dow Jones Industrial Average fell 61 points or 0.18%.
In economic data, initial jobless claims fell to a coronavirus-era low of 547,000, better than the 617,000 that analysts were expecting. Additionally, existing-home sales hit a 7-month low on record prices, tight inventory.
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In stocks, AT&T shares jumped after profits rose by $7.5 billion, or $1.04 a share, up from $4.6 billion, or 63 a share in the same period a year-ago.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| T | AT&T, INC. | 31.30 | +1.21 | +4.00% |
President Biden is holding a virtual conference with 40 world leaders, including Chinese President Xi Jinping, where he will pledge to lower U.S. greenhouse gas emissions by up to 52% from 2005 levels before the end of the decade. Automakers were among the groups in focus as Biden gets set to unveil his climate actions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 11.96 | +0.24 | +2.05% |
| GM | GENERAL MOTORS CO. | 56.82 | -0.68 | -1.18% |
| TSLA | TESLA, INC. | 730.87 | -13.25 | -1.78% |
Meanwhile, Credit Suisse Group said it could raise around $2 billion through the sale of new shares in order to shore up its balance sheet following the Archegos Capital Management debacle, which resulted in a 4.4 billion Swiss franc charge. The bank expects an additional 600 million Swiss franc charge in the current quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CS | CREDIT SUISSE GROUP AG | 10.07 | -0.30 | -2.89% |
American Airlines Group Inc. loss in the three months through March narrowed to $1.25 billion, from $2.24 billion a year earlier, as it posted a fifth straight quarterly deficit. The airline sees signs of demand recovering during the current three-month period.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP, INC. | 20.57 | -0.44 | -2.08% |
| LUV | SOUTHWEST AIRLINES CO. | 62.58 | +0.61 | +0.98% |
Rival Southwest Airlines Co. earned $116 million last quarter, boosted by $1 billion in federal money that offset labor costs. The company forecasts its cash burn will slow to between $2 million and $4 million per day in April as more Americans get vaccinated and begin to travel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DHI | D.R. HORTON INC. | 93.69 | +0.48 | +0.52% |
| WHR | WHIRLPOOL CORP. | 232.95 | -1.62 | -0.69% |
Elsewhere, Homebuilder D.R. Horton Inc. reported quarterly profit nearly doubled from a year ago as low mortgage rates and increased demand for housing in the socially distant suburbs amid the pandemic boosted sales. While appliance maker Whirlpool raised its full-year guidance as demand for housing remains strong.
In commodities, West Texas Intermediate crude oil rose 45 cents to $61.80 per barrel and gold dropped $12.70 to $1,780.40 an ounce.
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Overseas markets were mostly higher.
European markets rallied across the board with Britain’s FTSE 100 up 0.05%, Germany’s DAX 30 gaining 0.48% and France’s CAC 40 advancing 0.69%.
In Asia, China’s Shanghai Composite index slipped 0.23% while Hong Kong’s Hang Seng index and Japan’s Nikkei 225 climbed 0.47% and 2.38%, respectively.
