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Results 10 - 20
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 17 November 2008 - BMO |
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U.S. MARKETS RECAP : Monday 10 November to Friday 14 November2008  Quote:
Originally Posted by Briefing.com
Friday 07 November 2008 @ 16:42 AMC
Weekly Wrap :
This week had its ups and downs; unfortunately for investors, there were more downs than ups. The end result was another week of sizable losses for the major indices.
There was a fundamental perspective at the root of the losses as a slate of disappointing earnings news and economic data raised concerns that the market, down 32% since the end of August, may not have already adequately discounted the bad news.
Best Buy (BBY), the leading consumer electronics retailer, and Intel (INTC), the world's largest semiconductor company, were key contributors to the concerns as both companies reduced their forecasts in dramatic fashion.
Briefly, Best Buy said Wednesday that rapid, seismic shifts in consumer behavior since mid-September have created the most difficult climate it has ever seen. As a result, the company slashed its earnings guidance for the fiscal year ending in February to a range of $2.30 to $2.90 from prior guidance of $3.25 to $3.40 per share.
As for Intel, it lowered its fourth quarter revenue outlook to $9.0 billion, plus or minus $300 million, from a prior range of $10.1 billion to $10.9 billion that was provided only a month ago!
The limited remarks provided by Intel highlighted the fact that revenue is being affected by significantly weaker demand in all geographies and all segments.
The magnitude of the revisions from these industry leaders goes to show how quickly business deteriorated in the wake of the turmoil seen in the capital markets this fall and ratcheted up the concerns about this being a very weak holiday spending season.
Lowered earnings guidance from several other retailers, including Wal-Mart (WMT), Kohl's (KSS), JC Penney (JCP), Nordstrom (JWN) and Abercrombie & Fitch (ANF), as well as weekly jobless claims reaching a 25-year high of 516,000 and a report that October retail sales declined 2.8% from September, validated the perspective on holiday spending.
The retail sales report was among the more telling reports this week as the decline set a very poor foundation for the PCE component of the fourth quarter GDP report and substantiated the belief that fourth quarter GDP will be well below the 0.3% decline originally reported for the third quarter.
Interestingly enough, the market, which had dropped 15% in the six sessions leading up to Thursday, registered a net gain of 2.5% over the course of the final two sessions of the week, which covered the period in which the Intel warning, Wal-Mart's warning, and the initial claims and retail sales reports were digested, not to mention reports of the Euro zone entering a recession and Cleveland Fed President Pianalto predicting the U.S. will be dealing with more than a garden variety downturn.
The improved showing followed a violation of the Oct. 10 low of 839.80 in Thursday's early afternoon trade. The S&P would eventually slip to 818.69 that day before a furious short-covering rally fueled an 11.3% move from that low to the S&P's close on Thursday. The Dow for its part experienced a near 900-point swing from its low to its close on Thursday.
Friday's session was another roller coaster ride. The S&P dropped as much as 4.5%, rallied back to register a modest gain, and then sold off 4.8% in the final hour of trading.
No week on Wall Street seems complete anymore without mention of the dealings in Washington since the two are so interconnected these days.
The debate over whether to provide the U.S. auto industry government aid was a hot topic all week. No decisions were made, although reports Friday indicated the matter will garner Congressional deliberation in the coming week.
The key happening out of Washington this week wasn't so much what did happen, but what didn't happen.
Specifically, Treasury Secretary Paulson told the world Wednesday that it was determined that purchasing illiquid mortgage-related assets is not the most effective way to use TARP funds and that he had essentially reached that decision by the time the TARP plan was agreed to by Congress on Oct. 3.
It was a stunning revelation given how much emphasis had been placed during the hearings on how effective that approach would be for stabilizing the financial system.
In the two weeks Congress took to consider the legislation, though, Secretary Paulson said market conditions worsened considerably. Consequently, it was determined that the best use of the TARP funds would be to strengthen bank balance sheets by making direct purchases of equity in banks.
Strengthening the capital base of our financial system was held out as the first priority for the remaining TARP funds. The second priority is to provide support for the credit securitization market outside of the banking system, which encompasses items like credit card receivables, auto loans, student loans and similar products. The third priority is to continue to explore ways to reduce the risk of foreclosure.
The market wasn't enamored with the shifting priorities for the use of the TARP funds as it did little to inspire confidence in the idea that the current administration has a strong handle on the situation.
To be sure, the U.S. will have its share of explaining to do at the G20 meeting this weekend where heads of state are convening to discuss ways to tackle the current financial crisis and to prevent such a thing from happening again.
While there was a lot of fanfare leading up to the meeting, it is unlikely that any monumental agreements will be reached given the lame duck status of the Bush administration and the sheer difficulty of 20 members reaching a consensus in such a short period.
Separately, it is worth noting that China kicked off the week with an announcement that it is going to implement a $586 billion fiscal stimulus plan over the next two years. That produced a brief rally Monday morning, but like other government relief efforts, the market was reluctant at this point to place a lot of faith in its effectiveness.
The essence of this week's market was that there was a lack of faith.
There was a lack of faith in earnings estimates, a lack of faith in economic prospects, and a lack of faith in the government's leadership. Fittingly, market gains were also lacking.
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U.S. MARKETS RECAP : Friday 14 November 2008  Quote:
Originally Posted by Briefing.com
Friday 14 November 2008 @ 16:50 ET AMC
Daily Sector Wrap : Rally Effort Reverses Into Deep Losses
Stocks traded with losses for the majority of the session, but gradually climbed to positive territory late in afternoon trading. The rally proved unsustainable, though, as selling pressure intensified to rapidly send the stock market back to session lows.
Stocks were down 4.2% for the week. The S&P 500 is 6.7% above its five-year low, which was taken out in the prior session.
Trading remains volatile as investors continue looking for a bottom amid ongoing uncertainty in financial markets and global economic conditions. However, if anything is certain at this point, the bottom won't be marked by a clear V-shape.
In case they had forgotten, investors were reminded about the global economy's tenuous standing when leading handset company Nokia (NOK 12.59, -1.56) stated it expects fourth quarter industry volume to decline. The firm sees softer consumer spending amid weak economic conditions, while trade partners are challenged by credit conditions.
Weak economic conditions also have retailers fretting over the holiday shopping season. Kohl's (KSS 29.09, -1.48), Nordstrom (JWN 11.74, -1.22), JCPenney (JCP 17.27, -2.01), and Abercrombie & Fitch (ANF 17.79, -4.65) each issued downside guidance for the fourth quarter.
The glum outlook mirrors a 2.8% decline in October total retail sales. Excluding autos, retail sales declined 2.2%. Both were worse than expected.
The downbeat retail sales data set a weak foundation for the PCE component of fourth quarter GDP. Moreover, the data validate the idea that fourth quarter GDP will be well below the original 0.3% decline reported for the third quarter.
In other economic data, October import prices were up 6.7% year-over-year, missing the consensus of an 8.2% year-over-year increase.
September business inventories were down 0.2%, which is below the consensus forecast of a 0.1% decline. The prior reading was revised lower to a 0.2% increase.
Losses among stocks were deep and broad based Friday. Only the consumer staples sector (-2.9%) finished with a loss of less than 3%.
The financial sector (-5.2%) continued to underperform with more than 90% of the financial firms in the S&P 500 posting a decline.
Energy stocks (-4.0%) were also hit hard. The sector put together an 11% advance in the prior session, but with crude oil prices slipping more than 3% investors moved to take some profits off the table. Crude closed the session around $56.30 per barrel.
Weakness in equities sent government securities higher. The 10-year Treasury Note advanced 37 ticks, which was its largest advance this week. The Note currently yields 3.71%.
