Stock market today, Feb. 14: U.S. stocks rose today, marking the biggest weekly gain this year amid a slew of better-than-expected corporate quarterly earnings and more optimism about the economy.
The Dow Jones Industrial Average closed up 0.79%, or 126 points, at 16,154 points; the S&P 500 closed up 0.50%, or 9 points, at 1,839; and the Nasdaq closed up 0.08%, or 3 points, at 4,244.
Energy futures were mixed today, with light, sweet crude oil for March delivery trading down 0.3% at $100.08 per barrel, heating oil for March delivery trading up 1.1% at $3.06 per gallon, and natural gas trading down 1.1% at $5.17 per million BTUs.
Metal futures were buoyant, with gold for April delivery trading up 1.4% at $1,318.40 per ounce, and silver was up about 5% at $21.42 per troy ounce.
Stock Market Gainers Today: Campbell Soup, CienaSeveral stocks made strides on earnings reports today. Campbell Soup Co. (NYSE: CPB) shares were up about 5% today after it reported second-quarter earnings were up 19% year over year, at $0.76 from $0.64 per share. Analysts expected $0.71 per share.
Campbell Soup also reported revenue of $2.3 billion, on par with analysts' target. For 2014, the food product maker said it expects earnings of between $2.53 to $2.58 per share, above analysts' $2.51 estimate.
And, Ciena Corp. (NYSE: CIEN) shares were up 8% today after it announced plans to partner with Ericsson (Nasdaq: ERIC) on several technology initiatives, with Ericsson offering Ciena's Converged Packet Optical portfolio, effective immediately.
Financial details of the deal were not reported.
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Stock Market Losers Today: J.M. Smucker Co.But not all earnings impressed investors. Shares of the J.M. Smucker Co. (NYSE: SJM) fell about 4% Friday to a new 52-week low of $87.10 on its results.
The food product producer reported third-quarter sales of $1.46 billion, down from $1.55 billion a year prior and firmly below the Street view for $1.52 billion. Earnings were $1.66 per share, up from $1.46 per share the year prior and off the Street view of $1.68 per share.
Smuckers said it expects sales to decrease 5% from 2013 this year as it lowered its earnings projections to between $5.55 to $5.60, well below the Street view of $5.77 per share.
Analyst Actions: Dish, Starwood ResortsFinally, several stocks noted significant movements after analyst actions.
DISH Network Corp. (Nasdaq: DISH) was downgraded to Neutral from Buy at Citigroup, sending the stock down more than 2% for much of the session. Shares of DISH still traded near the top of a 52-week spread of $33.79 to $58.87.
And, Starwood Hotels & Resorts (NYSE: HOT) shares were up more than 4% Friday after UBS upgraded it to a Buy from Neutral in the wake of Thursday's positive earnings report. UBS has a price target of $85 on HOT, up from $75.
Starwood reported fourth-quarter earnings of $0.73 per share, up from $0.70 per share a year prior and topping the analyst estimate for $0.70 per share. Revenues were $1.5 billion, on par with the Street view.
Finally, Petroquest Energy (NYSE: PQ) shares were up about 9% on an upgrade at FBR Capital Markets, which raised its rating to Outperform from Market Perform and its price target to $8.00 from $7.00.
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