Today was an odd day, and despite the mixed index levels it should be considered a win. Oil rose sharply and was over $127.00 at one point after the Saudi's said that demand didn't justify increasing production in oil; Goldman Sachs put oil's average target for the second half of 2008 above $140/barrel. To top it off, the controversial University of Michigan consumer confidence level came in at the lowest reading since 1980. Even housing saw strange information as the rise in building permits and housing starts came out much higher than expected: so much for house prices stabilizing.
DJIA 12,983.13 (-9.53; -0.07%)
S&P500 1,425.06 (+1.49; +0.10%)
NASDAQ 2,528.79 (-4.94; -0.19%)
10 Yr Bond 3.850% (+0.007%)
52-week lows
TOP 10 ANALYST CALLS
Ascent Solar Technologies, Inc. (NASDAQ: ASTI) saw a drop-off after it priced a 3.8 million share secondary offering at $14.00, well under yesterday's close. In the final minutes, shares were down 6% at $14.93.
Closing Bell: Stocks survive despite weak confidence and record oil
Continue reading Closing Bell: Stocks survive despite weak confidence and record oil
TWX Chairman Parsons says likely to step down; Next job NYC mayor?
As soon as Richard Parsons gave up his CEO role in January, remaining chairman of Time Warner Inc. (NYSE: TWX), the smart money bet that his tenure would be short-lived. After all, he had turned over the fun part of the job to Jeffrey Bewkes.Today, at the annual shareholder meeting, Parsons said he would likely give up his role as chairman after this year. This will mean Bewkes gets the chairman title affixed to his CEO tag. In fact, his contract stipulates being able to become chairman.
This is more than a title change. It will consolidate the decision-making power and the public's perception of who is in charge with Bewkes. It may even allow Bewkes to more expeditiously get Time Warner Cable Inc. (NYSE: TWC) out of the structure.
For Parsons, it will mean a fresh start. He has long been thought of as a candidate for Mayor in New York City. Handing the chairmanship of Time Warner over to Bewkes would allow Parsons to pursue that.
Closing Bell: Economic data and deals power gains
The markets got some extra relief today as weekly jobless claims only rose by 6,000 to 371,000. The Philly Fed also showed that manufacturing contracted slower than expected as output fell by 0.7% in April. Below are the unofficial closing prices for major index levels:
- DJIA 12,988.91 +90.53 +0.70%
- S&P500 1,423.28 +14.62 +1.04%
- NASDAQ 2,533.73 +37.03 +1.48%
- 10 Yr Bond(%) 3.8430% -0.0950
- 52-WEEK LOWS
- TOP ANALYST CALLS
Continue reading Closing Bell: Economic data and deals power gains
Closing Bell: Good inflation data wins, but sellers lighten gains
Today's inflation report was the main reason for the rally as it looks like prices nominally are not getting much worse. But as I noted, that's true if you don't go to the gas station or grocery store. Home foreclosures rose yet again, and that may be something to get used to. Oil prices were down down $1.86 to $123.94 per barrel in after-hours trading. Here are the unofficial closing index levels:
Deere & Co. (NYSE: DE) saw a sharp drop in shares after reporting earnings, and it pulled down other ag-stocks. The company said it was being impacted by tight part supplies and rising materials costs, and that sent shares tumbling 10% to $81.10 in the final minutes today.
- DJIA 12,890.64 (+58.46; +0.46%)
- S&P500 1,407.87 (+4.83; +0.34%)
- NASDAQ 2,495.66 (+0.54; +0.02%)
- 10YR-TBond 3.938% (+0.029)
- 52-WEEK LOWS
- 10 ANALYST CALLS
Deere & Co. (NYSE: DE) saw a sharp drop in shares after reporting earnings, and it pulled down other ag-stocks. The company said it was being impacted by tight part supplies and rising materials costs, and that sent shares tumbling 10% to $81.10 in the final minutes today.
Continue reading Closing Bell: Good inflation data wins, but sellers lighten gains
Closing Bell: survey says national home prices tumbled 7.7%
National home prices tumbled by 7.7% in the first quarter in a recent survey. While retail sales did fall -0.2% overall in the month of April, the ex-autos numbers were actually positive by +0.5%. Below are the unofficial closing levels for major averages:
- DJIA 12,833.97 (-42.34; -0.33%)
- S&P500 1,403.42 (-0.16; -0.01%)
- NASDAQ 2,495.34 (+6.85; +0.28%)
- 10YR-TBond 3.909% (+0.134%)
- TOP 10 ANALYST CALLS
Continue reading Closing Bell: survey says national home prices tumbled 7.7%
Closing Bell: Merger talk, oil drop, dollar gain
Crude surpassed $126.00 before retreating down by $1.85 to $124.11 late in the day. Many are citing that the interest in owning the dollar is also partly to thank for today's gains. Below are the unofficial closing bell prices for major index levels:
- DJIA 12,879.24 (+133.36; +1.05%)
- S&P 500 1,403.50 (+15.22; +1.10%)
- NASDAQ 2,487.86 (+42.34; +1.73%)
- 10YR-TBond 3.775% (+0.008%)
- 52 WEEK LOWS
- ANALYST CALLS
Continue reading Closing Bell: Merger talk, oil drop, dollar gain
Closing Bell: $126 Oil trumps deficit... week ends down
Despite a lower "trade deficit" number, investors have been taking profits. Seeing oil go over $126.00 hurt more than a horrible turnout in financials. Below are the unofficial closing levels:
- DJIA 12,745.88 -120.90 -0.94%
- S&P500 1,388.28 -9.40 -0.67%
- NASDAQ 2,445.52 -5.72 -0.23%
- 10YR-TBond 3.7670% -0.0380
- 52-WEEK LOW CLUB
- TOP 10 ANALYST CALLS
Continue reading Closing Bell: $126 Oil trumps deficit... week ends down
Early analyst calls: ABT, DRS, RAIL, SOV
It's a fairly quiet day in analyst land as far as the most active stocks are concerned, despite there being many movers today. Here is a brief snapshot of some of the key calls today:
Abbott Labs (NYSE: ABT) started as Buy at UBS.