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None Leading Industries: Broadcasting +2.96%, Agricultural Products +2.57%, Oil & Gas Refining & Marketing +2.03%, Brewers +0.57%, Multi-Line Insurance +0.50% Lagging Sectors: Financials (-5.19%), Tech (-4.86%), Health Care (-3.45%), Consumer Staples (-2.89%), Consumer Discretionary (-4.61%), Industrials (-4.55%), Energy (-3.95%), Telecom (-3.52%), Materials (-6.18%), Utilities (-2.97%) Lagging Industries: Industrial REITs -25.70%, Motorcycle Manufacturers -15.56%, Residential REITs -12.96%, Tires & Rubber -12.73%, Real Estate Services -10.21%, Health Care Facilities -10.14%, Retail REITs -9.98%, Fertilizers & Agricultural Chemicals -9.69%, Specialized REITs-9.39%, Semiconductor Equipment -8.56% NYSE:Higher than avg volume @ 1905 vs. 1435 avg Decliners outpacing Advancers : 628/2446 New lows outpacing new highs : 5/214 NASDAQ:Higher than avg volume @ 3148 vs. 2377 avg Decliners outpacing Advancers : 570/2229 New lows outpacing new highs : 5/289 Other Market Moving Factors:• Retailers issue downside guidance ahead of holiday shopping season • Advance October retail sales decline more than expected • September business inventories slip more than expected _______________________________________
PREVIEW FOR 17 November to 21 November, 2008
EARNINGS VIEW FOR WEEK OF 17 November to 21 November, 2008Monday:COV , GOL , LOW , NSSC , ORBK , RTLX , TGT , CNTF , CTRP , JMBA , KONG , NVTL , SGK , NCTY , XFML Tuesday:ARM , CMED , DHT , GIGM , HD , MDT , MWRK , SOL , SKS , DY , JBX , LZB , PSUN , PVH Wednesday:BJ , EV , LDK , MENT , ROST , TSL , TWB , CYBX , DBRN , EGLT , GYMB , HOTT , INTU , LTD , LDG , MW , PETM , PLNR , SMTC , TK , WGOV Thursday:AGYS , STST , BKS , BONT , BRC , CTR , PLCE , DKS , EJ , FRE , GME , GCO , GRB , GSIG , HP , ITWO , IDEV , IUSA , LTXX , LULU , MPR , NWY , PTRY , PDCO , PERY , PPC , SBH , SCHS , SCVL , SSI , SMRT , STP , SCMR , BKE , TDG , WTSLA , ARAY , ARUN , ADSK , BRCD , JRJC , CHRD , CPWM , DELL , DDS , DITC , FL , GPS , HIBB , HRAY , JCG , CRM , ZUMZ Friday:ANN , CSIQ , HNZ , SJM , KIRK , ANSV ___________________________________________ ECONOMIC VIEW FOR WEEK OF 17 November to 21 November, 2008Events for Monday 17 November08:30 NY Empire State Index 09:15 Capacity Utilization 09:15 Industrial Production Events for Tuesday 18 November08:30 Core PPI 08:30 PPI 09:00 Net Foreign Purchases Events for Wednesday 19 November08:30 Building Permits 08:30 Core CPI 08:30 CPI 08:30 Housing Starts 14:00 FOMC Minutes Events for Thursday 20 November08:30 Initial Claims 10:00 Leading Indicators 10:00 Philadelphia Fed Events for Friday 21 NovemberNone. ___________________________________________ TECHNICAL UPDATEDOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 8,943.81, +248.02 (+2.77%) NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,647.40, +38.7 (+2.41%) S&P 500 INDEX (SPX: CBOE) 930.66, +25.78 (+2.85%) __________________________________________ Current MarketsAsian Markets Monday November 10 2008 @ 08:23 ET: HANG SENG 14,744.63 ( +501.2 +3.52% ) NIKKEI 225 9,081.43 ( +498.43 +5.81% ) KLSE 904.24 ( +10.29 +1.15% ) STI 1,860.68 ( -2.81 -0.15% ) Currencies Monday November 10 2008 @ 08:23 ET: U.S. Dollar vs Euro ( +0.0084 +0.66% ) 1.2897 U.S. Dollar vs Yen ( +0.11 +0.11% ) 0.0101 U.S. Dollar vs UK £ ( +0 +0.09% ) 1.58 Treasury Yields :  2 Year Note 1.32% +0.03 • 5 Year Note 2.55% +0.0510 Year Note 3.78% +0.09 • 30 Year Note 4.26% +0.07Gold (CMX ) December 08 ($US per Troy oz.) : 734.20 ( +2.00) Light Crude (NYM ) December 08 ($US per bbl.) : 61.04 ( +0.27) ___________________________________________ Summary"Financial services giant Citigroup says it will cut more than 50,000 jobs, slashing staff to 300,000." "Auto bailout: Showdown" : http://money.cnn.com/2008/11/17/news...ion=2008111707"Stocks to reflect economic gloom" : http://money.cnn.com/2008/11/17/mark...ion=2008111708"New York economy declining - survey" : http://money.cnn.com/2008/11/17/news...ion=2008111708"Long, painful recession is likely - survey" : http://money.cnn.com/2008/11/17/news...ion=2008111707"No bonus for Goldman Sachs' CEO" : http://money.cnn.com/2008/11/16/news...ion=2008111620"Japan - world's No. 2 economy - in recession" : http://money.cnn.com/2008/11/16/news...ion=2008111705Resistance levels @ 8,880 and 9,060 Support levels @ 8,280 and 7,960 Direction for Monday 10 November 2008; ∇ DownDirection for the week Monday 17 November to Friday 21 November, 2008; ∇ Down |
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Post added on November 17,2008 |
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| 13 November 2008 - BMO |
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U.S. MARKETS RECAP : Wednesday, November 12, 2008 AMC  Quote:
Briefing.com - Wednesday November 12 2008 @ 16:49 ET AMC
Daily Sector Wrap : Stocks Tumble on Treasury Plan, Best Buy Warning
Stocks tumbled on Wednesday after a major retailer sharply reduced its full year earnings estimate and the Treasury said it was going to expand its emergency financial relief actions. In the end, the S&P 500 fell 5.2%, settling near session lows. The Nasdaq dropped 5.2% to its lowest closing level in five and a half years.
Treasury Secretary Paulson announced that the Treasury is dropping its original plan to buy troubled mortgage assets, as it no longer believes the plan is the most effective way to use the $700 billion financial relief package.
Instead, the Treasury will focus on three priorities for the remaining $410 billion in TARP funds. First, it will work to reinforce the stability of the financial system, which may include another round of direct equity investments. This time, however, the Treasury is also considering the needs of nonbanking companies.
Second, Paulson said the government will look at ways to support credit from outside the banking system, including the development of a liquidity facility for AAA asset-backed securities. The Treasury hopes the facility would increase consumer access to credit, as asset-backed securities typically encompass auto loans, student loans and credit cards.
Third, the Treasury is looking at ways to mitigate mortgage foreclosures.
Investors drove stocks lower on the news, recognizing that although funding markets have improved from five weeks ago, the notion that banks and nonbanks will still likely need more capital implies the stabilization period will be an extended one.
In corporate news, Best Buy (BBY 21.97, -1.91) said it is facing the most difficult climate it has ever seen. As a result, the company slashed its fiscal year 2009 (ends in February) earnings per share guidance to between $2.30 and $2.90 from its previous forecast of $3.25 to $3.40. This falls well below the consensus estimate of $3.02 per share and would mark a year-over-year decrease of between 28% and 9%.
Department store operator Macy's (M 8.37, -1.04) managed to post a smaller-than-expected third quarter loss and issue in-line full year guidance, but said it is increasingly concerned that it won't see the improvement in spring 2009 that it anticipated as recently as a month ago.
All ten of the economic sectors declined in broad-based weakness. The financial sector was a laggard, falling 6.9%. American Express (AXP 20.08, -2.32) fell 10.4% on a Wall Street Journal report that the credit card company is requesting $3.5 billion from government aid.
The energy sector dropped 7.3% as crude prices plummeted 6.1% to $55.71 per barrel.
Defensive oriented sectors outperformed on a relative basis, but still posted steep declines. Utilities shed 2.8% and consumer staples dropped 3.8%.
Automakers were a pocket of strength. General Motors (GM 3.12, +0.20) and Ford (F 1.86, +0.06) gained on reports that Rep. Barney Frank wants the Treasury to use some of its $700 billion to provide $25 billion in loans to GM, Ford and Chrysler.
Treasuries rose as risk averse investors sold stocks and commodities (-2.6%). The 10-year note rose 26 ticks to 3.64%, while the 3-month T-bill yield dropped 27 basis points to just 0.15%.
The S&P 500 is now only 1.5% above its Oct. 10 multi-year intraday low and is down 42.0% this year.
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None Leading Industries: Automobile Manufacturers +3.19%, Agricultural Products +1.65%, Distributors +0.12% Lagging Sectors: Financials (-6.91%), Tech (-5.09%), Health Care (-3.52%), Consumer Staples (-3.29%), Consumer Discretionary (-6.22%), Industrials (-5.28%), Energy (-7.25%), Telecom (-4.13%), Materials (-6.43%), Utilities (-2.75%) Lagging Industries: Industrial REITs -34.94%, Broadcasting -20.76%, Real Estate Services -19.46%, Wireless Telecommunication Services -13.14%, Retail REITs -12.90%, Coal & Consumable Fuels -12.73%, Steel -12.59%, Home Entertainment Software -11.62%, Tires & Rubber -10.99%, Paper Products -10.90% NYSE:Lower than avg volume @ 1388 vs. 1428 avg Decliners outpacing Advancers : 211/2891 New lows outpacing new highs : 9/542 NASDAQ:Lower than avg volume @ 2265 vs. 2373 avg Decliners outpacing Advancers : 383/2465 New lows outpacing new highs : 3/578 Other Market Moving Factors:• Best Buy issues downside earnings guidance for fiscal year 2009, says this is the most difficult climate its ever seen • Treasury Secretary Paulson speaks about $700 billion TARP; will no longer buy troubled assets; may buy stakes in nonbanking companies Quote:
Briefing.com - Wednesday November 12 2008 @ 17:11 ET AMC
After-Hours Report : Intel Cuts Outlook
Price level vs. 4 pm ET: Stocks tumbled Wednesday after a major retailer sharply reduced its outlook and the U.S. Treasury said it will expand its emergency financial relief actions. In the end, the S&P 500 fell more than 5% before settling near session lows.
Every economic sector finished lower. Losses ranged from the utilities sector's 2.8% decline to the energy sector's 7.3% drop.
The tone during after-hours action has gone from mixed to decidedly negative. S&P 500 futures, which currently trade at 844.60, are roughly six points behind fair value. Nasdaq 100 futures, which currently trade at 1145.25, trail fair value by approximately 21 points.
