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SmarTrend Market Close Wrap-Up -- May 3, 2012

Thu, 03 May 2012 00:00:00 GMT

"Themajor US equity indices closed lower Thursday ahead of the Labor Department's jobs report on Friday which investors believe could will bring bad news for economic growth. Breaking news at the end of the trading session, Facebook announced plans for its IPO, saying it will sell 180 million shares at a price range between $28 and $35 per share. If the social network sells at the top end of the range, the company could raise $6.3 billion in the offering. This would give them a total market capitalization just under $75 billion. Facebook will begin trading on the Nasdaq exchange under the ticker FB on an expected date of May 18. In corporate news, LinkedIn (NYSE:LNKD) reported their first quarter earnings, posting an EPS of $0.15, beating estimates of $0.09. Revenue for the quarter increased 101% to $188.5 million, beating estimates of $178.58 million. Because of the positive earnings results, the company's shares jumped over 10 and half percent in after hours trading. And Kraft (NYSE:KFT) reported first quarter earnings after the bell today, posting an EPS of $0.57, beating estimates of $0.56. Revenues for the quarter rose 4% year over year to $13.09 billion, topping analyst estimates of $13.05 billion. Despite these earnings though, Kraft Foods is down over 1% in after hours trading. The Dow Jones Industrial Average (DJI) closed 0.47% lower at 13206.59, the S&P500 (S&P 500 INDEX,RTH) closed 0.77% lower at 1391.57, and the Nasdaq Composite (IXIC) closed 1.16% lower at ...

SmarTrend Market Close Wrap-Up -- April 30, 2012

Mon, 30 Apr 2012 00:00:00 GMT

The major US equity indices closed lower Monday on the last day of trading in April, with the Dow Jones having its longest seven-month winning streak since 2007. This as the commerce department reports consumer spending and a slew of more corporate earnings. The Commerce Department released its consumer spending report this morning, saying Americans saved more in the month of March. Consumer spending climbed a seasonally adjusted 0.3%, while income rose slightly faster at 0.4% mainly because of higher government-benefit payments. This makes the savings rate at 3.8%, a little higher from the rate in February of 3.7%, which was the lowest since the recession. In corporate news, Barnes and Noble (NYSE:BKS) soared in the session, up over 50% on news of a Microsoft (NYSE:MSFT) investment. The two companies have decided to create a subsidiary called Newco, where they will merger Barnes & Noble's digital and college businesses. Microsoft will make a $300 million investment in Newco at a post money valuation of $1.7 billion in exchange for a 17.6% stake in the company. Barnes & Novle will own about 82.4% and will continue the subsidiary's relationship with its stores And Anadarko Petroleum Corporation (NYSE:APC) posted its first quarter earnings after the bell today, posting an EPS of $4.28 well exceeding expectations of $0.83 a share. Revenues for the quarter came in at $3.45 billion, just above estimates of $3.25 billion. It will definitely be a stock to watch when we start ...

SmarTrend Market Close Wrap-Up -- April 20, 2012 (DJI,INX,IXIC)

Fri, 20 Apr 2012 00:00:00 GMT

The major US equity indices closed mixed Friday after a two day losing spell. The markets overall were in positive territory for the week on mixed corporate earnings and concerns over the Eurozone Big news in the corporate world as earnings season continues. Dow component General Electric shares rose 1.4% on the day after their positive earnings release. GE posted first quarter EPS of $0.34 on revenues of $35.2 billion dollars, beating analyst estimates. But not every company had good news today. Apple (NASDAQ:AAPL) falling over 2 and a half percent, bringing the Nasdaq down into negative territory. The tech company is experiencing what analysts call a technical correction, losing more than 10% off its record high of $644 on April 10th. Finally, merger talks with US Airways, AMR Corp. unions, and American Airlines are shaking up the transportation sector today. AMR Corporation is in the middle of its chapter 11 bankruptcy case and unions are trying to force a merger between the company and US Airways. The merger could save up to 6200 jobs at American Airlines. So far though, a merger does not seem likely Now taking a look at where the markets closed today... The Dow Jones Industrial Average (DJI) closed 0.50% higher at 13029.26, the S&P500 (S&P 500 INDEX,RTH) closed 0.12% higher at 1378.53, and the Nasdaq Composite (IXIC) closed 0.24% lower at 3000.45.

