AI
Friday, April 11, 2008 1:03:19 AM
Market Update 080410
http://biz.yahoo.com/mu/update.html
4:25 pm : There was no shortage of news Thursday. Some of it was good and some of it was bad. Regardless of the characterization, the stock market had a hopeful view of things for most of Thursday's trade.
In terms of the "good" news, the leading headlines included Wal-Mart (WMT 54.66, +0.52) raising its first quarter EPS guidance, a Banc of America Securities upgrade of the semiconductor sector to Overweight, a better than expected report showing initial claims for the week ended April 5 fell 53K to 357K, a $9 billion buyout offer for Millennium Pharmaceuticals (MLNM 24.34, +7.99) from Japan's Takeda Pharmaceuticals, and a contention from Goldman Sachs's (GS 170.55, -3.59) CEO that we are closer to the end of the credit crisis than the beginning.
On the flip side, the "bad" news included a noticeably weak batch of same-store sales results for March, a $62.3 billion trade deficit for February that was wider than expected and led to lowered GDP forecasts, and news that Lehman Bros. (LEH 40.25, -0.29) disclosed in an SEC filing that it shut down three investment funds whose asset values declined due to the stresses in the market.
Tucked in between these items was a report that Yahoo! (YHOO 28.59, +0.82) was looking at doing a deal with Time Warner's AOL unit in an effort to fend off Microsoft (MSFT 29.11, +0.22). At the same time, it was being reported that Microsoft and News Corp. (NWS 19.44, -0.09) have held discussions about making a joint bid for Yahoo!. To say the least, this story has its share of twists.
For the most part, though, the market locked in on the semiconductor upgrade and Wal-Mart's raised guidance as the driving factors behind Thursday's gains. Fittingly, the retail sector (+1.8%) and semiconductor sector (+1.6%) were among today's biggest gainers.
The strength in retail was curious given the battery of negative same-store sales reports; however, the guidance from Wal-Mart, short-covering activity, and the anticipation that sales will rebound in coming months with the arrival of warmer temperatures and tax rebate checks carried the retail stocks higher.
Strikingly, the financial sector, which dipped 0.4%, was one of just three sectors that didn't end the day higher. Utilities, down 0.6%, and telecom services, down 0.1%, were the other two. Today's losses marked the third straight loss for the financial sector, which has slipped 3.8% since Monday's close.
The technology sector, which jumped 1.5% on the back of strength in the semiconductor stocks and big-cap issues, acted as an effective offset to the weakness in financials. Similarly, strength in airline stocks, which rebounded from their recent drubbing, helped give the broader market a positive tilt Thursday.
At their highs for the session, the Dow, Nasdaq and S&P were up 122, 42 and 13 points, respectively. Some late selling pared most of the Dow's gains until a closing volley of buying interest propped the major indices comfortably above the unchanged mark at the closing bell. DJ30 +54.72 DJTA +1.4% NASDAQ +29.58 NQ100 +1.5% R2K +1.3% SP400 +1.3% SP500 +6.06 NASDAQ Dec/Adv/Vol 1172/1749/2.22 bln NYSE Dec/Adv/Vol 1171/1923/1.28 bln
3:25 pm : The stock market approached its session high and then ran into some selling pressure. Since shortly after the opening bell, the stock market has maintained a bullish bias. Financials, on the other hand, have seen more swings. The sector was up as much as 1.2% and down as much 1.2%. It is currently posting a modest loss of 0.3%.
Looking ahead, Friday's headline event will be an earnings report from bellwether General Electric (GE 36.89, +0.45)--which holds the second heaviest weighting in the S&P 500 after Exxon Mobil (XOM 89.54, -0.16). Analysts estimate GE earned $0.51 per share in the first quarter, marking a 16% increase year-over-year. DJ30 +79.80 NASDAQ +33.20 SP500 +8.70 NASDAQ Dec/Adv/Vol 1168/1715/1.81 bln NYSE Dec/Adv/Vol 1153/1936/990 mln
2:55 pm : The latest selling pressure eases as the major indices try to regain lost ground. The small-cap Russell 2000 Index (+1.4%) is outperforming its large-cap counterparts by a large margin.
