STOCKS RALLY: Here's What You Need To Know (DIA, SPY, QQQ)

Closing Bell, July 1, 2013 - Business InsiderFeaturedTrendingRecent Login Remember me I forgot username or password Login with Twitter Login with Facebook Login with LinkedIn Login with Google Register EventsBI IntelligenceTechFinancePoliticsStrategyLifeEntertainmentAll Tech Enterprise Science 15 Apps Everyone Is Talking About Right Now This Is The Incredible Cafe At Microsoft Where The Food Is Better Than... After Selling Bebo For $850 Million Then Watching It Die, Founder... Why Local-Mobile Marketing Is Exploding The 50 Most Powerful People In Enterprise Tech Faced With Sluggish Surface Sales, Microsoft Is Pulling Out Its Secret... It's Time To Be More Strategic About Your Energy Use IBM Has Laid Off More Than 3,000 People In North America So Far, Labor... Arizona Firefighters Used These Last Resort Shelters Before Dying In A... 15 Of The Coolest, Most Incredible Science Fair Projects You've Ever Seen Your Testicles Have Taste Receptors 8 Ways To Stay Cool If You Don't Have Air Conditioning Finance Markets Your Money Here's What Happened In The Complex Commodity Trade At The End Of... Finance Blogger Says He's Getting Hosed By A Secret Fee Called 'The... Let's Take A Second To Remember How The American Banking Landscape Has... Why Some Of The World's Biggest Funds Are Getting Slammed Global Manufacturing Is Slowly Expanding, But Employment Is Now On The... The Winklevoss Twins Would Like To Help You Trade Bitcoins With Their... California Has A Historic Opportunity To Reduce Its Debt ... And It... FROM DUST TO BARS: The Complete Story Of How Gold Is Mined And Refined These Are The Best And Worst Things To Buy In July Here's What Happens If You Don't Sign Up For Obamacare 13 Scientifically Proven Ways To Be A Happier Person Finance Blogger Says He's Getting Hosed By A Secret Fee Called 'The... Politics Military & Defense Law & Order EDWARD SNOWDEN: The Obama Administration Is Using 'Old, Bad Tools Of... A Lot Of People Are Wondering Whether Edward Snowden Actually Wrote His... PUTIN: We'll Never Hand Over Edward Snowden To The US GEORGE BUSH: Edward Snowden 'Damaged The Security Of The Country' COUNTDOWN TO A COUP: Egyptian Military Says Government Has 48 Hours To... Video Shows Stunt Pilot Losing Control And Crashing Plane In German... The Mounties Are Canada's Swiss-Army Knife Of Elite Law Enforcement ROBERT GATES: The Biggest Threat To National Security Is Located In DC Sandy Hook Massacre Mirrors A Mass Shooting That Happened 20 Years Ago George Zimmerman Prosecutors Messed Up The First Week Of His... George Zimmerman Kept Calling Trayvon Martin 'The Suspect' In His First... CNN Accidentally Broadcasts George Zimmerman's Social Security Number Strategy Careers Advertising Retail Small Business LINKEDIN POWER USER: '95% Of My Business Comes From Connections' Atlanta Startup Offers A Smarter, Cheaper Bike-Sharing Program INSTANT MBA: Keeping Employees Motivated Is More Important Than... Samsung Planted A Famous Producer In Jay-Z's New Ad As A Prop Firefox Got A New Logo — But Can You Tell The Difference? A German Company Is Using Edward Snowden To Sell Lingerie The 25 Most Influential Ad Execs On Twitter These Are The Best And Worst Things To Buy In July 12 Delicious Snack Foods That Americans Are Totally Missing Out On A McDonald's Franchise Is Causing Political Uproar In Israel Wendy's Pretzel Burger Launched Today — Here's The Verdict 33 Startups That Died Reveal Why They Failed How The DOMA Strike-down Affects Business Owners Life Transportation 34 Things Every New Yorker Should Do This Summer 13 Scientifically Proven Ways To Be A Happier Person 8 Cringeworthy High School Yearbook Typos [NSFW] A UVA Student Spent The Night In Jail After Cops Mistook Her Bottled... San Francisco's Transit Strike Is Creating Insane Traffic Why Planes Can't Fly In Extreme Heat 7 Reasons Why We're Still Asking Questions About The Crash Of TWA Flight... Why Extreme Heat Turns Train Tracks Into Spaghetti Entertainment Sports Cirque Du Soleil Performer Plunges To Her Death During Live Vegas Show 'The Lone Ranger' Reviews: It's As Awful As Everyone Thought It Would Be Kevin Bacon Documents Trip To ER After Wife Kyra Sedgwick Chopped Off... The Most Ridiculous Outfits At Last Night's BET Awards Girl Takes Incredible Selfie While Being Escorted Off A Baseball Field Why The Knicks Traded A Boatload Of Assets For One Of The Most Overpaid... 15 Reasons Why Bryce Harper Is The Oddest Superstar In Baseball Serena Williams Crashes Out Of Wimbledon In A Massive Upset Sections A-ZLatestAdvertisingCareersEnterpriseEntertainmentFinanceMarketsLaw & OrderLifeMilitary & DefensePoliticsRetailScienceSmall BusinessSportsStrategyTechTransportationYour MoneyYour NewsListsSilicon Alley 100Digital 100Silicon Valley 100Clusterstock 50The Most Important ChartsThe Life 50More »Sponsored SectionsThe Future of BusinessMonday Scouting ReportSmall Business, Big IdeasVideo RevolutionToolsHiveJob ListingsDocument CenterAccount PreferencesRegisterVideoMobileFull ArchivesAbout BIAboutJobs at BIMastheadContactAdvertiseContributers FAQLegal Fine PrintFollow BINewslettersAlertsRSSTwitterFacebookLinkedInGoogle+CompaniesAuthorsCategories From To You have successfully emailed the post. Markets More: Closing Bell STOCKS RALLY: Here's What You Need To Know Sam Ro Jul. 1, 2013, 4:00 PM 943 7 Tweet!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");EmailShare on Tumblr

