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U.S. stocks fluctuate near records on earnings, stimulus bets

By Aubrey Pringle and Sofia Horta e Costa, Bloomberg

November 11, 2013 • Reprints

U.S. stocks fluctuated, after the longest streak of weekly gains since February, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.

Transocean Ltd. added 3.9% after the offshore rig contractor agreed with investor Carl Icahn to propose a $3 per share dividend. ViroPharma Inc. jumped 26% as Shire Plc. bought the company for about $4.2 billion. Best Buy Co. rose 4% after a UBS AG analyst upgraded the stock. D.R. Horton Inc. slid 1.7% as homebuilder stocks dropped for a third day. KKR & Co. fell 1.5% after it bought Brickman Group Ltd. for $1.6 billion.

The S&P 500 added less than 1 point to 1,771.05 at 2:51 p.m. in New York, within one point of its record. The Dow Jones Industrial Average climbed 11.05 points, or 0.1%, to 15,772.83, headed for a record close. Trading in S&P 500 stocks was 24% below the 30-day average at this time of day. The U.S. bond market is closed because of the Veterans Day holiday.

“Today’s going to be very light because it’s a holiday for many people,” John Carey, a portfolio manager at Pioneer Investment Management who oversees $200 billion in assets globally, said by phone from Boston. “People will be watching over the next few weeks to see if the Fed does decide to begin tapering this year. If earnings continue trending higher the support will be there for better share prices.”

Earnings Scorecard

The S&P 500 added 0.5% last week for a fifth week of gains. Better-than-forecast data on jobs and growth indicated the economy is strong enough to withstand a reduction in Federal Reserve stimulus, even as consumer spending climbed last quarter at the slowest pace since 2011.

Corporate earnings that surpassed estimates and unprecedented monetary support from the Federal Reserve have propelled the S&P 500 higher by more than 160% from a March 2009 low.

Of the 447 S&P 500 companies that have released third- quarter profits so far, 75% have beaten analysts’ forecasts, data compiled by Bloomberg showed. Earnings per share for the companies on the gauge probably increased 4.7% in the third quarter, and will rise 6.2% in the fourth, according to estimates compiled by Bloomberg.

“We can put in the books that the third quarter earnings season was another positive surprise,” Phil Orlando, New York- based chief equity market strategist at Federated Investors, said by phone. His firm oversees about $380 billion in assets. “The market was way too pessimistic going in.”

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US Federal Reserve 8527Bloomberg 5254financials 2975S&P 500 2462stocks 2123equities 1689Stock indexes 843New York 841Illinois 599UBS AG 455retail 307earnings 303Amazon.com Inc. 100Amazon 95International Business Machines Corp. 78technology stocks 76Wal-Mart Stores Inc. 72Home Depot Inc. 61Carl Icahn 45Best Buy Co. 44D.R. Horton Inc. 42online retailer 31News Corp. 21Transocean Ltd. 19KKR & Co. 14Federated Investors 13John Carey 13P 500 ETF Trust 11Denbury Resources Inc. 8U.S. Postal Service 7Nordstrom Inc. 6Phil Orlando 6Henry Kravis 6FirstEnergy Corp. 3George Roberts 3Gogo Inc. 2Leonard Green & Partners 2Pioneer Investment Management 2Shire Plc. 2offshore rig contractor 2ViroPharma Inc. 1Brickman Group Ltd. 1Phone 1in-flight Internet services 1Alison Porter 1Michael Lasser 1UBS AG analyst 1

Free Newsletter Modern Trader Follow

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