AI
Tuesday, April 22, 2008 2:51:32 AM
Market Update 080421
http://biz.yahoo.com/mu/update.html
4:25 pm
4:10 pm : The stock market posted a slight loss on Monday. The end results are actually pretty good considering the scope of last week’s gains. Weakness in the financials was mostly offset by strength in tech and energy companies.
A worse than expected earnings report from Bank of America (BAC 37.61, -0.95) spurred profit-taking within the financial sector early in the morning. The nation’s second largest bank by asset size, behind Citigroup (C 25.03, -0.08), Bank of America announced it earned $0.23 per share, which fell well short of the expected earnings of $0.41. The firm incurred $1.3 billion in trading losses, and increased its loan loss reserve by $3.3 billion.
Fellow struggling bank National City (NCC 6.01, -2.32) announced a plan to shore up its balance sheet that includes raising $7 billion capital and cutting its dividend to just one penny per share from $0.21. The majority of the capital will come from a common stock offering priced at $5 per share -- a 40% discount from last Friday’s closing price of $8.33 per share. The regional bank also announced it lost $0.27 per share in the first quarter, compared to the expected profit of $0.31. The unexpected loss and the dilutive nature of the capital offering caused shares to tumble 28%.
As a whole, earnings reports were mixed. Merck (MRK 39.63, -0.13), Halliburton (HAL 47.53, +0.10), Weatherford (WFT 84.41, -1.14) and Hasbro (HAS 34.69, +3.14) all beat estimates. Eli Lilly (LLY 49.61, -2.46) and Mattel (MAT 20.04, -1.74) reported earnings that fell short of estimates.
Five of the ten sectors closed in negative territory, led by weakness in financials (-1.7%). Strength in tech (+0.8%) helped offset weakness in the financial sector. Apple (AAPL 168.16, +7.12) had a strong showing after RBC Capital Markets raised its price target on shares of Apple to $190 from $175. The firm expects Apple to top earnings estimates when it reports on Wednesday.
The energy sector (+0.9%) also gave the broader market a boost, as crude oil settled at an all-time closing high of $117.48 per barrel and hit an all-time intraday high of $117.76 on reports of supply disruptions.
At the same time, the dollar (-0.54%) came under some selling pressure, with the euro gaining 1.08%. A European Central Bank official noted European inflation significantly exceeds the tolerance level.
The market will have another barrage of earnings reports to sift through before the open on Tuesday. A total of 100 companies are confirmed to report, including Dow components AT&T (T 37.59, +0.08), DuPont (52.25, +0.23) and McDonald’s (MCD 58.67, +0.37). On the economic front, the March existing home sales reading will be released at 10:00 AM ET.
DJ30 -24.34 NASDAQ +5.07 SP500 -2.16 NASDAQ Dec/Adv/Vol 1639/1259/1.61 bln NYSE Dec/Adv/Vol 1767/1366/1.12 bln
3:30 pm : As we head into the final half-hour of trade, the major indices extend their gains, and are trading at their best levels of the session. Large-cap tech (+0.8%) is leading the way. The Nasdaq is posting a slight gain, while the Dow and S&P 500 are posting slight losses.
Apple (AAPL 167.58, +6.45) is posting a hefty gain after RBC Capital Markets raised its price target on shares of Apple to $190 from $175. The firm expects Apple to top earnings estimates when it reports on Wednesday.DJ30 -27.19 NASDAQ +5.53 SP500 -2.20 NASDAQ Dec/Adv/Vol 1617/1248/1.33 bln NYSE Dec/Adv/Vol 1787/1316/852 mln
3:00 pm : The stock market is catching a modest bid as it pares its losses. The Nasdaq is posting a slight gain as it clutches the unchanged mark, largely due to strength in tech (+0.5%).