SmarTrend Market Close Wrap-Up -- April 9, 2012 (DJI,INX,IXIC)

Mon, 09 Apr 2012 00:00:00 GMT

The major US equity indices closed lower Monday, falling about 1% and staying red for most of the day. The drop came in response to Friday's March jobs report which showed less growth than analysts expected. However some big news in the corporate world today, Facebook announced it purchased popular mobile photo app Instagram for $1 billion in a combination of cash and shares of Facebook. CEO and Founder Mark Zuckerberg posted the news on his Facebook timeline saying he was excited Instagram was joining the Facebook team. This comes after last week's news, with the Android version of Instagram being released and Facebook announcing it will be trading on the NASDAQ exchange. And internet portal AOL announced on Monday it has agreed to sell 800 of its patents and their related applications to Microsoft. The deal would total at $1.06 billion in cash. AOL will still hold 300 patents in their portfolio after the deal and will have a license to the patents being sold to Microsoft. The company is reportedly giving back proceeds of the sale to its shareholders. The Dow Jones Industrial Average (DJI) closed 1% lower at 12929.59, the S&P500 (S&P 500 INDEX,RTH) closed 1.14% lower at 1382.20, and the Nasdaq Composite (IXIC) closed 1.08% lower at 3047.08

SmarTrend Market Close Wrap-Up -- March 30, 2012

Fri, 30 Mar 2012 00:00:00 GMT

The major US equity indices closed mixed Friday after a positive report on consumer spending and an announcement the Euro Zone with get more money in their rescue fund. The Commerce Department reported today consumer spending rose 0.8%, the largest gain in seven months. This is more than expected with the average consensus estimate around an increase of 0.6% This brings hope that the biggest part of the economy is strengthening. Euro zone finance ministers agreed today on a temporary increase in their financial rescue fund to prevent a second-coming of the sovereign debt crisis. The increase was 700 billion euros from 500 billion, making the firewall fund reach over one trillion american dollars. This comes after the Organization fro Economic Cooperation and Development called for more money to be added to the rescue fund this past week. And in corporate news, MasterCard (NYSE:MA) and Visa (NYSE:V) reported a third party might have breached their systems and could have put card and account information at risk. Law enforcement has been alerted and MasterCard said an "independent data security organization" is conducting a forensic review of the matter. According to the Wall Street Journal, the breach most likely occurred between January 21 and February 25. Now taking a look at where the markets closed today: The Dow Jones Industrial Average (DJI) closed 0.50% higher at 13212.19, the S&P500 (S&P 500 INDEX,RTH) closed 0.37% higher at 1408.47, and the Nasdaq Composite (IXIC ...

SmarTrend Market Close Wrap-Up - February 17, 2012 (DJI,INX,IXIC)

Fri, 17 Feb 2012 00:00:00 GMT

Themajor US equity indices closed mixed Friday as investors earlier today paused ahead of a long weekend that could potentially feature market-moving news from Europe. While Bloomberg Businessweek reported that GM (NYSE:GM) says there will extra costs cuts for its distressed unit in Europe after the last turnaround plan did not stop losses there. In corporate news, Heinz (NYSE:HNZ) reported fiscal third quarter earnings of $0.95, besting consensus estimates of $0.85 and last year's $0.84, as revenues shot up 40% from a year ago to $2.92 billion, well above estimates of $2.62 billion. The firm also narrowed full-year fiscal 2012 guidance to $3.32-$3.34, from $3.29-$3.39 prior and estimates of $3.32. Campbell Soup (NYSE:CPB) reported Q2 EPS of $0.64, topping estimates of $0.62. Revenues in the quarter came in at $2.11 billion, slightly short of consensus estimates of $2.12 billion. The Dow Jones Industrial Average (DJI) closed 0.35% higher at 12949.64, the S&P500 (S&P 500 INDEX,RTH) closed 0.23% higher at 1361.11, and the Nasdaq Composite (IXIC) closed 0.27% lower at 2951.78

