AI
Thursday, July 10, 2008 7:17:30 PM
Market Update 080710
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market chopped along without any clear direction Thursday, but in the end it finished respectably higher.
Caution restricted much of the session’s movement. In turn, an upbeat announcement from a major retailer, news of a rich takeover bid, and encouraging economic data received relatively little attention.
Dow component Wal-Mart (WMT 57.21, -0.46) announced prior to the session’s opening bell that June same-store sales climbed 5.8%, which is a considerable feat for a retailer of its size. In turn, Wal-Mart boosted its second quarter earnings outlook to the range $0.82 to $0.84 per share. Analysts pegged second quarter estimates at $0.82 per share.
Wal-Mart’s growth is largely attributable to bargain-hunting consumers, who also helped drive strong results at BJ’s Wholesale (BJ 40.03, -0.40) and Costco (COST 70.86, -1.29). Their June same-store sales were up 16.5% and 9.0%, respectively.
Dow Chemical (DOW 32.52, -1.44) announced it is acquiring Rohm and Haas (ROH 73.62, +28.79) for $78.00 per share, which represents a 74% premium to the previous session's closing price. Shares of ROH surged to reflect the bid, helping lift the materials sector 2.7%; the sector was the session’s best performer.
The latest initial jobless claims data indicated that weekly claims are fairly stable, based on their two-week average, which stands at 375,000. The average is in-line with levels seen in March. Specific to the week ending July 5, initial claims fell 58,000 to 346,000, which is below economists’ consensus estimate.
Stocks were able to close higher without the help of financials (-0.9%). Persistent concern related to the liquidity of Fannie Mae (FNM 13.20, -2.11) and Freddie Mac (FRE 8.00, -2.26) surrounds the two lenders, even after a spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters. Thrifts and mortgage players, as an industry, finished 10.5% lower.
Investment banks also encountered trouble during the session; the industry group finished 1.5% lower.
A late-session rise in crude prices could not derail stocks in the final leg of trading either. Crude finished nearly $5 higher to close its session just shy of $141 per barrel.DJ30 +81.58 NASDAQ +22.96 SP500 +8.70 NASDAQ Adv/Vol/Dec 1557/2.29 bln/1267 NYSE Adv/Vol/Dec 1628/1.53 bln/1521
3:30 pm : The major indices have successfully climbed out of the red and are now advancing across positive territory. The number of advancing stocks and declining issues within the S&P 500 are relatively balanced.
Despite the session's swings, participants have paid relatively little attention to Treasuries. The benchmark 10-year Note is unchanged currently.DJ30 +33.55 NASDAQ +14.32 SP500 +3.51 NASDAQ Adv/Vol/Dec 1520/1.94 bln/1283 NYSE Adv/Vol/Dec 1499/1.20 bln/1655
3:00 pm : The stock market slipped to a new session low, but has recovered slightly. The drop sent the S&P 500 to a new 52-week low.
Notably, the S&P 500 is down more than 20% from its high, which was reached last October. A 20% downturn from a cyclical high is considered bear market territory.DJ30 -23.12 NASDAQ -6.39 SP500 -4.02 NASDAQ Adv/Vol/Dec 1284/1.71 bln/1498 NYSE Adv/Vol/Dec 1257/1.08 bln/1873
2:35 pm : The stock market goes on a mostly broad-based decline as crude prices surge to a gain of 3.7% at $141.50 per barrel. The stock market is now trading with only a slight gain, with oil sensitive consumer discretionary (-1.9%) and retailer (-2.7%) stocks seeing the most selling interest.
Despite the market's recent retreat, aluminum company Alcoa (AA 34.27, +2.73) is sporting a hefty 8.7% gain. The company is benefiting from bargain hunting interest after its stock fell in yesterday's trade even though the company reported solid earnings.DJ30 +13.92 NASDAQ +6.32 SP500 +1.30 NASDAQ Adv/Vol/Dec 1395/1.51 bln/1370 NYSE Adv/Vol/Dec 1387/968 mln/1745
2:00 pm : The stock market took out a fresh session high before curtailing some of its gains. Stocks had been down 0.6% in the early going.
Gains remain broad-based, but it was been the financial sector (+0.2%) that led the recent upswing. Financials were trading sharply lower in early action, down more than 2.3%, but are now trading with a decent sized gain.
