AI
Friday, December 29, 2006 4:28:21 PM
Market Update 061229
http://biz.yahoo.com/mu/update.html
4:10 pm : 2006 was a very good year for the stock market. Today, however, was a different story as the market lacked any real spirit due to a virtual dearth of actionable news and sparse attendance by market participants.
In expected fashion, the indices spent most of the day confined to tight trading ranges that left them hovering around the unchanged mark. There was some late-day profit taking, though, that left them near their worst levels of the session.
The biggest news of the day was the word from the NYSE that it will be closed on Tuesday in observance of President Ford's death. The Nasdaq, the commodity markets, and the Federal Reserve will also be closed. The bond market is going to be open on Tuesday as the U.S. Treasury proceeds with 3-month and 6-month bill auctions, but it will have an early close.
This development means that most market participants will get the benefit of a four-day weekend.
That was about the only real note of excitement on a day that was driven mostly by company-specific announcements. To that end, Apple (AAPL 84.84, +3.97) was a standout after acknowledging that it improperly dated stock options, but that it found no wrongdoing or misconduct by the current management team.
Separately, AT&T (T 35.75, +0.25) reportedly made concessions in a bid to gain the FCC's endorsement of its acquisition of BellSouth (BLS 47.11, +0.31). That news propped up the telecom sector (+0.32%), which was the day's best-performer and the only sector to record a gain.
Losses in the remaining sectors were modest in scope, as Energy (-0.94%) earned the label of being the biggest laggard in today's session. However, the Energy sector closed the year as the second best-performing sector with a gain of 22.6%. It was beaten out by Telecom Services, which surged 32.5%.
2006 Performance Review: Dow Jones Industrial Average (+16.29%), Nasdaq Composite (+9.52%), S&P 500 (+13.62%); Russell 2000 (+17.00%), S&P 400 Midcap index (+8.98%).DJ30 -38.37 NASDAQ -10.28 SP500 -6.43 NASDAQ Dec/Adv/Vol 1835/1256/1.19 bln NYSE Dec/Adv/Vol 2037/1278/964.8 mln
3:25 pm : We're moving into the final stretch of the trading day and the year. The former hasn't been so hot, but the latter has been with the S&P 500 sporting a 13.8% gain for the year. Even more remarkable is that the blue chip average is up 16% from its July low. Separately, the indices just hit an air pocket that has taken them to new lows for the day. Some selling interest ahead of a four-day weekend that will most likely include Saddam Hussein's hanging is to be expected.
2006 Performance Review: The worst-performing component in the S&P 400 Midcap Index has been Westwood One (WON; -56.5%).DJ30 -15.78 NASDAQ -7.35 SP500 -4.21 NASDAQ Dec/Adv/Vol 1921/1150/982 mln NYSE Dec/Adv/Vol 2003/1298/653 mln
3:00 pm : The major indices are sporting small losses at the moment that put them near their worst levels of the day. That's one way of saying the trading range has been quite tight today since the gap between intra-day highs and lows for each of the indices isn't that wide at all.
2006 Performance Review: With small-cap stocks being highlighted earlier, let's turn our attention to the mid-cap stocks, which also had another very good year. As far as the top-performing stock in the S&P 400 Midcap Index is concerned, it is still too close to call as the final hour will determine whether that honor goes to Polycom (PLCM; +104.9%) or American Eagle Outfitters (AEOS; +104.7%).DJ30 -8.89 NASDAQ -6.17 SP500 -2.88 NASDAQ Dec/Adv/Vol 1913/1143/905 mln NYSE Dec/Adv/Vol 1998/1296/586 mln
2:30 pm : In watching the market today, we're reminded of the scene in National Lampoon's European Vacation where Clark gets stuck for hours in a traffic circle in London, pointing out in crazed fashion to his family with each revolution, "Look, Big Ben, Parliament!" Well, the market has been in a traffic circle so to speak, spending a lot of time going nowhere today.
