AI
Wednesday, July 02, 2008 7:10:57 PM
Market Update 080702
http://biz.yahoo.com/mu/update.html
4:30 pm : The stock market finished 1.8% lower Wednesday, closing near its worst level of the session. The downturn brings the stock market within a hair of a 20% downturn from its high, reached last October. The loss is a disappointment as investors were unable to build on early gains as stocks continue to trade without leadership. Rising oil prices also continue to weigh on investors’ mood.
All ten of the major economic sectors closed lower. Particular weakness was seen in the materials sector (-5.2%). The materials sector has traded lower in recent sessions, reversing its year-to-date advance. The sector is under pressure as investors take money off the table amid concerns that slower global growth may adversely impact demand for input materials. Notably, materials represents less than 4% of the S&P 500.
Financials (-1.4%) fought to advance in the face of widespread selling, but succumbed in the end. The sector had been up 0.5%, but closed well into negative ground. Financials are the third largest sector in the S&P 500, behind tech (-1.8%) and energy (-3.2%).
Specific to financial players, analysts at Oppenheimer cut earnings estimates for investment services firm Merrill Lynch (MER 31.15, -1.10). The analysis predicts Merrill could report a loss when it reports its latest results.
Meanwhile, Merrill Lynch downgraded shares of General Motors (GM 9.98, -1.77) and lowered the firm’s price target amid cash concerns. The assessment was released just a day after GM announced better-than-feared monthly sales results, which provided a spark during yesterday’s action. Reuters reported that GM responded to concerns by stating it has sufficient liquidity and will consider other operating measures if conditions continue to deteriorate. Shares of GM fell below $10, its worst level in decades.
In merger and acquisition news, The Wall Street Journal reported Microsoft (MSFT 25.88, -0.99) may still have an interest in Yahoo! (YHOO 20.88, +0.68) as it has allegedly approached other parties regarding a deal that would lead to a breakup of Yahoo! Meanwhile, Blockbuster (BBI 2.65, +0.14) withdrew its offer to acquire Circuit City (CC 2.32, -0.23).
Afternoon losses were largely held in check until oil prices climbed higher to close at a record high of $143.58 per barrel. Earlier in the day the Department of Energy reported oil inventories posted a draw of 1.98 million barrels. Many were expecting inventories to increase.
In terms of economic news, factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. April orders were revised upward to 1.3%.DJ30 -166.75 NASDAQ -53.51 NQ100 -2.5% R2K -2.8% SP400 -3.0% SP500 -23.39 NASDAQ Adv/Vol/Dec 739/2.43 bln/2113 NYSE Adv/Vol/Dec 824/1.52 bln/2341
3:35 pm : The stock market is down nearly 1.2% as stocks fall further out of favor. The major indices have moved lower in the final leg of trading, touching new session lows.
The negative sentiment prevailing among traders has mixed with rising fuel costs to push transportation and airline stocks out of favor this session. The Dow Jones Transportation Average is currently down 4.2%, while the Amex Airline Index is down 6.5%.DJ30 -100.64 NASDAQ -37.86 SP500 -14.65 NASDAQ Adv/Vol/Dec 829/1.94 bln/1976 NYSE Adv/Vol/Dec 957/1.12 bln/2189
3:00 pm : The stock market has fallen to a new session low following a strong advance by oil prices. Now, only three sectors remain in positive ground and their gains are limited: utilities (+0.1%), consumer staples (+0.1%) and health care (+0.1%). All three are considered defensive.
Oil prices climbed higher in late trading to finish at $143.58 per barrel, which is a new record closing high.
Decliners on the NYSE now outnumber advancing issues by roughly 2-to-1, indicating the increased pessimism surrounding afternoon trading.DJ30 -74.26 NASDAQ -30.39 SP500 -10.34 NASDAQ Adv/Vol/Dec 862/1.74 bln/1931 NYSE Adv/Vol/Dec 1010/1.03 bln/2119
2:30 pm : The major indices are on the retreat after making an upswing from their session lows. Stocks are falling precipitously on broad-based selling efforts.
