AI
Friday, March 28, 2008 8:59:10 PM
Market Update 080328
http://biz.yahoo.com/mu/update.html
4:30 pm : Friday marked a negative end to the week for Wall Street. Stocks fell due to pessimistic news out of the financial sector, and warnings from a major department store.
The S&P 500 Retailing Index (-2.7%) and consumer discretionary sector were laggards after department store JCPenney (JCP 37.48, -3.04) issued downside guidance for its first quarter, which ends in April. The company expects earnings of $0.50 per share, versus the $0.75 consensus estimate. The company cited weak sales through the Easter holiday, and noted its customers are feeling negative macro-economic pressures from many areas.
Apollo Group (APOL 41.21, -15.13) was the worst performing consumer discretionary name. Traders were disappointed with the for-profit education provider's earnings report. The stock plummeted 27%, which is the largest decline in the company's history.
Financials once again garnered the market’s attention, and traded in choppy fashion. The sector was a leader in the early going after Lehman Brothers (LEH 37.87, -0.84) was upgraded to Buy from Hold at Citigroup. Citi said Lehman had plenty of liquidity, which helped ease fears that Lehman would collapse in the same manner as Bear Stearns (BSC 10.78, -0.45).
Financials were unable to hold their gains, however, as traders digested negative comments from Oppenheimer. The firm said that banks’ earnings do not support the current level of dividend yields. Currently, banks have a dividend yield of 5.9%, which is the highest since 1990. Oppenheimer said that financial firms will trade at least 25% lower from current levels.
Thrifts & mortgages (-5.2%) was the worst performing financial group. Fannie Mae (FNM 26.02, -1.95) and Freddie Mac (FRE 25.45, -1.63) were the main laggards. Bloomberg.com reported that the two companies may raise as much as $20 billion to buy securities.
Tech (-0.4%) outperformed on a relative basis after Banc of America said it expects Apple (AAPL 143.01, +2.76) to deliver its 3G iPhone in the second quarter.
The market responded positively to a better than feared February personal income and consumption report, however it was not enough to keep the stock market in positive territory.
Personal income rose 0.5%, which topped the consensus estimate of 0.3%. Personal spending met expectations with a 0.1% rise, however, it is the lowest level since September 2006. The core-PCE deflator—one of the Fed’s favorite inflation measures—met estimates with a 0.1% rise. Adjusted for inflation, income rose 0.5% and spending was flat.
Commodities as a whole saw selling interest, with the CRB Index dropping 1.4%. Crude oil got clipped on news that oil is now flowing through an Iraqi pipeline that exploded yesterday. Oil closed down 2.3%, but still finished the week with a healthy 3.2% gain.
For the week, the stock market fell 1.1%. The quarter ends on Monday, and the stock market is set for its largest quarterly decline since 2002.
DJ30 -86.06 NASDAQ -19.65 NQ100 -0.6% R2K -1.3% SP400 -0.9% SP500 -10.54 NASDAQ Dec/Adv/Vol 1928/940/1.76 bln NYSE Dec/Adv/Vol 2057/1056/1.35 bln
3:30 pm : The major indices fall to fresh session lows. There is not any fundamental news behind the recent downturn, and is likely a technical based move.
For the month, the stock market is down 1.0% after this session's downturn. If current levels hold, the S&P 500 will have posted a loss for five consecutive sessions--the first time since 1990. Monday marks the end of the quarter. The S&P is down more than 10% this quarter, which is its worst showing since 2002.DJ30 -70.75 NASDAQ -16.15 SP500 -8.23 NASDAQ Dec/Adv/Vol 1864/976/1.42 bln NYSE Dec/Adv/Vol 1967/1129/1.0 bln
3:00 pm : The major indices continue to trade with modest losses. Within the S&P 500, 63% of stocks are trending lower. For-profit education provider Apollo Group (APOL 41.96, -14.38) is the main laggard with a massive 26% decline--its largest one day percent decline in its roughly 14-year history as a publicly traded company. Apple (AAPL 143.56, +3.31) is providing leadership.DJ30 -36.97 NASDAQ -9.45 SP500 -4.73 NASDAQ Dec/Adv/Vol 1794/1019/1.26 bln NYSE Dec/Adv/Vol 1884/1189/883 mln
2:30 pm : The stock market takes out a fresh low, although losses remain modest. Market breadth is slightly negative. Decliners outpace advancers by 4-to-3 on the NYSE and by 3-to-2 on the Nasdaq.
