AI
Thursday, May 22, 2008 8:06:04 PM
Market Update 080522
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks finished the session with a gain Thursday, reclaiming some of the losses seen in the previous two sessions. Despite some concerted selling efforts, the stock market spent most of its time in positive ground following plenty of corporate announcements.
In earnings news, Computer Sciences (CSC 48.19, +1.17), Limited Brands (LTD 18.85, +0.54), Hormel (HRL 39.39, -1.59), and GameStop (GME 48.85, -1.99) all announced better-than-expected earnings results for their most recent fiscal quarters and also issued outlooks that were in-line with analysts’ forecasts. Despite this, their shares traded in mixed fashion.
Shares of Ford Motor Company (F 7.16, -0.64) were shunned after the company announced plans to trim production of larger vehicles to focus on smaller models that match consumer preferences. Notably, Ford also trimmed its profit outlook.
In the financial sector, Swiss bank UBS (UBS 29.61, +0.27) will raise roughly $15 billion through a rights offering to its existing shareholders. The offering comes at a discount of about 31% to yesterday’s closing price. Shares traded higher on the news, helping lend support to the financial sector (+0.9%). The financial sector closed higher after posting losses in each of the last four sessions.
In merger news, NRG Energy (NRG 40.35, -2.16) has made a bid to acquire fellow utility Calpine (CPN 23.00, +1.72) in an all-stock merger, which values Calpine at $22.70 per share. Shares of Calpine traded higher to reflect the offer.
Crude oil prices took a breather after passing $135.00 per barrel in electronic trading, which marked another new record. Despite the run up, oil finished $2.43 lower at $130.74 per barrel on the New York Mercantile Exchange.
The benchmark 10-year Treasury Note fell out of favor Thursday, lifting its yield to 3.94% at one point, which is just a few basis points shy of the four-month high hit last week. The 10-year Treasury yield is still well below those seen one year ago.
On the economic front, initial jobless claims for the week ending May 17 fell by 9,000 to 365,000, which is below the 373,000 economists projected. The four-week moving average rose slightly to 372,250, but is essentially flat from previous averages.DJ30 +24.43 NASDAQ +16.31 SP500 +3.64 NASDAQ Dec/Adv/Vol 1140/1721/1.93 bln NYSE Dec/Adv/Vol 1395/1713/1.21 bln
3:30 pm : The trading session is nearing its end, and stocks have recently succumbed to another round of selling pressure. Trading has been choppy for the entire session.
The 10-year Treasury Note remains out of favor; its yield has been pushed noticeably higher. Currently, the 10-year Note is yielding 3.92%, which is close to its month-long high, but still well below yields seen one year ago.DJ30 +19.63 NASDAQ +9.75 SP500 +2.15 NASDAQ Dec/Adv/Vol 1182/1644/1.60 bln NYSE Dec/Adv/Vol 1456/1644/915 mln
3:00 pm : Stocks continue to fluctuate, unable to hold on to gains, but unwilling to dip back into negative territory.
One-third of the companies listed in the Dow Jones are trading with losses. General Motors (GM 18.79, -0.33) is trading with the largest percentage decline in the Dow.
Crude oil prices finished the session $2.43 lower at $130.74 per barrel on the New York Mercantile Exchange. Crude moved above $135.00 per barrel in electronic trading earlier in the day.DJ30 +42.91 NASDAQ +16.18 SP500 +4.65 NASDAQ Dec/Adv/Vol 1121/1701/1.48 bln NYSE Dec/Adv/Vol 1354/1721/844 mln
2:30 pm : Stocks have fallen from their recent high amid relatively broad-based declines. Consumer staples (+1.0%) stocks are currently the best performers among the major economic sectors, led by Wal-Mart (WMT 56.11, +0.88) and Coca-Cola (KO57.61, +0.96).
Week-to-date, only the healthcare and utilities sectors are trading in positive territory. The two sectors have gained 0.5% and 1.8% this week, respectively. Healthcare is up just 4.7% from its 52-week low, seen mid-March, while utilities is up 13.0% from its 52-week low reached in mid-August.DJ30 +17.10 NASDAQ +12.57 SP500 +2.15 NASDAQ Dec/Adv/Vol 1117/1676/1.35 bln NYSE Dec/Adv/Vol 1358/1713/775 mln
2:00 pm : The S&P 500 made its way back to earlier session highs but encountered some resistance near 1400.