SmarTrend Market Close Wrap-Up -- February 14, 2012

Tue, 14 Feb 2012 00:00:00 GMT

Themajor US equity indices closed mixed Tuesday after being in the red for most of the day. The losses came early after a disappointing increase in retail sales which caused investors to worry about US economic growth. The Commerce Department reported Tuesday retail sales rose a seasonally adjusted 0.4 percent in the month of January, a slight improvement from a disappointing December. However, economists polled by Reuters had forecast sales climbing 0.7 percent last month. The slight increase does suggest consumers are becoming more confident about the economy. But, it could also mean that many are relying on credit as wages have not kept up with inflation. In corporate news, talks between Yahoo (NASDAQ:YHOO) and China's Alibaba are on the rocks. The companies were planning to strike up a $17 billion tax-free asset swap, an attempt by Yahoo to turn its business around to appease shareholders. Currently, the plan will not move forward but some sources say Yahoo and its Asian partners could still strike up another, taxable deal. And Apple (NASDAQ:AAPL) is working with component suppliers in Asia in order to test a new tablet computer with a smaller screen, according to a Wall Street Journal report. Unnamed officials at some Apple suppliers say the company has shown them designs for a new device with a screen size of about 8 inches, and say it is qualifying suppliers for it. The Dow Jones Industrial Average (DJI) closed 0.03% higher at 12878.28, the S&P500 (S&P 500 INDEX ...

SmarTrend Market Close Wrap Up -- February 13, 2012

Mon, 13 Feb 2012 00:00:00 GMT

The major US equity indices closed higher Monday on news Greece has approved austerity measures and President Obama has released a new budget proposal. Greek parliament passed new austerity measures today that will hopefully give the country funds to avoid default. The vote was 199 to 74 just past midnight on Monday amid protests. The euro rallied immediately after the vote but failed to sustain a push above the $1.33 level. Greece is now in its fifth year of recession. And President Obama revealed his budget for 2013, planning to borrow $1.3 trillion and raising up to $1.5 trillion in new taxes over the next decade. The budget proposal will raise the money from allowing tax cuts for wealthier Americans to expire and also imposing a 30 percent tax rate on millionaires. In spending, the president is calling for $350 billion on jobs programs, $476 billion in infrastructure projects and $2.2 billion in manufacturing research and development. Finally, in corporate news shares of Apple surpassed the $500 mark in trading today, hitting an all time record. The tech giant has risen 19% since reporting its earnings results for the December quarter on January 24th. Even after hitting this milestone, however, the stock is still 85% below price targets set by brokers. The Dow Jones Industrial Average (DJI) closed 0.57% higher at 12874.04, the S&P500 (S&P 500 INDEX,RTH) closed 0.68% higher at 1351.77 and the Nasdaq Composite (IXIC) closed 0.95% higher at 2931.39.

SmarTrend Market Close Wrap-Up -- February 9th, 2012

Thu, 09 Feb 2012 00:00:00 GMT

The major US equity indices closed higher Thursday on positive economic news and a huge settlement deal with big banks. US States have finally reached a deal with the nation's biggest mortgage lenders over foreclosure abuses that occurred back in 2008. The $25 billion settlement would reduce loans for nearly 1 million households and would send checks of $2000 to about a quarter of a million Americans who were improperly foreclosed upon. The five major banks involved in the settlement include Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Ally Financial (NYSE:ALLY). The number of Americans filing first-time jobless claims dropped by 15000 last week - to 358000 from 373000 the week prior - and are at an all-time low since March of 2008. The news has given many cause to express optimism over an improving labor market, especially when compiled with January's unemployment rate dipping to 8.3 percent And in corporate news, Drink maker Pepsico (NYSE:PEP) reported its fourth quarter earnings today that beat estimates as well as announcing it will cut 8700 jobs, or 3% of its entire workforce. The company also said it plans to pour $500 million to $600 million into brands this year and will have higher dividends and share repurchases in 2012. The Dow Jones Industrial Average (DJI) closed 0.05% higher at 12890.46, the S&P500 (S&P 500 INDEX,RTH) closed 0.15% higher at 1351.95, and the Nasdaq Composite (IXIC) closed 0.39% higher ...

SmarTrend Market Close Wrap-up -- February 2, 2012 (DJI,INX,IXIC)

Thu, 02 Feb 2012 00:00:00 GMT

Today is Thursday February 2nd, 2012 and this is your market close wrap up. US equity indices closed mixed Thursday as 367000 jobless claims were reported, versus the expected 317000. There were 3.4 million continuing claims, versus the expected 3.53 million. In corporate news, shares Green Mountain Coffee rose Thursday morning after the company announced quarterly earnings on Wednesday. Green Mountain ended the day up almost 24% to finish at $66.42 Merck reported fourth quarter earnings this morning, posting an EPS of $0.97, better than analyst estimates of $0.95 per share. But revenue came in short of estimates, driving down healthcare stocks. And Pulte Group reported positive earnings today with an EPS of $0.11, on revenue of $1.26 billion. That's better than estimates of $0.07 on revenue of $1.14 billion. Now taking a look at where the markets closed today. The Dow Jones Industrial Average closed 0.09% lower at 12705, the S&P500 closed 0.11% higher at 1325, and the Nasdaq Composite closed 0.40% higher at 2859.