DRS Tech (NYSE: DRS) cut to Neutral at UBS; cut to market perform at FBR.
FreightCar America (NASDAQ: RAIL) Raised to Buy from Hold at Jefferies; new price target $42.00 from $35.00.
Sovereign Bancorp (NYSE: SOV) Raised To Market Perform at KBW.
You can also see the full top ten individual calls right here.
Jon Ogg produces and edits the "10 Stocks Under $10" weekly newsletter for 247WallSt.com.
Abbott Labs (NYSE: ABT) started as Buy at UBS.
DRS Tech (NYSE: DRS) cut to Neutral at UBS; cut to market perform at FBR.
FreightCar America (NASDAQ: RAIL) Raised to Buy from Hold at Jefferies; new price target $42.00 from $35.00.
Sovereign Bancorp (NYSE: SOV) Raised To Market Perform at KBW.
You can also see the full top ten individual calls right here.
Jon Ogg produces and edits the "10 Stocks Under $10" weekly newsletter for 247WallSt.com.
Closing Bell: Masked retail numbers trump $124 oil
If you haven't noticed the surging price of oil at the pump or the surging prices of your electric bills, maybe oil at $124.00 and higher per barrel will catch your eyes. Maybe proposing higher margin limits on oil futures trading isn't such a bad idea after all.
Despite this, retail sales managed to come in better than most were expecting... even if you can chalk that up to an extra day because of Easter in March. Jobless claims also fell by 18,000 from last week to about 365,000. Below are the unofficial closing levels for the major US index levels:
Despite this, retail sales managed to come in better than most were expecting... even if you can chalk that up to an extra day because of Easter in March. Jobless claims also fell by 18,000 from last week to about 365,000. Below are the unofficial closing levels for the major US index levels:
- DJIA 12,867.27 (+52.92; +0.41%)
- S&P500 1,397.60 (+5.03; +0.36%)
- NASDAQ 2,451.49 (+13.00; +0.53%)
- 10YR-TBond 3.805% (-0.062%)
- 52-WEEK LOWS
- Top Analyst Calls
Continue reading Closing Bell: Masked retail numbers trump $124 oil
Closing Bell: Oil + charts = Fear + pain
As you saw in a Market tankola note earlier, today can be blamed on oil or many other things. But the charts are likely the real culprit as old resistance levels didn't hold as the new support levels. The bears may have gotten an upper hand for a while if today's sentiment holds.
To top it off, worker productivity data came out strong enough today that it might even allow companies to make more layoffs. Below are the unofficial closing bell prices today:
To top it off, worker productivity data came out strong enough today that it might even allow companies to make more layoffs. Below are the unofficial closing bell prices today:
- DJIA 12,814.35 (-206.48; -1.59%)
- S&P500 1,392.56 (-25.70; -1.81%)
- NASDAQ 2,438.49 (-44.82; -1.80%)
- 10YR-TBond 3.867% (-0.026)
- 52-WEEK LOWS.
- TOP 10 ANALYST CALLS
Continue reading Closing Bell: Oil + charts = Fear + pain
Market Tankola! It's all about the charts ...
A funny thing happened this afternoon, but it won't be funny to the bulk of investors. Late this afternoon, the frustration and panic started setting in. You can blame a lot of it on many things, but the real fault may be the charts. The DJIA was off 165 points to 12,855.71 and the S&P 500 was off even worse, down 20.59 at 1,397.67.
The market sell-off was small early on but then reached certain sell levels that had been prior resistance levels on the way up. These numbers have been rounded for ease:
When the S&P 500 didn't hold right at 1,410.00, that added more pressure. Then, when 1,405.00 didn't hold, it added on another wave of sellers, and now 1,400 will act as a stead line of resistance, maybe beyond today. But it sure looks like we just lost the first cushion and moved out of that S&P up-trend after the 1,400 level was violated.