Only the energy sector (-0.4%) is trading with a loss. Still, oil and gas refiners (+1.7%) are showing strength. Its three industry members, Valero (VLO 50.26, +0.76), Sunoco (SUN 46.13, +1.40), and Tesoro (TSO 24.45, +0.18), are trading higher.DJ30 +57.40 NASDAQ +23.01 SP500 +6.99 NASDAQ Dec/Adv/Vol 1022/1759/1.21 bln NYSE Dec/Adv/Vol 1191/1855/703 mln
1:30 pm : The S&P 500 continues to trade with a modest gain, in a relatively tight range. Treasuries are out of favor this session, with the 10-year note falling 31 ticks, sending its yield to 3.93%.
Market breadth leans positive. Advancers outpace decliners by 4-to-3 on the NYSE, and by 3-to-2 on the Nasdaq. Volume is average.
The financial sector is well off its high of 1.8%, but is still showing some relative strength with a 0.7% gain. Coming into this session, the sector had posted four straight losses with a decline of more than 6%.DJ30 +29.23 NASDAQ +18.22 SP500 +3.63 NASDAQ Dec/Adv/Vol 1086/1672/1.12 bln NYSE Dec/Adv/Vol 1304/1720/645 mln
1:00 pm : Stocks continue to reclaim their recent losses, but still remain off the session's best levels. Nearly 65% of the stocks in the S&P 500 are showing gains.
Contrary to past sessions, only the energy (-1.3%) and materials (unch) sectors are trading lower as the session's primary laggards.
Crude is now trading a bit off its session lows at $131.50 per barrel, down roughly 1.2% this session. Gold is also trading lower. The yellow metal is being exchanged at $921.00 per ounce, down about 0.8% this session. DJ30 +39.82 NASDAQ +21.71 SP500 +4.73 NASDAQ Dec/Adv/Vol 1060/1672/1.03 bln NYSE Dec/Adv/Vol 1278/1745/593 mln
12:30 pm : Stocks took a dip all the way into negative territory without any clear driving force, but have made their way back into positive ground. The downturn was predominately led by the energy (-1.2%), materials (-0.4%), and the telecom (-0.1%) sectors.
Conversely, the healthcare sector (+0.5%) is trading near its best level of the session, helped by Gilead Sciences (GILD 53.70, +1.22) and Scherign-Plough (SGP 19.74, +0.43).DJ30 +22.72 NASDAQ +15.10 SP500 +2.49 NASDAQ Dec/Adv/Vol 1080/1631/937 mln NYSE Dec/Adv/Vol 1315/1671/547 mln
12:05 pm : The stock market continues to trade in positive territory after investors digest a heavy flow of announcements from several widely-held companies. Thursday’s advance is helping to stem losses incurred in each of the two preceding sessions, though the stock market has recently pared most of the session's gain.
On the earnings front, Computer Sciences (CSC 48.21, +1.19), Limited Brands (LTD 19.07, +0.76), Ann Taylor (ANN 26.50, -0.27), Hormel (HRL 39.52, -1.46), and Gamestop (GME 45.99, -4.85) all announced better-than-expected earnings results for the most recent quarter. Each company also issued an in-line outlook.
Ford Motor Company (F 7.09, -0.71) announced it will reduce production of larger vehicles in favor of smaller models in-line with consumers' preferences. Ford also trimmed its profit outlook and expressed no opinion regarding Tracinda Corporation’s offer to purchase up to 20 million shares of Ford for $8.50 per share.
Meanwhile, Swiss banking giant UBS (UBS 29.99, +0.65) plans to raise some $15 billion through a rights offering to existing shareholders at a steep discount. UBS also finalized the sale of $15 billion worth of subprime and Alt-A mortgage assets to investment firm BlackRock (BLK 202.04, +1.26).
