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This is so big i felt it needed to be posted in full here again!
Stock Market Update - Monday, October 18, 2010 Cautious Upward Trend
Stock Market Update
Monday, October 18, 2010
Latest US Economic News Headlines:
USA EQUITY INDEXES: (OCT. 18, 4:00 PM EDT)
Dow Jones 11,143.76 +80.98 (0.73%)
S&P 500 1,184.69 +8.50 (0.72%)
Nasdaq 2,480.66 +11.89 (0.48%)
Dow Jones CLOSING Averages: DJIA 11,143.69 UP 80.91
30 INDUS 11,143.69 UP 80.91 OR 0.73%
20 TRANSP 4,713.00 UP 18.22 OR 0.39%
15 UTILS 410.37 UP 4.14 OR 1.02%
65 STOCKS 3,867.45 UP 26.12 OR 0.68%
US Stock Trading Activity 4:00 p.m. EDT
Advancing Declining
NYSE 722,157,654 264,888,942
AMEX 8,382,403 7,216,773
NASDAQ 924,033,807 785,765,615
US DOLLAR FUTURES INDEX DXY: OCT 18, 4:05PM EDT: 76.96 0.03 (0.04%)
US COMMODITY PRICES: (OCT. 18, 4:00 PM EDT)
Crude Oil 83.20 + 0.14%
Natural Gas 3.42 - 0.38%
Gasoline 2.15 -
Heating Oil 2.28 -
Gold 1374.47 + 0.36%
Silver 24.46 + 0.70%
Copper 3.85 + 0.42%
US Stocks Gain; Financials Climb While Energy and Materials Rise Against the Dollar's Movements
US stocks climbed Monday, boosted by earnings from Citigroup and a measure of home-builder confidence that topped expectations.
In early trading, U.S. stocks wavered between small gains and losses Monday morning as investors were disappointed by weaker-than-expected industrial production data, but a strong earnings report from Citigroup lifted the financial sector. The US Dollar surrendered most of its earlier gains against rivals on U.S. data.
The Dow Jones Industrial Average was up 59 points. The Nasdaq Composite gained 1 point., while the Standard & Poor's 500 index edged up 3.6% to 1179. The materials and energy sectors led to the downside while financials gained. Oil futures near $83 a barrel on improving hopes for the broader economy.
Precious metals also increased as the dollar relaxed during the days trades.The most actively traded gold contract, for December delivery, was recently down during morning trades 0.4%, or $5.90, at $1,366.10 per troy ounce on the Comex division of the New York Mercantile Exchange..
The National Association of Home Builders (NAHB), said its housing market index rose three points to 16 in October, the first improvement in the index in five months. The index measures builder confidence for sales prospects of new, single-family homes.
The measure's October increase shows "the new-homes market is finally moving past the lull that occurred when the home buyer tax credits expired and economic growth stalled this summer," NAHB chief economist David Crowe said in a statement.
The NAHB report boosted expectations for other key housing-market data due Tuesday on housing starts and building permits. The housing construction will be slow to recover after the end of a home buyers' tax credit and as foreclosures flood the resale market. However US homebuilder confidence rose to four-month high in the report this morning.
The U.S. industrial production slipped 0.2% in September, reflecting a slowdown in what was a primary driver of growth out of the recession. Capacity utilization also slipped, falling slightly to 74.7% in September from a revised 74.8% the previous month. The numbers missed expectations, with economists having forecast a 0.2% rise in output and capacity utilization level of 74.8%.
However, the financial sector was boosted by a 2.8% increase in Citigroup shares. The bank's third-quarter earnings soared, with per-share profit coming in just above analysts' estimates as the amount the company set aside for credit losses fell.
Monday marks the start of the first "peak" week of the third-quarter reporting season, with 11 of the 30 Dow Jones Industrial Average components and more than a fifth of S&P 500 companies reporting. Other bellwethers due to report Monday include Apple and International Business Machines, both scheduled for release after the close. Ahead of those reports, Apple edged up 1% and IBM eked out a gain of 0.6%.
