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





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Published on Apr 30, 2012

The major U.S. 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 trading in May.

The Dow Jones Industrial Average (DJI) closed 0.11% lower at 13,213.63, the S&P500 (S&P 500 INDEX,RTH) closed 0.39% lower at 1,397.91, and the Nasdaq Composite (IXIC) closed 0.74% lower at 3,046.36.


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