SOURCE: Five Star Equities

Five Star Equities

July 04, 2012 08:20 ET

S&P 500 Index Reaches Two-Month High -- Micron Technology and Netflix Lead Tech Rally

Five Star Equities Provides Stock Research on Micron Technology and Netflix

NEW YORK, NY--(Marketwire - Jul 4, 2012) - Stock markets rallied Tuesday after recent data showed factory orders in May increased for the first time in three months. The slight increase in factory orders came as a positive sign after a trade group earlier this week reported U.S. manufacturing in June contracted for the first time since the great recession ended. Five Star Equities examines the outlook for companies in the S&P 500 Index and provides equity research on Micron Technology, Inc. (NASDAQ: MU) and Netflix, Inc. (NASDAQ: NFLX).

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The S&P 500 Index reached a two-month high Tuesday on the positive factory data and speculation that central banks around the globe will take action to help stimulate economic growth. To help with the region's debt crisis the European Central Bank is forecasted to cut interest rates later this week. According to Bloomberg Global Banking Group, BNP Paribas SA has stated that weak U.S. jobs data later this week may motivate the Federal Reserve to launch new stimulus measures.

"The factory orders report was a good surprise," said Richard Sichel, chief investment officer at Philadelphia Trust Co., in a recent telephone interview. "Investors are also finding comfort in central bank action. The Fed has anticipated that they will do whatever it takes to not let the economy slip, China is doing the same and that the Europeans seem to be doing that too."

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Micron Technology shares have been on the upswing since the company announced the acquisition of Elpida. "Micron's now confirmed acquisition of Elpida will reduce competition and likely result in less supply and better economics for all survivors," wrote Bernstein Research analyst Mark Newman. "This transaction will solidly move Micron ahead of Hynix to become the number two memory maker, second only to Samsung."

Shares of Netflix surged more than 6 percent Tuesday after CEO Reed Hastings stated users watched a record of more than 1 billion hours of movies and TV shows in June. "When 'House of Cards' and 'Arrested Development' debut, we'll blow these records away," Hastings wrote. The company also got a boost as Citigroup analyst Mark Mahaney reiterated a "buy" rating for the company.

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