DJ30 -36.07 NASDAQ -8.23 SP500 -4.36 NASDAQ Dec/Adv/Vol 1698/1085/1.12 bln NYSE Dec/Adv/Vol 1770/1302/795 mln
1:55 pm : All three major indices are now in the red, along with six of the ten sectors. The financial sector (-1.0%) is the main culprit behind the recent downturn. Fannie Mae (FNM 26.52, -1.45) and Freddie Mac (FRE 26.00, -1.08) are two of the sector's laggards. Fannie and Freddie may raise as much as $20 billion in capital to buy more debt securities, Bloomberg.com reported early this morning.
The stock market is trading at its session low, however, losses are modest.DJ30 -29.31 NASDAQ -7.66 SP500 -3.91 NASDAQ Dec/Adv/Vol 1709/1061/1.03 bln NYSE Dec/Adv/Vol 1783/1255/729 mln
1:30 pm : Stocks come off their lows and are trading with slight gains. The Nasdaq 100 is outperforming the broader market.
Apple (AAPL 143.96, +3.71) is leading the way after Banc of America said it expects a 3G iPhone to be launched in the second quarter. The firm said channel checks point to a significant production build of 3G iPhone's beginning in June. Shares of Apple are up 8% over the last five sessions, but are still down 29% from their 52-week high.DJ30 +5.53 NASDAQ +3.72 SP500 +0.90 NASDAQ Dec/Adv/Vol 1507/1253/946 mln NYSE Dec/Adv/Vol 1538/1479 mln/666 mln
1:00 pm : The stock market falls to its worst level of the session. The major indices are now trading in mixed fashion, near the unchanged mark.
The decline has been broad-based, with all ten sectors seeing some selling interest. Four sectors are now in the red, although healthcare (-0.1%) and utilities (-0.03%) are basically unchanged. DJ30 -7.66 NASDAQ +1.76 SP500 -0.27 NASDAQ Dec/Adv/Vol 1536/1202/861 mln NYSE Dec/Adv/Vol 1554/1453/613 mln
12:30 pm : The major indices remain in positive territory, but have dipped near their lowest levels of the session. Financials (-0.3%) are largely to blame, as the sector has fallen back into negative territory. Thrifts & mortgages (-3.3%) are showing the most weakness.
European markets are trailing U.S. stocks, with major bourses in negative territory. Asian markets fared better, with Japan's Nikkei gaining 1.7% and Hong Kong's Hang Seng advancing 2.7%.DJ30 +16.52 NASDAQ +6.04 SP500 +2.16 NASDAQ Dec/Adv/Vol 1476/1243/772 mln NYSE Dec/Adv/Vol 1430/1566/554 mln
12:05 pm : A better than expected economic report is helping to lift stocks, however, buying interest is being kept in check due to a disappointing outlook from a major department store. At midday, the stock market is trading with modest gains, in the middle of its session range.
Stocks have traded in positive territory throughout the session thanks to a better than feared February personal income and consumption report. Personal income rose 0.5%, which topped the consensus estimate of 0.3%. Personal spending met expectations with a 0.1% rise, however, it is the lowest level since September 2006. The core-PCE deflator—one of the Fed’s favorite inflation measures—met estimates with a 0.1% rise. Adjusted for inflation, income rose 0.5% and spending was flat.
Department store JCPenney (JCP 37.96, -2.56) issued downside guidance for its first quarter, which ends in April. It expects earnings of $0.50 per share, versus the $0.75 consensus estimate. The company cited weak sales through the Easter holiday, and noted its customers are feeling negative macro-economic pressures from many areas. The company’s outlook on consumers is weighing on the S&P 500 Retailing Index (-1.6%) and the consumer discretionary sector (-1.2%).
The other nine economic sectors are all in positive territory, although gains are modest.