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U.S Markets - Thursday November 13 2008 - BMO
TECHNICAL UPDATEDOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 8,282.66, -411.3 (-4.97%) NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,499.21, -81.69 (-5.17%) S&P 500 INDEX (SPX: CBOE) 852.30, -46.65 (-5.19%) __________________________________________ Current MarketsAsian Markets Thursday November 13 2008 @ 06:04 ET: HANG SENG 13,221.35 ( -717.74 -5.15% ) NIKKEI 225 8,238.64 ( -456.87 -5.25% ) KLSE 880.59 ( -9.75 -1.10% ) STI 1,755.47 ( -28.54 -1.60% ) Currencies Thursday November 13 2008 @ 06:04 ET: U.S. Dollar vs Euro ( +0.0042 +0.34% ) 1.2493 U.S. Dollar vs Yen ( +0.9 +0.95% ) 0.0105 U.S. Dollar vs UK £ ( +0.01 +0.45% ) 1.49 Treasury Yields :  2 Year Note 1.16% -0.1 • 5 Year Note 2.35% -0.1510 Year Note 3.65% -0.1 • 30 Year Note 4.17% -0.04Gold (CMX ) December 08 ($US per Troy oz.) : 718.30 ( -14.50) Light Crude (NYM ) December 08 ($US per bbl.) : 56.16 ( -3.17) Earnings Highlights for Thursday November 13 AES , CHNL , CPA , CRYP , DRQ , FCSX , FIG , FREE , FSIN , GSOL , GSIG , ITWO , KLIC , MMS , MPEL , NSSC , NJR , OHB , PAAS , RAH , SI , GASS , TEF , UNCA , URBN , WMT , WNS , YGE , ZOLL , ANSV , ARTE , CHLN , CLNE , DNDN , DIET , ETEL , GGB , LRN , KEYN , KSS , LEE , MDTH , MSCC , MTSC , JWN , NVTL , PSPT , VSE , WGL Events for Thursday November 13 08:30 Initial Claims 08:30 Trade Balance 14:00 Treasury Budget ___________________________________________ Summary"Jobless claims highest since Sept. 11 attacks" : http://money.cnn.com/2008/11/13/news...ion=2008111308"Why GM can't survive bankruptcy" : http://money.cnn.com/2008/11/13/news...ion=2008111305Add GM's staff into the Jobless claims and you'll have a very nice and huge figure. Not forgetting to add DHL who is cutting 9.5k jobs and Circuit City's numbers. "85,000 homes lost to foreclosure in October" : http://money.cnn.com/2008/11/13/real...ion=2008111306"Wal-Mart earnings up, but forecast cut" : http://money.cnn.com/2008/11/13/news...ion=2008111308"Stocks set for a flat open" : http://money.cnn.com/2008/11/13/mark...ion=2008111308Down day today and we might just revist and test Dow's low on 10/10 (7,882.51) if we break that well we are gonna sink much much further. Resistance levels @ 8,510 and 8,590 Support levels @ 8,180 and 7,880 Direction for Thursday November 13 2008; ∇ Down |
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Post added on November 13,2008 |
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| 12 November 2008 - BMO |
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U.S. MARKETS RECAP : Tuesday, November 11, 2008 AMC  Quote:
Briefing.com - Tuesday November 11 2008 @ 16:27 ET AMC
Daily Sector Wrap : Econ, Earnings Fears Weigh on Stocks
Stocks fell on Tuesday as economic fears and concerns over corporate earnings overshadowed news of a government plan to help prevent foreclosures.
The S&P 500 was down as much as 3.7%, but pared some losses in the final two hours of the session to settle with a loss of 2.2%. Nine of the ten sectors fell in mostly broad-based weakness. The material sector (-4.2%) declined the most, while the defensive-oriented utilities sector (+0.2%) outperformed. Volume was below average, with 1.23 billion shares exchanging hands on the NYSE.
Government officials outlined a new mortgage modification plan for loans held by GSEs Fannie Mae (FNM 0.69, -0.03) and Freddie Mac (FRE 0.84, -0.04). The program targets the highest risk borrower who has missed three payments or more, owns and occupies the property as a primary residence and has not filed for bankruptcy. The borrower's loan payment will then be modified to be affordable, which the FHFA defined as no more than 38% of total monthly gross income.
Earlier in the day, Citigroup (C 10.85, -0.36) announced a plan to prevent foreclosures, which includes the modification of mortgage terms for a group of 500,000 homeowners.
In corporate news, American Express (AXP 22.42, -1.56) received approval to convert into a bank holding company, which will give it greater access to funding and other measures of the Federal Reserve. The Fed waived the normal 30-day supervisory period due to emergency conditions.
Third quarter earnings reports left investors disappointed. KKR Financial (KFN 1.97, -1.31), Las Vegas Sands (LVS 5.25, -2.75), Starbucks (SBUX 10.01, -0.19) and TJX (TJX 23.48, -0.22) missed estimates. Rockwell Automation (ROK 25.97, +1.09) and Tyco (TYC 21.77, -3.57) beat estimates. The latter company, however, gave downside earnings guidance for its fiscal year 2009, according to reports.
Meanwhile, analysts are cutting their earnings estimates on a large number of companies in the face of the uncertain economic outlook. Google (GOOG 311.29, -7.49) had its 2009 and 2010 earnings estimates reduced at Goldman Sachs due to weak macroeconomic and consumer data.
GM (GM 2.92, -0.44) and Ford (F 1.80, -0.13) fell as traders continue to speculate if the automakers will have enough cash to make it through the economic downturn.
Alcoa (AA 10.91, -0.87) led material stocks lower after announcing that it will cut aluminum production by an additional 350,000 metric tons per year, or 8% of annualized output.
In commodity trading, crude prices plummeted 5.8% to $58.84 per barrel on the belief that the global economic slowdown will crimp demand. Commodities as a whole fell 3.5% as the dollar rose 1.4%.
The bond market was closed in observance of Veterans Day. It will reopen for normal trading hours on Wednesday.
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Utilities (+0.20%) Leading Industries: Agricultural Products +2.50%, Home Entertainment Software +2.40%, Residential REITs +1.56%, Diversified REITs +1.14%, Property & Casualty Insurance +0.93%, Education Services +0.79%, Electric Utilities +0.46%, Multi-Utilities +0.44%, Railroads +0.44%, Diversified Support Services +0.22% Lagging Sectors: Financials (-2.38%), Tech (-2.05%), Health Care (-1.51%), Consumer Staples (-1.50%), Consumer Discretionary (-2.86%), Industrials (-2.62%), Energy (-3.13%), Telecom (-2.16%), Materials (-4.24%) Lagging Industries: Real Estate Services -23.15%, Multi-Sector Holdings -13.32%, Wireless Telecommunication Services -12.43%, Tires & Rubber -11.90%, Industrial REITs -11.34%, Electronic Manufacturing Services -9.42%, Diversified Metals & Mining -9.41%, Automobile Manufacturers -8.67%, Multi-Line Insurance -8.00%, Life & Health Insurance -7.81% NYSE:Lower than avg volume @ 1168 vs. 1428 avg Decliners outpacing Advancers : 584/2505 New lows outpacing new highs : 9/348 NASDAQ:Lower than avg volume @ 2019 vs. 2370 avg Decliners outpacing Advancers : 696/2096 New lows outpacing new highs : 6/352 Other Market Moving Factors:• American Express gets Fed approval to convert to a bank holding company, will give it access to bailout package, other Fed measures • Analysts slashing earnings estimates as economic outlook weakens • Government to modify some GSE mortgages in an effort to prevent foreclosures • Bond market closed in observance of Veterans Day Quote:
Briefing.com - Tuesday November 11 2008 @ 16:56 ET AMC
After-Hours Report : Exelon Goes Hostile for NRG
Price level vs. 4 pm ET: The major indices finished their Tuesday session lower, despite a midafternoon rally. The losses came on the back of continued economic fears and concerns regarding corporate earnings, which overshadowed news of a government plan to help prevent foreclosures.
Utilities were the only economic sector to finish in higher ground. The defensive-oriented sector advanced just 0.2%.
The session's downbeat tone echoes into after-hours trading. S&P 500 futures are currently trading at 893.90, or nearly four points behind fair value. Nasdaq 100 futures, which currently trade at 1223.00, also trail fair value by nearly four points.