SmarTrend Market Close Wrap-Up -- January 13, 2012

Fri, 13 Jan 2012 00:00:00 GMT

The major US equity indices closed lower Friday as the S&P downgraded a number of European sovereigns, including France. The futures dropped during the pre-market trading session following rumors of an S&P downgrade of the euro zone nations. In corporate news, Eastman Kodak (NYSE:EK) is currently in advanced talks with Citigroup (NYSE:C) to attain financing that would be used if the money-losing photography company files for bankruptcy protection. And JP Morgan Chase (NYSE:JPM) reported Q4 EPS of $0.90, inline with consensus estimates. Revenues for the quarter came in at $22.2 billion, vs. consensus estimates 23.0 billion. Now taking a look at where the markets closed today: The Dow Jones Industrial Average traded 0.39% lower at 12422, the S&P500 traded 0.50% lower at 1288, and the Nasdaq Composite traded 0.51% lower at 2710.

SmarTrend Market Close Wrap-Up - January 12, 2012

Thu, 12 Jan 2012 00:00:00 GMT

The major US equity indices closed higher Thursday despite unemployment back on the rise. The Department of Labor announced 399000 people filed for new unemployment claims last week, that is up 24000 from the week prior. Analysts were expecting an average of 375000 filed claims. In corporate news, Royal Bank of Scotland (NYSE:RBS) announced changes to its wholesale banking operations to ensure they continue to deliver against the Group's strategy announced in 2009. The changes follow a review outlined at its Q3 2011 results, in light of a changed market and regulatory environment. While, Target announced it would be starting a new $5 billion sock buyback plan upon completion of its current $10 billion plan. The Dow Jones Industrial Average (DJI) closed 0.17% higher at 12471.01, the S&P500 (S&P 500 INDEX,RTH) closed 0.23% higher at 1295.50, and the Nasdaq Composite (IXIC) closed 0.51% higher at 2724.70.

SmarTrend Market Close Wrap-Up -- January 6, 2012 (DJI,INX,IXIC)

Fri, 06 Jan 2012 00:00:00 GMT

Good Afternoon, I'm Mari Fagel and you're watching Smartrend News. Today is Friday January 6, 2012 and this is your market close wrap up. The major US equity indices closed mixed Friday on positive economic news and continuing European debt troubles. The Labor Department says 200000 jobs were added in the month of December while the unemployment rate fell to 8.5% from a 8.7% a month earlier. This is great news considering economists and analysts were expecting the unemployment rate to stay at its previous 8.7% and only 150000 jobs added in the month of December. In corporate news, Digitimes reports that Apple (NASDAQ:AAPL) could ship its iPad 3 with full HD Display followed by an iPad 4 October with a new array of apps, according to industry sources in Taiwan. And Alcoa's (NYSE:AA) earnings report will unofficially kick off the Q4 earnings season on Monday, January 9 after the market close, with a conference call scheduled for 5:00 pm ET. Analysts are looking for EPS of $0.01 on revenue of $5.78 billion. The consensus range is a loss of $0.07 to a gain of $0.17 for EPS, and $5.46 billion-$6.16 billion for revenue, according to First Call. Now taking a look at where the markets closed today. The Dow Jones Industrial Average closed 0.45% lower at 12360, the S&P500 closed 0.25% lower at 1278, and the Nasdaq Composite closed 0.16% higher at 2674. This has been your market close wrap up for Friday, January 9th, I'm Mari Fagel. For more financial news and headlines keep it ...

SmarTrend Market Close Wrap-Up -- December 19, 2011 (DJI,INX,IXIC)