This week marks the peak of the first quarter earnings reporting season, with 157 S&P 500 companies expected to report. Up until now, results have been less than stellar. First quarter earnings are expected to decline 14.6% according to Thomson Financial. Once again the financial sector is the weak link -- if it was removed earnings would increase by 6.7% for the remaining sectors.DJ30 -49.66 NASDAQ +0.46 NQ100 +0.4%% SP500 -4.88 NASDAQ Dec/Adv/Vol 1689/1160/1.20 bln NYSE Dec/Adv/Vol 1915/1177/764 mln
2:30 pm : The major indices are trading in the middle of their intraday ranges, in negative territory. Market breadth reflects the negative sentiment this session. Decliners outpace advancers by nearly 2-to-1 on the NYSE and by 5-to-3 on the Nasdaq.DJ30 -74.01 NASDAQ -5.97 SP500 -7.43 NASDAQ Dec/Adv/Vol 1755/1069/1.09 bln NYSE Dec/Adv/Vol 1973/1104/696 mln
2:00 pm : The major indices are on the decline, lead by weakness in financials (-1.8%). Within the sector, regional banks (-4.3%), diversified banks (-2.8%), and multi-line insurance (-2.7%) are showing the most weakness. Financials may be laggards this session, but they are still outerperforming over the previous five sessions with a gain of 5.9% compared to the broader market's 4.1% advance.DJ30 -69.78 NASDAQ -4.99 SP500 -7.07 NASDAQ Dec/Adv/Vol 1720/1080/1.00 bln NYSE Dec/Adv/Vol 1972/1096/635 mln
1:30 pm : The stock market made a recent push higher, led by large-cap tech names, to reach its best level in afternoon trading. The Nasdaq has crossed into positive territory, but the Dow Jones and S&P 500 remain in the red.
The combined influence of Apple (AAPL 164.77, +3.73), Cisco (CSCO 24.88, +0.37), and Texas Instruments (TXN 30.62, +1.02) has pushed the tech sector (+0.5%) to its session high.
The only other sectors trading in positive territory are energy (+0.5%) and utilities (+0.5%).DJ30 -41.28 NASDAQ +1.76 SP500 -4.31 NASDAQ Dec/Adv/Vol 1607/1172/916.16 mln NYSE Dec/Adv/Vol 1848/1202/581.17 mln
1:00 pm : The Dow and S&P continue to trade with modest losses, while the Nasdaq is performing better as it hovers slightly below the unchanged mark.
Within the S&P 500, 72% of stocks are posting a loss. By market capitalization, the main laggards are Bank of America (BAC 37.57, -0.99) and Wells Fargo (WFC 29.28, -1.12), while the main leaders are Apple (AAPL 164.56, +3.52) and Microsoft (MSFT 30.45, +0.45). By percentage, National City (6.15, -2.18) is posting the largest loss of 26%, with Mattel (MAT 19.76, -2.02) the second worst performing name with a decline of 8.3%. Hasbro (HAS 34.17, +2.62) is posting the largest gain of 8.3%, with Quest Diagnostic (DGX 49.30, +3.68) coming in second with an 8.1% advance.DJ30 -58.69 NASDAQ -2.63 SP500 -6.53 NASDAQ Dec/Adv/Vol 1647/1130/827 mln NYSE Dec/Adv/Vol 1912/1118/527 mln
12:30 pm : After steadily climbing higher, the major indices are heading sideways. All ten of the major indices are trading off their session lows.
European markets finished their session in the red, with the FTSE falling 0.2%, the Dax sliding 0.9% and the CAC shedding 1.0%. They faced some selling pressure after Bank of America (BAC 37.70, -0.86) announced disappointing earnings at 7:00 AM ET.DJ30 -53.82 NASDAQ -2.00 SP500 -6.36 NASDAQ Dec/Adv/Vol 1621/1118/481 mln NYSE Dec/Adv/Vol 1897/1112/481 mln
12:00 pm : The major indices have traded in negative territory throughout Monday’s session, although losses are not too bad considering the scope of last week’s gains. There has been a few bearish earnings reports this morning, which has spurred traders to take some money off the table.
A worse than expected earnings report from Bank of America (BAC 37.89, -0.67) spurred the profit taking earlier this morning. The nation’s second largest bank by asset size, behind Citigroup (C 24.75, -0.36), announced it earned $0.23 per share, which fell well short of the expected earnings of $0.41. The firm incurred $1.3 billion in trading losses, and increased its loan loss reserve by $3.3 billion.