Relatively speaking, financials (+0.4%) have had another volatile session, trading up 1.0% in the early going and down as much as 0.8%. The sector opened on a high note after Lehman Brothers (LEH 39.66, +0.95) was upgraded to Buy from Hold at Citi. Citi said Lehman had plenty of liquidity, reassuring investors that Lehman would not meet the same fate as Bear Stearns (BSC 10.71, -0.52).
Financials were unable to hold their gains, however, as traders digested negative comments from Oppenheimer. The firm said that banks’ earnings do not support the current level of dividend yields. Currently, banks have a dividend yield of 5.9%, which is the highest since 1990. Oppenheimer said that financial firms will trade at least 25% lower from current levels.
On CNBC after yesterday’s close, Oppenheimer Analyst Meredith Whitney had stern words about financials. She expects shares of Merrill Lynch (MER 41.56, -0.34) to trade at $30, and for Citigroup (C 21.39, -0.40) to eliminate its dividend completely. Citigroup is currently yielding a dividend of 5.98%, and had already cut its dividend in late 2007.
Crude oil has given up some of its recent gains, as it is down 2.2% to $105.24 per barrel. Crude went on the decline on reports that the Iraqi pipeline that was damaged on Thursday will soon be operational. The Commodity Index is down 1.3%, with gold down 1.8%.
DJ30 +25.23 NASDAQ +10.11 SP500 +3.82 NASDAQ Dec/Adv/Vol 1381/1312/701 mln NYSE Dec/Adv/Vol 1318/1657/503 mln
11:30 am : The major indices are trading modestly above the unchanged mark, and have not seen much movement since the last update.
Crude oil prices have gone on the retreat after gaining 6.7% from Monday to Thursday's closing level. Prices are down 1.9% to $105.59 per barrel on word that a exploded Iraqi pipeline will soon be operational. The pipeline explosion yesterday was caused by a terrorist attack, according to reports.
Other commodities are trending lower as well, as the CRB Commodity Index is down 1.3%.DJ30 +38.34 NASDAQ +9.37 SP500 +4.11 NASDAQ Dec/Adv/Vol 1359/1281/587 mln NYSE Dec/Adv/Vol 1333/1609/417 mln
11:00 am : Stocks are trading with slight gains after coming off their highs. Causing the modest retreat is weakness in consumer discretionary (-2.0%) and financials (-0.6%).
Merrill Lynch (MER 40.34, -1.56) is showing notable weakness. On CNBC after yesterday's close, Oppenheimer analyst Meredith Whitney said she estimates Merrill will trade down to $30 per share.
Homebuilder KB Home (KBH 24.71, -1.08) reported a first quarter loss of $3.47 per share, which includes the effect of a $100 million deferred tax valuation allowance charge. Because of the tax charge, the number may not be comparable to the consensus estimate that called for a loss of $1.17. Regardless, traders are not pleased with the number as the stock is down 4.2%. In turn, the S&P 500 homebuilding group (-1.5%) is a laggard. DJ30 +15.22 NASDAQ +7.73 SP500 +1.57 NASDAQ Dec/Adv/Vol 1322/1257/492 mln NYSE Dec/Adv/Vol 1406/1487/344 mln
10:30 am : The major indices come off their best levels as financials (-0.3%) dip into the red. The investment banks & brokerages group was up 1.6% shortly after the opening bell, but is now down 1.9% after a quck reversal.
The worst performing S&P 500 group is education services (-23.5%), due to weakness in its only component--Apollo Group (APOL 43.03, -13.31). Shares of the for-profit education provider are getting hammered after the company reported earnings of $0.41, which fell short of the consensus estimate by 12 cents.DJ30 +54.04 NASDAQ +15.01 SP500 +6.03 NASDAQ Dec/Adv/Vol 1167/1333/369 mln NYSE Dec/Adv/Vol 1171/1675/255 mln
10:00 am : The major indices extend their gains. Nine of the ten sectors are trending higher. The Nasdaq is outperforming, thanks to strength within the tech sector (+1.2%). Consumer discretionary (-0.6%) stands alone in negative territory, due to weakness in retailers (-1.7%).