REUTERS/Stefano Rellandini

US Postal rider Lance Armstrong of the United States watches as a spectator on horseback waves the American flag.

July started on a positive note after a huge wave of economic news.

First, the scoreboard:

Dow: 14,974.9, +65.3, +0.4%S&P 500: 1,614.9, +8.6, +0.5%NASDAQ: 3,434.4, +31.2, +0.9%

And now, the top stories:

We got tons of economic data from all over the world in the last 24 hours.Things started in Japan, where we learned that large manufacturers were optimistic for the first time in seven quarters.  This was according to the Tankan survey.  The survey also signaled increasing levels of optimism for Q3 2013.South Korean exports, however, unexpectedly fell in June.  This measure is considered a reliable bellwether of economic activity in mainland Asia.  However, it has also become more volatile as Japan's aggressive monetary policies have caused Korea's currency to surge against the Japanese yen.China confirmed worries that its economy was indeed slowing.  The official China manufacturing PMI index fell to 50.1 in June from 50.8 in May.  This was right in line with expectations, but nevertheless reflects a sector that is just barely growing. The unofficial HSBC PMI index fell to a 9-month low of 48.2.  This sub-50 reading signals contraction. The 8 Most Important Charts In China >In the U.S., the picture was a bit mixed.  According to Markit, the U.S. PMI fell to 51.9 in June from 52.2 in May.  This missed expectations for a reading of 52.3. However, the widely followed ISM manufacturing report climbed to 50.9 in June from 49.0 in May. Economists were looking for a reading of 50.5.From UBS's Kevin Cummins: "Details of the manufacturing ISM survey were, if anything, stronger than the headline. The new orders index (the most leading component) increased to 51.9 from 48.8 in May. The production (53.4 after 48.6), inventories (50.5 after 49.0), and supplier deliveries (50.0 after 48.7) components also increased. In contrast, the employment index fell to 48.7 in June 50.1 in May, the first time the index contracted since September 2009. However, according to an ISM official, the drop in the employment index "reflects the past, not the future.""Don't Miss: FROM DUST TO BARS: The Complete Story Of How Gold Is Mined And Refined » Follow Closing Bell and never miss an update! Get updates in your Facebooknews feed.

Get updates in your inbox.