The Fed announced the auction results of its latest Term Securities Lending Facility. The Fed offered $50 billion, with a total of $33.95 billion in bids submitted, making the bid-to-cover ratio 0.68. The stop-out rate -- which is the lowest rate the Fed accepted -- came in at 0.25%. The low stop-out rate and bid-to-cover ratio indicate there was not much demand, meaning financial firms may not be desperate.DJ30 +88.91 NASDAQ +34.61 SP500 +9.07 NASDAQ Dec/Adv/Vol 1119/1731/1.66 bln NYSE Dec/Adv/Vol 1089/1984/892 mln
2:30 pm : The stock market slides off its best level, although it continues to post a modest gain. A dip in financial stocks (-0.3%) is weighing on the broader market.
The best performing industry group is home improvement retail (+3.9%) -- components include Home Depot (HD 28.56, +0.89), Lowe's (LOW 24.57, +1.24) and Sherwin Williams (SHW 54.94, +0.75). The group has outperformed this year, gaining 6.4% compared to the market's 7.3% decline. However, when compared to a year ago, the group is down 23.4% versus the market's decline of 5.9%.DJ30 +75.40 NASDAQ +30.12 SP500 +6.82 NASDAQ Dec/Adv/Vol 1151/1687/1.54 bln NYSE Dec/Adv/Vol 1143/1912/828 mln
2:00 pm : The major indices establish new session highs. Tech stocks (+2.0%) are posting the largest gain, with consumer discretionary (+1.5%) close behind thanks to strength in retailers (+2.5%).
Within the S&P 500, 67% of stocks are trending higher. General Electric (GE 36.95, +0.51) is leading the way ahead of its earnings report on Friday morning. Analysts expect the conglomerate's earnings will rise 16% year-over-year. Exxon Mobil (XOM 89.37, -0.33) is the worst performing stock.DJ30 +101.29 NASDAQ +37.66 SP500 +10.35 NASDAQ Dec/Adv/Vol 1085/1731/1.41 bln NYSE Dec/Adv/Vol 1011/2042/756 mln
1:30 pm : The major indices are slowly drifting toward their session highs. Although the Nasdaq is easily outperforming this session, that is not the case for 2008. The tech-heavy composite is down 11.1%, which is a larger decline than the S&P 500's 7.1% dip.
The CRB Commodity Index is up 0.2% even as crude oil slips 0.4% and gold slides 1.0%. The index is getting support from the 1.8% gain in natural gas and the 2.9% advance in soybean prices.DJ30 +87.12 NASDAQ +36.45 SP500 +9.30 NASDAQ Dec/Adv/Vol 1096/1693/1.29 bln NYSE Dec/Adv/Vol 1063/1983/696 mln
1:00 pm : Stocks are giving up some of their gains. The S&P 500 is currently up 0.6% after being up as much as 0.9%. Market breadth is positive. Advancers outpace decliners by 5-to-3 on the NYSE and by nearly 3-to-2 on the Nasdaq.
Fed Chairman Ben Bernanke is currently speaking on the financial strains. His comments have had a limited effect on the market, as he did not comment on the outlook for the economy or interest rates.DJ30 +74.50 NASDAQ +31.99 SP500 +7.77 NASDAQ Dec/Adv/Vol 1222/1648/1.19 bln NYSE Dec/Adv/Vol 1132/1888/644 mln
12:25 pm : The major indices dip off their best levels, but continue to post strong gains. As stocks show strength, Treasuries face some selling pressure. The benchmark 10-year note is down 11 ticks, pushing its yield up to 3.52%.