Hitting the wires about five minutes ago, the final March University of Michigan Confidence reading came in at 69.5, compared to the expected number of 70.0.DJ30 +52.96 NASDAQ +19.56 SP500 +6.14 NASDAQ Dec/Adv/Vol 975/1362/199 mln NYSE Dec/Adv/Vol 1052/1655/145 mln
09:35 am : The major indices open modestly higher. Helping to lift stocks was a better than expected reading on February personal income, and news that Lehman Brothers (LEH) was upgraded to Buy from Hold at Citigroup.
Retailers (-2.1%) are laggards in the early-going. JCPenney (JCP) issued downside first quarter earnings guidance to reflect weakness in consumer spending.DJ30 +33.62 NASDAQ +14.09 SP500 +3.87
09:14 am : S&P futures vs fair value: +6.7. Nasdaq futures vs fair value: +11.0.
09:00 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +11.5. Futures dip a bit after JC Penney (JCP) issued downside first quarter earnings guidance due to its customers facing macro-economic pressures in many areas.
08:30 am : S&P futures vs fair value: +10.1. Nasdaq futures vs fair value: +14.0. Futures gain a few points immediately following an economic release. Just reported, February personal income rose 0.5% month over month (+0.3% consensus), and personal spending rose 0.1% (+0.1% consensus). Core PCE, an inflation measure, rose 0.1% month over month, which was in-line with expectations. This indicates a 0.4% rise in real income and flat real spending.
08:05 am : S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +11.5. Futures suggest a higher start to trading. Lehman Brothers was upgraded to Buy from Hold at Citigroup, which is helping to lift sentiment. Citi said Lehman has ample liquidity to run its business. Traders await the February personal income and spending report at 8:30 ET.
06:22 am : S&P futures vs fair value: +11.0. Nasdaq futures vs fair value: +16.8.
06:21 am : FTSE...5733.40...+15.90...+0.3%. DAX...6596.31...+18.25...+0.3%.
06:21 am : Nikkei...12820.47...+215.89...+1.7%. Hang Seng...23285.95...+621.73...+2.7%.
http://biz.yahoo.com/mu/update.html
4:30 pm : Friday marked a negative end to the week for Wall Street. Stocks fell due to pessimistic news out of the financial sector, and warnings from a major department store.
The S&P 500 Retailing Index (-2.7%) and consumer discretionary sector were laggards after department store JCPenney (JCP 37.48, -3.04) issued downside guidance for its first quarter, which ends in April. The company expects earnings of $0.50 per share, versus the $0.75 consensus estimate. The company cited weak sales through the Easter holiday, and noted its customers are feeling negative macro-economic pressures from many areas.
Apollo Group (APOL 41.21, -15.13) was the worst performing consumer discretionary name. Traders were disappointed with the for-profit education provider's earnings report. The stock plummeted 27%, which is the largest decline in the company's history.
Financials once again garnered the market’s attention, and traded in choppy fashion. The sector was a leader in the early going after Lehman Brothers (LEH 37.87, -0.84) was upgraded to Buy from Hold at Citigroup. Citi said Lehman had plenty of liquidity, which helped ease fears that Lehman would collapse in the same manner as Bear Stearns (BSC 10.78, -0.45).
Financials were unable to hold their gains, however, as traders digested negative comments from Oppenheimer. The firm said that banks’ earnings do not support the current level of dividend yields. Currently, banks have a dividend yield of 5.9%, which is the highest since 1990. Oppenheimer said that financial firms will trade at least 25% lower from current levels.
Thrifts & mortgages (-5.2%) was the worst performing financial group. Fannie Mae (FNM 26.02, -1.95) and Freddie Mac (FRE 25.45, -1.63) were the main laggards. Bloomberg.com reported that the two companies may raise as much as $20 billion to buy securities.
Tech (-0.4%) outperformed on a relative basis after Banc of America said it expects Apple (AAPL 143.01, +2.76) to deliver its 3G iPhone in the second quarter.
The market responded positively to a better than feared February personal income and consumption report, however it was not enough to keep the stock market in positive territory.