  Industry Accounting Airlines/Aviation Alternative Dispute Resolution Alternative Medicine Animation Apparel & Fashion Architecture & Planning Arts and Crafts Automotive Aviation & Aerospace Banking Biotechnology Broadcast Media Building Materials Business Supplies and Equipment Capital Markets Chemicals Civic & Social Organization Civil Engineering Commercial Real Estate Computer & Network Security Computer Games Computer Hardware Computer Networking Computer Software Construction Consumer Electronics Consumer Goods Consumer Services Cosmetics Dairy Defense & Space Design Education Management E-Learning Electrical/Electronic Manufacturing Entertainment Environmental Services Events Services Executive Office Facilities Services Farming Financial Services Fine Art Fishery Food & Beverages Food Production Fund-Raising Furniture Gambling & Casinos Glass, Ceramics & Concrete Government Administration Government Relations Graphic Design Health, Wellness and Fitness Higher Education Hospital & Health Care Hospitality Human Resources Import and Export Individual & Family Services Industrial Automation Information Services Information Technology and Services Insurance International Affairs International Trade and Development Internet Investment Banking Investment Management Judiciary Law Enforcement Law Practice Legal Services Legislative Office Leisure, Travel & Tourism Libraries Logistics and Supply Chain Luxury Goods & Jewelry Machinery Management Consulting Maritime Marketing and Advertising Market Research Mechanical or Industrial Engineering Media Production Medical Devices Medical Practice Mental Health Care Military Mining & Metals Motion Pictures and Film Museums and Institutions Music Nanotechnology Newspapers Nonprofit Organization Management Oil & Energy Online Media Outsourcing/Offshoring Package/Freight Delivery Packaging and Containers Paper & Forest Products Performing Arts Pharmaceuticals Philanthropy Photography Plastics Political Organization Primary/Secondary Education Printing Professional Training & Coaching Program Development Public Policy Public Relations and Communications Public Safety Publishing Railroad Manufacture Ranching Real Estate Recreational Facilities and Services Religious Institutions Renewables & Environment Research Restaurants Retail Security and Investigations Semiconductors Shipbuilding Sporting Goods Sports Staffing and Recruiting Supermarkets Telecommunications Textiles Think Tanks Tobacco Translation and Localization Transportation/Trucking/Railroad Utilities Venture Capital & Private Equity Veterinary Warehousing Wholesale Wine and Spirits Wireless Writing and Editing Privacy Policy Please Note: Business Insider will never share your information with any other companies. You also have the ability to unsubscribe from these newsletters at any time simply by following the unsubscribe link located at the bottom of each email

To embed this post, copy the code below and paste into your website or blog.600px wide (preview)400px wide (preview) 300px wide (preview) Alerts Newsletter URL Recommended For You More: Closing Bell Get Alerts for these topics »

Sam Ro $('.icon-tooltip').tooltip(); Global Manufacturing Is Slowly Expanding, But Employment Is Now On The Decline Advertisement:Join The Discussion OR Login With Facebook Login With Twitter Login With Google Submit the comment for Insider Status Comments Insiders3All Comments7 Apply To Be An "Insider" » Loading STOCKS RALLY: Here's What You Need To Know STOCKS RALLY: Here's What You Need To Know

After big news out of Japan, China, Europe, and the U.S.