While the buyout boom may have slowed in recent years, it certainly has not keeled over. NRG Energy (NRG 40.74, -1.77) is offering to acquire fellow utility Calpine (CPN 22.85, +1.57) in an all-stock merger that value Calpine at approximately $22.70 per share, which is a premium of roughly 6.7% from yesterday's closing. Notably, Calpine emerged from bankruptcy protection in January.
Following a natural gas inventory report, in which storage levels increased 85 bcf from the prior week, crude oil prices took a turn lower. After hitting a new all-time high of more than $135.00 per barrel in electronic trading, oil is currently trading 1.0% lower at $131.85 per barrel.
In economic news, initial jobless claims for the week ending May 17 fell by 9,000 claims to 365,000, which is below the 373,000 economists projected. The four-week moving average rose slightly to 372,250, but is essentially flat.DJ30 +7.66 NASDAQ +12.17 SP500 +1.63 NASDAQ Dec/Adv/Vol 1075/1606/848 mln NYSE Dec/Adv/Vol 1312/1657/497 mln
11:30 am : The Nasdaq is outperforming the Dow Jones and the S&P 500, thanks to large-cap tech names. The tech sector (+0.7%) recently surpassed financials (+1.1%) to become the largest sector in the S&P 500.
Apple (AAPL 180.66, +2.47) is a relative leader in Thursday's trading. The stock is currently trading near its best level of the session. Notably, Apple was given an Outperform rating at Oppenheimer.DJ30 +38.76 NASDAQ +18.35 SP500 +5.96 NASDAQ Dec/Adv/Vol 965/1676/717 mln NYSE Dec/Adv/Vol 1126/1809/421 mln
11:00 am : Following a natural gas inventory report, in which storage levels increased from the prior week, crude oil prices took a turn into negative territory and helped fuel a sudden buying interest in the stock market. However, oil has moved back toward the unchanged mark and stocks have fallen back to earlier levels.
The greenback is showing some strength, as indicated by the dollar index, which is up almost 0.4%. Year-to-date, the dollar index is down roughly 5.8%.DJ30 +41.45 NASDAQ +15.89 SP500 +5.61 NASDAQ Dec/Adv/Vol 935/1653/597 mln NYSE Dec/Adv/Vol 1091/1809/351 mln
10:30 am : The S&P 500 is trading in a rather choppy manner, but remains in positive ground. Stocks have repeatedly made their way to new morning highs only to be knocked a leg lower.
NRG Energy (NRG 40.74, -1.77) is offering to acquire fellow utility company Calpine (CPN 22.72, +1.44) in an all-stock merger. The terms of the transaction value shares of Calpine at approximately $22.70 per share, which is a premium of roughly 6.7% from yesterday's closing. Notably, Calpine emerged from bankruptcy protection in January.
The utility sector is currently trading at the unchanged mark.DJ30 +43.16 NASDAQ +14.10 SP500 +4.74 NASDAQ Dec/Adv/Vol 923/1555/428 mln NYSE Dec/Adv/Vol 1106/1718/251 mln
10:05 am : The stock market continues to trade in positive territory after two consecutive sessions of losses. Each of the major indices are near their best levels of the morning.
Seven of the ten major economic sectors are trading with gains. Materials (+1.0%) is sporting the strongest gain.DJ30 +27.93 NASDAQ +11.50 SP500 +3.44 NASDAQ Dec/Adv/Vol 823/1589/277 mln NYSE Dec/Adv/Vol 1024/1721/163 mln
09:45 am : Stocks have kicked off the trading session in positive fashion after finishing lower in the previous two sessions. There has been plenty of news for market participants to digest.
Crude hit a new all-time high in electronic trading, crossing the $135 per barrel threshold. Crude is currently trading around $133.35 per barrel.
Ford Motor Company (F 7.20, -0.60) announced it will lower production volume of large trucks and sport-utility vehicles, while shifting more focus toward models in-line with consumers' preferences. Ford also trimmed its profit outlook.