Leading the way for financials are large money centers Bank of America (BAC 22.59, +0.53) and JPMorgan Chase (JPM 34.77, +0.49). DJ30 +87.04 NASDAQ +25.40 SP500 +9.93 NASDAQ Adv/Vol/Dec 1712/1.35 bln/1060 NYSE Adv/Vol/Dec 1786/879 mln/1323
1:30 pm : The stock market is now trading with a respectable gain. Sentiment has picked up as nine of the ten economic sectors are sporting gains. Action remains choppy, however.
The session's best performing sector has been materials (+2.5%). Materials encountered strong selling during Wednesday's session, but buyers have re-entered the space to pick up select names.
Providing leadership to the sector, Rohm & Haas (ROH 74.01, +29.18) is soaring after Dow Chemical (DOW 32.64, -1.32) announced it is acquiring the company for $78.00 per share, or a 74% premium to yesterday's closing price.DJ30 +82.40 NASDAQ +24.46 SP500 +8.54 NASDAQ Adv/Vol/Dec 1663/1.24 bln/1100 NYSE Adv/Vol/Dec 1682/812 mln/1411
1:05 pm : Gains are waning further. The stock market is now trading just above the unchanged mark.
Earnings season is getting under way. Earlier this morning Chattem (CHTT 62.00, -3.67) announced it topped analysts' expectations, generating $1.06 per share for its most recent quarter. Texas Industries (TXI 54.18, +3.00) announced earnings of $0.92 per share after revenues climbed nearly 2.0% year-over-year to some $266 million.
Weighing on many equities is the belief that second quarter earnings results will disappoint amid challenging macro conditions.
Correction note: We initially wrote Texas Instruments with ticker TXI. It has since been corrected to Texas Industries.DJ30 +25.57 NASDAQ +12.60 SP500 +1.21 NASDAQ Adv/Vol/Dec 1543/1.13 bln/1199 NYSE Adv/Vol/Dec 1504/741 mln/1569
12:35 pm : After making a climb to the session's best level, stocks are moving lower. Still, all three of the major indices are trading with gains.
The Nasdaq is outperforming its counterparts, thanks to large-cap names like Microsoft (MSFT 25.44, +0.21) and Cisco (CSCO 21.99, +0.41).
Consumer discretionary stocks have been underperforming the broader market. The sector is down 1.1%. Automobile manufacturers are its worst performing industry group, which is down 5.6%.DJ30 +52.84 NASDAQ +18.82 SP500 +5.03 NASDAQ Adv/Vol/Dec 1617/1.03 bln/1091 NYSE Adv/Vol/Dec 1569/687 mln/1496
12:05 pm : The session’s action has been choppy thus far as stocks continue to trade without a clear leader.
Early morning sentiment had been largely upbeat following a strong announcement from Wal-Mart (WMT 56.72, -0.95). The retailer reported June same-store sales were up 5.8% thanks to bargain-hunting consumers. In turn, Wal-Mart raised its second quarter earnings outlook to the range $0.82 to $0.84 per share, leaving room for an upside surprise above analysts’ $0.82 per share consensus estimate. On a related note, same-store sales at BJ’s Wholesale (BJ 40.36, -0.07) were up 16.5% and up 9.0% at Costco (COST 70.96, -1.19).
Strong same-store sales results were not exhibited at apparel and accessories retailers like Nordstrom (JWN 28.64, -2.60), Abercrombie & Fitch (ANF 55.14, -2.04), Limited Brands (LTD 15.46, -0.70), and American Eagle Outfitters (AEO 12.87, -0.12). Each showed same-store sales declines for June.
Also helping early sentiment was news that Rohm and Haas (ROH 73.97, +29.14) is being acquired by Dow Chemical (DOW 32.09, -1.87) for $78.00 per share, a massive 74% premium to the previous session's closing levels.
Despite the positive tone in early hours, much of the session’s direction has been hinged to the financial sector, which has fought to consistently hold on to a gain following yesterday’s steep sell off. The sector is up 0.4% currently.
Weighing on the sector is continued concern related to Fannie Mae (FNM 13.69, -1.62) and Freddie Mac (FRE 8.12, -2.14) on pessimistic comments from former Fed President Poole yesterday and a report that the Bush administration held talks about what to do in the event the two lenders falter. Importantly, a spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters.
Back in focus are shares of Lehman Brothers (LEH 17.66, -2.08), which have been trading lower on rumors that investment management firms may be reducing their relationship with the company. Reports indicate that company spokespersons have stepped forward to say they continue to trade with Lehman.