Personal income rose 0.5%, which topped the consensus estimate of 0.3%. Personal spending met expectations with a 0.1% rise, however, it is the lowest level since September 2006. The core-PCE deflator—one of the Fed’s favorite inflation measures—met estimates with a 0.1% rise. Adjusted for inflation, income rose 0.5% and spending was flat.
Commodities as a whole saw selling interest, with the CRB Index dropping 1.4%. Crude oil got clipped on news that oil is now flowing through an Iraqi pipeline that exploded yesterday. Oil closed down 2.3%, but still finished the week with a healthy 3.2% gain.
For the week, the stock market fell 1.1%. The quarter ends on Monday, and the stock market is set for its largest quarterly decline since 2002.
DJ30 -86.06 NASDAQ -19.65 NQ100 -0.6% R2K -1.3% SP400 -0.9% SP500 -10.54 NASDAQ Dec/Adv/Vol 1928/940/1.76 bln NYSE Dec/Adv/Vol 2057/1056/1.35 bln
3:30 pm : The major indices fall to fresh session lows. There is not any fundamental news behind the recent downturn, and is likely a technical based move.
For the month, the stock market is down 1.0% after this session's downturn. If current levels hold, the S&P 500 will have posted a loss for five consecutive sessions--the first time since 1990. Monday marks the end of the quarter. The S&P is down more than 10% this quarter, which is its worst showing since 2002.DJ30 -70.75 NASDAQ -16.15 SP500 -8.23 NASDAQ Dec/Adv/Vol 1864/976/1.42 bln NYSE Dec/Adv/Vol 1967/1129/1.0 bln
3:00 pm : The major indices continue to trade with modest losses. Within the S&P 500, 63% of stocks are trending lower. For-profit education provider Apollo Group (APOL 41.96, -14.38) is the main laggard with a massive 26% decline--its largest one day percent decline in its roughly 14-year history as a publicly traded company. Apple (AAPL 143.56, +3.31) is providing leadership.DJ30 -36.97 NASDAQ -9.45 SP500 -4.73 NASDAQ Dec/Adv/Vol 1794/1019/1.26 bln NYSE Dec/Adv/Vol 1884/1189/883 mln
2:30 pm : The stock market takes out a fresh low, although losses remain modest. Market breadth is slightly negative. Decliners outpace advancers by 4-to-3 on the NYSE and by 3-to-2 on the Nasdaq.
DJ30 -36.07 NASDAQ -8.23 SP500 -4.36 NASDAQ Dec/Adv/Vol 1698/1085/1.12 bln NYSE Dec/Adv/Vol 1770/1302/795 mln
1:55 pm : All three major indices are now in the red, along with six of the ten sectors. The financial sector (-1.0%) is the main culprit behind the recent downturn. Fannie Mae (FNM 26.52, -1.45) and Freddie Mac (FRE 26.00, -1.08) are two of the sector's laggards. Fannie and Freddie may raise as much as $20 billion in capital to buy more debt securities, Bloomberg.com reported early this morning.
The stock market is trading at its session low, however, losses are modest.DJ30 -29.31 NASDAQ -7.66 SP500 -3.91 NASDAQ Dec/Adv/Vol 1709/1061/1.03 bln NYSE Dec/Adv/Vol 1783/1255/729 mln
1:30 pm : Stocks come off their lows and are trading with slight gains. The Nasdaq 100 is outperforming the broader market.
Apple (AAPL 143.96, +3.71) is leading the way after Banc of America said it expects a 3G iPhone to be launched in the second quarter. The firm said channel checks point to a significant production build of 3G iPhone's beginning in June. Shares of Apple are up 8% over the last five sessions, but are still down 29% from their 52-week high.DJ30 +5.53 NASDAQ +3.72 SP500 +0.90 NASDAQ Dec/Adv/Vol 1507/1253/946 mln NYSE Dec/Adv/Vol 1538/1479 mln/666 mln
1:00 pm : The stock market falls to its worst level of the session. The major indices are now trading in mixed fashion, near the unchanged mark.