Only the energy (-0.1%) and utilities (-0.7%) sectors remain in the red.DJ30 +98.44 NASDAQ +36.08 SP500 +10.44 NASDAQ Dec/Adv/Vol 1054/1692/1.07 bln NYSE Dec/Adv/Vol 1014/1978/574 mln
12:05 pm : Thursday started on a slow note, but investors quickly drove stocks higher as they digested news of a biotech buyout, a drop in new unemployment claims, and a number of semiconductor upgrades.
Biotech stocks (+3.5%) have seen a nice lift this session on news of an acquisition deal. Japanese firm Takeda Pharmaceutical put in an $8.8 billion bid for Cambridge, Mass.-based biotechnology company Millennium Pharmaceuticals (MLNM 24.48, +8.13).
Semiconductors are also posting a healthy 3.9% gain. Banc of America upgraded its sector rating on Semiconductors to Overweight. The firm upgraded four stocks to Buy from Neutral, including Intel (INTC 22.38, +0.96).
As a result, the Nasdaq (+1.6%) is handily outperforming the S&P 500 Index (+0.9%).
Retailers have been in focus, as firms report their March same-store results. Overall, results have been poor, with 29 of the 35 stores Briefing.com follows falling short of expectations. Not all news was bad, as Wal-Mart (WMT 55.24, +1.10) issued upside first quarter earnings guidance, and Costco (COST 67.23, +1.20) topped its same store expectations.
Despite the mostly negative reports, the S&P 500 Retailing Index (+2.6%) is outperforming the broader market, with companies that reported dismal results posting strong gains. This outperformance is due to Wal-Mart’s upside guidance lifting other retailing names, some short-covering activity after stocks did not sell-off in the early going, and a better outlook for April.
Financials were a laggard in the early-going, shedding as much as 1.2% on news that Lehman Brothers (LEH 41.26, +0.72) liquidated three investment funds worth a total of $1 billion due to poor market conditions. The sector is now up 1.0% as overall sentiment improves.
In economic news, there were 357,000 new unemployment claims for the week ended April 5, this was better than the expected 383,000 claims. Claims are still high, but the drop indicates the previous reading of 410,000 may have been aberrant due to the Easter holiday. In a separate report, the deficit widened to $62.3 billion in February, from $59.0 billion in January. This will have negative implications for first quarter GDP forecasts.
DJ30 +113.99 NASDAQ +38.79 SP500 +12.07 NASDAQ Dec/Adv/Vol 1039/1678/978 mln NYSE Dec/Adv/Vol 984/2006/521 mln
11:30 am : The major indices continue to climb higher, led by tech (+1.8%) and retailing (+2.4%) stocks. Although financials are not a standout with a mere 0.7% gain, they have participating in the market's recent gains as the sector rebounded from its low when it was down 1.2%
Crude oil has eased 0.9% to $109.92, after touching just shy of its all-time high in earlier trade. Yesterday, Crude hit an all-time high of $112.21 per barrel after the government said inventory stockpiles decreased when the market was expecting a gain.
DJ30 +89.48 NASDAQ +36.40 SP500 +9.61 NASDAQ Dec/Adv/Vol 990/1674/843 mln NYSE Dec/Adv/Vol 988/1953/437 mln
11:00 am : The major indices extend their gains, as they climb to their best levels of the session. Seven of the ten sectors are now in the green, including financials (+0.1%).
The Nasdaq 100 is showing notable strength with a 1.6% gain, compared to the S&P 500's rise of 0.5%. Within the Nasdaq 100, 60 of the 100 stocks are trending higher. Apple (AAPL 153.99, +2.55), Amgen (AMGN 44.41, +2.82) and Qualcomm (QCOM 42.52, +1.01) are providing the largest boost.