AdvertisementGet Markets Emails & AlertsLearn More »IndustryAccountingAirlines/AviationAlternative Dispute ResolutionAlternative MedicineAnimationApparel & FashionArchitecture & PlanningArts and CraftsAutomotiveAviation & AerospaceBankingBiotechnologyBroadcast MediaBuilding MaterialsBusiness Supplies and EquipmentCapital MarketsChemicalsCivic & Social OrganizationCivil EngineeringCommercial Real EstateComputer & Network SecurityComputer GamesComputer HardwareComputer NetworkingComputer SoftwareConstructionConsumer ElectronicsConsumer GoodsConsumer ServicesCosmeticsDairyDefense & SpaceDesignEducation ManagementE-LearningElectrical/Electronic ManufacturingEntertainmentEnvironmental ServicesEvents ServicesExecutive OfficeFacilities ServicesFarmingFinancial ServicesFine ArtFisheryFood & BeveragesFood ProductionFund-RaisingFurnitureGambling & CasinosGlass, Ceramics & ConcreteGovernment AdministrationGovernment RelationsGraphic DesignHealth, Wellness and FitnessHigher EducationHospital & Health CareHospitalityHuman ResourcesImport and ExportIndividual & Family ServicesIndustrial AutomationInformation ServicesInformation Technology and ServicesInsuranceInternational AffairsInternational Trade and DevelopmentInternetInvestment BankingInvestment ManagementJudiciaryLaw EnforcementLaw PracticeLegal ServicesLegislative OfficeLeisure, Travel & TourismLibrariesLogistics and Supply ChainLuxury Goods & JewelryMachineryManagement ConsultingMaritimeMarketing and AdvertisingMarket ResearchMechanical or Industrial EngineeringMedia ProductionMedical DevicesMedical PracticeMental Health CareMilitaryMining & MetalsMotion Pictures and FilmMuseums and InstitutionsMusicNanotechnologyNewspapersNonprofit Organization ManagementOil & EnergyOnline MediaOutsourcing/OffshoringPackage/Freight DeliveryPackaging and ContainersPaper & Forest ProductsPerforming ArtsPharmaceuticalsPhilanthropyPhotographyPlasticsPolitical OrganizationPrimary/Secondary EducationPrintingProfessional Training & CoachingProgram DevelopmentPublic PolicyPublic Relations and CommunicationsPublic SafetyPublishingRailroad ManufactureRanchingReal EstateRecreational Facilities and ServicesReligious InstitutionsRenewables & EnvironmentResearchRestaurantsRetailSecurity and InvestigationsSemiconductorsShipbuildingSporting GoodsSportsStaffing and RecruitingSupermarketsTelecommunicationsTextilesThink TanksTobaccoTranslation and LocalizationTransportation/Trucking/RailroadUtilitiesVenture Capital & Private EquityVeterinaryWarehousingWholesaleWine and SpiritsWirelessWriting and EditingBusiness Insider SelectMoney Game Select10 Things Before the Opening BellMoney Game Chart Of The DayMonday Scouting ReportMoreFeaturedBusiness Insider SelectTechnologySAI SelectMobile InsightsScience SelectAdvertising SelectAdvertising: The BriefSocial Media InsightsFinanceFinancial Advisor InsightsClusterstock SelectMoney Game SelectYour Money SelectSmart InvestorMonday Scouting ReportLifestyleThe Wire SelectThe Life SelectSports Page SelectGetting There SelectManagementRetail SelectBreaking NewsWar Room SelectEnterprise SelectCareers SelectInstant MBAMarketing MondaysPolitics and MilitaryPolitics SelectMilitary SelectLaw & Order SelectTop 10 Things & ListsLists Select10 Things In Tech You Need To Know10 Things Before the Opening BellClosing BellCharts of the DaySAI Chart Of The DayMoney Game Chart Of The DaySports Page Chart Of The DayYour Money NASDAQ Composite 3,434 +31.24 (+0.918%) S&P 500 1,615 +8.68 (+0.54%) NYSE Composite 9,168 +55.18 (+0.606%) LinkedIn Login Hot: LinkedIn In your network

Why Local-Mobile Marketing Is Exploding

Nordstrom Is Taking Pinterest To The Next Level

The 50 Most Powerful People In Enterprise Tech

Login with LinkedIn to see what your friends are reading on Business Insider.
Login with LinkedIn

No articles have recently been shared in your network.

More »

Welcome, !You are logged into FacebookSocial: Your Activity|These articles have been shared on your timeline. You can remove them here:OptionsNotify me when a story is shared.YesNo Welcome, ! You are logged in with Google Social: Your Activity| These articles have been added to your Google activity log. You can remove them here: Options Notify me when a story is shared. Yes No Fun Facts

These Maps Prove Americans Speak Totally Different Versions Of The English Language8 Subliminal Messages In Corporate Logos You've Never Noticed BeforeHere's Why Dogs HowlTrendingThe Future Of Mobile

Why Local-Mobile Marketing Is ExplodingInside The Rise Of Responsive Design And Its Pros And Cons As A Mobile StrategyHow Amazon Is Trying To Create A Huge Mobile BusinessAdvertisementIn partnership with Find A JobTech JobsMedia JobsFinance JobsC-Level JobsDesign JobsSales JobsSee All JobsThanks to our partners * Copyright © 2013 Business Insider, Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. Disclaimer Commerce Policy Powered by MongoDB Stock quotes by YCharts Ad Serving by 24/7 Open AdStream Made in NYC

View the original article here

Iconic Piano-Maker Steinway Is Getting Acquired By A Private Equity Firm (LVB)

Steinway Musical Instruments is being acquired by an affiliate of Kohlberg & Company, a private equity investment firm, for about $438 million. 

The public company will go private once the acquisition is complete. 

The Steinway & Sons factory in Queens, New York is a subsidiary of Steinway Musical Instruments.