The cautious tone now present in the stock market has caused participants to pay less attention to fresh economic data.
Initial jobless claims for the week ending July 5 totaled 346,000, which is below the 395,000 filings economists forecast. Weekly claims decreased 58,000 from the prior week. The average of the last two weeks is 375,000, which indicates the claims level is fairly stable. DJ30 +48.61 NASDAQ +18.16 SP500 +5.01 NASDAQ Adv/Vol/Dec 1568/908 mln/1110 NYSE Adv/Vol/Dec 1543/619 mln/1491
11:35 am : Stocks have moved higher into positive ground after oscillating along the neutral line. Seven of the ten economic sectors are now trading higher.
Financials have pulled out of the red and are now up 0.1%.
Shares of Lehman Brothers (LEH 17.80, -1.94) have been trading lower amid negative rumors. One rumor alleged that Pacific Investment Management Company, otherwise Pimco, is reducing its relationship with the company. Reuters reported, however, that a Pimco spokesperson said the company continues to trade with Lehman.DJ30 +35 NASDAQ +15 SP500 +4 NASDAQ Adv/Vol/Dec 1479/722 mln/1129 NYSE Adv/Vol/Dec 1362/494 mln/1617
11:00 am : Stocks are trading near the unchanged mark, fighting to make sustainable gains. Trading has been choppy throughout the entire morning as market participants seek leadership.
Trying to retool its search service, Yahoo! (YHOO 23.76, -0.06) will let outsiders build customized search services on top of its technology, according to Reuters. Additionally, the company has also entered a multiyear strategic alliance with Turner Broadcasting to collaborate on advertising and sports-related content.DJ30 -6.02 NASDAQ +11.97 SP500 -0.24 NASDAQ Adv/Vol/Dec 1510/558 mln/1035 NYSE Adv/Vol/Dec 1274/355 mln/1637
10:35 am : The stock market is pulling off its session low, but remains in negative ground. Financials continue to weigh on trading.
Concerns continue to surround mortgage lenders Fannie Mae (FNM 12.48, -2.83) and Freddie Mac (FRE 7.36, -2.90). Yesterday, former Fed President Poole said chances are increasing that the U.S. may need to bail out the two struggling companies. Additionally, The Wall Street Journal reported that the Bush administration held talks about what to do in the event the two lenders falter. A spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters.DJ30 -16 NASDAQ +7 SP500 -3 NASDAQ Adv/Vol/Dec 1139/390 mln/1280 NYSE Adv/Vol/Dec 1084/277 mln/1794
10:05 am : Stocks are bouncing in early morning action as trading gets off to a choppy start. After sporting gains in early action, the Dow Jones and S&P 500 have fallen into the red.
Dow component General Electric (GE 27.43, +0.24) announced it is exploring options to shed its consumer and industrial unit. The company's focus is currently on a spin-off to existing shareholders. GE is due to report its latest quarterly results this Friday.
Fellow Dow component Wal-Mart (WMT 57.23, -0.44) announced this morning June same-store sales were up 5.8%. In turn, the company raised its second quarter guidance to the range $0.82 to $0.84 per share, leaving room for an upside surprise above the current consensus estimate of $0.82 per share.DJ30 -1.22 NASDAQ +6.5 SP500 -1.6 NASDAQ Adv/Vol/Dec 1457/219 mln/822 NYSE Adv/Vol/Dec 1588/167 mln/1154
09:45 am : The stock market opened with a modest gain and has made its way higher after the financial sector (+0.5%) made an advance out of the red and a rise in crude prices eased a bit. Market participation in recent trading sessions has been largely guided by action in the two sets.
Shares of Bank of America (BAC 22.62, +0.56) were downgraded to Underweight from Equal Weight at Morgan Stanley.
Meanwhile, Wachovia Bank (WB 13.63, -0.66) sees a second quarter loss ranging from $1.23 to $1.33, excluding goodwill impairment charges. The company also named a new chief executive.DJ30 +52.03 NASDAQ +15.88 SP500 +4.01 NASDAQ Adv/Vol/Dec 1342/134 mln/839 NYSE Adv/Vol/Dec 1383/107 mln/1247
09:15 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +1.8. Only a few minutes remain before the session's opening bell and stocks are now looking at a relatively flat start as premarket optimism has dwindled.
09:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +2.8. Stock futures have weakened noticeably as same-store sales continue to flow in. Apparel and accessories retailers like Nordstrom (JWN), Abercrombie & Fitch (ANF), Limited Brands (LTD), and American Eagle Outfitters (AEO) are all showing sales declines for June.
08:30 am : S&P futures vs fair value: +10.0. Nasdaq futures vs fair value: +12.8. Futures continue to indicate an upward start to Thursday's action. Initial jobless claims for the week ending July 5 totaled 346,000, which is below the 395,000 filings economists forecast. Weekly claims decreased 58,000 from the prior week. Continuing claims through June 28 climbed 91,000 to total 3.202 million, though economists were expecting 3.14 million ongoing claims.
08:00 am : S&P futures vs fair value: +8.4. Nasdaq futures vs fair value: +12.8. Futures indicate a strong start to Thursday's session as several headlines fuel a sense of optimisim. Wal-Mart (WMT) has raised its second quarter outlook after reporting strong same-store sales results for June. Rohm and Haas (ROH) is being acquired by Dow Chemical (DOW).
06:13 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +8.8.
06:12 am : FTSE...5449.00...-80.90...-1.5%. DAX...6325.17...-61.29...-1.0%.
06:12 am : Nikkei...13067.21...+15.08...+0.1%. Hang Seng...21821.78...+15.97...+0.1%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
http://biz.yahoo.com/mu/update.html
4:20 pm : The stock market chopped along without any clear direction Thursday, but in the end it finished respectably higher.
Caution restricted much of the session’s movement. In turn, an upbeat announcement from a major retailer, news of a rich takeover bid, and encouraging economic data received relatively little attention.
Dow component Wal-Mart (WMT 57.21, -0.46) announced prior to the session’s opening bell that June same-store sales climbed 5.8%, which is a considerable feat for a retailer of its size. In turn, Wal-Mart boosted its second quarter earnings outlook to the range $0.82 to $0.84 per share. Analysts pegged second quarter estimates at $0.82 per share.
Wal-Mart’s growth is largely attributable to bargain-hunting consumers, who also helped drive strong results at BJ’s Wholesale (BJ 40.03, -0.40) and Costco (COST 70.86, -1.29). Their June same-store sales were up 16.5% and 9.0%, respectively.
Dow Chemical (DOW 32.52, -1.44) announced it is acquiring Rohm and Haas (ROH 73.62, +28.79) for $78.00 per share, which represents a 74% premium to the previous session's closing price. Shares of ROH surged to reflect the bid, helping lift the materials sector 2.7%; the sector was the session’s best performer.
The latest initial jobless claims data indicated that weekly claims are fairly stable, based on their two-week average, which stands at 375,000. The average is in-line with levels seen in March. Specific to the week ending July 5, initial claims fell 58,000 to 346,000, which is below economists’ consensus estimate.
Stocks were able to close higher without the help of financials (-0.9%). Persistent concern related to the liquidity of Fannie Mae (FNM 13.20, -2.11) and Freddie Mac (FRE 8.00, -2.26) surrounds the two lenders, even after a spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters. Thrifts and mortgage players, as an industry, finished 10.5% lower.
Investment banks also encountered trouble during the session; the industry group finished 1.5% lower.
A late-session rise in crude prices could not derail stocks in the final leg of trading either. Crude finished nearly $5 higher to close its session just shy of $141 per barrel.DJ30 +81.58 NASDAQ +22.96 SP500 +8.70 NASDAQ Adv/Vol/Dec 1557/2.29 bln/1267 NYSE Adv/Vol/Dec 1628/1.53 bln/1521
3:30 pm : The major indices have successfully climbed out of the red and are now advancing across positive territory. The number of advancing stocks and declining issues within the S&P 500 are relatively balanced.
Despite the session's swings, participants have paid relatively little attention to Treasuries. The benchmark 10-year Note is unchanged currently.DJ30 +33.55 NASDAQ +14.32 SP500 +3.51 NASDAQ Adv/Vol/Dec 1520/1.94 bln/1283 NYSE Adv/Vol/Dec 1499/1.20 bln/1655
3:00 pm : The stock market slipped to a new session low, but has recovered slightly. The drop sent the S&P 500 to a new 52-week low.