The dollar strengthened overnight for a second-straight day as traders shied away from bets that further easing by the Federal Reserve would continue to punish the U.S. currency. The dollar has weakened in recent weeks while stocks have rallied on expectations for the Fed to move to prop up the economy, but investors are now growing doubtful over how much longer the dollar can slump and stocks can climb on that expectation.
The U.S. Dollar Index, tracking the U.S. currency against a basket of six others, rose 0.2% in early trading. Treasurys also climbed, pushing the yield on the 10-year note down to 2.52%. Crude-oil futures edged higher while gold futures slipped.
Apple Earnings on Tap
Apple's shares stand at a record high after breaking through the $300 mark.
Analysts expect fourth-quarter earnings to showcase Apple's powerful one-two punch of the iPhone and the iPad, although some still question whether, with a plethora of rival products set to hit store shelves, Wall Street can justify Apple's stratospheric valuation.
The shares of the second largest corporation in the S&P 500 jumped more than 4 percent on Friday as anticipation mounted ahead of Monday's report.
In deal activity, St. Jude Medical agreed to acquire AGA Medical in a cash-and-stock deal valued at about $1.08 billion. St. Jude said the acquisition is "highly complementary" to the medical-device maker's heart and vascular business and will allow it to extend its product reach into new areas. The deal values AGA at a 41% premium to Friday's closing price and includes the assumption of about $225 million in AGA's debt. AGA shares surged 41% while St. Jude slipped 0.1%.
Northeast Utilities agreed to buy fellow New England utility company Nstar for $4.3 billion in stock, forming what the two companies said will be one of the country's biggest utilities. The terms value Nstar at a 1.9% premium to Friday's closing price. Northeast shed 0.1% while Nstar edged up 0.3%.
Among other stocks in focus, Halliburton fell 4.2%. The oilfield-services company's third-quarter profit doubled as its North American markets continued to rebound, but the earnings missed analysts' expectations.
COMPANIES READY BOND OFFERINGS AS RATES STAY LOW
J.P. Morgan Chase, Wal-Mart Stores, CSX and Great River Energy preparing bond offerings as financing costs remain close to historically low levels.
US INDUSTRIAL PRODUCTION DIPS 0.2%
U.S. industrial output slips in September, reflecting a slowdown in what was a primary driver of growth out of the recession. Capacity utilization falls slightly to 74.7%, Economists were looking for production to rise 0.2% with an operating rate of 74.8%.
CITIGROUP PROFIT SOARS AS CREDIT LOSSES DECLINE
Banking giant's 3Q profit jumps to $2.17 billion, or 7c a share, topping estimates by a penny, although revenue dips 10% to $20.74 billion. Credit-loss provisions fall to $5.92 billion from $9.1 billion a year ago and $6.67 billion in 2Q. Shares are up 1%.
HALLIBURTON PROFIT SOARS AS MARKET CONTINUES REBOUND
Halliburton's 3Q earnings doubles to $544 million, or 60c a share, as the oilfield-services saw its North American markets continue to rebound. However, the result missed analysts' expectations and shares are down 5%.
NORTHEAST UTILITIES TO BUY NSTAR FOR $4.3B IN STOCK
Northeast Utilities will buy fellow New England utility company Nstar, with Nstar shareholders getting 1.312 shares of Northeast for each share of Nstar. Deal values Nstar at $40.28 a share, a 1.9% premium to Friday's close.
CHINA NET BUYER $21.7B OF US TREASURYS
China remains a net buyer of U.S. Treasurys for a second straight month, rising by $21.7 billion to $868.4 billion in August, amid overall inflows into long-term U.S. assets, the Treasury Department says
RARE EARTH ELEMENTS MAKING THE NEWS - AGAIN
Emerging in Rare Earth Elements Race
The 17 elements that are classified as "rare earth" are becoming an increasingly important part of our daily lives. Rare earth metals are the life blood of modern computers, batteries and alternative energies.