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U.S Markets - Wednesday November 12 2008 - BMO
TECHNICAL UPDATEDOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 8,693.96, -176.58 (-2.03%) NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,580.90, -35.84 (-2.22%) S&P 500 INDEX (SPX: CBOE) 898.95, -20.26 (-2.20%) __________________________________________ Current MarketsAsian Markets Wednesday November 12 2008 @ 04:15 ET: HANG SENG 13,939.09 ( -101.81 -0.73% ) NIKKEI 225 8,695.51 ( -113.79 -1.29% ) KLSE 887.69 ( -6.91 -0.77% ) STI 1,789.00 ( -17.96 -0.99% ) Currencies Wednesday November 12 2008 @ 04:15 ET: U.S. Dollar vs Euro ( ++0.0039 ++0.31% ) 1.2548 U.S. Dollar vs Yen ( -0.0300 -0.03% ) 0.0102 U.S. Dollar vs UK £ ( -0.00 -0.14% ) 1.54 Treasury Yields :  2 Year Note 1.26% -0.07 • 5 Year Note 2.50% -0.0510 Year Note 3.75% -0.03 • 30 Year Note 4.21% -0.05Gold (CMX ) December 08 ($US per Troy oz.) : 733.20 ( -13.30) Light Crude (NYM ) December 08 ($US per bbl.) : 59.33 ( -3.08) Earnings Highlights for Wednesday November 12 ACM , FLY , CSIQ , DSX , DPS , GMCR , IGLD , JASO , M , TYPE , NICE , ORCT , SMA , NGLS , TRI , VIVO , ANW , AFCE , APEI , AMAT , CALL , CHIC , CSC , CROX , ESE , GA , NTES , NTAP , SINA , TTEK Events for Wednesday November 12 ___________________________________________ Summary"Stocks set for a lower open" : http://money.cnn.com/2008/11/12/mark...ion=2008111208"Best Buy: 'Most difficult climate we've ever seen'" : http://money.cnn.com/2008/11/12/news...ion=2008111208"Oil slips below $59 on global growth pessimism" : http://money.cnn.com/2008/11/12/mark...ion=2008111207The headline says it "GLOBAL GROWTH PESSIMISM" same goes for the article below. "The bear market goes global" : http://money.cnn.com/2008/11/11/pf/f...ion=2008111204"U.S. mortgage plan falls short" : http://money.cnn.com/2008/11/11/news...ion=2008111120Seem to me lots of pessimism and no optimism to speak off. Lets make this Down Day #3. Resistance levels @ 8,920 and 9,060 Support levels @ 8,560 and 8,370 Direction for Wednesday November 12 2008; ∇ Down |
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| 11 November 2008 - BMO |
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U.S. MARKETS RECAP : Monday, November 10, 2008 AMC  Quote:
Briefing.com - Monday November 10 2008 @ 16:40 ET AMC
Daily Sector Wrap : Stocks Sink on Financial, Automaker Woes
Stocks fell Monday as concerns regarding financial companies and automakers overshadowed news of a massive Chinese fiscal stimulus and a restructuring of AIG's (AIG 2.28, +0.17) government bailout.
The S&P 500 opened 2.3% higher as overseas markets rallied on the Chinese fiscal stimulus plan, but gave up those gains as the financial sector faltered. In the end, the S&P 500 fell 1.3% in below average volume with eight of the ten economic sectors posting a loss.
China will spend $586 billion, equal to 18% of its GDP, in a plan to support its domestic economy and restore global economic health. The two-year package will target a broad range of industries, including housing, infrastructure and health care.
In corporate news, AIG rose 8% on word its bailout from the U.S. government has been amended, including an expansion in aid to $150 billion from $123 billion and better loan terms. The move is meant to give AIG more time to sell assets after losing $24.5 billion in the third quarter, and stands to reassure investors that the insurance giant will be able to satisfy its counterparty obligations.
Despite the strength in AIG, the financial sector dropped 4.4%, with notable weakness in Goldman Sachs (GS 70.94, -6.87). Goldman had its fourth quarter earnings estimate cut to a loss of $2.50 per share from a profit of $2.71 at Barclays. Barclays cited dramatic equity market declines. On average, analysts expect Goldman to post fourth quarter earnings of $1.46 per share.
General Motors (GM 3.29, -1.07) tumbled to its lowest level in six decades after it was downgraded to Sell from Hold and had its price target cut to $0 from $4 at Deutsche Bank. GM may not be able to fund its U.S. operations beyond December without government intervention, Deutsche Bank said. Ford (F 1.94, -0.08) fell 4%.
The financial market turmoil and slowdown in consumer spending is taking a toll on retailers (-2.0%). Circuit City (CC 0.11, -0.14) filed for Chapter 11 bankruptcy protection due to stiff competition and financial market disruptions that limited the retailer's access to credit.
UPS (UPS 53.66, +1.74) and FedEx (FDX 66.27, +1.69) gained on news that they will have less competition in the U.S. starting early next year. DHL U.S. Express said it will discontinue domestic-only air and ground services to only focus on international offerings. The shipping company, owned by Germany-based Deutsche Post World Net, will cut 9,500 U.S. jobs, on top of the 5,400 jobs it has already eliminated.
On a positive note, McDonald's (MCD 56.58, +1.11) continues to benefit from its relatively low price offerings. The company said October U.S. same-store sales increased by 5.4% and global same-store sales rose by 8.2%. U.S. sales, which accounted for 35% of McDonald's 2007 revenue, were aided by the popularity of the Monopoly game.
In commodity trading, oil surged as high as 7.4% and gold gained as much as 4.7% as traders speculated that the Chinese stimulus plan would spark increased demand. Commodities (+1.7%) gave up much of those gains by the end of the session, however, with oil settling up 1.9% to $62.22 per barrel and gold advancing 1.6% to $746.10.
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Energy (+0.51%), Telecom (+1.13%) Leading Industries: Coal & Consumable Fuels +6.00%, Gold +5.57%, Aluminum +5.27%, Agricultural Products +4.38%, Oil & Gas Refining & Marketing +3.55%, Air Freight & Logistics +2.70%, Oil & Gas Exploration & Production +1.94%, Railroads +1.82%, Integrated Telecommunication Services +1.51%, Oil & Gas Drilling +1.29% Lagging Sectors: Financials (-4.40%), Tech (-1.94%), Health Care (-0.52%), Consumer Staples (-0.07%), Consumer Discretionary (-2.57%), Industrials (-0.24%), Materials (-0.37%), Utilities (-2.94%) Lagging Industries: Industrial REITs -22.19%, Real Estate Services -14.21%, Retail REITs -11.36%, Automobile Manufacturers -10.92%, Office REITs -9.18%, Health Care Facilities -8.85%, Diversified REITs -8.35%, Investment Banking & Brokerage -8.32%, Residential REITs -8.30%, Electronic Manufacturing Services -7.85% NYSE:Lower than avg volume @ 1087 vs. 1430 avg Decliners outpacing Advancers : 985/2104 New lows outpacing new highs : 4/192 NASDAQ:Lower than avg volume @ 1743 vs. 2375 avg Decliners outpacing Advancers : 830/1966 New lows outpacing new highs : 8/219 Other Market Moving Factors:• American Express gets Fed approval to convert to a bank holding company, will give it access to bailout package, other Fed measures Quote:
Briefing.com - Monday November 10 2008 @ 17:46 ET AMC
After-Hours Report : Starbucks Serves Insipid Results, Outlook
Price level vs. 4 pm ET: Stocks fell Monday as concerns regarding financial companies and automakers overshadowed news of a massive Chinese fiscal stimulus and a restructuring of AIG's (AIG) government bailout.
Eight of the 10 economic sectors posted a loss in below average volume. Energy (+0.5%) and telecom (+1.1%) were the sole advancers.
A relatively positive tone is indicated during after-hours trading. S&P 500 futures, which currently trade at 921.40, are roughly three points ahead of fair value. Nasdaq 100 futures, which currently trade at 1256.75, lead fair value by nearly four points.
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U.S Markets - Tuesday November 11 2008 - BMO
TECHNICAL UPDATEDOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 8,870.54, -73.27 (-0.83%) NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,616.74, -30.66 (-1.86%) S&P 500 INDEX (SPX: CBOE) 919.21, -11.45 (-1.23%) __________________________________________ Current MarketsAsian Markets Tuesday November 11 2008 @ 8:17 ET: HANG SENG 14,040.90 ( -703.73 -4.77% ) NIKKEI 225 8,809.30 ( -272.13 -3.00% ) KLSE 894.60 ( -9.64 -1.07% ) STI 1,806.96 ( -78.06 -4.14% ) Currencies Tuesday November 11 2008 @ 8:17 ET: U.S. Dollar vs Euro ( -0.0007 -0.05% ) 1.2742 U.S. Dollar vs Yen ( -0.08 -0.08% ) 0.0102 U.S. Dollar vs UK £ ( +0 +0.05% ) 1.56 Treasury Yields :  2 Year Note 1.26% -0.07 • 5 Year Note 2.5% -0.0510 Year Note 3.75% -0.03 • 30 Year Note 4.21% -0.05Gold (CMX ) December 08 ($US per Troy oz.) : 746.50 ( +12.30) Light Crude (NYM ) December 08 ($US per bbl.) : 62.41 ( +1.37) Earnings Highlights for Tuesday November 11 ALLT , CCJ , CATM , FOSL , FNDT , FUQI , LIZ , HZO , NGPC , PPC , ELOS , TJX , TYC , APU , ATO , BPHX , BOBE , BRKS , CTHR , CFSG , COMV , CNQR , FNET , GIVN , HOLX , HMIN , ICXT , IPI , IPCM , MELI , NTY , SMTL , SPC , UGI , WES Events for Tuesday November 11 None. ___________________________________________ Summary"Global stocks pull back" : http://money.cnn.com/2008/11/11/mark...ion=2008111105"Stocks brace for more losses" : http://money.cnn.com/2008/11/11/mark...ion=2008111107"Low credit costs, but crunch still here" : http://money.cnn.com/2008/11/11/mark...ion=2008111107"Winners and losers from China's $586 billion boost" : http://www.marketwatch.com/news/stor...1A5F8961656%7DNo doubt Down!!! Resistance levels @ 8,950 and 9,120 Support levels @ 8,670 and 8,570 Direction for Tuesday November 11 2008; ∇ Down |
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Post added on November 11,2008 |
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| 10 November 2008 - BMO |
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U.S. MARKETS RECAP : Monday 03 November to Friday 07 November2008
Quote:
Originally Posted by Briefing.com
Friday 07 November 2008 @ 17:06 AMC
Weekly Wrap :
It was a tremendous week in our country's political and social history, even if it wasn't a tremendous week for the stock market.