Of the 35 retail firms reporting March same-store sales that Briefing.com follows, 29 have come up short of expectations. However, the S&P 500 retailing index (+2.0%) is outperforming the broader market, partially due to strength in discount retailers. Wal-Mart (WMT 55.26, +1.12) issued upside first quarter earnings guidance, and Costco (COST 66.85, +0.82) reported same-store sales grew by 7.0%, which topped the Briefing.com consensus estimate of 5.5%.DJ30 +60.66 NASDAQ +30.94 SP500 +5.62 NASDAQ Dec/Adv/Vol 982/1559/678 mln NYSE Dec/Adv/Vol 1179/1713/339 mln
10:35 am : The major indices spike higher. The Nasdaq is up nearly 1%, with notable strength in biotech stocks (3.9%). The AP reports a Japanese firm put in an $8.8 billion bid for Cambridge, Mass.-based biotechnology company Millennium Pharmaceuticals (MLNM 24.42, +8.07). Gains in semiconductor stocks (2.7%) are also helping to lift the Nasdaq.DJ30 +24.43 NASDAQ +23.41 SP500 +2.60 NASDAQ Dec/Adv/Vol 1103/1368/537 mln NYSE Dec/Adv/Vol 1279/1561/263 mln
10:00 am : The major indices are trading in mixed fashion as financials slip further into negative territory. Lehman Brothers (LEH 39.87, -0.67) is playing a role in the sector's weakness after the company said in an SEC filing that it liquidated three funds worth $1 billion due to poor market conditions.
Three of the ten economic sectors are posting a gain, led by technology (+0.4%) and health care (+0.6%).DJ30 -15.30 NASDAQ +4.32 SP500 -3.11 NASDAQ Dec/Adv/Vol 1304/1005/288 mln NYSE Dec/Adv/Vol 1573/1136/137 mln
09:40 am : The major indices unexpectedly open on a high note, with the Nasdaq Composite leading the way after Intel (INTC) was upgraded to Buy from Neutral at Banc of America.
On the economic front, there were 357,000 new unemployment claims for the week ended April 5, this was better than the expected 383,000 claims. Claims are still high, but the drop indicates the previous reading of 410,000 may have been aberrant due to the Easter holiday. In a separate report, the deficit widened to $62.3 billion in February, from $59.0 billion in January. This will have negative implications for first quarter GDP forecasts.DJ30 +21.74 NASDAQ +10.31 SP500 +1.03
09:15 am : S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: -1.8.
08:57 am : S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: -5.0. S&P 500 futures are now pointing to a near flat opening as traders digest the jobless claims data.
08:30 am : S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -4.5. After falling to session lows, futures pare some losses immediately following the release of the weekly initial jobless claims number. Just hitting the wires, new unemployment claims for the week ended April 5 fell to 357,000 from 410,000. Economists expected a reading of 383,000. Separately, the February trade deficit grew to $62.3 billion, compared to the expected deficit of $57.5 billion. Meanwhile, Target (TGT) reported March same-store sales fell 4.4%, compared to the Briefing.com consensus that called for a delcine of 2.7%.
08:00 am : S&P futures vs fair value: -2.2. Nasdaq futures vs fair value: -3.0. Futures point to a lower open. Lehman Brothers (LEH) liquidated three investment funds with a value of $1 billion due to market disruptions, according to the company's SEC filing. Other news this morning has been mostly positive. Wal-Mart (WMT) issued upside guidance for its fiscal first quarter. It expects earnings per share between $0.74 and $0.76, compared to the consensus estimate of $0.72. Banc of America upgraded Intel (INTC) to Buy from Neutral, along with several other semiconductor stocks. Dow component DuPont (DD) issued upside guidance for its first quarter, as it expects earnings per share of $1.29 versus the $1.17 consensus estimate. In overseas news, the Bank of England lowered its interest rate by 25 basis points to 5.00%, the European Central Bank left its rate unchanged at 4.00%.
06:21 am : S&P futures vs fair value: -2.8. Nasdaq futures vs fair value: -6.8.
06:20 am : FTSE...5941.80...-42.10...-0.7%. DAX...6625.33...-96.03...-1.4%.
06:20 am : Nikkei...12945.30...-166.59...-1.3%. Hang Seng...24187.10...+202.53...+0.8%.
http://biz.yahoo.com/mu/update.html
4:25 pm : There was no shortage of news Thursday. Some of it was good and some of it was bad. Regardless of the characterization, the stock market had a hopeful view of things for most of Thursday's trade.