Notably, the S&P 500 is down more than 20% from its high, which was reached last October. A 20% downturn from a cyclical high is considered bear market territory.DJ30 -23.12 NASDAQ -6.39 SP500 -4.02 NASDAQ Adv/Vol/Dec 1284/1.71 bln/1498 NYSE Adv/Vol/Dec 1257/1.08 bln/1873
2:35 pm : The stock market goes on a mostly broad-based decline as crude prices surge to a gain of 3.7% at $141.50 per barrel. The stock market is now trading with only a slight gain, with oil sensitive consumer discretionary (-1.9%) and retailer (-2.7%) stocks seeing the most selling interest.
Despite the market's recent retreat, aluminum company Alcoa (AA 34.27, +2.73) is sporting a hefty 8.7% gain. The company is benefiting from bargain hunting interest after its stock fell in yesterday's trade even though the company reported solid earnings.DJ30 +13.92 NASDAQ +6.32 SP500 +1.30 NASDAQ Adv/Vol/Dec 1395/1.51 bln/1370 NYSE Adv/Vol/Dec 1387/968 mln/1745
2:00 pm : The stock market took out a fresh session high before curtailing some of its gains. Stocks had been down 0.6% in the early going.
Gains remain broad-based, but it was been the financial sector (+0.2%) that led the recent upswing. Financials were trading sharply lower in early action, down more than 2.3%, but are now trading with a decent sized gain.
Leading the way for financials are large money centers Bank of America (BAC 22.59, +0.53) and JPMorgan Chase (JPM 34.77, +0.49). DJ30 +87.04 NASDAQ +25.40 SP500 +9.93 NASDAQ Adv/Vol/Dec 1712/1.35 bln/1060 NYSE Adv/Vol/Dec 1786/879 mln/1323
1:30 pm : The stock market is now trading with a respectable gain. Sentiment has picked up as nine of the ten economic sectors are sporting gains. Action remains choppy, however.
The session's best performing sector has been materials (+2.5%). Materials encountered strong selling during Wednesday's session, but buyers have re-entered the space to pick up select names.
Providing leadership to the sector, Rohm & Haas (ROH 74.01, +29.18) is soaring after Dow Chemical (DOW 32.64, -1.32) announced it is acquiring the company for $78.00 per share, or a 74% premium to yesterday's closing price.DJ30 +82.40 NASDAQ +24.46 SP500 +8.54 NASDAQ Adv/Vol/Dec 1663/1.24 bln/1100 NYSE Adv/Vol/Dec 1682/812 mln/1411
1:05 pm : Gains are waning further. The stock market is now trading just above the unchanged mark.
Earnings season is getting under way. Earlier this morning Chattem (CHTT 62.00, -3.67) announced it topped analysts' expectations, generating $1.06 per share for its most recent quarter. Texas Industries (TXI 54.18, +3.00) announced earnings of $0.92 per share after revenues climbed nearly 2.0% year-over-year to some $266 million.
Weighing on many equities is the belief that second quarter earnings results will disappoint amid challenging macro conditions.
Correction note: We initially wrote Texas Instruments with ticker TXI. It has since been corrected to Texas Industries.DJ30 +25.57 NASDAQ +12.60 SP500 +1.21 NASDAQ Adv/Vol/Dec 1543/1.13 bln/1199 NYSE Adv/Vol/Dec 1504/741 mln/1569
12:35 pm : After making a climb to the session's best level, stocks are moving lower. Still, all three of the major indices are trading with gains.
The Nasdaq is outperforming its counterparts, thanks to large-cap names like Microsoft (MSFT 25.44, +0.21) and Cisco (CSCO 21.99, +0.41).
Consumer discretionary stocks have been underperforming the broader market. The sector is down 1.1%. Automobile manufacturers are its worst performing industry group, which is down 5.6%.DJ30 +52.84 NASDAQ +18.82 SP500 +5.03 NASDAQ Adv/Vol/Dec 1617/1.03 bln/1091 NYSE Adv/Vol/Dec 1569/687 mln/1496
12:05 pm : The session’s action has been choppy thus far as stocks continue to trade without a clear leader.
Early morning sentiment had been largely upbeat following a strong announcement from Wal-Mart (WMT 56.72, -0.95). The retailer reported June same-store sales were up 5.8% thanks to bargain-hunting consumers. In turn, Wal-Mart raised its second quarter earnings outlook to the range $0.82 to $0.84 per share, leaving room for an upside surprise above analysts’ $0.82 per share consensus estimate. On a related note, same-store sales at BJ’s Wholesale (BJ 40.36, -0.07) were up 16.5% and up 9.0% at Costco (COST 70.96, -1.19).
