Pulte Merges, UBS Settles, Stocks Rebound
The stock market bounced back after yesterday's sharp sell off. Good news from the retail earnings front and a report that single family home construction actually grew powered the rebound. Further adding to the enthusiasm, giant home builder Pulte announced the successful acquisition of fellow behemoth Centex. On another uplifting note, off shore banking monster UBS, announced that a settlement is pending with the Feds for accusations of tax evasion assistance to the ultra wealthy. The DJIA gained +82.60 to 9217.94, the Nasdaq marched higher +25.08 to 1955.92 and the broad based S&P 500 climbed +9.94 to 989.67.
American Express (AXP | Chart | News | PowerRating) - Led the DJIA higher by climbing 4.28% or $1.30 to $31.69/share after being upgraded to outperform.
Home Depot (HD | Chart | News | PowerRating) - Added 3.14% or 82 cents to 26.93/share upon revealing that its second quarter loss was less than expected and raising its full year forecast as a result of cost cutting measures.
J Crew (JCG | Chart | News | PowerRating) - Was upgraded to out perform sending shares higher by 7.92% or $2.23 to $30.37.
James Hardie (JHX | Chart | News | PowerRating) - The aluminum siding maker surged 20.70% to $5.00 to $29.15/share on positive word that the housing slump may be ending.
Oil eased higher by $2.44 to $70.09, gold added $3.40 to $939.20 and the fear index VIX fell 6.10% to 26.198 as the market breathes a sigh of relief.
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