Losses are most profound in the materials (-3.4%) and industrials (-2.3%) sectors. However, their losses are having a limited impact on the stock market since the two sectors combine for just 15% of the total weight of the S&P 500.
Financials (+0.2%) are holding out against the downturn. DJ30 -61.88 NASDAQ -27.33 SP500 -7.58 NASDAQ Adv/Vol/Dec 887/1.58 bln/1896 NYSE Adv/Vol/Dec 1094/934 mln/2026
2:00 pm : Stocks have climbed to their best levels of the afternoon. The Dow Jones Industrial Average has poked its nose into the green, while the S&P 500 trades just below the neutral line. The Nasdaq, though well off its low, remains in the red.
Gold closed its session $1.90 higher at $946.40 per ounce. Gold, which is considered a store of value, often attracts buyers amid inflationary threats.
Oil continues to trade above $142 per barrel and the dollar is showing weakness. The dollar index is down 0.4%.DJ30 +2.44 NASDAQ -12.44 SP500 -0.97 NASDAQ Adv/Vol/Dec 1005/1.44 bln/1759 NYSE Adv/Vol/Dec 1218/849 mln/1865
1:30 pm : Action in stocks remains unflattering. Each of the major indices is trading with losses near earlier levels. Small-, mid-, and large-cap stocks all remain out of favor.
The Russell 2000 is down 1.7% this session, bringing its year-to-date loss to 11.3%. The S&P 400 is down 1.4% this year, pushing it to a year-to-date loss of 5.7%. Losses in the S&P 500 are less severe; it is currently off by 0.3% during Wednesday's trading, which brings its year-to-date decline to 12.8%.DJ30 -29.88 NASDAQ -20.26 SP500 -4.10 NASDAQ Adv/Vol/Dec 908/1.32 bln/1837 NYSE Adv/Vol/Dec 1107/777 mln/1975
1:00 pm : Stocks have moved upward from their lows, but continue to trade with losses.
The recent weakness has been widespread with six of the ten economic sectors posting losses. The defensive-oriented utilities sector (+0.7%) is a relative leader, currently boasting the largest gain this session.
Materials (-3.3%) is the worst performing sector. The sector's recent declines have reversed its year-to-date advance. The sector is now down 4.0% this year. Materials stocks such as Alcoa (AA 32.84, -1.60) and Nucor (NUE 65.27, -6.96) are trading sharply lower.DJ30 -42.18 NASDAQ -26.75 SP500 -5.22 NASDAQ Adv/Vol/Dec 866/1.21 bln/1852 NYSE Adv/Vol/Dec 1096/708 mln/1972
12:30 pm : Stocks have fallen deeper into negative territory. While the S&P 500 and the Dow Jones Industrial Average have losses near 0.6%, the Nasdaq is down a more substantial 1.3%.
Some of the worst performing names in the Nasdaq include Microsoft (MSFT 26.38, -0.50), which is allegedly seeking partners to chase Yahoo! (YHOO 21.27, +1.07), and Intel (INTC 21.16, -0.41).DJ30 -62.21 NASDAQ -29.52 SP500 -7.27 NASDAQ Adv/Vol/Dec 826/1.08 bln/1851 NYSE Adv/Vol/Dec 1026/633 mln/2029
12:05 pm : Stocks opened in positive ground Wednesday, but trading quickly became choppy as investors remain wary. The stock market had traded with a gain of roughly 0.5%, but is now trading with a loss of 0.3%.
Supporting early morning sentiment was the notion that the stock market successfully found support at the bear market line in yesterday’s action, when the S&P 500 traded at a 20% loss relative to its high, which was reached in mid-October. Oil prices were also up moderately.
In corporate news, Microsoft (MSFT 26.32, -0.55) may still have an interest in Yahoo! (YHOO 21.47, +1.27). According to The Wall Street Journal, Microsoft has approached other parties regarding a deal that would lead to a breakup of Yahoo!
Meanwhile, Blockbuster (BBI 2.75, +0.24) withdrew its offer to acquire Circuit City (CC 2.13, -0.42), which came as little surprise given the competitive and strategic challenges facing the two outfits.