Our agreement with Kohlberg represents an exceptional valuation for our shareholders, while also representing an important next step in the growth of Steinway," said Michael Sweeney, Chairman and interim CEO of the Company in the press release.

We previously reported that during the recession Steinway cut the Astoria factory headcount to 215, from about 300. In the last decade the company averaged about 3,300 grand pianos a year.

At the time Steinway's president Ron Losby said he expected the company to return to that figure soon.

View the original article here

The Winklevoss Twins Would Like To Help You Trade Bitcoins With Their Bitcoin ETF

REUTERS/Brian Snyder

Cameron (L) and Tyler Winklevoss, co-founders of ConnectU Inc., leave the U.S. District Court in Boston, Massachusetts July 25, 2007 following a court hearing on ConnectU's lawsuit against Facebook Inc.

Bitcoin, the obscure digital crypto-currency, has been out of the headlines for a little while.

But this hasn't stopped Cameron and Tyler Winklevoss from moving forward with their effort to make it more mainstream.

According to a new filing with the SEC, a trust sponsored by Winklevoss Capital Management has registered to offer shares the will give buyers exposure to Bitcoin.

"The Trust holds “Bitcoins,” a digital commodity based on an open source cryptographic protocol existing on the online, end-user-to-end-user network hosting the public transaction ledger, known as the “Blockchain,” and the source code comprising the basis for the cryptographic and algorithmic protocols governing the issuance of and transactions in Bitcoins," reads the filing.

"The investment objective of the Trust is for the Shares to reflect the performance of a weighted average price of Bitcoins, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost-effective and convenient means to access exposure to Bitcoins."

It appears that this will operate like an exchange-traded fund (ETF), a security that basically trades like a stock.

The ticker symbol for the fund has yet to be determined.

The Winklevosses became famous when they sued Facebook founder Mark Zuckerberg for allegedly taking an idea that was theirs.

Before you even consider trading Bitcoin, you should consider the risks. Like this one from the filing:

If a malicious actor or botnet obtains control in excess of 50 percent of the processing power active on the Bitcoin Network, such actor or botnet could manipulate the source code of the Bitcoin Network or the Blockchain in a manner that adversely affects an investment in the Shares or the ability of the Trust to operate.

If this is incomprehensible to you, then maybe Winklevoss Bitcoin Trust isn't for you.

Read the whole filing at SEC.gov.

View the original article here

California Has A Historic Opportunity To Reduce Its Debt ... And It Looks Like It's Going To Blow It

MikeBehnken via Compfight cc

California is projected to have its first budget surplus in years by 2014.

It has so much money, in fact, that it doesn't know what to do with it.

But now it's already on the verge of blowing this rare window of fiscal stability, according to S&P analysts Gabriel Petek and David Hitchcock.

In a new note, they warn the state for going against Gov. Jerry Brown's recommendation to retire debt and choosing instead to restart funding.

Standard & Poor's Ratings Services believes the higher-than-expected cash receipts presented the state an opportunity to accelerate its plans for retiring the $26.9 billion in budget liabilities that remain leftover from prior years' deficits. Compared with what the governor recommended in May, however, the final budget agreement moves in the other direction, decelerating somewhat the repayment of a portion of these debts.

They say the state has exchanged a $650 million deferral repayment for a $500 million one-time spending measure, along with $150 million in new ongoing education spending.  

"Although the repayment shift is relatively modest in our view, and the [department of finance] still forecasts retiring all of the education deferrals by the end of fiscal 2016, we believe it could set a precedent for similar delays in the future," they write.

The pair note this was made possible in part by a Sacramento quirk: The legislature gets to negotiate the revenue estimates used in the budget:

Whereas more than half the states have independent revenue estimating bodies, California allows political negotiations to influence the revenue number assumed in the budget. As the recently concluded cycle demonstrates, the revenue estimates themselves have sometimes become subject to negotiations in California.

They conclude by bemoaning the state's weak flesh:

With limited resources, we believe the presence of the budget liabilities impedes the state from making meaningful progress on its longer-term liabilities, particularly its retiree health care and teachers' pension liabilities.

But by enacting even small new ongoing spending commitments this year -- which could increase future year expenses -- we detect a softening of resolve when it comes to paying down the internal debts.

There is also a potential cascade effect. We believe that by opening the door to new programs while waiting for future (uncertain) revenue to repay some internal debts, the state delays, or jeopardizes altogether, its ability to confront the long-term liabilities.