2006 Performance Review: With the good comes the bad... the worst-performing component in the S&P 600 Smallcap Index this year has been Wellman, Inc. (WLM; -54.0%). DJ30 -3.85 NASDAQ -3.71 SP500 -2.18 NASDAQ Dec/Adv/Vol 1755/1293/816 mln NYSE Dec/Adv/Vol 1812/1448/528 mln
2:00 pm : More of the same for the market, which remains little changed for the day. One can credit a lack of notable news catalysts and sparse attendance by market participants for the dull trading action.
2006 Performance Review: Small-cap stocks had another very good year. Savient Pharmaceuticals (SVNT;+206.4%), however, took the cake as the best-performing stock in the S&P 600 Smallcap Index.DJ30 +5.77 NASDAQ +0.84 SP500 -1.06 NASDAQ Dec/Adv/Vol 1752/1273/754 mln NYSE Dec/Adv/Vol 1826/1399/474 mln
1:25 pm : We pointed out earlier that today had the potential to be one of the dullest trading days of the year. So far, the market has lived up to that advanced billing as it hasn't ventured too far from the unchanged mark all session. The current standing of the indices pretty much summarizes the level of excitment in today's trade.
2006 Performance Review: the worst-performing Dow component this year has been Intel (INTC; -18.0%).DJ30 -2.16 NASDAQ +1.19 SP500 -1.39 NASDAQ Dec/Adv/Vol 1656/1353/680 mln NYSE Dec/Adv/Vol 1733/1478/422 mln
1:00 pm : The market has suffered a minor dip since the last update, with the emphasis on the word "minor." The tires & rubber industry group has ascended to the top of the list of best performers in the S&P today. It should be noted, however, that Goodyear (GT 20.89, +0.88) is the sole member of that industry group. Nonetheless, Goodyear is getting a boost following news the United Steel Workers ratified a contract with the tire maker that brings to an end a 12-week strike over the quality of health care for active and retired members of the union.
2006 Performance Review: The best-performing Dow component this year has been General Motors (GM; +59.5%). DJ30 -5.69 NASDAQ +0.17 SP500 -1.94 NASDAQ Dec/Adv/Vol 1657/1316/625 mln NYSE Dec/Adv/Vol 1770/1429/389 mln
12:30 pm : The indices remain stuck in narrow trading ranges and continue to be little changed for the session. Four out of ten economic sectors are trading higher. The biggest laggard of the bunch is Energy (-0.50%) whic is down on broad-based profit taking across associated industry groups such as oil services, oil drilling, and oil and gas exploration.
2006 Performance Review: With a gain of 200.1%, nickel futures have been the best-performing area of the commodity pack this year. Natural gas futures, meanwhile, have been the worst with a decline of 79.3%.DJ30 +5.37 NASDAQ +3.71 SP500 -0.51 NASDAQ Dec/Adv/Vol 1521/1433/559 mln NYSE Dec/Adv/Vol 1657/1508/345 mln
12:00 pm : If you're checking in on the stock market for the first time today, rest assured that you haven't missed much.
In expected fashion, the major indices have held close to the unchanged mark since the start of trading, having been encumbered by a lack of news catalysts and sparse attendance by market participants.
Apple (AAPL 85.13, +4.26) has contributed one of the few items of note with an acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by the current management team which, of course, includes CEO Steve Jobs. Investors have been heartened by the news, as evidenced by the stock's outperformance.
Thanks to Apple, the technology sector (+0.41%) has been a pocket of strength for the broader market.
The telecom services sector (+0.96%), however, has been the frontrunner today with the wireless services and integrated telecom groups leading the way. The former is being helped by a Wall Street Journal article that suggests Alltel (AT 61.20, +2.89) is a private equity play while the latter is being boosted by reports that AT&T (T 35.96, +0.46) is offering concessions in an effort to win the FCC's aprroval of the BellSouth (BLS 47.46, +0.66) acquisition.