Much of the morning’s sentiment remained positive until oil began to climb higher from its early morning levels. Supporting higher prices is news that oil inventories posted a draw of 1.98 million barrels, according to the Department of Energy's latest weekly tally. Many were expecting inventories to increase.
In a speech, U.S. Treasury Secretary Henry Paulson stated high oil prices are likely to prolong the current economic slump in the U.S. Still, economic reports continue to suggest the economy is growing at a greater pace than many assume.
Specifically, factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. The prior month's orders were revised upward to 1.3%.
Lastly, while the government’s official unemployment rate for June is not due until tomorrow, the ADP Employment Change report released today showed a loss of 79,000 jobs in June, compared with an expected loss of 20,000 jobs. The report has often proven to be less than reliable.DJ30 -46.41 NASDAQ -27.43 SP500 -5.16 NASDAQ Adv/Vol/Dec 841/952 mln/1823 NYSE Adv/Vol/Dec 1044/563 mln/1985
11:30 am : The stock market continues to chop along, but has fallen lower as crude prices have moved higher. Each of the major indices are trading at their worst levels of the session.
Prices for oil futures are up roughly 1.4% to almost $143.00 per barrel, which is a session high.
On a related note, U.S. Treasury Secretary Henry Paulson stated during a speech that high oil prices are likely to prolong the current economic slump in the U.S. Higher oil prices often induce concern that global demand for goods and services will weaken, causing distaste for stocks. DJ30 -16.12 NASDAQ -17.02 SP500 -0.89 NASDAQ Adv/Vol/Dec 938/769 mln/1679 NYSE Adv/Vol/Dec 1230/467 mln/1776
11:05 am : The stock market has been trading in a choppy manner, but is currently sporting a respectable gain for the session. Transportation components are hamstringing the Nasdaq. CH Robinson Worldwide (CHRW 53.29, -1.06) and DryShips (DRY 73.08, -3.90), to name a couple, are weighing on the Index.
In a similar vein, the Dow Jones Transportation Average is currently down 1.5%, lagging the headline indices. The index is at its lowest point since mid-April.DJ30 +45.67 NASDAQ -0.05 SP500 +6.05 NASDAQ Adv/Vol/Dec 1103/613 mln/1456 NYSE Adv/Vol/Dec 1476/379 mln/1476
10:40 am : The major indices have moved lower on the heels of the latest oil inventory report. Crude oil inventories had a draw of 1.98 million barrels, according to the Department of Energy's latest weekly tally (released at 10:35 AM ET). Oil prices are trading 0.3% higher at $141.25 per barrel.
Notably, financials (+1.3%) are trading higher and are currently the best performing economic sector. Stocks have struggled to make gains without the support of financials in recent sessions as participants remain wary of the sector's struggles.
According to The Wall Street Journal, Deutsche Bank (DB 87.27, +3.67) expects to record a profit for its coming quarter and does not believe it will need fresh capital. Meanwhile, analysts at Oppenheimer have cut earnings estimates for Merrill Lynch (MER 31.88, -0.37) and now expect the company to report a quarterly loss.DJ30 +11.64 NASDAQ -6.35 SP500 +2.56 NASDAQ Adv/Vol/Dec 1018/477 mln/1487 NYSE Adv/Vol/Dec 1362/302 mln/1531
10:00 am : Some of the early gusto in the stock market faded for a bit, causing the Dow Jones Industrial Average to dip into negative territory momentarily, but stocks are moving higher again.
Factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. The prior month's orders were revised upward to 1.3%. The news provides a dose of upbeat data for participants.DJ30 +39.00 NASDAQ +6.19 SP500 +7.05 NASDAQ Adv/Vol/Dec 1153/257 mln/1190 NYSE Adv/Vol/Dec 1437/162 mln/1325
09:45 am : Stocks have opened noticeably higher. Nine of the ten of the major economic sectors are in the green, industrials (-0.3%) is the outcast.
The session's early sentiment is upbeat, contrasting the pessimism that has hindered much of the progress in previous trading days.