Swiss banking giant UBS (UBS 29.61, +0.27) announced plans to raise some $15 billion through a rights offering to existing shareholders. Shares available in the offering will be priced at a 31% discount to yesterday's closing price. Additionally, UBS finalized the sale of $15 billion of subprime and Alt-A mortgage assets to investment management outfit BlackRock (BLK 200.32, -0.46).DJ30 +12.38 NASDAQ +8.27 SP500 +2.29 NASDAQ Dec/Adv/Vol 773/1418/138 mln NYSE Dec/Adv/Vol 1010/1642/87 mln
09:15 am : S&P futures vs fair value: +1.7. Nasdaq futures vs fair value: +5.5. Only a few minutes remain before Thursday's trading gets underway and stock futures continue to indicate a start to the upside.
09:00 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +6.0. Stock futures have picked up a bit and now indicate a more decidedly positive start to Thursday's session. In earnings news, Computer Sciences (CSC), Limited Brands (LTD), Ann Taylor (ANN), Hormel (HRL), and Gamestop (GME) all announced earnings results for their latest quarter that beat analysts' estimates. Each company also issued an in-line forecast.
08:30 am : S&P futures vs fair value: +1.2. Nasdaq futures vs fair value: +0.2. Stock futures continue to indicate a relatively flat start. Initial jobless claims for the week ending May 17 fell by 9,000 claims to 365,000, which is below the 373,000 economists projected. Swiss banking giant UBS (UBS) announced plans to raise some $15 billion in capital through a rights issue to existing shareholders. The issue comes at a discount of approximately 30% to yesterday's closing price. In mergers & acquisition news, NRG Energy (NRG) is offering to acquire Calpine (CPN) in an all-stock merger of the two utilities.
08:00 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +1.5. A relatively neutral start to Thursday's trading is indicated by stock futures. Oil has hit a fresh record high of more than $135 per barrel in electronic trading early on.
06:21 am : FTSE...6211.30...+13.20...+0.2%. DAX...7003.98...-36.85...-0.5%.
06:21 am : S&P futures vs fair value: +5.2. Nasdaq futures vs fair value: +11.3.
06:21 am : Nikkei...13978.46...+52.16...+0.4%. Hang Seng...25043.12...-417.17...-1.6%.
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks finished the session with a gain Thursday, reclaiming some of the losses seen in the previous two sessions. Despite some concerted selling efforts, the stock market spent most of its time in positive ground following plenty of corporate announcements.
In earnings news, Computer Sciences (CSC 48.19, +1.17), Limited Brands (LTD 18.85, +0.54), Hormel (HRL 39.39, -1.59), and GameStop (GME 48.85, -1.99) all announced better-than-expected earnings results for their most recent fiscal quarters and also issued outlooks that were in-line with analysts’ forecasts. Despite this, their shares traded in mixed fashion.
Shares of Ford Motor Company (F 7.16, -0.64) were shunned after the company announced plans to trim production of larger vehicles to focus on smaller models that match consumer preferences. Notably, Ford also trimmed its profit outlook.
In the financial sector, Swiss bank UBS (UBS 29.61, +0.27) will raise roughly $15 billion through a rights offering to its existing shareholders. The offering comes at a discount of about 31% to yesterday’s closing price. Shares traded higher on the news, helping lend support to the financial sector (+0.9%). The financial sector closed higher after posting losses in each of the last four sessions.
In merger news, NRG Energy (NRG 40.35, -2.16) has made a bid to acquire fellow utility Calpine (CPN 23.00, +1.72) in an all-stock merger, which values Calpine at $22.70 per share. Shares of Calpine traded higher to reflect the offer.
Crude oil prices took a breather after passing $135.00 per barrel in electronic trading, which marked another new record. Despite the run up, oil finished $2.43 lower at $130.74 per barrel on the New York Mercantile Exchange.
The benchmark 10-year Treasury Note fell out of favor Thursday, lifting its yield to 3.94% at one point, which is just a few basis points shy of the four-month high hit last week. The 10-year Treasury yield is still well below those seen one year ago.