In terms of the "good" news, the leading headlines included Wal-Mart (WMT 54.66, +0.52) raising its first quarter EPS guidance, a Banc of America Securities upgrade of the semiconductor sector to Overweight, a better than expected report showing initial claims for the week ended April 5 fell 53K to 357K, a $9 billion buyout offer for Millennium Pharmaceuticals (MLNM 24.34, +7.99) from Japan's Takeda Pharmaceuticals, and a contention from Goldman Sachs's (GS 170.55, -3.59) CEO that we are closer to the end of the credit crisis than the beginning.
On the flip side, the "bad" news included a noticeably weak batch of same-store sales results for March, a $62.3 billion trade deficit for February that was wider than expected and led to lowered GDP forecasts, and news that Lehman Bros. (LEH 40.25, -0.29) disclosed in an SEC filing that it shut down three investment funds whose asset values declined due to the stresses in the market.
Tucked in between these items was a report that Yahoo! (YHOO 28.59, +0.82) was looking at doing a deal with Time Warner's AOL unit in an effort to fend off Microsoft (MSFT 29.11, +0.22). At the same time, it was being reported that Microsoft and News Corp. (NWS 19.44, -0.09) have held discussions about making a joint bid for Yahoo!. To say the least, this story has its share of twists.
For the most part, though, the market locked in on the semiconductor upgrade and Wal-Mart's raised guidance as the driving factors behind Thursday's gains. Fittingly, the retail sector (+1.8%) and semiconductor sector (+1.6%) were among today's biggest gainers.
The strength in retail was curious given the battery of negative same-store sales reports; however, the guidance from Wal-Mart, short-covering activity, and the anticipation that sales will rebound in coming months with the arrival of warmer temperatures and tax rebate checks carried the retail stocks higher.
Strikingly, the financial sector, which dipped 0.4%, was one of just three sectors that didn't end the day higher. Utilities, down 0.6%, and telecom services, down 0.1%, were the other two. Today's losses marked the third straight loss for the financial sector, which has slipped 3.8% since Monday's close.
The technology sector, which jumped 1.5% on the back of strength in the semiconductor stocks and big-cap issues, acted as an effective offset to the weakness in financials. Similarly, strength in airline stocks, which rebounded from their recent drubbing, helped give the broader market a positive tilt Thursday.
At their highs for the session, the Dow, Nasdaq and S&P were up 122, 42 and 13 points, respectively. Some late selling pared most of the Dow's gains until a closing volley of buying interest propped the major indices comfortably above the unchanged mark at the closing bell. DJ30 +54.72 DJTA +1.4% NASDAQ +29.58 NQ100 +1.5% R2K +1.3% SP400 +1.3% SP500 +6.06 NASDAQ Dec/Adv/Vol 1172/1749/2.22 bln NYSE Dec/Adv/Vol 1171/1923/1.28 bln
3:25 pm : The stock market approached its session high and then ran into some selling pressure. Since shortly after the opening bell, the stock market has maintained a bullish bias. Financials, on the other hand, have seen more swings. The sector was up as much as 1.2% and down as much 1.2%. It is currently posting a modest loss of 0.3%.
Looking ahead, Friday's headline event will be an earnings report from bellwether General Electric (GE 36.89, +0.45)--which holds the second heaviest weighting in the S&P 500 after Exxon Mobil (XOM 89.54, -0.16). Analysts estimate GE earned $0.51 per share in the first quarter, marking a 16% increase year-over-year. DJ30 +79.80 NASDAQ +33.20 SP500 +8.70 NASDAQ Dec/Adv/Vol 1168/1715/1.81 bln NYSE Dec/Adv/Vol 1153/1936/990 mln
2:55 pm : The latest selling pressure eases as the major indices try to regain lost ground. The small-cap Russell 2000 Index (+1.4%) is outperforming its large-cap counterparts by a large margin.