Fellow struggling bank National City (NCC 6.15, -2.18) announced a plan to shore up its balance sheet that includes raising $7 billion capital and cutting its dividend to just one penny per share. The firm also announced its earnings ahead of Tuesday’s release date. National City lost $0.27 per share in the first quarter, compared to the expected profit of $0.31. The larger than expected loss, and the dilutive nature of the capital offering is causing shares to tumble 26%.
The news has weighed on the financial sector (-1.3%), which is the main laggard this session.
As a whole, earnings reports have been mixed. Merck (MRK 39.75, -0.01), Halliburton (HAL 46.85, -0.58), Weatherford (WFT 83.32, -2.23) and Hasbro (HAS 34.46, +2.91) all beat estimates. Eli Lilly (LLY 49.84, -2.23) and Mattel (MAT 20.00, -1.78) reported earnings that fell short of estimates.
Eight of the ten economic sectors are posting a loss. Along with financials, utilities (-1.2%), industrials (-0.8%) and materials (-1.0%) are showing some weakness. The tech sector (+0.3%) is outperforming on a relative basis, thanks to strength in Apple (AAPL 163.55, +2.51) and other large-cap tech names.
Crude oil climbed to an all-time high of $117.60 per barrel on reports of supply disruptions. Prices have since eased, as crude is trading down 0.5% to $116.82.
There are no economic reports this session.DJ30 -47.14 NASDAQ -1.19 SP500 -5.68 NASDAQ Dec/Adv/Vol 1610/1125/673 mln NYSE Dec/Adv/Vol 1874/1117/433 mln
11:30 am : The major indices remain in the red, but have recovered off their worst levels. The tech-heavy Nasdaq Composite is outperforming, thanks to relative strength in Apple (AAPL 163.11, +2.07), Microsoft (MSFT 30.50, +0.50) and Gilead Sciences (GILD 52.43, +0.67).
Only tech (+0.1%) remains in the green as energy falls into negative territory as crude oil prices (-0.6% to $115.96) retreat.DJ30 -77.02 NASDAQ -5.49 SP500 -8.29 NASDAQ Dec/Adv/Vol 1631/1070/562 mln NYSE Dec/Adv/Vol 1909/1032/361 mln
11:00 am : The major indices are trading slightly above their worst levels of the session. The negative sentiment has been present since the opening bell.
Shares of toymaker Mattel (MAT 20.00, -1.78) are getting hammered after the company said sales declined 2%, leaving the firm with a loss of $0.13 per share, compared to the expected profit of a penny. Conversely, competitor Hasbro (HAS 33.92, +2.37) has seen its shares get a nice lift after its sales rose 13%. Hasbro earned $0.25 per share, which topped expectations by nine cents.DJ30 -89.32 NASDAQ -9.70 SP500 -10.21 NASDAQ Dec/Adv/Vol 1643/985/458 mln NYSE Dec/Adv/Vol 1916/987/292 mln
10:30 am : The major indices take out fresh session lows. Losses are substantial, but are modest when compared to last week's strong gains.
In usual fashion, crude oil has traded in a choppy manner. It is currently down 0.1% to $116.56 per barrel after being down as much as 0.5% and up as much as 0.8% when it hit an all-time high of $117.60 per barrel. Crude oil has spiked 22% higher in 2008 and has gained 85% compared to one year ago.DJ30 -91.11 NASDAQ -11.23 SP500 -10.32 NASDAQ Dec/Adv/Vol 1629/928/332 mln NYSE Dec/Adv/Vol 1909/957/218 mln
10:00 am : The major indices climb off their opening lows, but remain in the red, as the energy (+0.6%) and tech (+0.1%) sectors rebound into positive territory. Financials (-1.4%) are acting as the main drag as traders respond negatively to reports from Bank of America (BAC 33.82, -0.34) and National City (NCC 6.70, -1.63).
The energy sector is being lifted by Exxon-Mobil (XOM 94.42, +0.42) and Schlumberger (SLB 104.03, +2.18). The two major energy companies that reported earnings this morning -- Halliburton (HAL 46.59, -0.84) and Weatherford (WFT 83.56, -1.99) -- are both trending lower despite topping earnings estimates.DJ30 -45.51 NASDAQ -2.12 SP500 -4.20 NASDAQ Dec/Adv/Vol 1415/977/178 mln NYSE Dec/Adv/Vol 1703/1040/125 mln
09:40 am : The major indices open on a low note as traders take profits following last week's strong gains.
