| On The Fly: Closing Wrap | Stocks on Wall Street were higher as tensions in Ukraine appeared to ease after Russian President Vladimir Putin reportedly said the country would only use force in the region as a last resort. The averages opened higher following the encouraging overnight headlines and gave up almost no ground during the session, closing just off their best levels as the S&P 500 made a new all-time closing high. ECONOMIC EVENTS: In the U.S., the New York region ISM reading for February fell to 57.0 from last month's 64.4 figure.
COMPANY NEWS: The shares of electronic retailer RadioShack (RSH) plunged 47c, or 17.28%, to $2.25 after the company reported wider than expected losses during its fourth quarter and announced that it plans to close up to 1,100 of its U.S. stores this year. The retailer said, however, that it is not considering a pre-packaged bankruptcy and that it has ample liquidity to meet its obligations...
Tech giant Qualcomm (QCOM) raised its quarterly dividend 20% and increased its share repurchase authorization by $5B. Shares of the semiconductor chip maker gained $2.48, or 3.37%, to $76.11 for the session. MAJOR MOVERS: Among the notable gainers was Chinese online discount retailer Vipshop (VIPS), up $41.45, or 32.44%, to $169.21 after the company's fourth quarter results and first quarter guidance easily surpassed expectations. Also higher was J.C. Penney (JCP), which rose 33c, or 4.15%, to $8.29 after S&P last night upgraded its outlook on the retailer to stable from negative. The rating agency said the company is unlikely to default over the next year. Among the noteworthy losers was Cliffs Natural Resources (CLF), which fell 40c, or 2.05%, to $19.15 to serve as the S&P 500's worst performer after the stock was downgraded to Underperform from Market Perform at Wells Fargo. Also lower was energy industry services provider McDermott (MDR), down 67c, or 8.26%, to $7.44 after reporting a quarterly loss, withdrawing its prior guidance, and saying it will suspend future guidance for the "foreseeable future." INDEXES: The Dow was up 227.85, or 1.41%, to 16,395.88, the Nasdaq was up 74.67, or 1.75%, to 4,351.97, and the S&P 500 was up 28.18, or 1.53%, to 1,873.91. |
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