The Fed announced the auction results of its latest Term Securities Lending Facility. The Fed offered $50 billion, with a total of $33.95 billion in bids submitted, making the bid-to-cover ratio 0.68. The stop-out rate -- which is the lowest rate the Fed accepted -- came in at 0.25%. The low stop-out rate and bid-to-cover ratio indicate there was not much demand, meaning financial firms may not be desperate.DJ30 +88.91 NASDAQ +34.61 SP500 +9.07 NASDAQ Dec/Adv/Vol 1119/1731/1.66 bln NYSE Dec/Adv/Vol 1089/1984/892 mln
2:30 pm : The stock market slides off its best level, although it continues to post a modest gain. A dip in financial stocks (-0.3%) is weighing on the broader market.
The best performing industry group is home improvement retail (+3.9%) -- components include Home Depot (HD 28.56, +0.89), Lowe's (LOW 24.57, +1.24) and Sherwin Williams (SHW 54.94, +0.75). The group has outperformed this year, gaining 6.4% compared to the market's 7.3% decline. However, when compared to a year ago, the group is down 23.4% versus the market's decline of 5.9%.DJ30 +75.40 NASDAQ +30.12 SP500 +6.82 NASDAQ Dec/Adv/Vol 1151/1687/1.54 bln NYSE Dec/Adv/Vol 1143/1912/828 mln
2:00 pm : The major indices establish new session highs. Tech stocks (+2.0%) are posting the largest gain, with consumer discretionary (+1.5%) close behind thanks to strength in retailers (+2.5%).
Within the S&P 500, 67% of stocks are trending higher. General Electric (GE 36.95, +0.51) is leading the way ahead of its earnings report on Friday morning. Analysts expect the conglomerate's earnings will rise 16% year-over-year. Exxon Mobil (XOM 89.37, -0.33) is the worst performing stock.DJ30 +101.29 NASDAQ +37.66 SP500 +10.35 NASDAQ Dec/Adv/Vol 1085/1731/1.41 bln NYSE Dec/Adv/Vol 1011/2042/756 mln
1:30 pm : The major indices are slowly drifting toward their session highs. Although the Nasdaq is easily outperforming this session, that is not the case for 2008. The tech-heavy composite is down 11.1%, which is a larger decline than the S&P 500's 7.1% dip.
The CRB Commodity Index is up 0.2% even as crude oil slips 0.4% and gold slides 1.0%. The index is getting support from the 1.8% gain in natural gas and the 2.9% advance in soybean prices.DJ30 +87.12 NASDAQ +36.45 SP500 +9.30 NASDAQ Dec/Adv/Vol 1096/1693/1.29 bln NYSE Dec/Adv/Vol 1063/1983/696 mln
1:00 pm : Stocks are giving up some of their gains. The S&P 500 is currently up 0.6% after being up as much as 0.9%. Market breadth is positive. Advancers outpace decliners by 5-to-3 on the NYSE and by nearly 3-to-2 on the Nasdaq.
Fed Chairman Ben Bernanke is currently speaking on the financial strains. His comments have had a limited effect on the market, as he did not comment on the outlook for the economy or interest rates.DJ30 +74.50 NASDAQ +31.99 SP500 +7.77 NASDAQ Dec/Adv/Vol 1222/1648/1.19 bln NYSE Dec/Adv/Vol 1132/1888/644 mln
12:25 pm : The major indices dip off their best levels, but continue to post strong gains. As stocks show strength, Treasuries face some selling pressure. The benchmark 10-year note is down 11 ticks, pushing its yield up to 3.52%.
Only the energy (-0.1%) and utilities (-0.7%) sectors remain in the red.DJ30 +98.44 NASDAQ +36.08 SP500 +10.44 NASDAQ Dec/Adv/Vol 1054/1692/1.07 bln NYSE Dec/Adv/Vol 1014/1978/574 mln
12:05 pm : Thursday started on a slow note, but investors quickly drove stocks higher as they digested news of a biotech buyout, a drop in new unemployment claims, and a number of semiconductor upgrades.