A larger than expected decline in profits at Bank of America (BAC) is the driving force behind the negative sentiment. Meanwhile, National City (NCC) announced a first quarter loss of $0.27 per share, compared to the consensus estimate that called for a profit of $0.31. The struggling bank approved a $7 billion equity capital raise.
In other earnings news, Merck (MRK), Halliburton (HAL), Weatherford (WFT) and Hasbro (HAS) all beat estimates. Eli Lilly (LLY) and Mattel (MAT) reported earnings that fell short of estimates.DJ30 -58.46 NASDAQ -7.41 SP500 -5.26
09:16 am : S&P futures vs fair value: -8.5. Nasdaq futures vs fair value: -9.8.
08:59 am : S&P futures vs fair value: -6.8. Nasdaq futures vs fair value: -8.8.
08:30 am : S&P futures vs fair value: -5.9. Nasdaq futures vs fair value: -9.3. The major indices are off their worst levels, but continue to indicate a negative start. Traders' focus will remain on earnings reports, with no economic reports slated for release this session. The dollar (-0.50%) is seeing some selling pressure, as the euro advances nearly 1%.
08:05 am : S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -7.8. Futures suggest a lower start to the trading day. Earnings reports have been mixed this morning. Bank of America (BAC) missed its estimate by $0.18, and Eli Lilly (LLY) fell four cents short. But there were some bright spots, as Merck, (MRK), Novartis (NVS), Hasbro (HAS) and Halliburton (HAL) all topped expectations. Meanwhile, crude oil has hit an all-time high of $117.40 per barrel.
06:19 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: -5.3.
06:17 am : FTSE...6069.80...+13.30...+0.2%. DAX...6809.48...-33.60...-0.5%.
06:17 am : Nikkei...13696.55...+220.10...+1.6%. Hang Seng...24721.67...+523.89...+2.2%.
http://biz.yahoo.com/mu/update.html
4:25 pm
4:10 pm : The stock market posted a slight loss on Monday. The end results are actually pretty good considering the scope of last week’s gains. Weakness in the financials was mostly offset by strength in tech and energy companies.
A worse than expected earnings report from Bank of America (BAC 37.61, -0.95) spurred profit-taking within the financial sector early in the morning. The nation’s second largest bank by asset size, behind Citigroup (C 25.03, -0.08), Bank of America announced it earned $0.23 per share, which fell well short of the expected earnings of $0.41. The firm incurred $1.3 billion in trading losses, and increased its loan loss reserve by $3.3 billion.
Fellow struggling bank National City (NCC 6.01, -2.32) announced a plan to shore up its balance sheet that includes raising $7 billion capital and cutting its dividend to just one penny per share from $0.21. The majority of the capital will come from a common stock offering priced at $5 per share -- a 40% discount from last Friday’s closing price of $8.33 per share. The regional bank also announced it lost $0.27 per share in the first quarter, compared to the expected profit of $0.31. The unexpected loss and the dilutive nature of the capital offering caused shares to tumble 28%.
As a whole, earnings reports were mixed. Merck (MRK 39.63, -0.13), Halliburton (HAL 47.53, +0.10), Weatherford (WFT 84.41, -1.14) and Hasbro (HAS 34.69, +3.14) all beat estimates. Eli Lilly (LLY 49.61, -2.46) and Mattel (MAT 20.04, -1.74) reported earnings that fell short of estimates.
Five of the ten sectors closed in negative territory, led by weakness in financials (-1.7%). Strength in tech (+0.8%) helped offset weakness in the financial sector. Apple (AAPL 168.16, +7.12) had a strong showing after RBC Capital Markets raised its price target on shares of Apple to $190 from $175. The firm expects Apple to top earnings estimates when it reports on Wednesday.
The energy sector (+0.9%) also gave the broader market a boost, as crude oil settled at an all-time closing high of $117.48 per barrel and hit an all-time intraday high of $117.76 on reports of supply disruptions.