Oil prices continue to move higher, but only by a modest amount. Crude futures are currently trading 0.2% higher at $141.25 per barrel.DJ30 +14.98 NASDAQ +8.17 SP500 +5.14 NASDAQ Adv/Vol/Dec 1229/128 mln/978 NYSE Adv/Vol/Dec 1493/94 mln/1162
09:15 am : S&P futures vs fair value: +3.4. Nasdaq futures vs fair value: +8.8. Just minutes away from opening bell, stock futures are holding on for a positive start. Merrill Lynch has cut its price target for General Motors (GM) and reduced the auto maker's rating to Underperform from Buy. Meanwhile, Oppenheimer has cut estimates for Merrill Lynch (MER).
09:01 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +9.0. Premarket sentiment has softened a bit, but futures continue to indicate a positive start to the trading session. Apollo Group (APOL) announced its latest quarterly results, which topped earnings and sales estimates. Walgreen announced June sales climbed almost 10% year-over-year.
08:32 am : S&P futures vs fair value: +5.3. Nasdaq futures vs fair value: +9.0. Stocks continue to head for a higher start. Mortgage applications for the week ending June 27 increased 3.6% versus a 9.3% decline last week. The ADP Employment Change report showed a loss of 79,000 jobs in June, compared with an expected loss of 20,000 jobs. Notably, the government's June unemployment rate will be released tomorrow.
08:00 am : S&P futures vs fair value: +7.2. Nasdaq futures vs fair value: +13.5. Stock futures are indicating an upward start to Wednesday's trading. After yesterday's close Blockbuster (BBI) withdrew its offer to acquire Circuit City (CC). Starbucks (SBUX) announced plans to increase store closures, while limiting the number of newly opened stores.
06:21 am : S&P futures vs fair value: +7.9. Nasdaq futures vs fair value: +9.0.
06:21 am : FTSE...5547.30...+67.40...+1.2%. DAX...6383.64...+67.70...+1.1%.
06:21 am : Nikkei...13286.37...-176.83...-1.3%. Hang Seng...21704.45...-397.56...-1.8%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:30 pm : The stock market finished 1.8% lower Wednesday, closing near its worst level of the session. The downturn brings the stock market within a hair of a 20% downturn from its high, reached last October. The loss is a disappointment as investors were unable to build on early gains as stocks continue to trade without leadership. Rising oil prices also continue to weigh on investors’ mood.
All ten of the major economic sectors closed lower. Particular weakness was seen in the materials sector (-5.2%). The materials sector has traded lower in recent sessions, reversing its year-to-date advance. The sector is under pressure as investors take money off the table amid concerns that slower global growth may adversely impact demand for input materials. Notably, materials represents less than 4% of the S&P 500.
Financials (-1.4%) fought to advance in the face of widespread selling, but succumbed in the end. The sector had been up 0.5%, but closed well into negative ground. Financials are the third largest sector in the S&P 500, behind tech (-1.8%) and energy (-3.2%).
Specific to financial players, analysts at Oppenheimer cut earnings estimates for investment services firm Merrill Lynch (MER 31.15, -1.10). The analysis predicts Merrill could report a loss when it reports its latest results.
Meanwhile, Merrill Lynch downgraded shares of General Motors (GM 9.98, -1.77) and lowered the firm’s price target amid cash concerns. The assessment was released just a day after GM announced better-than-feared monthly sales results, which provided a spark during yesterday’s action. Reuters reported that GM responded to concerns by stating it has sufficient liquidity and will consider other operating measures if conditions continue to deteriorate. Shares of GM fell below $10, its worst level in decades.
In merger and acquisition news, The Wall Street Journal reported Microsoft (MSFT 25.88, -0.99) may still have an interest in Yahoo! (YHOO 20.88, +0.68) as it has allegedly approached other parties regarding a deal that would lead to a breakup of Yahoo! Meanwhile, Blockbuster (BBI 2.65, +0.14) withdrew its offer to acquire Circuit City (CC 2.32, -0.23).
Afternoon losses were largely held in check until oil prices climbed higher to close at a record high of $143.58 per barrel. Earlier in the day the Department of Energy reported oil inventories posted a draw of 1.98 million barrels. Many were expecting inventories to increase.