On the economic front, initial jobless claims for the week ending May 17 fell by 9,000 to 365,000, which is below the 373,000 economists projected. The four-week moving average rose slightly to 372,250, but is essentially flat from previous averages.DJ30 +24.43 NASDAQ +16.31 SP500 +3.64 NASDAQ Dec/Adv/Vol 1140/1721/1.93 bln NYSE Dec/Adv/Vol 1395/1713/1.21 bln
3:30 pm : The trading session is nearing its end, and stocks have recently succumbed to another round of selling pressure. Trading has been choppy for the entire session.
The 10-year Treasury Note remains out of favor; its yield has been pushed noticeably higher. Currently, the 10-year Note is yielding 3.92%, which is close to its month-long high, but still well below yields seen one year ago.DJ30 +19.63 NASDAQ +9.75 SP500 +2.15 NASDAQ Dec/Adv/Vol 1182/1644/1.60 bln NYSE Dec/Adv/Vol 1456/1644/915 mln
3:00 pm : Stocks continue to fluctuate, unable to hold on to gains, but unwilling to dip back into negative territory.
One-third of the companies listed in the Dow Jones are trading with losses. General Motors (GM 18.79, -0.33) is trading with the largest percentage decline in the Dow.
Crude oil prices finished the session $2.43 lower at $130.74 per barrel on the New York Mercantile Exchange. Crude moved above $135.00 per barrel in electronic trading earlier in the day.DJ30 +42.91 NASDAQ +16.18 SP500 +4.65 NASDAQ Dec/Adv/Vol 1121/1701/1.48 bln NYSE Dec/Adv/Vol 1354/1721/844 mln
2:30 pm : Stocks have fallen from their recent high amid relatively broad-based declines. Consumer staples (+1.0%) stocks are currently the best performers among the major economic sectors, led by Wal-Mart (WMT 56.11, +0.88) and Coca-Cola (KO57.61, +0.96).
Week-to-date, only the healthcare and utilities sectors are trading in positive territory. The two sectors have gained 0.5% and 1.8% this week, respectively. Healthcare is up just 4.7% from its 52-week low, seen mid-March, while utilities is up 13.0% from its 52-week low reached in mid-August.DJ30 +17.10 NASDAQ +12.57 SP500 +2.15 NASDAQ Dec/Adv/Vol 1117/1676/1.35 bln NYSE Dec/Adv/Vol 1358/1713/775 mln
2:00 pm : The S&P 500 made its way back to earlier session highs but encountered some resistance near 1400.
Only the energy sector (-0.4%) is trading with a loss. Still, oil and gas refiners (+1.7%) are showing strength. Its three industry members, Valero (VLO 50.26, +0.76), Sunoco (SUN 46.13, +1.40), and Tesoro (TSO 24.45, +0.18), are trading higher.DJ30 +57.40 NASDAQ +23.01 SP500 +6.99 NASDAQ Dec/Adv/Vol 1022/1759/1.21 bln NYSE Dec/Adv/Vol 1191/1855/703 mln
1:30 pm : The S&P 500 continues to trade with a modest gain, in a relatively tight range. Treasuries are out of favor this session, with the 10-year note falling 31 ticks, sending its yield to 3.93%.
Market breadth leans positive. Advancers outpace decliners by 4-to-3 on the NYSE, and by 3-to-2 on the Nasdaq. Volume is average.
The financial sector is well off its high of 1.8%, but is still showing some relative strength with a 0.7% gain. Coming into this session, the sector had posted four straight losses with a decline of more than 6%.DJ30 +29.23 NASDAQ +18.22 SP500 +3.63 NASDAQ Dec/Adv/Vol 1086/1672/1.12 bln NYSE Dec/Adv/Vol 1304/1720/645 mln
1:00 pm : Stocks continue to reclaim their recent losses, but still remain off the session's best levels. Nearly 65% of the stocks in the S&P 500 are showing gains.
Contrary to past sessions, only the energy (-1.3%) and materials (unch) sectors are trading lower as the session's primary laggards.
Crude is now trading a bit off its session lows at $131.50 per barrel, down roughly 1.2% this session. Gold is also trading lower. The yellow metal is being exchanged at $921.00 per ounce, down about 0.8% this session. DJ30 +39.82 NASDAQ +21.71 SP500 +4.73 NASDAQ Dec/Adv/Vol 1060/1672/1.03 bln NYSE Dec/Adv/Vol 1278/1745/593 mln
12:30 pm : Stocks took a dip all the way into negative territory without any clear driving force, but have made their way back into positive ground. The downturn was predominately led by the energy (-1.2%), materials (-0.4%), and the telecom (-0.1%) sectors.