At the same time, the dollar (-0.54%) came under some selling pressure, with the euro gaining 1.08%. A European Central Bank official noted European inflation significantly exceeds the tolerance level.
The market will have another barrage of earnings reports to sift through before the open on Tuesday. A total of 100 companies are confirmed to report, including Dow components AT&T (T 37.59, +0.08), DuPont (52.25, +0.23) and McDonald’s (MCD 58.67, +0.37). On the economic front, the March existing home sales reading will be released at 10:00 AM ET.
DJ30 -24.34 NASDAQ +5.07 SP500 -2.16 NASDAQ Dec/Adv/Vol 1639/1259/1.61 bln NYSE Dec/Adv/Vol 1767/1366/1.12 bln
3:30 pm : As we head into the final half-hour of trade, the major indices extend their gains, and are trading at their best levels of the session. Large-cap tech (+0.8%) is leading the way. The Nasdaq is posting a slight gain, while the Dow and S&P 500 are posting slight losses.
Apple (AAPL 167.58, +6.45) is posting a hefty gain after RBC Capital Markets raised its price target on shares of Apple to $190 from $175. The firm expects Apple to top earnings estimates when it reports on Wednesday.DJ30 -27.19 NASDAQ +5.53 SP500 -2.20 NASDAQ Dec/Adv/Vol 1617/1248/1.33 bln NYSE Dec/Adv/Vol 1787/1316/852 mln
3:00 pm : The stock market is catching a modest bid as it pares its losses. The Nasdaq is posting a slight gain as it clutches the unchanged mark, largely due to strength in tech (+0.5%).
This week marks the peak of the first quarter earnings reporting season, with 157 S&P 500 companies expected to report. Up until now, results have been less than stellar. First quarter earnings are expected to decline 14.6% according to Thomson Financial. Once again the financial sector is the weak link -- if it was removed earnings would increase by 6.7% for the remaining sectors.DJ30 -49.66 NASDAQ +0.46 NQ100 +0.4%% SP500 -4.88 NASDAQ Dec/Adv/Vol 1689/1160/1.20 bln NYSE Dec/Adv/Vol 1915/1177/764 mln
2:30 pm : The major indices are trading in the middle of their intraday ranges, in negative territory. Market breadth reflects the negative sentiment this session. Decliners outpace advancers by nearly 2-to-1 on the NYSE and by 5-to-3 on the Nasdaq.DJ30 -74.01 NASDAQ -5.97 SP500 -7.43 NASDAQ Dec/Adv/Vol 1755/1069/1.09 bln NYSE Dec/Adv/Vol 1973/1104/696 mln
2:00 pm : The major indices are on the decline, lead by weakness in financials (-1.8%). Within the sector, regional banks (-4.3%), diversified banks (-2.8%), and multi-line insurance (-2.7%) are showing the most weakness. Financials may be laggards this session, but they are still outerperforming over the previous five sessions with a gain of 5.9% compared to the broader market's 4.1% advance.DJ30 -69.78 NASDAQ -4.99 SP500 -7.07 NASDAQ Dec/Adv/Vol 1720/1080/1.00 bln NYSE Dec/Adv/Vol 1972/1096/635 mln
1:30 pm : The stock market made a recent push higher, led by large-cap tech names, to reach its best level in afternoon trading. The Nasdaq has crossed into positive territory, but the Dow Jones and S&P 500 remain in the red.
The combined influence of Apple (AAPL 164.77, +3.73), Cisco (CSCO 24.88, +0.37), and Texas Instruments (TXN 30.62, +1.02) has pushed the tech sector (+0.5%) to its session high.
The only other sectors trading in positive territory are energy (+0.5%) and utilities (+0.5%).DJ30 -41.28 NASDAQ +1.76 SP500 -4.31 NASDAQ Dec/Adv/Vol 1607/1172/916.16 mln NYSE Dec/Adv/Vol 1848/1202/581.17 mln
1:00 pm : The Dow and S&P continue to trade with modest losses, while the Nasdaq is performing better as it hovers slightly below the unchanged mark.