On Tuesday the United States made history, electing its first African-American president in Barack Obama while holding true to the longstanding, democratic principle of a peaceful transition of power.
As remarkable as that proud fact is, it unfortunately doesn't change the fact that the U.S. economy is in a slump that is pressuring earnings prospects and stock prices. Accordingly, the stock market didn't spend any time basking in the monumental history that was made Tuesday, which also included the biggest Election Day rally ever in the stock market when the S&P 500 surged 4.1%.
It became evident in no time at all that the market's economic concerns weren't assuaged in the voting booth. Over the course of the two trading sessions on Wednesday and Thursday the S&P 500 dropped 10.0%.
The decline followed an 18% gain over the preceding six sessions, so it was understandable that there would be some retracement of those gains. However, the scope of the pullback made it clear that there was more behind the selling than simple profit taking.
The item that got the market's attention turned back so quickly to the ailing economy was Wednesday's ADP employment report, which estimated 157,000 jobs were lost in the private sector in October, the largest decline since November 2002.
This report followed some dismal auto sales reports for October on Monday and set a very nervous tone ahead of the government's employment report for October on Friday.
Several other economic reports compounded the selling pressure in the middle of the week. In particular, September factory orders declined 2.5%, the October ISM Services Index at 44.4 slipped below 50.0, which is viewed as the dividing line between expansion and contraction, Q3 productivity slowed to a 1.1% growth rate from 3.6%, and continued jobless claims of 3.843 million were at their highest level since 1983.
The disappointments weren't confined solely to economic news either. Another wave of cautious-sounding guidance from corporate America also factored heavily in the action.
Tech bellwether Cisco (CSCO) led the pack of disappointments with a warning that its fiscal second quarter revenues were expected to decline 5% to 10% as most enterprise customers across all industries it serves are facing a very challenging business environment.
Separately, influential banking analyst Meredith Whitney of Oppenheimer & Co. suggested in a CNBC interview Wednesday that she felt big banks were going to be in the position of having to complete more capital raises in coming months and that she felt many of their stocks still had a lot more downside risk in them. She feels that Citigroup (C), for one, could trade into the single digits.
On the heels of her bleak assessment, retailers on Thursday posted some lousy same-store sales results for October, with the exception of price leader Wal-Mart (WMT), which reported a 2.4% gain. Overall, same-store sales declined 0.9% (and 4.2% excluding Wal-Mart), according to the International Council of Shopping Centers.
In the midst of the reports from the retailers, it was learned that the European Central Bank cut its key borrowing rate 50 basis points to 3.25%, as expected, but that the Bank of England stunned everyone by cutting its key rate 150 basis points to 3.00%.
The move by the Bank of England was so aggressive that it was scary. Central banks simply don't cut rates in this fashion, unless they feel they are way behind the curve with the appropriate monetary policy as it relates to economic prospects.
The Bank of England for its part said there has been a marked deterioration in the outlook for economic activity at home and abroad and that it took the action it did to guard against inflation undershooting its 2.00% target.
It deserves pointing out that the annual rate of consumer price inflation in the U.K. was 5.2% in September or just ahead of the 4.9% growth rate in the U.S. where the fed funds rate is now 1.00%. From the market's vantage point then, the Bank of England, as well as the ECB, still hasn't cut rates enough to help forestall a protracted, global economic slowdown.
This brings us to Friday's employment report, which didn't contain any good economic news.
Nonfarm payrolls declined 240,000 (consensus -200,000) and the prior month was revised to show a decline of 284,000 positions versus an originally reported loss of 159,000. Job losses were seen in all areas in October, with the exception of modest gains in education and health services and government.
The unemployment rate rose from 6.1% to 6.5% (consensus 6.3%). Hourly earnings were in line with expectations, up 0.2%, as was the average workweek at 33.6 hours.
1.2 million jobs have been lost over the first 10 months of 2008, but tellingly, over half of those losses have occurred in just the past three months.
Ironically, in the wake of the worst economic news of the week, the stock market rallied on Friday, jumping 2.9% in a broad-based effort. The upside move was even more striking considering Disney (DIS) had disappointing earnings, Qualcomm (QCOM) provided fiscal first quarter revenue and earnings guidance well below current consensus estimates, and both Ford (F) and General Motors (GM) posted massive third quarter losses while showing they were burning through their cash.
Ford used $7.7 billion in cash in the quarter while GM used $6.9 billion. GM went on to say that, looking into the first two quarters of 2009, the company will fall short in capital unless economic conditions improve, it can gain access to capital markets, can sell assets, or can secure government funding.
That the market would rally on this battery of bad news indicated it had already accounted for it in the prior two sessions when it fell 10%.
It would be remiss not to add that President-Elect Obama gave his first press conference during afternoon trading Friday in which he summarized a discussion he had with his economic advisory team. He mentioned four initiatives he would pursue immediately upon entering office in January: (1) a rescue plan for the middle class that would include a new fiscal stimulus package, which will be his first priority (2) working to stem the spread of the impact of the crisis on other sectors of the economy (3) reviewing the current administration's implementation of the financial program and (4) laying out policies that grow the middle class and strengthen the economy for the long term.
When Obama acknowledged that he doesn't officially take over until January and will stand by to let the current administration see things through to the end of its term, the stock market gave back over half of the day's gains. However, the session ended on a positive note as a late rush of buying interest left the indices near their highs for the day, which were seen just before President-Elect Obama started his press conference.
So, while President-Elect Obama has made it clear that he wants to bring change for the country, it was clear that things remained the same for the stock market, which had another volatile week of trading.
The volatility is a by-product of the uncertainty about the timing of an economic recovery and a nettlesome belief that consensus earnings estimates for the fourth quarter and 2009 still haven't been lowered enough to reflect the economic deterioration.
In brief, there was a lot of emotion during this historic week, yet it was fundamentals -- or the perception at least that fundamentals are weakening -- that seemed to be driving the market.
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U.S. MARKETS RECAP : Friday 07 November 2008
Quote:
Originally Posted by Briefing.com
Friday 07 November 2008 @ 16:35 ET AMC
Daily Sector Wrap : Strong Finish Softens Week's Downturn
Stocks finished the week on a positive note, recovering from the worst two-session drop in more than 20 years. Despite another round of weak economic and earnings data, buyers entered the action to bid depressed prices higher.
Nonfarm payrolls declined 240,000 in October, lifting the unemployment rate to a 14-year high of 6.5%. That was up from 6.1% the month before. The decline in October payrolls marked the 10th consecutive monthly decline.
Job losses are mounting in the face of dim business prospects and a gloomy economic outlook. Atlanta Fed President Lockhart stated that he sees economic weakness at least through the first half of 2009, and higher unemployment.
Supporting that conclusion, Ford (F 2.02, +0.04) stated it will layoff an additional 10% of its salaried workforce. That announcement was paired with another paltry quarterly performance, in which the company posted a loss and burned through $7.7 billion in cash. General Motors (GM 4.36, -0.44) also posted ugly quarterly results, and burned through $6.9 billion during the quarter. Given the performance, GM is suspending talks with privately held Chrysler to concentrate on its financial health. Meanwhile, Ford had its credit rating cut to Caa1 from B3, with a negative outlook at Moody's.
Weak economic conditions are dampening prospects in several other industries as well. Qualcomm (QCOM 35.66, +2.61) posted better-than-expected earnings per share results for its latest quarter, but issued downside guidance.
Entertainment and broadcasting company Walt Disney (DIS 23.36, +0.55) also stated it expects some challenges in fiscal 2009. Disney missed the consensus earnings per share estimate when it reported its latest quarterly results.
Elsewhere, Goldman Sachs (GS 77.78, -2.94) and Morgan Stanley (MS 15.98, +0.59) had their respective earnings estimates cut by analysts at JPMorgan.
Meanwhile, Wells Fargo (WFC 29.50, +0.73) spent most of the session lower after it issued an $11 billion capital raise priced at $27 per share, which is a 6% discount to the prior session's closing price.
The financial sector was an underperformer for the majority of the session, but late buying interest pulled the sector up from a loss of 1.3% to finish near its session high, up 2.0%.
Microsoft (MSFT 21.50, +0.62) provided leadership to the tech sector after it stated that it has no interest in making a bid for Yahoo! (YHOO 12.20, -1.76). Yahoo stated just yesterday that it is a good fit for Microsoft and would sell itself for the right price.
Exxon Mobil (XOM 73.95, +4.39) was a key performer this session, providing leadership to both the Dow Jones and the S&P 500. Exxon's gains came as oil prices made a modest 0.5% advance. Crude futures finished the session near $61.00 per barrel.