Conversely, the healthcare sector (+0.5%) is trading near its best level of the session, helped by Gilead Sciences (GILD 53.70, +1.22) and Scherign-Plough (SGP 19.74, +0.43).DJ30 +22.72 NASDAQ +15.10 SP500 +2.49 NASDAQ Dec/Adv/Vol 1080/1631/937 mln NYSE Dec/Adv/Vol 1315/1671/547 mln
12:05 pm : The stock market continues to trade in positive territory after investors digest a heavy flow of announcements from several widely-held companies. Thursday’s advance is helping to stem losses incurred in each of the two preceding sessions, though the stock market has recently pared most of the session's gain.
On the earnings front, Computer Sciences (CSC 48.21, +1.19), Limited Brands (LTD 19.07, +0.76), Ann Taylor (ANN 26.50, -0.27), Hormel (HRL 39.52, -1.46), and Gamestop (GME 45.99, -4.85) all announced better-than-expected earnings results for the most recent quarter. Each company also issued an in-line outlook.
Ford Motor Company (F 7.09, -0.71) announced it will reduce production of larger vehicles in favor of smaller models in-line with consumers' preferences. Ford also trimmed its profit outlook and expressed no opinion regarding Tracinda Corporation’s offer to purchase up to 20 million shares of Ford for $8.50 per share.
Meanwhile, Swiss banking giant UBS (UBS 29.99, +0.65) plans to raise some $15 billion through a rights offering to existing shareholders at a steep discount. UBS also finalized the sale of $15 billion worth of subprime and Alt-A mortgage assets to investment firm BlackRock (BLK 202.04, +1.26).
While the buyout boom may have slowed in recent years, it certainly has not keeled over. NRG Energy (NRG 40.74, -1.77) is offering to acquire fellow utility Calpine (CPN 22.85, +1.57) in an all-stock merger that value Calpine at approximately $22.70 per share, which is a premium of roughly 6.7% from yesterday's closing. Notably, Calpine emerged from bankruptcy protection in January.
Following a natural gas inventory report, in which storage levels increased 85 bcf from the prior week, crude oil prices took a turn lower. After hitting a new all-time high of more than $135.00 per barrel in electronic trading, oil is currently trading 1.0% lower at $131.85 per barrel.
In economic news, initial jobless claims for the week ending May 17 fell by 9,000 claims to 365,000, which is below the 373,000 economists projected. The four-week moving average rose slightly to 372,250, but is essentially flat.DJ30 +7.66 NASDAQ +12.17 SP500 +1.63 NASDAQ Dec/Adv/Vol 1075/1606/848 mln NYSE Dec/Adv/Vol 1312/1657/497 mln
11:30 am : The Nasdaq is outperforming the Dow Jones and the S&P 500, thanks to large-cap tech names. The tech sector (+0.7%) recently surpassed financials (+1.1%) to become the largest sector in the S&P 500.
Apple (AAPL 180.66, +2.47) is a relative leader in Thursday's trading. The stock is currently trading near its best level of the session. Notably, Apple was given an Outperform rating at Oppenheimer.DJ30 +38.76 NASDAQ +18.35 SP500 +5.96 NASDAQ Dec/Adv/Vol 965/1676/717 mln NYSE Dec/Adv/Vol 1126/1809/421 mln
11:00 am : Following a natural gas inventory report, in which storage levels increased from the prior week, crude oil prices took a turn into negative territory and helped fuel a sudden buying interest in the stock market. However, oil has moved back toward the unchanged mark and stocks have fallen back to earlier levels.
The greenback is showing some strength, as indicated by the dollar index, which is up almost 0.4%. Year-to-date, the dollar index is down roughly 5.8%.DJ30 +41.45 NASDAQ +15.89 SP500 +5.61 NASDAQ Dec/Adv/Vol 935/1653/597 mln NYSE Dec/Adv/Vol 1091/1809/351 mln
10:30 am : The S&P 500 is trading in a rather choppy manner, but remains in positive ground. Stocks have repeatedly made their way to new morning highs only to be knocked a leg lower.