Biotech stocks (+3.5%) have seen a nice lift this session on news of an acquisition deal. Japanese firm Takeda Pharmaceutical put in an $8.8 billion bid for Cambridge, Mass.-based biotechnology company Millennium Pharmaceuticals (MLNM 24.48, +8.13).
Semiconductors are also posting a healthy 3.9% gain. Banc of America upgraded its sector rating on Semiconductors to Overweight. The firm upgraded four stocks to Buy from Neutral, including Intel (INTC 22.38, +0.96).
As a result, the Nasdaq (+1.6%) is handily outperforming the S&P 500 Index (+0.9%).
Retailers have been in focus, as firms report their March same-store results. Overall, results have been poor, with 29 of the 35 stores Briefing.com follows falling short of expectations. Not all news was bad, as Wal-Mart (WMT 55.24, +1.10) issued upside first quarter earnings guidance, and Costco (COST 67.23, +1.20) topped its same store expectations.
Despite the mostly negative reports, the S&P 500 Retailing Index (+2.6%) is outperforming the broader market, with companies that reported dismal results posting strong gains. This outperformance is due to Wal-Mart’s upside guidance lifting other retailing names, some short-covering activity after stocks did not sell-off in the early going, and a better outlook for April.
Financials were a laggard in the early-going, shedding as much as 1.2% on news that Lehman Brothers (LEH 41.26, +0.72) liquidated three investment funds worth a total of $1 billion due to poor market conditions. The sector is now up 1.0% as overall sentiment improves.
In economic news, there were 357,000 new unemployment claims for the week ended April 5, this was better than the expected 383,000 claims. Claims are still high, but the drop indicates the previous reading of 410,000 may have been aberrant due to the Easter holiday. In a separate report, the deficit widened to $62.3 billion in February, from $59.0 billion in January. This will have negative implications for first quarter GDP forecasts.
DJ30 +113.99 NASDAQ +38.79 SP500 +12.07 NASDAQ Dec/Adv/Vol 1039/1678/978 mln NYSE Dec/Adv/Vol 984/2006/521 mln
11:30 am : The major indices continue to climb higher, led by tech (+1.8%) and retailing (+2.4%) stocks. Although financials are not a standout with a mere 0.7% gain, they have participating in the market's recent gains as the sector rebounded from its low when it was down 1.2%
Crude oil has eased 0.9% to $109.92, after touching just shy of its all-time high in earlier trade. Yesterday, Crude hit an all-time high of $112.21 per barrel after the government said inventory stockpiles decreased when the market was expecting a gain.
DJ30 +89.48 NASDAQ +36.40 SP500 +9.61 NASDAQ Dec/Adv/Vol 990/1674/843 mln NYSE Dec/Adv/Vol 988/1953/437 mln
11:00 am : The major indices extend their gains, as they climb to their best levels of the session. Seven of the ten sectors are now in the green, including financials (+0.1%).
The Nasdaq 100 is showing notable strength with a 1.6% gain, compared to the S&P 500's rise of 0.5%. Within the Nasdaq 100, 60 of the 100 stocks are trending higher. Apple (AAPL 153.99, +2.55), Amgen (AMGN 44.41, +2.82) and Qualcomm (QCOM 42.52, +1.01) are providing the largest boost.
