Market Wrap-Up for November 5, 2009
Network Equipment Technologies Inc. (NWK), Sanmina-SCI Corporation (SANM), and Gibraltar Industries Inc. (ROCK) are today’s featured story stocks as the market ended higher on the day.
Featured Story Stocks
- Network Equipment Technologies Inc. [[NWK]] – Shares of the voice and data networking solutions provider rose sharply higher after announcing that it would present at the Second Annual Needham Broadband TechDay on November 12, 2009 at 8:00 EDT in New York City. Needham is a privately held full-service investment bank with the mission of helping emerging growth companies achieve their potential.
- Sanmina-SCI Corporation [[SANM]] – Shares of the integrated electronics manufacturing provider its shares rise sharply higher after reporting a fourth quarter loss of $32.3 million, or 41 cents per share, compared to a much wider loss a year ago. Meanwhile, CEO Jure Sola insisted that despite a challenging economy, the company expects to earn first quarter revenues of between $1.35-1.45 billion.
- Gibraltar Industries Inc. [[ROCK]] – Shares of the building distributor rose higher reporting higher after second quarter earnings jumped to $0.28 per share on sales that advanced 4% to $225 million. Meanwhile, the company paid down $40 million in debt, the balance of its revolving credit facility. The company plans on continuing to focus on cash management, de-levering, and cost reductions for the balance of 2009.
Market Summary
U.S. market ended the day on a sharply higher note amid positive employment data. The Labor Department said the number of newly laid-off workers seeking unemployment benefits fell to 512,000 last week. As a result, the Dow Jones rose 203.67 points to over 10,000, the S&P 500 moved up 20.11 points to 1,066.61, and the Nasdaq moved up 49.80 points to 2,105.32.
Commodities had a relatively quiet session as the dollar made a modest 0.1% gain after sliding considerably in the previous session. Gold prices moved 0.2% higher at $1089.30 per ounce, while silver prices closed 0.3% higher at around $17.41 per ounce. Crude oil fell 78 cents to settle at $79.62 per barrel at the New York Mercantile Exchange.
Overseas shares recovered from early losses to end higher after central banks left interest rates unchanged. Britain’s FTSE rose 0.4%, Germany’s DAX rose 0.7%, and France’s CAC gained 1.1%.
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