NRG Energy (NRG 40.74, -1.77) is offering to acquire fellow utility company Calpine (CPN 22.72, +1.44) in an all-stock merger. The terms of the transaction value shares of Calpine at approximately $22.70 per share, which is a premium of roughly 6.7% from yesterday's closing. Notably, Calpine emerged from bankruptcy protection in January.
The utility sector is currently trading at the unchanged mark.DJ30 +43.16 NASDAQ +14.10 SP500 +4.74 NASDAQ Dec/Adv/Vol 923/1555/428 mln NYSE Dec/Adv/Vol 1106/1718/251 mln
10:05 am : The stock market continues to trade in positive territory after two consecutive sessions of losses. Each of the major indices are near their best levels of the morning.
Seven of the ten major economic sectors are trading with gains. Materials (+1.0%) is sporting the strongest gain.DJ30 +27.93 NASDAQ +11.50 SP500 +3.44 NASDAQ Dec/Adv/Vol 823/1589/277 mln NYSE Dec/Adv/Vol 1024/1721/163 mln
09:45 am : Stocks have kicked off the trading session in positive fashion after finishing lower in the previous two sessions. There has been plenty of news for market participants to digest.
Crude hit a new all-time high in electronic trading, crossing the $135 per barrel threshold. Crude is currently trading around $133.35 per barrel.
Ford Motor Company (F 7.20, -0.60) announced it will lower production volume of large trucks and sport-utility vehicles, while shifting more focus toward models in-line with consumers' preferences. Ford also trimmed its profit outlook.
Swiss banking giant UBS (UBS 29.61, +0.27) announced plans to raise some $15 billion through a rights offering to existing shareholders. Shares available in the offering will be priced at a 31% discount to yesterday's closing price. Additionally, UBS finalized the sale of $15 billion of subprime and Alt-A mortgage assets to investment management outfit BlackRock (BLK 200.32, -0.46).DJ30 +12.38 NASDAQ +8.27 SP500 +2.29 NASDAQ Dec/Adv/Vol 773/1418/138 mln NYSE Dec/Adv/Vol 1010/1642/87 mln
09:15 am : S&P futures vs fair value: +1.7. Nasdaq futures vs fair value: +5.5. Only a few minutes remain before Thursday's trading gets underway and stock futures continue to indicate a start to the upside.
09:00 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +6.0. Stock futures have picked up a bit and now indicate a more decidedly positive start to Thursday's session. In earnings news, Computer Sciences (CSC), Limited Brands (LTD), Ann Taylor (ANN), Hormel (HRL), and Gamestop (GME) all announced earnings results for their latest quarter that beat analysts' estimates. Each company also issued an in-line forecast.
08:30 am : S&P futures vs fair value: +1.2. Nasdaq futures vs fair value: +0.2. Stock futures continue to indicate a relatively flat start. Initial jobless claims for the week ending May 17 fell by 9,000 claims to 365,000, which is below the 373,000 economists projected. Swiss banking giant UBS (UBS) announced plans to raise some $15 billion in capital through a rights issue to existing shareholders. The issue comes at a discount of approximately 30% to yesterday's closing price. In mergers & acquisition news, NRG Energy (NRG) is offering to acquire Calpine (CPN) in an all-stock merger of the two utilities.
08:00 am : S&P futures vs fair value: +0.3. Nasdaq futures vs fair value: +1.5. A relatively neutral start to Thursday's trading is indicated by stock futures. Oil has hit a fresh record high of more than $135 per barrel in electronic trading early on.
06:21 am : FTSE...6211.30...+13.20...+0.2%. DAX...7003.98...-36.85...-0.5%.
06:21 am : S&P futures vs fair value: +5.2. Nasdaq futures vs fair value: +11.3.
06:21 am : Nikkei...13978.46...+52.16...+0.4%. Hang Seng...25043.12...-417.17...-1.6%.
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