Despite the fact much of the day's troubling news came before the opening bell, stocks still spent the entire session in the green. A couple of rounds of selling pressure early and late in the session threatened to undercut the stock market's advance, but a concerted buying effort helped stocks finish near session highs. Friday's advance softened the impact of losses earlier in the week; the stock market slipped 3.9% for the week. Volume was relatively light during Friday's advance.
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Leading Sectors: Financials (+1.96%), Tech (+2.56%), Health Care (+2.87%), Consumer Staples (+2.11%), Consumer Discretionary (+1.95%), Industrials (+2.60%), Energy (+4.84%), Telecom (+3.04%), Materials (+3.59%), Utilities (+5.06%)
Leading Industries: Real Estate Services +25.22%, Construction & Engineering +15.97%, Independent Power Producers & Energy Traders +13.98%, Agricultural Products +11.29%, Aluminum +9.07%, Residential REITs +8.44%, Specialized REITs +7.17%, Coal & Consumable Fuels +7.03%, Retail REITs +6.51%, Home Entertainment Software +6.07%
Lagging Sectors: None
Lagging Industries: Homebuilding -6.05%, Wireless Telecommunication Services -2.92%, Health Care Facilities -2.59%, Tires & Rubber -2.46%, Footwear -2.43%, Automobile Manufacturers -2.24%, Industrial REITs -1.88%, Internet Software & Services -1.47%, Home Furnishing Retail -0.56%, Diversified Banks -0.51%
NYSE:
Lower than avg volume @ 1206 vs. 1433 avg
Advancers outpacing Decliners : 2108/941
New lows outpacing new highs : 5/152
NASDAQ:
Lower than avg volume @ 1940 vs. 2381 avg
Advancers outpacing Decliners : 1763/1045
New lows outpacing new highs : 5/179
Other Market Moving Factors:
• Unemployment rate rises to 6.5% on larger-than-expected payroll declines
• Ford rapidly burns through cash; GM report to be announced
• Earnings disappoint
• President-elect Obama says America needs a rescue plan for the middle class, including a fiscal stimulus plan
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PREVIEW FOR 10 November to 14 November, 2008
EARNINGS VIEW FOR WEEK OF 10 November to 14 November, 2008
Monday:
KDE , ABMD , ACMR , FEED , ALD , ACAS , AIG , AOB , AHR , ARJ , ARQL , BPZ , GIB , CNK , CCO , CLWR , CODI , CYPB , DISH , ENER , FNM , FTR , FTEK , GMET , GLG , HWCC , IART , ISIS , LNY , NT , NVAX , ORBC , OFG , PEIX , PWRD , PEC , PLUG , PGNX , RDNT , ROSE , SRE , SIX , SUG , STRL , TRS , TNP , TSN , WCRX , YTEC , CNTY , APP , ASEI , ASCA , BIDZ , CALP , CPE , DXCM , DTSI , ENOC , EVEP , FMCN , FTD , HRC , HPT , IBNK , IPAR , KFN , LFG , LGF , MRX , MRGE , MGPI , MWY , MR , MIVA , OWW , QGEN , REG , ROK , SENO , SIRI , SBUX , SNS , STEC , THRM , TMA , OVEN , VM , XOMA
Tuesday:
ALLT , CCJ , CATM , FOSL , FNDT , FUQI , LIZ , HZO , NGPC , PPC , ELOS , TJX , TYC , APU , ATO , BPHX , BOBE , BRKS , CTHR , CFSG , COMV , CNQR , FNET , GIVN , HOLX , HMIN , ICXT , IPI , IPCM , MELI , NTY , SMTL , SPC , UGI , WES
Wednesday:
ACM , FLY , CSIQ , DSX , DPS , GMCR , HQS , IGLD , JASO , M , TYPE , NICE , ORCT , SMA , NGLS , TRI , VIVO , ANW , AFCE , APEI , AMAT , CALL , CHIC , CSC , CROX , ESE , GA , LVS , NTES , NTAP , SINA , TTEK
Thursday:
AES , CHNL , CPA , CRYP , DRQ , FCSX , FIG , FREE , FSIN , GSOL , GSIG , ITWO , KLIC , MMS , MPEL , NSSC , NJR , OHB , PAAS , RAH , SI , GASS , TEF , UNCA , URBN , WMT , WNS , YGE , ZOLL , ANSV , ARTE , CHLN , CLNE , DNDN , DIET , ETEL , GGB , LRN , KEYN , KSS , LEE , MDTH , MSCC , MTSC , JWN , NVTL , PSPT , VSE , WGL
Friday:
JOBS , ANF , A , GSI , HEW , JCP , SPH , GOL
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ECONOMIC VIEW FOR WEEK OF 10 November to 14 November, 2008
Events for Monday 10 November
None.
Events for Tuesday 11 November
None.
Events for Wednesday 12 November
None.
Events for Thursday 13 November
08:30 Initial Claims
08:30 Trade Balance
14:00 Treasury Budget
Events for Friday 14 November
08:30 Export Prices ex-ag.
08:30 Import Prices ex-oil
08:30 Retail Sales
08:30 Retail Sales ex-auto
10:00 Business Inventories
10:00 Mich Sentiment-Prel.
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TECHNICAL UPDATE
DOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 8,943.81, +248.02 (+2.77%)
NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,647.40, +38.7 (+2.41%)
S&P 500 INDEX (SPX: CBOE) 930.66, +25.78 (+2.85%)
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Current Markets
Asian Markets Monday November 10 2008 @ 08:23 ET:
HANG SENG 14,744.63 ( +501.2 +3.52% )
NIKKEI 225 9,081.43 ( +498.43 +5.81% )
KLSE 904.24 ( +10.29 +1.15% )
STI 1,860.68 ( -2.81 -0.15% )
Currencies Monday November 10 2008 @ 08:23 ET:
U.S. Dollar vs Euro ( +0.0084 +0.66% ) 1.2897
U.S. Dollar vs Yen ( +0.11 +0.11% ) 0.0101
U.S. Dollar vs UK £ ( +0 +0.09% ) 1.58
Treasury Yields :
2 Year Note 1.32% +0.03 • 5 Year Note 2.55% +0.05
10 Year Note 3.78% +0.09 • 30 Year Note 4.26% +0.07
Gold (CMX ) December 08 ($US per Troy oz.) : 734.20 ( +2.00)
Light Crude (NYM ) December 08 ($US per bbl.) : 61.04 ( +0.27)
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Summary
"Your $3 trillion bailout" : http://money.cnn.com/2008/11/05/news...ion=2008110511
My head would split if i'm Mr President-elect.
"DHL cuts 9,500 U.S. jobs" : http://money.cnn.com/2008/11/10/news...ion=2008111008
"Circuit City files for bankruptcy" : http://money.cnn.com/2008/11/10/news...ion=2008111008
My oh my... people are still going to keep losing jobs. 9,500 from DHL and another > 40,000 from Circuit City. Would Santa lose his job too?
"Fannie's loss: $29 billion" : http://money.cnn.com/2008/11/10/news...ion=2008111008
"China to launch $586B stimulus plan" : http://money.cnn.com/2008/11/09/news...ion=2008110908
"Oil jumps above $64 on higher Asian stocks" : http://money.cnn.com/2008/11/10/mark...ion=2008111006
Well Oil would definitely move up if a giant like China goes pouring money into housing, new railways, roads and airports.
"AIG: Bailed out again" : http://money.cnn.com/2008/11/10/news...ion=2008111008
Whoa... AIG bailout but this time $40B of the $700B bailout plan is used to purchase prefferred stock. Sounds like some "mega fund" buying into AIG...
"Wall Street set for a boost" : http://money.cnn.com/2008/11/10/mark...ion=2008111008
Well if you ask me i'll say the news at the start definitely looks grim but well looking at the 2nd half of the news i'll have to agree with the "Wall Street set for a boost" but still bearing in mind stimulus takes time to manifest its effects and in the short term we can expect more downside as more and more people are gonna be out of job.
Resistance levels @ 9,060 and 9,140
Support levels @ 8,720 and 8,570
Direction for Monday 10 November 2008; ∆ Up
Direction for the week Monday 10 November to Friday 14 November, 2008; ∇ Down |
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Post added on November 10,2008 |
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| 06 November 2008 - BMO |
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U.S. MARKETS RECAP : Wednesday, November 05, 2008 AMC  Quote:
Briefing.com - Wednesday November 05 2008 @ 16:36 ET AMC
Daily Sector Wrap : Stocks Tumble on Econ Data, Profit Taking
On Wednesday, stocks tumbled 5.3%, ending at session lows in broad-based weakness. The decline was driven by profit taking, and discouraging economic data on employment and the services sector. Meanwhile, investors digested Barack Obama winning the presidency and other election results.
According to the ADP national employment report, nonfarm private employment declined by 157,000 in October, which is the largest decline since 2002. The result was worse than the expected drop of 100,000. September was revised to a decrease of 26,000 from a decrease of 8,000. The ADP data have had a spotty track record compared to the government's report, which includes both public and private nonfarm payrolls, and is set for release on Friday.
The services sector contracted by the most since at least 1997 and the sixth time this year, according to Institute for Supply Management's national nonmanufacturing survey, which dates back to 1997. Specifically, the October ISM Services Index registered 44.4 in October, 2.6 worse than expected and 5.8 lower than the 50.2 reading in September. A reading below 50 is intended to imply contraction in the services sector.