Mon, 19 Dec 2011 00:00:00 GMT

Themajor US equity indices closed lower Monday after an announcement by European union finance ministers and stricter rules set by the Federal Reserve. European Union finance ministers said additional bailout funding promised by euro-currency members was not being contributed by some key governments. The members promised to provide 150 billion euros of additional resources to the International Monetary Fund. The Czech Republic, Denmark, Poland, and Sweden, countries not part of the euro, said they were willing to take part in reinforcing the IMF but there was no commitment still from the United Kingdom. And, the Federal Reserve has decided to implement new rules that will require banks to hold additional capital. Ignoring pleas by large US banks, the reserve elected to adopt stricter capital rules announced by global regulators in Basel, Switzerland. This caused many US big banks to drop during the trading session. In corporate news, Saab Automobile filed for bankruptcy today, grim news for the company's 3000 employees. The last straw was the recent General Motors rejection of a Chinese company's attempts to gain control of the Swedish carmaker. Saab CEO Victor Muller personally handed over the bankruptcy petition to a Swedish court which was approved late today. And, Red Hat (NYSE:RHT) reported Q3 EPS of $0.28, better than analyst estimates of $0.26 per share. Revenues for the quarter rose 23.1% year-over-year to $290 million, better than consensus estimates of $286.60 ...

SmarTrend Market Close Wrap-Up -- December 16, 2011 (DJI,INX,IXIC)

Fri, 16 Dec 2011 00:00:00 GMT

Good Afternoon, I'm Alison Kero and you're watching Smartrend News. Today is Friday, December 16th and this is your Market Close Wrap up. The major US equity indices closed mixed Friday as stocks struggled this week, finishing down 3% and Euro zone nations were downgraded by a ratings firm. Fitch reassessed its outlook on the Euro zone today and downgraded it from stable to negative. Fitch did confirm France's triple A credit rating but placed Italy and Spain, Belgium, Slovenia, Ireland and Cyprus on downgrade watch. In corporate news, Zynga (NASDAQ:ZNGA) began trading today on the NASDAQ Stock Market under the ticker "ZNGA" after it raised $1 billion in its initial public offering. The Facebook game developer finished $0.50 below its initial stock price of $10 at $9.50. And, former Fannie Mae Chief Executive, Daniel Mudd and former Freddie Mac CEO, Richard Syron were sued by the US Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the agencies. Mudd and Syron insisted the SEC was aware of everything at the time and they did not "mislead" anyone while both of their former companies have agreed to accept responsibility for their conduct. Now taking a look at where the market closed today. The Dow Jones Industrial Average (DJI) closed 0.02% lower at 11866, the S&P500 (S&P 500 INDEX,RTH) closed 0.32% higher at 1219, and the Nasdaq Composite (IXIC) closed 0.56% higher at 2555. This has been your market close wrap ...

SmarTrend Market Close Wrap-Up -- December 14, 2011 (DJI,INX,IXIC)

Wed, 14 Dec 2011 00:00:00 GMT

Themajor US equity indices closed lower Wednesday after gold fell nearly 5% as concerns over Europe still keep the market in the red. Gold fell below the $1600 level for the first time in nearly three months, settling in at $76.20 an ounce. The decline blew the yellow metal past some long-held technical levels, which then exacerbated the selloff. Sliver futures closed down 7% and copper lost nearly 5%. And, the regulatory arm of CME Group (NYSE:CME) turned over interviews to the Justice Department that allege that former MF Global head Jon Corzine knew that the now-bankrupt firm used customer money to lend to a European affiliate. CME Group Executive Chairman Terrence Duffy told the Senate Agriculture Committee that a CME auditor participated in a phone call during which an MF Global employee indicated that Corzine knew of the loan. In corporate news, VeriFone (NYSE:PAY) reported Q4 EPS of $0.53, better than analyst estimates of $0.51 per share.Revenues for the quarter rose 50.7% year-over-year to $410.70 million, better than consensus estimates of $408.13 million. And, Joy Global (NYSE:JOY) reported Q4 earnings this morning, posting an EPS of $1.83 missing analyst estimates of $1.86 per share. Revenue for the quarter rose 27% to $1.3 billion just under consensus estimates of $1.35 billion. The Dow Jones Industrial Average (DJI) closed 1.10% lower at 11823.48, the S&P500 (S&P 500 INDEX,RTH) closed 1.13% lower at 1211.82, and the Nasdaq Composite (IXIC) closed 1.55% lower ...