For example, there are nearly ten pounds of the rare earth element, lanthanum, in every Toyota Prius engine. In addition, rare earth elements are vital to military technology.
Contrary to the name, rare earth metals aren't particularly rare and can be found in most any continent. In recent weeks the US government has made important steps to increase production of these metals, as they will play an important part in President Obama's overhaul of U.S. energy.
Bedford Report examines the emerging Rare Earth Elements Industry and provides research reports on Colorado-based Molycorp, Inc.(MCP 31.30, +3.05, +10.80%) and Rare Element Resources (REE 9.61, +1.96, +25.62%).
Access to the full company reports can be found at:
www.bedfordreport.com/2010-10-MCP
www.bedfordreport.com/2010-10-REE
Also, quietly preparing to build up into production phase on the Onterio exchange and the US BB-OTC exchange is Sarissa Resources, Inc. (SRSR 0.255, +0.0012, +05.37%) Sarissa is a junior mineral exploration company that has reported to have the 2nd largest deposit of high grade niobium in the world. With a preliminary ore body containing 20 million tons of 0.47% Nb2O5 material in northern Ontario.
Earlier this month, the US House of Representatives passed the Rare Earths and Critical Materials Revitalization Act of 2010, which supports the discovery and development of rare earth sites inside of the United States.
Somebody knows sumptin!!
Funny how different their map looks than the one in the ibox. Of course we are not mentioned on thier list of co's to watch. Seems like we are just the red headed step child... that will change some day.
Yep. And they have traded 100 shares so far based on that most excellent PR. Zzzzzzzzzzzzzz
Thay did a 1/200 reverse split to get to where they are today. My 1,000,000 shares now 5000 but heading higher.
Amen brother, could'nt have said it better myself!
BAY CITY, MI--(MARKET WIRE)--Jan 10, 2008 -- Sarissa Resources, Inc.'s (Other OTC:SRSR) recently appointed CEO and Board Member, Scott Keevil, issued a letter to shareholders today in which he recapped activities from FY 2007 and outlined the Company's focus for the current fiscal year. The letter reads as follows:
Dear Fellow Shareholder,
An ancient Chinese proverb states, "May you live in interesting times." While this proverb is certainly pertinent to the world in which we live on the whole, it also bears relevance to the world surrounding Sarissa Resources, its shareholders, employees and business prospects for the future.
We have all born witness, first-hand, to the recent and unprecedented increase in global demand for commodities -- and by extension prices, fueled largely by a combination of geo-political uncertainty and the dramatic expansion of emerging markets and developing nations. Minerals and metals, in particular, have been at the forefront of the recent commodities boom and the good news is that -- according to most experts -- there are no signs of it letting up anytime soon.
As a corollary, the minerals and metals mining industry has experienced significant consolidation as major participants attempt to capitalize on historically high prices by buying production and reserves and by diversifying into other mineral/metal markets. While Sarissa is in no way in a capital position to engage in this type of activity, we are uniquely positioned to benefit from the commodity boom by focusing our collective energies where many in the industry are not looking and to which we can quickly extract value for shareholders: prospective grass-roots exploration projects, and previously abandoned and/or over-looked acquisition projects.
In keeping with this stated goal and strategy, the Company spent much of FY 2007 searching for and acquiring prospective projects and area plays in our own back yard -- several of which have already demonstrated anomalous targets. Fortunately, our "back yard" happens to be widely considered as one of the best places on earth to look for deposits of untapped economic mineralization. The Province of Ontario is an area that combines vast regions of high mineral potential with comprehensive mining laws ensuring secure land tenure. In addition, through the Ontario Ministry of Northern Development and Mines, a world-class geo-science data infrastructure is available to assist in the identification of significant exploration and development opportunities.