The decline has been broad-based, with all ten sectors seeing some selling interest. Four sectors are now in the red, although healthcare (-0.1%) and utilities (-0.03%) are basically unchanged. DJ30 -7.66 NASDAQ +1.76 SP500 -0.27 NASDAQ Dec/Adv/Vol 1536/1202/861 mln NYSE Dec/Adv/Vol 1554/1453/613 mln
12:30 pm : The major indices remain in positive territory, but have dipped near their lowest levels of the session. Financials (-0.3%) are largely to blame, as the sector has fallen back into negative territory. Thrifts & mortgages (-3.3%) are showing the most weakness.
European markets are trailing U.S. stocks, with major bourses in negative territory. Asian markets fared better, with Japan's Nikkei gaining 1.7% and Hong Kong's Hang Seng advancing 2.7%.DJ30 +16.52 NASDAQ +6.04 SP500 +2.16 NASDAQ Dec/Adv/Vol 1476/1243/772 mln NYSE Dec/Adv/Vol 1430/1566/554 mln
12:05 pm : A better than expected economic report is helping to lift stocks, however, buying interest is being kept in check due to a disappointing outlook from a major department store. At midday, the stock market is trading with modest gains, in the middle of its session range.
Stocks have traded in positive territory throughout the session thanks to a better than feared February personal income and consumption report. Personal income rose 0.5%, which topped the consensus estimate of 0.3%. Personal spending met expectations with a 0.1% rise, however, it is the lowest level since September 2006. The core-PCE deflator—one of the Fed’s favorite inflation measures—met estimates with a 0.1% rise. Adjusted for inflation, income rose 0.5% and spending was flat.
Department store JCPenney (JCP 37.96, -2.56) issued downside guidance for its first quarter, which ends in April. It expects earnings of $0.50 per share, versus the $0.75 consensus estimate. The company cited weak sales through the Easter holiday, and noted its customers are feeling negative macro-economic pressures from many areas. The company’s outlook on consumers is weighing on the S&P 500 Retailing Index (-1.6%) and the consumer discretionary sector (-1.2%).
The other nine economic sectors are all in positive territory, although gains are modest.
Relatively speaking, financials (+0.4%) have had another volatile session, trading up 1.0% in the early going and down as much as 0.8%. The sector opened on a high note after Lehman Brothers (LEH 39.66, +0.95) was upgraded to Buy from Hold at Citi. Citi said Lehman had plenty of liquidity, reassuring investors that Lehman would not meet the same fate as Bear Stearns (BSC 10.71, -0.52).
Financials were unable to hold their gains, however, as traders digested negative comments from Oppenheimer. The firm said that banks’ earnings do not support the current level of dividend yields. Currently, banks have a dividend yield of 5.9%, which is the highest since 1990. Oppenheimer said that financial firms will trade at least 25% lower from current levels.
On CNBC after yesterday’s close, Oppenheimer Analyst Meredith Whitney had stern words about financials. She expects shares of Merrill Lynch (MER 41.56, -0.34) to trade at $30, and for Citigroup (C 21.39, -0.40) to eliminate its dividend completely. Citigroup is currently yielding a dividend of 5.98%, and had already cut its dividend in late 2007.
Crude oil has given up some of its recent gains, as it is down 2.2% to $105.24 per barrel. Crude went on the decline on reports that the Iraqi pipeline that was damaged on Thursday will soon be operational. The Commodity Index is down 1.3%, with gold down 1.8%.
DJ30 +25.23 NASDAQ +10.11 SP500 +3.82 NASDAQ Dec/Adv/Vol 1381/1312/701 mln NYSE Dec/Adv/Vol 1318/1657/503 mln
11:30 am : The major indices are trading modestly above the unchanged mark, and have not seen much movement since the last update.
Crude oil prices have gone on the retreat after gaining 6.7% from Monday to Thursday's closing level. Prices are down 1.9% to $105.59 per barrel on word that a exploded Iraqi pipeline will soon be operational. The pipeline explosion yesterday was caused by a terrorist attack, according to reports.
Other commodities are trending lower as well, as the CRB Commodity Index is down 1.3%.DJ30 +38.34 NASDAQ +9.37 SP500 +4.11 NASDAQ Dec/Adv/Vol 1359/1281/587 mln NYSE Dec/Adv/Vol 1333/1609/417 mln
11:00 am : Stocks are trading with slight gains after coming off their highs. Causing the modest retreat is weakness in consumer discretionary (-2.0%) and financials (-0.6%).