SmarTrend Market Close Wrap-Up -- December 13, 2011 (DJI,INX,IXIC)

Tue, 13 Dec 2011 00:00:00 GMT

Themajor US equity indices closed lower Wednesday after opening slightly higher and riding the flat line for most of the session. In economic news, the Federal Reserve announced today that it will keep interest rates at near-zero levels citing recent signs of improvement in the economy. The Fed's inaction results in the key interest rate being at a historic low range of 0% to 0.25%. The Commerce Department reported this morning retail spending in the US rose slightly in November with a 0.2% increase followed by a sharper 0.6% increase in October. Analysts had expected a 0.6% increase in November. In corporate news, Best Buy (NYSE:BBY) reported earnings today, posting an EPS of $0.42 missing average analyst expectations of $0.51 per share. Revenue for the quarter was up 2% coming in at $12.1 billion just missing consensus estimates of $12.14 billion. The Dow Jones Industrial Average (DJI) closed 0.55% lower at 11954.94, the S&P500 (S&P 500 INDEX,RTH) closed 0.87% lower at 1225.73, and the Nasdaq Composite (IXIC) closed 1.26% lower at 2579.27.

SmarTrend Market Close Wrap-Up -- December 12, 2011

Mon, 12 Dec 2011 00:00:00 GMT

The major US equity indices traded lower Monday as optimism about "the deal to save Europe" faded. The market opened sharply lower and gained slightly but did not come out of the red. The weakness is being attributed to concerns that last week's EU summit did little to address the continent's debt crisis. In corporate news, Intel (NASDAQ:INTC) cut its fourth-quarter guidance saying it will likely fall below previous expectations. The chip maker is predicting revenue at $13.7 billion down from its previous view of $14.7 billion. The cut, the company says, is due to a hard-drive supply shortage. And Dollar Thrifty Automotive Group's (NYSE:DTG) board has replaced former chairman Richard W. Neu with the company's Chief Executive Officer Scott L. Thompson. The Dow Jones Industrial Average (DJI) closed 1.33% lower at 12021.62, the S&P500 (S&P 500 INDEX,RTH) closed 1.49% lower at 1236.49, and the Nasdaq Composite (IXIC) closed 1.31% lower at 2612.26.

SmarTrend Market Close Wrap-Up -- December 9, 2011 (DJI,INX,IXIC)

Fri, 09 Dec 2011 00:00:00 GMT

Good afternoon, I'm Alison Kero and you're watching Smartrend News. Today is Friday, December 9th and this is your market close wrap up. The major US equity indices closed higher Friday after European leaders agree to a fiscal compact but no clear solution to the debt crisis. Members of the EU met for two days to hopefully agree to a treaty which would enable the Euro to become stronger and avoid a possible European financial collapse. The summit agreed on stricter budget rules for the euro zone but failed to secure changes to the EU treaty among all the member countries. The UK was the only country to disagree with the treaty, stating there were no safeguards for British financial services. In corporate news, the country's third largest chipmaker Texas Instruments (NYSE:TXN) cut its guidance for the fourth quarter and warned demand was broadly lower as customers reduce their inventories. The company now expects revenue of $3.19 billion to $3.33 billion compared missing analyst expectations of $3.41 billion. And, Wal-Mart (NYSE:WMT) has started an internal investigation into whether its overseas operations complied with the US Foreign Corrupt Practices Act in matters including permitting, licensing and inspections. The retail giant offered few details about the investigation in a quarterly report filed Thursday with the Securities and Exchange Commission. The law broadly deals with bribery and accounting rules when companies are doing business overseas. Now taking a look ...

SmarTrend Market Close Wrap-Up -- December 8, 2011

Thu, 08 Dec 2011 00:00:00 GMT

The major US equity indices closed lower Thursday as investor worries over Europe overshadowed positive economic data. European Central Bank head Mario Draghi announced Thursday government bond purchases are limited to enacting monetary policy, making investors worry a solution for the debt crisis will not come. A report from the European Banking Authority also fueled woes, saying eurozone banks are short some $115 billion in capital that has to be raised by mid-January. Some good economic news though. The Labor Department announced initial claims for state unemployment benefits fell 23000 to a seasonally adjusted 381000, the lowest since late February. That was below economists' expectations for a fall to 395000. This report comes after a sharp drop in the unemployment rate to 8.6%. In corporate news, Costco Wholesale Corp. reported Q1 earnings this morning, posting an EPS of $0.73 missing analyst estimates of $0.80 per share. Revenue for the quarter rose 12% to $21.63 billion beating consensus estimates of $21.46 billion. Ciena reported fiscal fourth quarter earnings this morning, posting an EPS of $0.03 that missed projections of $0.07 per share. Revenue rose 9.1% YoY to $455.5 million that beat forecasts of $450.5 million. The Dow Jones Industrial Average closed 1.63% lower at 11997, the S&P500 closed 2.11% lower at 1234, and the Nasdaq Composite closed 1.99% lower at 2596.