Stock moves today are really a function of company-specific announcements as there isn't any definitive trading theme to excite the market. The one piece of news that has proven exciting, though, is the word from the NYSE that it will be closed Tuesday in observance of President Ford's death. The translation for stock market participants is that they will get to enjoy a four-day weekend.
2006 Performance Review: the best-performing stock in the S&P 500 this year has been Allegheny Technologies (ATI, +153.3%) while the worst-performing stock has been Whole Foods Market (WFMI, -39.2%).DJ30 +4.89 NASDAQ +4.37 SP500 -0.51 NASDAQ Dec/Adv/Vol 1508/1402/490 mln NYSE Dec/Adv/Vol 1685/1442/303 mln
11:25 am : Not much to report in terms of movement in the major averages as they continue to vacillate around the unchanged mark. With so many participants on vacation, one shouldn't be surprised if that remains the case for most of the day.
2006 Performance Review: the worst-performing S&P industry group this year has been Education Services (-35.0%). It is comprised of a single member, which is Apollo Group (APOL)DJ30 +5.21 NASDAQ +4.49 SP500 -0.48 NASDAQ Dec/Adv/Vol 1409/1447/409 mln NYSE Dec/Adv/Vol 1592/1485/258 mln
11:00 am : The market doesn't seem to be in a hurry to go anywhere as the major indices are holding fairly close to the unchanged mark. Although buyers haven't exerted a strong influence, it is noteworthy that sellers haven't stepped up their efforts either. The same condition existed yesterday and the indices traded in narrow ranges as a result.
2006 Performance Review: the best-performing S&P industry group this year has been Steel (+76.1%). Member components include Allegheny Technologies (ATI, +152.6%), Nucor (NUE, +65.1%), and United States Steel Corp. (X, +52.2%).DJ30 +9.53 NASDAQ +6.66 SP500 +0.20
10:30 am : The market continues to cling to modest gains supported by telecom and technology shares. Apple (AAPL 84.95, +4.08) is a standout in the latter area, as investors have been heartened by the company's acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by its current management team (which of course includes CEO Steve Jobs).
2006 Performance Review: Much has been written this year about how oil prices have remained at stubbornly high levels and have greatly enriched OPEC's coffers. Ironically, though, the Middle East is where some of this year's worst-performing stock markets were found. Three of the lowliest include: Saudi Arabia's Tadawul All Share Index (-53.3%), the United Arab Emirates' DFM General Index (-44.4%), and Qatar's DSM 20 Index (-35.5%).DJ30 +12.50 NASDAQ +8.71 SP500 +0.78
10:00 am : The major indices shook off their early losses and have sprung back into positive territory. The gains, like the early losses, are modest in scope. The Telecom Services sector (+1.11%) has assumed the leadership post with the wireless service and integrated telecom groups outperforming. The former is being helped by a Wall Street Journal article that suggests Alltel (AT 60.71, +2.40) is a private equity play while the latter is being boosted by reports that AT&T (T 35.99, +0.49) is offering concessions in an effort to win the FCC's aprroval of the BellSouth (BLS 47.53, +0.73) acquisition.
2006 Performance Review: The S&P 500 is up 14.2% year-to-date. That's pretty good, but relative to the year's top three performing markets around the globe, it pales in comparison. Those top three markets are: the Peru Lima General Index (+187.2%), the Venezuela Stock Market (+150.4%), and the Ho Chi Minh Index (+142.6%). DJ30 +12.50 NASDAQ +7.60 SP500 +0.73
09:35 am : The market has started the last trading day of the year on a slightly lower note, which won't alarm anyone given the scope of gains this week and from the July lows. With a dearth of trading catalysts, today has the potential to be one of the dullest - if not the dullest - trading days of the year. Be that as it may, Briefing.com will be guiding you through it per usual.
Be sure to check back regularly as we will be providing 2006 performance review insight with each comment starting at the top of the hour.
