Smart Money with Keith Springer Saturdays at 1PM and Sundays at 6AM on NewsRadio KFBK 93.1 FM and 1530 AM

Keith quoted on MarketWatch – U.S. Stocks Turn Lower; Facebook Weighs On NASDAQ

U.S Stocks Turn Lower; Facebook Weighs On NASDAQ

-General Motors, Home Depot among gainers; Facebook; Apple down

By Myra P. Saefong | Read Original Article Here

SAN FRANCISCO (MarketWatch) — U.S. equities turned lower Wednesday, with a post-Hurricane Sandy boost in Home Depot Inc.’s stock failing to provide much support for the Dow industrials, and Facebook Inc. shares a drag on the Nasdaq Composite.

“Look for more increased volatility today as we get the ‘compression effect’,” said Keith Springer, president of Springer Financial Advisors in Sacramento, Calif. “We may get three trading days packed into one.” Read: Power, transit woes plague East Coast after Sandy.

The Dow Jones Industrial Average (DJI:DJIA)  shed 13.71 points, or 0.1%, to 13,093.63, after trading as high as 13,189.08. It’s trading around 2.6% lower for the month.

Trading had started on a “positive note with equities headed higher, likely due to the positive news out of Europe and the reaction to some recent earnings reports out of the likes of Ford, GM and BP,” said Ryan Wibberley, president and founder of CIC Wealth Management Group.

Home Depot Inc. (NYSE:HD)  shares climbed 1.7% — ranked as the top gainer in the blue-chip benchmark, which is trading around 1.9% lower for the month. Insurance firm Travelers Cos. (NYSE:TRV)  shares fell 0.8%.

“Stocks in the housing/construction/industrial sectors, like Home Depot, Lowe’s Cos. (NYSE:LOW) , Owens Corning (NYSE:OC) , are on the rise because these companies will likely benefit from the rebuilding that will follow in the Northeast after Hurricane Sandy,” said Wibberley.

But “insurance companies are likely to be under some pressure today as market participants try to sort out how much of an earnings hit these companies will take in the fourth quarter, due to the massive destruction in the New York/New Jersey area,” he said in emailed comments.

General Motors (NYSE:GM)  saw third-quarter earnings per share of 93 cents, excluding one-time items. Analysts had expected GM to earn 60 cents a share, according to the consensus compiled in a survey by FactSet Research. Shares of the company rose 7.1%.

Down about 2.3% for the month, the S&P 500 index (SNC:SPX)  lost 3.52 points, or 0.2%, to 1,408.42, with information technology and health-care falling the most and utilities a stand out as the best performer among its 10 sectors.

The Nasdaq Composite (NASDAQ:COMP)  fell 20.66 points, or 0.7%, to 2,967.29, trading 4.8% lower month to date.

Shares of Facebook (NASDAQ:FB)  fell 3.2% as the post-initial public offering lockup on about 229 million shares expired, making them available to the open market.

Apple Inc. (NASDAQ:AAPL)  saw its stock lose 2.1% as investors reacted to a high-level management shake-up that included the impending departure of Scott Forstall, head of the company’s iOS mobile operating system. See: Apple, Facebook fall, but Microsoft rises.

Hurricane Sandy prompted a two-day shutdown of the NYSE, with New York City and the East Coast hit hard by the storm on Monday evening.

Decliners slightly outpaced advancers on the NYSE, where 217 million shares traded as of 11:15 a.m. Eastern. Composite volume neared 1.1 billion.

U.S. data out Wednesday showed that the Chicago PMI business barometer edged up in October to 49.9% from 49.7% in the prior month, but remained below the key 50% mark for the second straight month. Readings below 50% indicate contraction.

Some key releases this week include jobless claims and the ADP national employment report on Thursday as well as the Labor Department’s October jobs data Friday.

Friday’s nonfarm payroll figures will be a consideration, “as we head to the polls next Tuesday,” said Wibberley, referring to the U.S. presidential election.

“The rebuilding of the Northeast is likely to stoke the view that the economy will get a shot-in-the-arm and that many businesses will be looking to hire, at least for the short-term,” he said.

Springer Financial Advisors ("Advisor") is a federally registered investment adviser located in Sacramento, California. Advisor and its representatives are in compliance with the current filing requirements imposed upon registered investment advisers by the Securities and Exchange Commission and the State of California. Advisor's web site and its emails of general distribution are limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Advisor's web site on the Internet or dissemination of informational emails should not be construed by any consumer and/or prospective client as Advisor's solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. A copy of Advisor's current written disclosure statement discussing Advisor's business operations, services, and fees is available from Advisor upon written request. You may also obtain publicly available information about Advisor through the SEC website as follows: http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_OrgSearch.aspx. Advisor does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Advisor's web site or incorporated in an email, and takes no responsibility therefore. All such information is believed to be reliable and authoritative but does not constitute sufficient information to be the sole basis for sound investment decisions and all users thereof should be guided accordingly. Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Advisor) made reference to directly or indirectly by Advisor in its web site, email, or indirectly via a link to an unaffiliated third party web site, will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client's investment portfolio. Certain portions of Advisor's web site (i.e. articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Advisor's (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Advisor, or from any other investment professional. The information is of a general nature and should not be applied indiscriminately to particular situations wherein it may not be completely applicable. Advisor is neither an attorney nor an accountant, and no portion of the content should be interpreted as legal, accounting or tax advice.