In terms of economic news, factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. April orders were revised upward to 1.3%.DJ30 -166.75 NASDAQ -53.51 NQ100 -2.5% R2K -2.8% SP400 -3.0% SP500 -23.39 NASDAQ Adv/Vol/Dec 739/2.43 bln/2113 NYSE Adv/Vol/Dec 824/1.52 bln/2341
3:35 pm : The stock market is down nearly 1.2% as stocks fall further out of favor. The major indices have moved lower in the final leg of trading, touching new session lows.
The negative sentiment prevailing among traders has mixed with rising fuel costs to push transportation and airline stocks out of favor this session. The Dow Jones Transportation Average is currently down 4.2%, while the Amex Airline Index is down 6.5%.DJ30 -100.64 NASDAQ -37.86 SP500 -14.65 NASDAQ Adv/Vol/Dec 829/1.94 bln/1976 NYSE Adv/Vol/Dec 957/1.12 bln/2189
3:00 pm : The stock market has fallen to a new session low following a strong advance by oil prices. Now, only three sectors remain in positive ground and their gains are limited: utilities (+0.1%), consumer staples (+0.1%) and health care (+0.1%). All three are considered defensive.
Oil prices climbed higher in late trading to finish at $143.58 per barrel, which is a new record closing high.
Decliners on the NYSE now outnumber advancing issues by roughly 2-to-1, indicating the increased pessimism surrounding afternoon trading.DJ30 -74.26 NASDAQ -30.39 SP500 -10.34 NASDAQ Adv/Vol/Dec 862/1.74 bln/1931 NYSE Adv/Vol/Dec 1010/1.03 bln/2119
2:30 pm : The major indices are on the retreat after making an upswing from their session lows. Stocks are falling precipitously on broad-based selling efforts.
Losses are most profound in the materials (-3.4%) and industrials (-2.3%) sectors. However, their losses are having a limited impact on the stock market since the two sectors combine for just 15% of the total weight of the S&P 500.
Financials (+0.2%) are holding out against the downturn. DJ30 -61.88 NASDAQ -27.33 SP500 -7.58 NASDAQ Adv/Vol/Dec 887/1.58 bln/1896 NYSE Adv/Vol/Dec 1094/934 mln/2026
2:00 pm : Stocks have climbed to their best levels of the afternoon. The Dow Jones Industrial Average has poked its nose into the green, while the S&P 500 trades just below the neutral line. The Nasdaq, though well off its low, remains in the red.
Gold closed its session $1.90 higher at $946.40 per ounce. Gold, which is considered a store of value, often attracts buyers amid inflationary threats.
Oil continues to trade above $142 per barrel and the dollar is showing weakness. The dollar index is down 0.4%.DJ30 +2.44 NASDAQ -12.44 SP500 -0.97 NASDAQ Adv/Vol/Dec 1005/1.44 bln/1759 NYSE Adv/Vol/Dec 1218/849 mln/1865
1:30 pm : Action in stocks remains unflattering. Each of the major indices is trading with losses near earlier levels. Small-, mid-, and large-cap stocks all remain out of favor.
The Russell 2000 is down 1.7% this session, bringing its year-to-date loss to 11.3%. The S&P 400 is down 1.4% this year, pushing it to a year-to-date loss of 5.7%. Losses in the S&P 500 are less severe; it is currently off by 0.3% during Wednesday's trading, which brings its year-to-date decline to 12.8%.DJ30 -29.88 NASDAQ -20.26 SP500 -4.10 NASDAQ Adv/Vol/Dec 908/1.32 bln/1837 NYSE Adv/Vol/Dec 1107/777 mln/1975
1:00 pm : Stocks have moved upward from their lows, but continue to trade with losses.
The recent weakness has been widespread with six of the ten economic sectors posting losses. The defensive-oriented utilities sector (+0.7%) is a relative leader, currently boasting the largest gain this session.
