9:05am (EST)
The bulls finally got back in the win column on Monday following a 3-session losing streak that nearly pushed the Dow below 10,000. There were a number of companies that reported good earnings and economic news came in better-than-expected which put the bulls in a buying mood.
The Dow finished with a solid gain of 118, or 1.2%, to close at 10,185 while the S&P 500 added 15 points, or 1.4%, to settle at 1,089. Meanwhile, the Nasdaq added 24 points, or 1.1%, and ended at 2,171.
In earnings news this morning, United Parcel Services (UPS, $59.60, up $1.20) is getting a bump after reporting a profit of $757 million, or $0.75 a share, on revenue of $12.4 billion. In the year-ago period, the company reported a profit of $254 million, or $0.25 a share.
An old friend or ours could be on the move today. Imax (IMAX, $13.50) got its priced target raised from $19 to $21 as Roth Capital reiterated its “Buy” rating on the stock. We have done well playing the options on this one and at current levels it looks like there may be another trade soon.
As we head to press, Dow futures are up 6 points while the S&P 500 and Nasdaq futures are higher but by less than a point.
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