Separately, it was just announced that the NYSE will be closed on Tuesday, Jan. 2, in observance of President Ford's death. DJ30 -1.92 NASDAQ -0.81 SP500 -1.41
09:16 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +1.5.
http://biz.yahoo.com/mu/update.html
4:10 pm : 2006 was a very good year for the stock market. Today, however, was a different story as the market lacked any real spirit due to a virtual dearth of actionable news and sparse attendance by market participants.
In expected fashion, the indices spent most of the day confined to tight trading ranges that left them hovering around the unchanged mark. There was some late-day profit taking, though, that left them near their worst levels of the session.
The biggest news of the day was the word from the NYSE that it will be closed on Tuesday in observance of President Ford's death. The Nasdaq, the commodity markets, and the Federal Reserve will also be closed. The bond market is going to be open on Tuesday as the U.S. Treasury proceeds with 3-month and 6-month bill auctions, but it will have an early close.
This development means that most market participants will get the benefit of a four-day weekend.
That was about the only real note of excitement on a day that was driven mostly by company-specific announcements. To that end, Apple (AAPL 84.84, +3.97) was a standout after acknowledging that it improperly dated stock options, but that it found no wrongdoing or misconduct by the current management team.
Separately, AT&T (T 35.75, +0.25) reportedly made concessions in a bid to gain the FCC's endorsement of its acquisition of BellSouth (BLS 47.11, +0.31). That news propped up the telecom sector (+0.32%), which was the day's best-performer and the only sector to record a gain.
Losses in the remaining sectors were modest in scope, as Energy (-0.94%) earned the label of being the biggest laggard in today's session. However, the Energy sector closed the year as the second best-performing sector with a gain of 22.6%. It was beaten out by Telecom Services, which surged 32.5%.
2006 Performance Review: Dow Jones Industrial Average (+16.29%), Nasdaq Composite (+9.52%), S&P 500 (+13.62%); Russell 2000 (+17.00%), S&P 400 Midcap index (+8.98%).DJ30 -38.37 NASDAQ -10.28 SP500 -6.43 NASDAQ Dec/Adv/Vol 1835/1256/1.19 bln NYSE Dec/Adv/Vol 2037/1278/964.8 mln
3:25 pm : We're moving into the final stretch of the trading day and the year. The former hasn't been so hot, but the latter has been with the S&P 500 sporting a 13.8% gain for the year. Even more remarkable is that the blue chip average is up 16% from its July low. Separately, the indices just hit an air pocket that has taken them to new lows for the day. Some selling interest ahead of a four-day weekend that will most likely include Saddam Hussein's hanging is to be expected.
2006 Performance Review: The worst-performing component in the S&P 400 Midcap Index has been Westwood One (WON; -56.5%).DJ30 -15.78 NASDAQ -7.35 SP500 -4.21 NASDAQ Dec/Adv/Vol 1921/1150/982 mln NYSE Dec/Adv/Vol 2003/1298/653 mln
3:00 pm : The major indices are sporting small losses at the moment that put them near their worst levels of the day. That's one way of saying the trading range has been quite tight today since the gap between intra-day highs and lows for each of the indices isn't that wide at all.
2006 Performance Review: With small-cap stocks being highlighted earlier, let's turn our attention to the mid-cap stocks, which also had another very good year. As far as the top-performing stock in the S&P 400 Midcap Index is concerned, it is still too close to call as the final hour will determine whether that honor goes to Polycom (PLCM; +104.9%) or American Eagle Outfitters (AEOS; +104.7%).DJ30 -8.89 NASDAQ -6.17 SP500 -2.88 NASDAQ Dec/Adv/Vol 1913/1143/905 mln NYSE Dec/Adv/Vol 1998/1296/586 mln
2:30 pm : In watching the market today, we're reminded of the scene in National Lampoon's European Vacation where Clark gets stuck for hours in a traffic circle in London, pointing out in crazed fashion to his family with each revolution, "Look, Big Ben, Parliament!" Well, the market has been in a traffic circle so to speak, spending a lot of time going nowhere today.