Was there news? Sure. Word came today that one of the suicide bombers in Iraq had been a Guantanamo POW; we also got word of an earthquake in Japan. But that darned dinosaur water, or black gold, just won't quit rising even when you get news that looks like it could fall. Today's higher oil inventories didn't do anything to stop the climb in oil prices and they rose $1.68 to $123.51 per barrel .
Many of these market whips come and go, but it sure looks like the pessimists and the bears just got the upper hand over the bulls today.
The market sell-off was small early on but then reached certain sell levels that had been prior resistance levels on the way up. These numbers have been rounded for ease:
When the S&P 500 didn't hold right at 1,410.00, that added more pressure. Then, when 1,405.00 didn't hold, it added on another wave of sellers, and now 1,400 will act as a stead line of resistance, maybe beyond today. But it sure looks like we just lost the first cushion and moved out of that S&P up-trend after the 1,400 level was violated.
Was there news? Sure. Word came today that one of the suicide bombers in Iraq had been a Guantanamo POW; we also got word of an earthquake in Japan. But that darned dinosaur water, or black gold, just won't quit rising even when you get news that looks like it could fall. Today's higher oil inventories didn't do anything to stop the climb in oil prices and they rose $1.68 to $123.51 per barrel .
Many of these market whips come and go, but it sure looks like the pessimists and the bears just got the upper hand over the bulls today.
Sundance Channel bought by Cablevision (CVC, GE, CBS)
Rainbow Media Holdings, a Cablevision Systems Corporation (NYSE: CVC) programming subsidiary, announced today that it will acquire 100% ownership of the Sundance Channel. Sundance is currently owned by NBC Universal, which is owned General Electric (NYSE: GE), and Showtime Networks, which is owned by CBS Corporation (NYSE: CBS), as well as various entities controlled by Robert Redford.
The exchange will be valued at approximately $496 million and consists of a tax-free exchange of 12.7 million GE shares held by Rainbow and given to General Electric and cash given to CBS and Redford entities for their interests.
Sundance began in 1996 under the direction of Robert Redford, with the goal of creating a channel that brings dedicated viewers while promoting artistic freedom of expression through various films, series, and documentaries. It now reaches some 30 million subscribers and with the acquisition, Sundance will join Rainbow's portfolio of channels, including AMC, IFC and WE.
Jon Ogg produces and edits the Special Situation newsletter for 247WallSt.com.
The exchange will be valued at approximately $496 million and consists of a tax-free exchange of 12.7 million GE shares held by Rainbow and given to General Electric and cash given to CBS and Redford entities for their interests.
Sundance began in 1996 under the direction of Robert Redford, with the goal of creating a channel that brings dedicated viewers while promoting artistic freedom of expression through various films, series, and documentaries. It now reaches some 30 million subscribers and with the acquisition, Sundance will join Rainbow's portfolio of channels, including AMC, IFC and WE.
Jon Ogg produces and edits the Special Situation newsletter for 247WallSt.com.
Closing Bell: Despite $120 oil, stocks post gains
Can you believe oil put in another monster day with oil up $1.91 at $121.88 today. This morning started out looking just like March with financials way down, and commodities up. That abated toward the end of the day. An analyst prediction of $150 to $200 oil helped propel oil today. Below are today's unofficial closing prices:
- DJIA 13,025.31 +55.77 +0.43%
- S&P 500 1,418.42 +10.93 +0.78%
- NASDAQ 2,483.31 +19.19 +0.78%
- 10YR-Bond 3.893% (+0.048)
- TOP 10 ANALYST CALLS.
Continue reading Closing Bell: Despite $120 oil, stocks post gains
Closing Bell: Oil surge drowns equities
Maybe it was tightening bank standards, maybe it was strong business orders for the services sector. Or, maybe it was a big hike in oil prices back to the $120 mark. Stocks took it on the chin today. Below are the unofficial closes for the major US index readings:
- DJIA 12,968.97 (-89.23; -0.68%)
- S&P500 1,407.48 (-6.42; -0.45%)
- NASDAQ 2,464.12 (-12.87; -0.52%)
- 10YR-TBond 3.845% (unch.)
- 52-WEEK LOW CLUB
Continue reading Closing Bell: Oil surge drowns equities
Closing Bell: The way the market churns...
Today started out as one of those positive days again as the investment climate appeared to be getting better. Then the unemployment data came out, and frankly it wasn't really as bad as one would expect. But shortly after 10:00 AM, we saw profit takers come into the market. In fact, even oil traders ran oil up after shorts covered after a good week of selling Texas Tea; oil closed up $3.82 at $116.34.
Below are the unofficial closing levels for major US index levels:
Below are the unofficial closing levels for major US index levels:
- DJIA 13,051.36 (+41.36; +0.32%)
- S&P500 1,413.96 (+4.62; +0.33%)
- NASDAQ 2,476.14 (-4.57; -0.18%)
- 10YR-TBond 3.845% (+0.096)
Just how high will U.S. gasoline prices rise?
Nordstrom and Kohl's post smaller-than-expected Q1 profit declines
Oil hits record $127.43 on supply concerns, raised Goldman forecast