Merrill Lynch (MER 40.34, -1.56) is showing notable weakness. On CNBC after yesterday's close, Oppenheimer analyst Meredith Whitney said she estimates Merrill will trade down to $30 per share.
Homebuilder KB Home (KBH 24.71, -1.08) reported a first quarter loss of $3.47 per share, which includes the effect of a $100 million deferred tax valuation allowance charge. Because of the tax charge, the number may not be comparable to the consensus estimate that called for a loss of $1.17. Regardless, traders are not pleased with the number as the stock is down 4.2%. In turn, the S&P 500 homebuilding group (-1.5%) is a laggard. DJ30 +15.22 NASDAQ +7.73 SP500 +1.57 NASDAQ Dec/Adv/Vol 1322/1257/492 mln NYSE Dec/Adv/Vol 1406/1487/344 mln
10:30 am : The major indices come off their best levels as financials (-0.3%) dip into the red. The investment banks & brokerages group was up 1.6% shortly after the opening bell, but is now down 1.9% after a quck reversal.
The worst performing S&P 500 group is education services (-23.5%), due to weakness in its only component--Apollo Group (APOL 43.03, -13.31). Shares of the for-profit education provider are getting hammered after the company reported earnings of $0.41, which fell short of the consensus estimate by 12 cents.DJ30 +54.04 NASDAQ +15.01 SP500 +6.03 NASDAQ Dec/Adv/Vol 1167/1333/369 mln NYSE Dec/Adv/Vol 1171/1675/255 mln
10:00 am : The major indices extend their gains. Nine of the ten sectors are trending higher. The Nasdaq is outperforming, thanks to strength within the tech sector (+1.2%). Consumer discretionary (-0.6%) stands alone in negative territory, due to weakness in retailers (-1.7%).
Hitting the wires about five minutes ago, the final March University of Michigan Confidence reading came in at 69.5, compared to the expected number of 70.0.DJ30 +52.96 NASDAQ +19.56 SP500 +6.14 NASDAQ Dec/Adv/Vol 975/1362/199 mln NYSE Dec/Adv/Vol 1052/1655/145 mln
09:35 am : The major indices open modestly higher. Helping to lift stocks was a better than expected reading on February personal income, and news that Lehman Brothers (LEH) was upgraded to Buy from Hold at Citigroup.
Retailers (-2.1%) are laggards in the early-going. JCPenney (JCP) issued downside first quarter earnings guidance to reflect weakness in consumer spending.DJ30 +33.62 NASDAQ +14.09 SP500 +3.87
09:14 am : S&P futures vs fair value: +6.7. Nasdaq futures vs fair value: +11.0.
09:00 am : S&P futures vs fair value: +6.0. Nasdaq futures vs fair value: +11.5. Futures dip a bit after JC Penney (JCP) issued downside first quarter earnings guidance due to its customers facing macro-economic pressures in many areas.
08:30 am : S&P futures vs fair value: +10.1. Nasdaq futures vs fair value: +14.0. Futures gain a few points immediately following an economic release. Just reported, February personal income rose 0.5% month over month (+0.3% consensus), and personal spending rose 0.1% (+0.1% consensus). Core PCE, an inflation measure, rose 0.1% month over month, which was in-line with expectations. This indicates a 0.4% rise in real income and flat real spending.
08:05 am : S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +11.5. Futures suggest a higher start to trading. Lehman Brothers was upgraded to Buy from Hold at Citigroup, which is helping to lift sentiment. Citi said Lehman has ample liquidity to run its business. Traders await the February personal income and spending report at 8:30 ET.
06:22 am : S&P futures vs fair value: +11.0. Nasdaq futures vs fair value: +16.8.
06:21 am : FTSE...5733.40...+15.90...+0.3%. DAX...6596.31...+18.25...+0.3%.
06:21 am : Nikkei...12820.47...+215.89...+1.7%. Hang Seng...23285.95...+621.73...+2.7%.
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