Materials (-3.3%) is the worst performing sector. The sector's recent declines have reversed its year-to-date advance. The sector is now down 4.0% this year. Materials stocks such as Alcoa (AA 32.84, -1.60) and Nucor (NUE 65.27, -6.96) are trading sharply lower.DJ30 -42.18 NASDAQ -26.75 SP500 -5.22 NASDAQ Adv/Vol/Dec 866/1.21 bln/1852 NYSE Adv/Vol/Dec 1096/708 mln/1972
12:30 pm : Stocks have fallen deeper into negative territory. While the S&P 500 and the Dow Jones Industrial Average have losses near 0.6%, the Nasdaq is down a more substantial 1.3%.
Some of the worst performing names in the Nasdaq include Microsoft (MSFT 26.38, -0.50), which is allegedly seeking partners to chase Yahoo! (YHOO 21.27, +1.07), and Intel (INTC 21.16, -0.41).DJ30 -62.21 NASDAQ -29.52 SP500 -7.27 NASDAQ Adv/Vol/Dec 826/1.08 bln/1851 NYSE Adv/Vol/Dec 1026/633 mln/2029
12:05 pm : Stocks opened in positive ground Wednesday, but trading quickly became choppy as investors remain wary. The stock market had traded with a gain of roughly 0.5%, but is now trading with a loss of 0.3%.
Supporting early morning sentiment was the notion that the stock market successfully found support at the bear market line in yesterday’s action, when the S&P 500 traded at a 20% loss relative to its high, which was reached in mid-October. Oil prices were also up moderately.
In corporate news, Microsoft (MSFT 26.32, -0.55) may still have an interest in Yahoo! (YHOO 21.47, +1.27). According to The Wall Street Journal, Microsoft has approached other parties regarding a deal that would lead to a breakup of Yahoo!
Meanwhile, Blockbuster (BBI 2.75, +0.24) withdrew its offer to acquire Circuit City (CC 2.13, -0.42), which came as little surprise given the competitive and strategic challenges facing the two outfits.
Much of the morning’s sentiment remained positive until oil began to climb higher from its early morning levels. Supporting higher prices is news that oil inventories posted a draw of 1.98 million barrels, according to the Department of Energy's latest weekly tally. Many were expecting inventories to increase.
In a speech, U.S. Treasury Secretary Henry Paulson stated high oil prices are likely to prolong the current economic slump in the U.S. Still, economic reports continue to suggest the economy is growing at a greater pace than many assume.
Specifically, factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. The prior month's orders were revised upward to 1.3%.
Lastly, while the government’s official unemployment rate for June is not due until tomorrow, the ADP Employment Change report released today showed a loss of 79,000 jobs in June, compared with an expected loss of 20,000 jobs. The report has often proven to be less than reliable.DJ30 -46.41 NASDAQ -27.43 SP500 -5.16 NASDAQ Adv/Vol/Dec 841/952 mln/1823 NYSE Adv/Vol/Dec 1044/563 mln/1985
11:30 am : The stock market continues to chop along, but has fallen lower as crude prices have moved higher. Each of the major indices are trading at their worst levels of the session.
Prices for oil futures are up roughly 1.4% to almost $143.00 per barrel, which is a session high.
On a related note, U.S. Treasury Secretary Henry Paulson stated during a speech that high oil prices are likely to prolong the current economic slump in the U.S. Higher oil prices often induce concern that global demand for goods and services will weaken, causing distaste for stocks. DJ30 -16.12 NASDAQ -17.02 SP500 -0.89 NASDAQ Adv/Vol/Dec 938/769 mln/1679 NYSE Adv/Vol/Dec 1230/467 mln/1776
11:05 am : The stock market has been trading in a choppy manner, but is currently sporting a respectable gain for the session. Transportation components are hamstringing the Nasdaq. CH Robinson Worldwide (CHRW 53.29, -1.06) and DryShips (DRY 73.08, -3.90), to name a couple, are weighing on the Index.