Within the S&P 500, 72% of stocks are posting a loss. By market capitalization, the main laggards are Bank of America (BAC 37.57, -0.99) and Wells Fargo (WFC 29.28, -1.12), while the main leaders are Apple (AAPL 164.56, +3.52) and Microsoft (MSFT 30.45, +0.45). By percentage, National City (6.15, -2.18) is posting the largest loss of 26%, with Mattel (MAT 19.76, -2.02) the second worst performing name with a decline of 8.3%. Hasbro (HAS 34.17, +2.62) is posting the largest gain of 8.3%, with Quest Diagnostic (DGX 49.30, +3.68) coming in second with an 8.1% advance.DJ30 -58.69 NASDAQ -2.63 SP500 -6.53 NASDAQ Dec/Adv/Vol 1647/1130/827 mln NYSE Dec/Adv/Vol 1912/1118/527 mln
12:30 pm : After steadily climbing higher, the major indices are heading sideways. All ten of the major indices are trading off their session lows.
European markets finished their session in the red, with the FTSE falling 0.2%, the Dax sliding 0.9% and the CAC shedding 1.0%. They faced some selling pressure after Bank of America (BAC 37.70, -0.86) announced disappointing earnings at 7:00 AM ET.DJ30 -53.82 NASDAQ -2.00 SP500 -6.36 NASDAQ Dec/Adv/Vol 1621/1118/481 mln NYSE Dec/Adv/Vol 1897/1112/481 mln
12:00 pm : The major indices have traded in negative territory throughout Monday’s session, although losses are not too bad considering the scope of last week’s gains. There has been a few bearish earnings reports this morning, which has spurred traders to take some money off the table.
A worse than expected earnings report from Bank of America (BAC 37.89, -0.67) spurred the profit taking earlier this morning. The nation’s second largest bank by asset size, behind Citigroup (C 24.75, -0.36), announced it earned $0.23 per share, which fell well short of the expected earnings of $0.41. The firm incurred $1.3 billion in trading losses, and increased its loan loss reserve by $3.3 billion.
Fellow struggling bank National City (NCC 6.15, -2.18) announced a plan to shore up its balance sheet that includes raising $7 billion capital and cutting its dividend to just one penny per share. The firm also announced its earnings ahead of Tuesday’s release date. National City lost $0.27 per share in the first quarter, compared to the expected profit of $0.31. The larger than expected loss, and the dilutive nature of the capital offering is causing shares to tumble 26%.
The news has weighed on the financial sector (-1.3%), which is the main laggard this session.
As a whole, earnings reports have been mixed. Merck (MRK 39.75, -0.01), Halliburton (HAL 46.85, -0.58), Weatherford (WFT 83.32, -2.23) and Hasbro (HAS 34.46, +2.91) all beat estimates. Eli Lilly (LLY 49.84, -2.23) and Mattel (MAT 20.00, -1.78) reported earnings that fell short of estimates.
Eight of the ten economic sectors are posting a loss. Along with financials, utilities (-1.2%), industrials (-0.8%) and materials (-1.0%) are showing some weakness. The tech sector (+0.3%) is outperforming on a relative basis, thanks to strength in Apple (AAPL 163.55, +2.51) and other large-cap tech names.
Crude oil climbed to an all-time high of $117.60 per barrel on reports of supply disruptions. Prices have since eased, as crude is trading down 0.5% to $116.82.
There are no economic reports this session.DJ30 -47.14 NASDAQ -1.19 SP500 -5.68 NASDAQ Dec/Adv/Vol 1610/1125/673 mln NYSE Dec/Adv/Vol 1874/1117/433 mln
11:30 am : The major indices remain in the red, but have recovered off their worst levels. The tech-heavy Nasdaq Composite is outperforming, thanks to relative strength in Apple (AAPL 163.11, +2.07), Microsoft (MSFT 30.50, +0.50) and Gilead Sciences (GILD 52.43, +0.67).
Only tech (+0.1%) remains in the green as energy falls into negative territory as crude oil prices (-0.6% to $115.96) retreat.DJ30 -77.02 NASDAQ -5.49 SP500 -8.29 NASDAQ Dec/Adv/Vol 1631/1070/562 mln NYSE Dec/Adv/Vol 1909/1032/361 mln
11:00 am : The major indices are trading slightly above their worst levels of the session. The negative sentiment has been present since the opening bell.