In corporate news, Google (GOOG 342.57, -24.37) announced on its blog that it decided to end its advertising agreement with Yahoo! (YHOO 13.93, +0.58) after it became clear that government regulators and some advertisers continued to have concerns about the pact. Google traded down on the news, while Yahoo saw a boost as traders speculated this may open the door to another Microsoft (MSFT 22.07, -1.46) offer.
All ten of the economic sectors posted a loss.
Financials (-8.8%) were the main laggard. A wider-than-expected quarterly losses from bond insurers Ambac (ABK 2.06, -1.34) and MBIA (MBI 8.31, -2.15) along with disappointing earnings and outlook from REIT General Growth Properties (GGP 2.09, -2.40) added to the selling interest.
The energy sector fell 4.6% as crude prices plunged 7.4% to $65.28 per barrel. The drop in oil prices was fueled by economic concerns and weekly energy inventory data that showed the sixth consecutive increase in crude stockpiles and an increase in gasoline levels.
Quarterly earnings results were mixed, with outlooks leaning negative. Some notable companies that reported worse-than-expected earnings include ArcelorMittal (MT 25.16, -6.54), Duke Energy (DUK 15.61, -1.31), Marsh & McLennan (MMC 26.07, -3.63), Molson Coors (TAP 41.87, +3.29) and Transocean (RIG 80.61, -3.91).
Devon Energy (DVN 79.64, -3.36), Medco Health Solutions (MHS 41.45, +3.45), Polo Ralph Lauren (RL 48.54, -0.97), Sara Lee (SLE 10.22, -1.64), and Time Warner (TWX 10.15, -0.68) beat in their latest quarters.
The S&P 500 is now down 1.7% this week, but is still up 13.5% from its Oct. 10 multi-year low. It is down 37.5% this year.
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None Leading Industries: Health Care Services +1.97%, Brewers +0.13% Lagging Sectors: Financials (-8.78%), Tech (-5.50%), Health Care (-3.56%), Consumer Staples (-3.10%), Consumer Discretionary (-5.70%), Industrials (-4.94%), Energy (-4.57%), Telecom (-6.53%), Materials (-6.44%), Utilities (-3.99%) Lagging Industries: Industrial REITs -14.38%, Forest Products -13.03%, Retail REITs -12.92%, Construction & Engineering -12.84%, Real Estate Services -12.27%, Tires & Rubber -11.86%, Internet Retail -10.98%, Residential REITs -10.96%, Office REITs -10.90%, Diversified REITs -10.76% NYSE:Lower than avg volume @ 1181 vs. 1434 avg Decliners outpacing Advancers : 601/2489 New lows outpacing new highs : 3/67 NASDAQ:Lower than avg volume @ 2212 vs. 2385 avg Decliners outpacing Advancers : 595/2208 New lows outpacing new highs : 4/86 Other Market Moving Factors:• Quarterly earnings results remain mixed • Retailers report monthly same-store sales figures • Yahoo! acknowledges strategic fit of Microsoft merger Quote:
Briefing.com - Wednesday November 05 2008 @ 17:00 ET AMC
After-Hours Report : Cisco Connects With Earnings Surprise
Cisco Connects With Earnings Surprise:
Price level vs. 4 pm ET: Stocks tumbled more than 5% Wednesday, ending at session lows in broad-based weakness. The decline was driven by profit taking amid discouraging economic data, employment cuts, and weakness in the services sector.
Every economic sector tumbled. Losses were most severe in the financial sector, which dropped 8.8%. The consumer staples sector shed 3.1%, which is less than any other sector.
The tone during after-hours trading ranges from neutral to negative. S&P 500 futures, which currently trade at 951.90, are generally in-line with fair value. Nasdaq 100 futures, which currently trade at 1289.25, trail fair value by more than a dozen points.
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U.S Markets - Thursday November 06 2008 - BMO
TECHNICAL UPDATEDOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 9,139.27, -486.01 (-5.32%) NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,681.64, -98.48 (-5.53%) S&P 500 INDEX (SPX: CBOE) 952.77, -52.98 (-5.27%) __________________________________________ Current MarketsAsian Markets Thursday November 06 2008 @ 07:57 ET: HANG SENG 13,790.04 ( -1,050.12 -7.08% ) NIKKEI 225 8,899.14 ( -622.10 -6.53% ) KLSE 895.95 ( -19.29 -2.11% ) STI 1,819.20 ( -49.62 -2.66% ) Currencies Thursday November 06 2008 @ 07:57 ET: U.S. Dollar vs Euro ( -0.0135 -1.04% ) 1.2795 U.S. Dollar vs Yen ( -0.1200 -0.12% ) 0.0102 U.S. Dollar vs UK £ ( ++0.00 ++0.23% ) 1.59 Treasury Yields :  2 Year Note 1.35% -0.02 • 5 Year Note 2.5% -0.0310 Year Note 3.7% -0.02 • 30 Year Note 4.17% -0.02Gold (CMX ) December 08 ($US per Troy oz.) : 742.40 ( -14.90) Light Crude (NYM ) December 08 ($US per bbl.) : 65.30 ( -5.23) Earnings Highlights for Thursday November 06 ABH , AIXD , ACW , ACIW , ADES , AER , AKNS , ALTI , ABV , ANPI , ANSS , AHR , ARD , ARCC , ARIA , ATPG , AN , BRL , BZH , BVF , BX , BORL , BRS , CVC , CNQ , CPLA , LSE , CRZO , CPHL , FUN , CSK , CCOI , CNSL , CEG , CLR , CXW , COT , CMLS , DK , DPTR , DGIT , DTPI , DTV , DSCO , DM , DUF , DFT , DYN , ELON , EP , EPB , RDEN , EPL , ENG , EXLS , FRP , FNM , FLO , FTO , GEL , GPX , GBX , GBE , GSIG , GTXI , GPOR , HEES , HWK , HT , HGG , HDIX , HOS , HUN , ITWO , IAG , ICTG , IDA , IKN , IMAX , IMCL , INCY , VTIV , INXI , IPGP , JRCC , JRT , KG , KOP , LAMR , LXP , LCUT , LINE , MIC , MCCC , MDCI , MPW , MED , TMR , MITI , MEND , MWIV , NDAQ , NAFC , NRP , NMTI , NRF , NOVN , OMX , OMG , OMRI , OHB , PRFT , PRGO , HK , PCG , PNK , PNCL , PDC , PLA , PBH , PGNX , QCCO , ROLL , RIGL , RSTI , SPP , SNH , SCR , SKH , SMBL , SNN , SONS , SE , STXS , SHOO , SURW , SFY , SXCI , TEVA , TICC , TWGP , TM , TRMS , TEL , RMIX , USPH , VCI , VRX , VNDA , VSAT , VG , WRC , WEN , WNR , WLK , WMB , WPZ , WWE , YGE , BUD , DIOD , SYNM , NDN , ARAY , APKT , AIRM , AMCN , ALKS , AMCP , ARP , AMSF , ANSV , ANH , AGO , ATHN , ABTL , AVNX , CAR , BYI , BEBE , BIO , BBI , BLG CPKI , CBOU , CBG , CHINA , CEGE , CTHR , LNG , STV , CSA , CCIX , COGO , CTCT , COSI , CROX , CVTX , CYCC , DAR , DCGN , PROJ , DWRI , DLB , HILL , BAGL , EMKR , EBS , ENH , ETM , EZPW , FLR , FTI , FNET , FSYS , GXDX , GNW , GOLF , RVY , GUID , HALO , HANS , HLYS , HGSI , HTCH , HYTM , INWK , NSIT , PODD , ITMN , INAP , IRF , JSDA , JUPM , KFN , LLNW , LOCM , LMNX , MVSN , MMLP , MRN , MTD , MAA , MIDD , NABI , NCMI , NFG , NKTR , NLST , EGOV , NOA , NVDA , OMPI , OCNW , ONXX , OPTV , OFIX , PRX , PDLI , PSPT , PCR , PXP , POWR , PCLN , PRO , PSA , QCOM , QLTY , RAME , RRGB , RMD , SONE , SD , SAPE , SWKS , SOMX , SEP , SPRD , SPSX , TBSI , TTGT , TK , TS , KNOT , TMA , TLCV , TRLG , UEIC , YSI , UTSI , VRSN , DIS , WWWW , INT Events for Thursday November 06 08:30 Initial Claims 08:30 Productivity-Prel ___________________________________________ Summary"It will be hard to create jobs" : http://money.cnn.com/2008/11/05/news...ion=2008110514"Wal-Mart tops October sales forecast" : http://money.cnn.com/2008/11/06/news...ion=2008110607"Oil falls below $65" : http://money.cnn.com/2008/11/06/mark...ion=2008110605"U.S. stock futures drop after Cisco's sales forecast" : http://www.marketwatch.com/news/stor...9A6B934ADF5%7D481K Initial Claims, well people are still losing jobs in the States and the loss is much worse than before. Down day!!! Resistance levels @ 9,190 and 9,410 Support levels @ 9,060 and 8,940 Direction for Thursday November 06 2008; ∇ Down |
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| 05 November 2008 - BMO |
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U.S. MARKETS RECAP : Tuesday, November 04, 2008 AMC
Quote:
Briefing.com - Tuesday November 04 2008 @ 16:32 ET AMC
Daily Sector Wrap : Stocks Surge on Election Day
Stocks and commodities surged on Election Day, benefiting from some better-than-expected quarterly earnings results, improvement in the credit market and a report that a broader range of financial firms may receive investments from the Treasury.