Of the 35 retail firms reporting March same-store sales that Briefing.com follows, 29 have come up short of expectations. However, the S&P 500 retailing index (+2.0%) is outperforming the broader market, partially due to strength in discount retailers. Wal-Mart (WMT 55.26, +1.12) issued upside first quarter earnings guidance, and Costco (COST 66.85, +0.82) reported same-store sales grew by 7.0%, which topped the Briefing.com consensus estimate of 5.5%.DJ30 +60.66 NASDAQ +30.94 SP500 +5.62 NASDAQ Dec/Adv/Vol 982/1559/678 mln NYSE Dec/Adv/Vol 1179/1713/339 mln
10:35 am : The major indices spike higher. The Nasdaq is up nearly 1%, with notable strength in biotech stocks (3.9%). The AP reports a Japanese firm put in an $8.8 billion bid for Cambridge, Mass.-based biotechnology company Millennium Pharmaceuticals (MLNM 24.42, +8.07). Gains in semiconductor stocks (2.7%) are also helping to lift the Nasdaq.DJ30 +24.43 NASDAQ +23.41 SP500 +2.60 NASDAQ Dec/Adv/Vol 1103/1368/537 mln NYSE Dec/Adv/Vol 1279/1561/263 mln
10:00 am : The major indices are trading in mixed fashion as financials slip further into negative territory. Lehman Brothers (LEH 39.87, -0.67) is playing a role in the sector's weakness after the company said in an SEC filing that it liquidated three funds worth $1 billion due to poor market conditions.
Three of the ten economic sectors are posting a gain, led by technology (+0.4%) and health care (+0.6%).DJ30 -15.30 NASDAQ +4.32 SP500 -3.11 NASDAQ Dec/Adv/Vol 1304/1005/288 mln NYSE Dec/Adv/Vol 1573/1136/137 mln
09:40 am : The major indices unexpectedly open on a high note, with the Nasdaq Composite leading the way after Intel (INTC) was upgraded to Buy from Neutral at Banc of America.
On the economic front, there were 357,000 new unemployment claims for the week ended April 5, this was better than the expected 383,000 claims. Claims are still high, but the drop indicates the previous reading of 410,000 may have been aberrant due to the Easter holiday. In a separate report, the deficit widened to $62.3 billion in February, from $59.0 billion in January. This will have negative implications for first quarter GDP forecasts.DJ30 +21.74 NASDAQ +10.31 SP500 +1.03
09:15 am : S&P futures vs fair value: +0.5. Nasdaq futures vs fair value: -1.8.
08:57 am : S&P futures vs fair value: -0.6. Nasdaq futures vs fair value: -5.0. S&P 500 futures are now pointing to a near flat opening as traders digest the jobless claims data.
08:30 am : S&P futures vs fair value: -2.3. Nasdaq futures vs fair value: -4.5. After falling to session lows, futures pare some losses immediately following the release of the weekly initial jobless claims number. Just hitting the wires, new unemployment claims for the week ended April 5 fell to 357,000 from 410,000. Economists expected a reading of 383,000. Separately, the February trade deficit grew to $62.3 billion, compared to the expected deficit of $57.5 billion. Meanwhile, Target (TGT) reported March same-store sales fell 4.4%, compared to the Briefing.com consensus that called for a delcine of 2.7%.
08:00 am : S&P futures vs fair value: -2.2. Nasdaq futures vs fair value: -3.0. Futures point to a lower open. Lehman Brothers (LEH) liquidated three investment funds with a value of $1 billion due to market disruptions, according to the company's SEC filing. Other news this morning has been mostly positive. Wal-Mart (WMT) issued upside guidance for its fiscal first quarter. It expects earnings per share between $0.74 and $0.76, compared to the consensus estimate of $0.72. Banc of America upgraded Intel (INTC) to Buy from Neutral, along with several other semiconductor stocks. Dow component DuPont (DD) issued upside guidance for its first quarter, as it expects earnings per share of $1.29 versus the $1.17 consensus estimate. In overseas news, the Bank of England lowered its interest rate by 25 basis points to 5.00%, the European Central Bank left its rate unchanged at 4.00%.
06:21 am : S&P futures vs fair value: -2.8. Nasdaq futures vs fair value: -6.8.
06:20 am : FTSE...5941.80...-42.10...-0.7%. DAX...6625.33...-96.03...-1.4%.
06:20 am : Nikkei...12945.30...-166.59...-1.3%. Hang Seng...24187.10...+202.53...+0.8%.
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