In 2008, we will focus our energies and resources on continuing to evaluate other opportunistic projects that will yield economic fruit in addition to extracting value from our current property portfolio. As the product of a successful multi-generational mining family, I have become acutely aware of the truths-in-industry-adage imparted to me. One such adage, 'the best place to find a mine is in direct sight of a mining head-frame' has repeatedly proved accurate over my lifetime. As a result, Sarissa will also continue to locate and acquire previously explored and/or worked properties that have been passed over or abandoned. Our plan is to use the extensive networks and connections we have developed in conjunction with the latest cutting-edge technologies to uncover and develop what others have missed or left behind as a result of the less sophisticated exploration tools available in previous market cycles or properties that proved to be "economically unviable" in previous price environments. In short, deposits that were unable to be located or profitably extracted then, may be located or very profitably extracted and realized now.
Due in large part to long-standing industry ties, Sarissa has been fortunate in being able to attract a top-notch talent to lead us forward in 2008, and there is no better indication of our depth-of-talent than Dr. Cam Cheriton, Sarissa's newly appointed Chief Geologist and Director. Dr. Cheriton, who received his Ph.D. in Economic Geology from Harvard University, has over 50 years of experience in the mining industry, working for companies such as Atapa Minerals, Consolidated Mining Company of Canada, the Anaconda Copper Mining Company, Texas Gulf Sulphur, Conwest Exploration Company, and the Geological Survey of Canada. In my many years of knowing and working with Cam I have always been enormously impressed with his extensive and detailed knowledge of the geological implications of any areas we have discussed.
In addition to our ongoing efforts to develop and realize economic fruit from our existing properties as well as exploring promising new properties, management has outlined a comprehensive plan to significantly improve our most important property -- the capital structure of Sarissa Resources -- in 2008, in an effort to unlock and improve shareholder value. In keeping with this broad reaching plan, you have already seen some initial steps taken to this end. Sarissa recently reduced the amount of the Company's authorized capital stock by 100 million shares, from 950 million to 850 million.
Currently, the capital structure of Sarissa Resources consists of 850 million authorized common shares, 693,566,058 outstanding (725,866,058 fully diluted), with a float of 321,086,058. While there are no new debentures, or planned new Reg-D 504 common equity, warrants or options in place, we will need to look to the capital markets in 2008 to facilitate the development of our existing and future properties. With that said, it is our promise to shareholders to hold our shares sacred and negotiate the most beneficial financing terms possible when it comes time to cross that bridge.
In summation, we are in one of the world's most exciting industries where one discovery can drastically change a company's future. With continued economic growth and development in China and India we continue to see increases in demand for most commodities, and I believe Sarissa stands in a good position to offer excellent upside potential. It is important to remember that mining exploration is a risky business, but the rewards associated with discovery are far greater than any other business we know of. We cannot guarantee success but we will continue to seek out exciting new projects with the expectation that we will add meaningful value for our shareholders.
We look forward to sharing the journey with you.
Sincerely,
Scott Keevil, CEO
Sarissa Resources, Inc.
Could'nt agree more~
Appreciated the PM by the way and much good luck to you as well my friend.
Scott
It appears to me that they are more than willing to accomodate the seller at the bid but when the buyer at the ask shows up they make them chase. MM's DON'T like it when retail buyers come in picking the low hanging fruit off thier tree. Bummer!
Just wait til the REAL volume (30 million+) shows up, we'll be moving in penny increments IMHO.
I've had orders in at the ask for over 20 minutes, these guys DO NOT want to give up anymore stock!
The ignore button is a great tool and cleans up your reading space very nicely.
The argument is "we have to balance the cheer leading blah, blah, blah" These fools are short and about to have thier heads handed to them IMHO.
By the way, added 850K today to the long term trough. Thanks for the cheapies whoever you are!!!
Yep. Sometimes it is expensive having someone else do your DD for you.
Your not alone in that respect 'buen hombre'.
Yea. You ASS U ME alot!
We'll dougtheHEAD don't you have a peace pipe we could pass around? hahaha
Yep. Plenty of "tomfoolery" around these parts eh?
Aliens?