2006 Performance Review: With the good comes the bad... the worst-performing component in the S&P 600 Smallcap Index this year has been Wellman, Inc. (WLM; -54.0%). DJ30 -3.85 NASDAQ -3.71 SP500 -2.18 NASDAQ Dec/Adv/Vol 1755/1293/816 mln NYSE Dec/Adv/Vol 1812/1448/528 mln
2:00 pm : More of the same for the market, which remains little changed for the day. One can credit a lack of notable news catalysts and sparse attendance by market participants for the dull trading action.
2006 Performance Review: Small-cap stocks had another very good year. Savient Pharmaceuticals (SVNT;+206.4%), however, took the cake as the best-performing stock in the S&P 600 Smallcap Index.DJ30 +5.77 NASDAQ +0.84 SP500 -1.06 NASDAQ Dec/Adv/Vol 1752/1273/754 mln NYSE Dec/Adv/Vol 1826/1399/474 mln
1:25 pm : We pointed out earlier that today had the potential to be one of the dullest trading days of the year. So far, the market has lived up to that advanced billing as it hasn't ventured too far from the unchanged mark all session. The current standing of the indices pretty much summarizes the level of excitment in today's trade.
2006 Performance Review: the worst-performing Dow component this year has been Intel (INTC; -18.0%).DJ30 -2.16 NASDAQ +1.19 SP500 -1.39 NASDAQ Dec/Adv/Vol 1656/1353/680 mln NYSE Dec/Adv/Vol 1733/1478/422 mln
1:00 pm : The market has suffered a minor dip since the last update, with the emphasis on the word "minor." The tires & rubber industry group has ascended to the top of the list of best performers in the S&P today. It should be noted, however, that Goodyear (GT 20.89, +0.88) is the sole member of that industry group. Nonetheless, Goodyear is getting a boost following news the United Steel Workers ratified a contract with the tire maker that brings to an end a 12-week strike over the quality of health care for active and retired members of the union.
2006 Performance Review: The best-performing Dow component this year has been General Motors (GM; +59.5%). DJ30 -5.69 NASDAQ +0.17 SP500 -1.94 NASDAQ Dec/Adv/Vol 1657/1316/625 mln NYSE Dec/Adv/Vol 1770/1429/389 mln
12:30 pm : The indices remain stuck in narrow trading ranges and continue to be little changed for the session. Four out of ten economic sectors are trading higher. The biggest laggard of the bunch is Energy (-0.50%) whic is down on broad-based profit taking across associated industry groups such as oil services, oil drilling, and oil and gas exploration.
2006 Performance Review: With a gain of 200.1%, nickel futures have been the best-performing area of the commodity pack this year. Natural gas futures, meanwhile, have been the worst with a decline of 79.3%.DJ30 +5.37 NASDAQ +3.71 SP500 -0.51 NASDAQ Dec/Adv/Vol 1521/1433/559 mln NYSE Dec/Adv/Vol 1657/1508/345 mln
12:00 pm : If you're checking in on the stock market for the first time today, rest assured that you haven't missed much.
In expected fashion, the major indices have held close to the unchanged mark since the start of trading, having been encumbered by a lack of news catalysts and sparse attendance by market participants.
Apple (AAPL 85.13, +4.26) has contributed one of the few items of note with an acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by the current management team which, of course, includes CEO Steve Jobs. Investors have been heartened by the news, as evidenced by the stock's outperformance.
Thanks to Apple, the technology sector (+0.41%) has been a pocket of strength for the broader market.
The telecom services sector (+0.96%), however, has been the frontrunner today with the wireless services and integrated telecom groups leading the way. The former is being helped by a Wall Street Journal article that suggests Alltel (AT 61.20, +2.89) is a private equity play while the latter is being boosted by reports that AT&T (T 35.96, +0.46) is offering concessions in an effort to win the FCC's aprroval of the BellSouth (BLS 47.46, +0.66) acquisition.
Stock moves today are really a function of company-specific announcements as there isn't any definitive trading theme to excite the market. The one piece of news that has proven exciting, though, is the word from the NYSE that it will be closed Tuesday in observance of President Ford's death. The translation for stock market participants is that they will get to enjoy a four-day weekend.