Shares of toymaker Mattel (MAT 20.00, -1.78) are getting hammered after the company said sales declined 2%, leaving the firm with a loss of $0.13 per share, compared to the expected profit of a penny. Conversely, competitor Hasbro (HAS 33.92, +2.37) has seen its shares get a nice lift after its sales rose 13%. Hasbro earned $0.25 per share, which topped expectations by nine cents.DJ30 -89.32 NASDAQ -9.70 SP500 -10.21 NASDAQ Dec/Adv/Vol 1643/985/458 mln NYSE Dec/Adv/Vol 1916/987/292 mln
10:30 am : The major indices take out fresh session lows. Losses are substantial, but are modest when compared to last week's strong gains.
In usual fashion, crude oil has traded in a choppy manner. It is currently down 0.1% to $116.56 per barrel after being down as much as 0.5% and up as much as 0.8% when it hit an all-time high of $117.60 per barrel. Crude oil has spiked 22% higher in 2008 and has gained 85% compared to one year ago.DJ30 -91.11 NASDAQ -11.23 SP500 -10.32 NASDAQ Dec/Adv/Vol 1629/928/332 mln NYSE Dec/Adv/Vol 1909/957/218 mln
10:00 am : The major indices climb off their opening lows, but remain in the red, as the energy (+0.6%) and tech (+0.1%) sectors rebound into positive territory. Financials (-1.4%) are acting as the main drag as traders respond negatively to reports from Bank of America (BAC 33.82, -0.34) and National City (NCC 6.70, -1.63).
The energy sector is being lifted by Exxon-Mobil (XOM 94.42, +0.42) and Schlumberger (SLB 104.03, +2.18). The two major energy companies that reported earnings this morning -- Halliburton (HAL 46.59, -0.84) and Weatherford (WFT 83.56, -1.99) -- are both trending lower despite topping earnings estimates.DJ30 -45.51 NASDAQ -2.12 SP500 -4.20 NASDAQ Dec/Adv/Vol 1415/977/178 mln NYSE Dec/Adv/Vol 1703/1040/125 mln
09:40 am : The major indices open on a low note as traders take profits following last week's strong gains.
A larger than expected decline in profits at Bank of America (BAC) is the driving force behind the negative sentiment. Meanwhile, National City (NCC) announced a first quarter loss of $0.27 per share, compared to the consensus estimate that called for a profit of $0.31. The struggling bank approved a $7 billion equity capital raise.
In other earnings news, Merck (MRK), Halliburton (HAL), Weatherford (WFT) and Hasbro (HAS) all beat estimates. Eli Lilly (LLY) and Mattel (MAT) reported earnings that fell short of estimates.DJ30 -58.46 NASDAQ -7.41 SP500 -5.26
09:16 am : S&P futures vs fair value: -8.5. Nasdaq futures vs fair value: -9.8.
08:59 am : S&P futures vs fair value: -6.8. Nasdaq futures vs fair value: -8.8.
08:30 am : S&P futures vs fair value: -5.9. Nasdaq futures vs fair value: -9.3. The major indices are off their worst levels, but continue to indicate a negative start. Traders' focus will remain on earnings reports, with no economic reports slated for release this session. The dollar (-0.50%) is seeing some selling pressure, as the euro advances nearly 1%.
08:05 am : S&P futures vs fair value: -6.2. Nasdaq futures vs fair value: -7.8. Futures suggest a lower start to the trading day. Earnings reports have been mixed this morning. Bank of America (BAC) missed its estimate by $0.18, and Eli Lilly (LLY) fell four cents short. But there were some bright spots, as Merck, (MRK), Novartis (NVS), Hasbro (HAS) and Halliburton (HAL) all topped expectations. Meanwhile, crude oil has hit an all-time high of $117.40 per barrel.
06:19 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: -5.3.
06:17 am : FTSE...6069.80...+13.30...+0.2%. DAX...6809.48...-33.60...-0.5%.
06:17 am : Nikkei...13696.55...+220.10...+1.6%. Hang Seng...24721.67...+523.89...+2.2%.
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