In a similar vein, the Dow Jones Transportation Average is currently down 1.5%, lagging the headline indices. The index is at its lowest point since mid-April.DJ30 +45.67 NASDAQ -0.05 SP500 +6.05 NASDAQ Adv/Vol/Dec 1103/613 mln/1456 NYSE Adv/Vol/Dec 1476/379 mln/1476
10:40 am : The major indices have moved lower on the heels of the latest oil inventory report. Crude oil inventories had a draw of 1.98 million barrels, according to the Department of Energy's latest weekly tally (released at 10:35 AM ET). Oil prices are trading 0.3% higher at $141.25 per barrel.
Notably, financials (+1.3%) are trading higher and are currently the best performing economic sector. Stocks have struggled to make gains without the support of financials in recent sessions as participants remain wary of the sector's struggles.
According to The Wall Street Journal, Deutsche Bank (DB 87.27, +3.67) expects to record a profit for its coming quarter and does not believe it will need fresh capital. Meanwhile, analysts at Oppenheimer have cut earnings estimates for Merrill Lynch (MER 31.88, -0.37) and now expect the company to report a quarterly loss.DJ30 +11.64 NASDAQ -6.35 SP500 +2.56 NASDAQ Adv/Vol/Dec 1018/477 mln/1487 NYSE Adv/Vol/Dec 1362/302 mln/1531
10:00 am : Some of the early gusto in the stock market faded for a bit, causing the Dow Jones Industrial Average to dip into negative territory momentarily, but stocks are moving higher again.
Factory orders for May climbed 0.6%, which is better than the 0.5% increase economists forecast. The prior month's orders were revised upward to 1.3%. The news provides a dose of upbeat data for participants.DJ30 +39.00 NASDAQ +6.19 SP500 +7.05 NASDAQ Adv/Vol/Dec 1153/257 mln/1190 NYSE Adv/Vol/Dec 1437/162 mln/1325
09:45 am : Stocks have opened noticeably higher. Nine of the ten of the major economic sectors are in the green, industrials (-0.3%) is the outcast.
The session's early sentiment is upbeat, contrasting the pessimism that has hindered much of the progress in previous trading days.
Oil prices continue to move higher, but only by a modest amount. Crude futures are currently trading 0.2% higher at $141.25 per barrel.DJ30 +14.98 NASDAQ +8.17 SP500 +5.14 NASDAQ Adv/Vol/Dec 1229/128 mln/978 NYSE Adv/Vol/Dec 1493/94 mln/1162
09:15 am : S&P futures vs fair value: +3.4. Nasdaq futures vs fair value: +8.8. Just minutes away from opening bell, stock futures are holding on for a positive start. Merrill Lynch has cut its price target for General Motors (GM) and reduced the auto maker's rating to Underperform from Buy. Meanwhile, Oppenheimer has cut estimates for Merrill Lynch (MER).
09:01 am : S&P futures vs fair value: +2.8. Nasdaq futures vs fair value: +9.0. Premarket sentiment has softened a bit, but futures continue to indicate a positive start to the trading session. Apollo Group (APOL) announced its latest quarterly results, which topped earnings and sales estimates. Walgreen announced June sales climbed almost 10% year-over-year.
08:32 am : S&P futures vs fair value: +5.3. Nasdaq futures vs fair value: +9.0. Stocks continue to head for a higher start. Mortgage applications for the week ending June 27 increased 3.6% versus a 9.3% decline last week. The ADP Employment Change report showed a loss of 79,000 jobs in June, compared with an expected loss of 20,000 jobs. Notably, the government's June unemployment rate will be released tomorrow.
08:00 am : S&P futures vs fair value: +7.2. Nasdaq futures vs fair value: +13.5. Stock futures are indicating an upward start to Wednesday's trading. After yesterday's close Blockbuster (BBI) withdrew its offer to acquire Circuit City (CC). Starbucks (SBUX) announced plans to increase store closures, while limiting the number of newly opened stores.
06:21 am : S&P futures vs fair value: +7.9. Nasdaq futures vs fair value: +9.0.
06:21 am : FTSE...5547.30...+67.40...+1.2%. DAX...6383.64...+67.70...+1.1%.
06:21 am : Nikkei...13286.37...-176.83...-1.3%. Hang Seng...21704.45...-397.56...-1.8%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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