2006 Performance Review: the best-performing stock in the S&P 500 this year has been Allegheny Technologies (ATI, +153.3%) while the worst-performing stock has been Whole Foods Market (WFMI, -39.2%).DJ30 +4.89 NASDAQ +4.37 SP500 -0.51 NASDAQ Dec/Adv/Vol 1508/1402/490 mln NYSE Dec/Adv/Vol 1685/1442/303 mln
11:25 am : Not much to report in terms of movement in the major averages as they continue to vacillate around the unchanged mark. With so many participants on vacation, one shouldn't be surprised if that remains the case for most of the day.
2006 Performance Review: the worst-performing S&P industry group this year has been Education Services (-35.0%). It is comprised of a single member, which is Apollo Group (APOL)DJ30 +5.21 NASDAQ +4.49 SP500 -0.48 NASDAQ Dec/Adv/Vol 1409/1447/409 mln NYSE Dec/Adv/Vol 1592/1485/258 mln
11:00 am : The market doesn't seem to be in a hurry to go anywhere as the major indices are holding fairly close to the unchanged mark. Although buyers haven't exerted a strong influence, it is noteworthy that sellers haven't stepped up their efforts either. The same condition existed yesterday and the indices traded in narrow ranges as a result.
2006 Performance Review: the best-performing S&P industry group this year has been Steel (+76.1%). Member components include Allegheny Technologies (ATI, +152.6%), Nucor (NUE, +65.1%), and United States Steel Corp. (X, +52.2%).DJ30 +9.53 NASDAQ +6.66 SP500 +0.20
10:30 am : The market continues to cling to modest gains supported by telecom and technology shares. Apple (AAPL 84.95, +4.08) is a standout in the latter area, as investors have been heartened by the company's acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by its current management team (which of course includes CEO Steve Jobs).
2006 Performance Review: Much has been written this year about how oil prices have remained at stubbornly high levels and have greatly enriched OPEC's coffers. Ironically, though, the Middle East is where some of this year's worst-performing stock markets were found. Three of the lowliest include: Saudi Arabia's Tadawul All Share Index (-53.3%), the United Arab Emirates' DFM General Index (-44.4%), and Qatar's DSM 20 Index (-35.5%).DJ30 +12.50 NASDAQ +8.71 SP500 +0.78
10:00 am : The major indices shook off their early losses and have sprung back into positive territory. The gains, like the early losses, are modest in scope. The Telecom Services sector (+1.11%) has assumed the leadership post with the wireless service and integrated telecom groups outperforming. The former is being helped by a Wall Street Journal article that suggests Alltel (AT 60.71, +2.40) is a private equity play while the latter is being boosted by reports that AT&T (T 35.99, +0.49) is offering concessions in an effort to win the FCC's aprroval of the BellSouth (BLS 47.53, +0.73) acquisition.
2006 Performance Review: The S&P 500 is up 14.2% year-to-date. That's pretty good, but relative to the year's top three performing markets around the globe, it pales in comparison. Those top three markets are: the Peru Lima General Index (+187.2%), the Venezuela Stock Market (+150.4%), and the Ho Chi Minh Index (+142.6%). DJ30 +12.50 NASDAQ +7.60 SP500 +0.73
09:35 am : The market has started the last trading day of the year on a slightly lower note, which won't alarm anyone given the scope of gains this week and from the July lows. With a dearth of trading catalysts, today has the potential to be one of the dullest - if not the dullest - trading days of the year. Be that as it may, Briefing.com will be guiding you through it per usual.
Be sure to check back regularly as we will be providing 2006 performance review insight with each comment starting at the top of the hour.
Separately, it was just announced that the NYSE will be closed on Tuesday, Jan. 2, in observance of President Ford's death. DJ30 -1.92 NASDAQ -0.81 SP500 -1.41
09:16 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +1.5.
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