LOL Indeed. Kind of reminds me of an entry made by one of the pistol toting security guards at one of my accounts years ago " A squirl was seen darting under the out building behind building #2, i know it was a squirl on account of it's bushy tail" WTF? lol
Really? Was that you buying today? :o)
So with the close now over 02.7, with no news i might add, are we officially done with the "tomfoolery" at least for the weekend?!
Yea. That opinion and $5.65 will get you a mocha frappachino at your local starbucks.
How those shorts workin out for ya buddy?
The problem is YOU. DSU already responded to this same line or reasoning in post #89924. Remember?
I feel ya Web! Totally agree. All this will work itself out in due course. And thanks for all your effort here, it does'nt go un-noticed or un- appreciated. GLTA
Yep "eotwawki" has made it's way to the SRSR board OH NO!!!
You need to read post 90005. If 18,000,000 tons (9.5)lbs. per ton Nb is pumping then i guess were pumped!
And, yes. My family thanks you for the condollances. Were long term here nut job.
Sounds like SOMEBODY is just ignorant of the facts.
We were "prolly" just hoping! lol
Your out!!! Yippee!!! Please don't let the door hit you in the ass on the way! lol
My favorite line:
"The Chinese are realizing they have to change the dynamic. Instead of saying, “We must control it,” they’re saying, “Can we invest enough money to develop something and then we can buy the output?” Because in a capitalist society, the risk is that somebody will out bid you. That’s not a problem for the Chinese. They need the material, they will not be outbid."
Bingo. IMHO, the best deal we could find hands down would be an offtake with an end user. We sign one like that and all this banter goes out the window. Keep your fingers crossed.
He knew all that. As long as he claims to have been here there is no way he is as ignorant as implied. We're just feeding the animals IMHO.
Post of the day! Thanks Dcboy could'nt agree more.
Glad you're here.
yea... just a bunch of idiots down the hall from the "boiler room"... rflmfaoato!
I like it. Looks like 6-8 weeks and we should bust above the "clouds" into a new high. Just need growing volume to do it.
And by the way, i agree with your suspicion that someone is not "happy" with SRSR. Someone has been keeping this supressed purposely IMHO, for quite some time. Maybe some day thier motives will be known, maybe not.
I do believe you are right about that. Maybe he does'nt control all of them? I don't know. It was just a thought.
Funny that no one in the last 24 hours has suggested that perhaps a portion of the recently unrestricted 50 million shares made it to market, My suspition is that is all it was. Will more come? only time will tell but won't matter to the long term prospects of our little jem here.
And all this talk of eotwawki (end of the world as we know it) is a little premature. These threats are always going to be with us but a focus on more positive outcomes while maybe a bit naivete is my choice. GLTA
Nor do we have a 180 million dollar market cap?!
Nice find Goldie! Especially like that last page.
• Consortia to Provide Total Solutions for Global Mine Opportunities
The objective would be to overcome virtually the barrier of scale, and to mobilize fast responses to global opportunities.
The benefits would include: a unique selling proposition, worldwide; superior products or services for the sector to sell; increased internal value-add; and it could support specialization, e.g., specific commodity mining (gold), specialized operations (open pit), or geographic focus (Timmins, Thunder Bay, etc.).
There would be challenges. These include: governance; cost management; likely need for branding; and staged development. Nevertheless, the survey showed this action item to be the one most supported by the sector.
• A Foreign Market Entry Program
The objective would be to assist sector firms and organizations enter export markets, and to support optimum approaches in terms of partnerships, distributors, and product/service profiles.
The benefits would include: enhanced market awareness of sector products and services; market specific intelligence on local opportunities, regulations, and competitors; and lower costs for Northern Ontario firms looking to export.
This change is exactly what we needed imho. When we have production and the gold bull is in full swing with public participation all the old GSPG garbage will be long forgotten.
Still think we can hit hundreds per share in a bubble, time will tell.
From the website: results from chip sampling in the adit 2008. Ta values mentioned there as well.
http://www.sarissaresources.com/pages/posts/assays-from-nemegosenda-adit-confirm-presence-of-niobium-tantalum-and-rare-earth-element-mineralization37.php?p=30