View the original article here

Investors Are Their Own Worst Enemies

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors

Jason Zweig: Investors Are Their Own Worst Enemies (The Wall Street Journal)

Jason Zweig of The Wall Street Journal writes that  investors who receive constant news updates on their investors have lower returns that those who don't. He also argues that investors are their own worst enemies.

"One of the main reasons we are all our worst enemies as investors is that the financial universe is set up to deceive us. From financial history and from my own experience, I long ago concluded that regression to the mean is the most powerful law in financial physics: Periods of above-average performance are inevitably followed by below-average returns, and bad times inevitably set the stage for surprisingly good performance.

"But humans perceive reality in short bursts and streaks, making a long-term perspective almost impossible to sustain – and making most people prone to believing that every blip is the beginning of a durable opportunity.

"My role, therefore, is to bet on regression to the mean even as most investors, and financial journalists, are betting against it. I try to talk readers out of chasing whatever is hot and, instead, to think about investing in what is not hot. Instead of pandering to investors’ own worst tendencies, I try to push back. My role is also to remind them constantly that knowing what not to do is much more important than what to do. Approximately 99% of the time, the single most important thing investors should do is absolutely nothing."

FINRA Reports $10.4 Million Profit In 2012 (Investment News)

The Financial Industry Regulatory Authority (FINRA) reported a profit of $10.5 million in 2012 driven by higher fees, cost cutting, and better returns on its portfolio, according to Investment News. On an operating basis, however, it posted a $89.2 million loss. This was better than the $89.8 million loss in 2011.

The Chart That Says The Gold Sell-Off Still Has A Long Way To Go (Credit Suisse)

Gold prices fell 23% in Q2 2013. While gold prices were up today, a chart from Credit Suisse that compared the inflation adjusted gold prices during the 70s bull market with gold prices today. A look at this chart says gold prices could tumble further.

Busting The Myth That Active Strategies Are Better Than Passive Ones (Index Universe)

The debate over active and passive management never seems to die down. In a new piece, Larry Swedroe at Index Universe debunks a paper by American Century Investments called Six Reasons to Emphasize Active Investment Management. One reason cited in the paper is that active portfolios can outperform passive portfolios.

The paper argues, "Even a simple equity portfolio, such as an equal-weight portfolio, has historically outperformed its market cap-weighted counterparts over various market cycles. The equal weighting captures an important stock price behavior, the mean-reversion." 

Swedroe however sees three problems with this argument. 1. : "The paper confuses indexing/passive investing with the exclusive use of a total stock market fund or an S&P 500 Index fund." 2. "An equal-weighted portfolio’s outperformance over a market-cap one has nothing at all to do with mean reversion." 3. "If active managers were able to persistently identify in advance which sectors/stocks were going to outperform or revert to mean, we would see evidence of persistent outperformance beyond the randomly expected."

S&P 500 Investors Don't Need To Freak Out About An Emerging Market Meltdown (Goldman Sachs)

S&P 500 companies have great exposure to international markets. But there have been growing concerns about emerging market growth and investors have been fleeing EMs. But David Kostin at Goldman Sachs says investors needn't worry too much. 

"We believe weaker EM growth poses little risk to S&P 500 earnings. We estimate roughly 5% of S&P 500 revenues are derived from EM, and BEA data suggest a similar EM share of total US corporate profits. Two-thirds of S&P 500 sales are domestic, making our forecast for stronger US GDP the biggest driver of our EPS growth forecasts of 11% and 8% in 2013 and 2014."

Goldman Sachs

View the original article here

Tesla's Stock Surged 9% After A Bullish Analyst Upgrade (TSLA)

REUTERS/Brendan McDermid

Tesla shares improved 9.15% today after Jefferies analyst Elaine Kwei raised her price target for the company to $130. 

The stock ended the day at $117.18.

Here's some of her commentary:

Based on reported [calendar year to date] sales and customer VIN numbers, we believe there is likely upside to prior 2Q guidance for deliveries of 4,500 units, as well as 2013 guidance of 21,000 units. We estimate TSLA has taken 9% market share in the U.S. full-size luxury sedan market, accounting for nearly all growth in the segment. We increase our estimates and PT to $130 based on a 10-year DCF and update our EV market forecast. 

Tesla's stock has more than doubled since May.

View the original article here