The S&P 500 rose 4.1% in broad-based strength, ending near its best level of the session. Small-cap names, however, saw less of a bid, with the Russell 2000 Index closing up just 1.3%.
Commodities rallied 5.3% as the dollar tumbled 1.8% against a basket of world currencies. Oil futures for December delivery jumped 9.0% to $69.65 per barrel, getting an added boost from reports that some OPEC members were cutting production.
Credit markets continue to show improvement and investors are showing less fear. Interbank dollar lending, known as Libor, declined across all terms and the TED spread fell 18 basis points to 2.24%. The Volatility Index, which is considered the "fear index," declined 11%.
General Electric (GE 20.81, +1.51) was the best-performing S&P 500 component. The U.S. Treasury is considering investments in a broad range of financial companies, not just banks and insurers, The Wall Street Journal reported, citing sources. The report specifically mentioned GE's capital unit and CIT Group (CIT 6.15, +1.63) as possible recipients. A GE spokesperson said a Treasury investment is not expected, although GE would consider an offer if one was made, Reuters reported.
In earnings news, MasterCard (MA 169.37, +25.48), Archer Daniels Midland (ADM 24.23, +3.12) and Automatic Data Processing (ADP 36.23, +2.96) topped estimates for their latest quarters. The latter company, however, gave downside revenue guidance for its fiscal year 2009.
All ten of the economic sectors rose, led by energy (+6.4%), telecom (+5.2%) and industrials (+5.5%). Healthcare (+1.6%) and utilities (+2.3%) underperformed on a relative basis.
In economic news, market participants shrugged off negative factory orders data. September factory orders fell 2.5% month-over-month after dropping 4.3% in August. The results were worse than the 0.8% decline that was expected.
Despite the rally in stocks, longer-term Treasuries also gained ground. The 10-year note rose 48 ticks and the 30-year bond rose 68 ticks in light trade.
The S&P 500 has climbed 19.8% since its Oct. 10 multi-year low. Despite the massive advance, it is still down 31.5% year-to-date.
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Leading Sectors: Financials (+5.45%), Tech (+3.60%), Health Care (+1.60%), Consumer Staples (+2.31%), Consumer Discretionary (+3.76%), Industrials (+5.50%), Energy (+6.39%), Telecom (+5.23%), Materials (+5.69%), Utilities (+2.26%)
Leading Industries: Agricultural Products +15.25%, Construction & Engineering +14.83%, Diversified Metals & Mining +13.81%, Diversified REITs +12.19%, Casinos & Gaming +11.71%, Life & Health Insurance +10.72%, Gold +10.37%, Oil & Gas Drilling +9.46%, Retail REITs +9.05%, Office REITs +8.86%
Lagging Sectors: None
Lagging Industries: Health Care Facilities -36.65%, Real Estate Services -4.52%, Managed Health Care -2.59%, Home Furnishing Retail -1.43%, Biotechnology -0.66%
NYSE:
Lower than avg volume @ 964 vs. 1436 avg
Advancers outpacing Decliners : 2467/664
New lows outpacing new highs : 7/67
NASDAQ:
Lower than avg volume @ 1850 vs. 2387 avg
Advancers outpacing Decliners : 1812/1005
New lows outpacing new highs : 13/77
Other Market Moving Factors:
• Election Day in focus
• Credit markets continue to improve
• Commodities rally as dollar falls
• MasterCard, Archer Daniels Midland report strong earnings
Quote:
Briefing.com - Tuesday November 04 2008 @ 16:54 ET AMC
After-Hours Report : Weight Watchers Gains on Earnings Result
Price level vs. 4 pm ET: Stocks and commodities surged on Election Day, benefiting from some better-than-expected quarterly earnings results, improvement in the credit market and a report that a broader range of financial firms may receive investments from the Treasury.
The S&P 500 rose 4.1% in broad-based strength, ending near its best level of the session. Small-cap names, however, saw less of a bid, with the Russell 2000 Index closing up just 1.3%.
Commodities rallied 5.3% as the dollar tumbled 1.8% against a basket of world currencies. Oil futures for December delivery jumped 9.0% to $69.65 per barrel, getting an added boost from reports that some OPEC members were aggressively cutting production.
All ten of the economic sectors rose, led by energy (+6.4%), telecom (+5.2%) and industrials (+5.5%). Healthcare (+1.6%) and utilities (+2.3%) underperformed on a relative basis.
In after hours action, the S&P futures, at 1002.6, are roughly two points below fair value while the Nasdaq 100 futures, at 1379.25, are nearly two points below fair value.
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U.S Markets - Wednesday November 05 2008 - BMO
TECHNICAL UPDATE
DOW JONES INDUSTRIAL AVERAGE (DJIND: CBOT) 9,625.28, +305.45 (+3.17%)
NASDAQ COMPOSITE INDEX (COMB) (COMP.IDX: NASDAQ) 1,780.12, +53.79 (+3.12%)
S&P 500 INDEX (SPX: CBOE) 1,005.75, +39.45 (+4.08%)
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Current Markets
Asian Markets Wednesday November 05 2008 @ 04:17 ET:
HANG SENG 14,840.16 ( +455.82 +3.17% )
NIKKEI 225 9,521.24 ( +406.64 +4.46% )
KLSE 914.59 ( +9.01 +0.99% )
STI 1,857.74 ( +28.05 +1.53% )
Currencies Wednesday November 05 2008 @ 04:17 ET:
U.S. Dollar vs Euro ( -0.011 -0.85% ) 1.2883
U.S. Dollar vs Yen ( -1.17 -1.17% ) 0.0101
U.S. Dollar vs UK £ ( -0.01 -0.42% ) 1.59
Treasury Yields :
2 Year Note 1.37% -0.07 • 5 Year Note 2.53% -0.16
10 Year Note 3.72% -0.19 • 30 Year Note 4.19% -0.12
Gold (CMX ) December 08 ($US per Troy oz.) : 757.30 ( +30.50)
Light Crude (NYM ) December 08 ($US per bbl.) : 71.50 ( +7.59)
Earnings Highlights for Wednesday November 05
AAON , AGU , AFAM , ABK , WTR , MT , BDX , BBG , BLT , CSE , CAPA , CNP , CHB , CKP , CWEI , CLHB , CMS , CTSH , CITP , CGX , COCO , CXR , DWSN , DVN , DLR , DTG , UFS , RRD , DUK , ECLP , EE , ENB , ENZN , FWLT , GET , GGP , GGC , GNA , GVHR , WOLF , HLCS , HSIC , HSP , IFLO , IRC , IACI , IHR , IWA , KBALB , KIM , KNOL , KSWS , LINC , LIOX , LL , MFB , MNKD , MMC , MBI , MHS , PCS , MF , MDH , TAP , NGS , NOOF , NEWS , NPSP , OHI , OPTR , PTIE , PKD , PDX , RL , POL , PWR , KGS , KWK , RDN , RAS , REV , SLE , SBGI , SKYW , TRK , SVR , TTES , TWX , TWC , RIG , USM , WRES , WW , XTO , TDSC , ATVI , ABCO , AMRI , ALNY , ALJ , AIMC , DOX , ACLI , AEL , ARII , APAC , AHT , AVB , BLTI , BDN , BEXP , CDNS , CECO , CEDC , CRL , CHDN , CSCO , CNL , COGT , COHR , CCRT , CNO , CUZ , CCI , TRAK , DEIX , DSCM , DCP , EGLE , EVC , EXM , XCO , FIC , FOE , FMD , FVE , FCN , GHDX , GOK , ROCK , GCA , GCOM , GDP , GXP , HCKT , HVT , HTZ , HIL , HME , IDSY , ICFI , INSP , TEG , INET , JJSF , KEG , LFG , LEAP , LPSN , LMIA , MCHX , MSSR , MDR , MEAS , MNT , MBLX , MOVE , NFS , NTY , NWS.A , NGAS , NVTL , OKE , OKS , OSUR , ORA , PARL , PVA , PVR , PAA , RSCR , RUBO , RUTH , WINS , SAFT , SLRY , SLXP , SVNT , SCI , SRX , STAN , BEE , SUN , STKL , SHO , SRDX , SUSS , SNCR , TX , THQI , TWTC , TRMA , UNTD , URS , VIMC , VOLC , VMC , WFMI , XNPT , ZIPR
Events for Wednesday November 05
08:15 ADP Employment
10:00 ISM Services
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Summary
"Obama rides economy to White House" : http://money.cnn.com/2008/11/04/news...ion=2008110500
"Text of Obama's victory speech" : http://www.marketwatch.com/news/stor...D2381EC5125%7D
"U.S. stock futures trade lower after Obama victory" : http://www.marketwatch.com/news/stor...698648E3160%7D
"Bonds fall after Obama's election" : http://money.cnn.com/2008/11/05/mark...ion=2008110507
"What Obama stands for on economy" : http://money.cnn.com/2008/11/04/news...io | | | |