Strong same-store sales results were not exhibited at apparel and accessories retailers like Nordstrom (JWN 28.64, -2.60), Abercrombie & Fitch (ANF 55.14, -2.04), Limited Brands (LTD 15.46, -0.70), and American Eagle Outfitters (AEO 12.87, -0.12). Each showed same-store sales declines for June.
Also helping early sentiment was news that Rohm and Haas (ROH 73.97, +29.14) is being acquired by Dow Chemical (DOW 32.09, -1.87) for $78.00 per share, a massive 74% premium to the previous session's closing levels.
Despite the positive tone in early hours, much of the session’s direction has been hinged to the financial sector, which has fought to consistently hold on to a gain following yesterday’s steep sell off. The sector is up 0.4% currently.
Weighing on the sector is continued concern related to Fannie Mae (FNM 13.69, -1.62) and Freddie Mac (FRE 8.12, -2.14) on pessimistic comments from former Fed President Poole yesterday and a report that the Bush administration held talks about what to do in the event the two lenders falter. Importantly, a spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters.
Back in focus are shares of Lehman Brothers (LEH 17.66, -2.08), which have been trading lower on rumors that investment management firms may be reducing their relationship with the company. Reports indicate that company spokespersons have stepped forward to say they continue to trade with Lehman.
The cautious tone now present in the stock market has caused participants to pay less attention to fresh economic data.
Initial jobless claims for the week ending July 5 totaled 346,000, which is below the 395,000 filings economists forecast. Weekly claims decreased 58,000 from the prior week. The average of the last two weeks is 375,000, which indicates the claims level is fairly stable. DJ30 +48.61 NASDAQ +18.16 SP500 +5.01 NASDAQ Adv/Vol/Dec 1568/908 mln/1110 NYSE Adv/Vol/Dec 1543/619 mln/1491
11:35 am : Stocks have moved higher into positive ground after oscillating along the neutral line. Seven of the ten economic sectors are now trading higher.
Financials have pulled out of the red and are now up 0.1%.
Shares of Lehman Brothers (LEH 17.80, -1.94) have been trading lower amid negative rumors. One rumor alleged that Pacific Investment Management Company, otherwise Pimco, is reducing its relationship with the company. Reuters reported, however, that a Pimco spokesperson said the company continues to trade with Lehman.DJ30 +35 NASDAQ +15 SP500 +4 NASDAQ Adv/Vol/Dec 1479/722 mln/1129 NYSE Adv/Vol/Dec 1362/494 mln/1617
11:00 am : Stocks are trading near the unchanged mark, fighting to make sustainable gains. Trading has been choppy throughout the entire morning as market participants seek leadership.
Trying to retool its search service, Yahoo! (YHOO 23.76, -0.06) will let outsiders build customized search services on top of its technology, according to Reuters. Additionally, the company has also entered a multiyear strategic alliance with Turner Broadcasting to collaborate on advertising and sports-related content.DJ30 -6.02 NASDAQ +11.97 SP500 -0.24 NASDAQ Adv/Vol/Dec 1510/558 mln/1035 NYSE Adv/Vol/Dec 1274/355 mln/1637
10:35 am : The stock market is pulling off its session low, but remains in negative ground. Financials continue to weigh on trading.
Concerns continue to surround mortgage lenders Fannie Mae (FNM 12.48, -2.83) and Freddie Mac (FRE 7.36, -2.90). Yesterday, former Fed President Poole said chances are increasing that the U.S. may need to bail out the two struggling companies. Additionally, The Wall Street Journal reported that the Bush administration held talks about what to do in the event the two lenders falter. A spokesperson from Freddie Mac stated the firm has enough capital, according to Reuters.DJ30 -16 NASDAQ +7 SP500 -3 NASDAQ Adv/Vol/Dec 1139/390 mln/1280 NYSE Adv/Vol/Dec 1084/277 mln/1794
10:05 am : Stocks are bouncing in early morning action as trading gets off to a choppy start. After sporting gains in early action, the Dow Jones and S&P 500 have fallen into the red.
Dow component General Electric (GE 27.43, +0.24) announced it is exploring options to shed its consumer and industrial unit. The company's focus is currently on a spin-off to existing shareholders. GE is due to report its latest quarterly results this Friday.
Fellow Dow component Wal-Mart (WMT 57.23, -0.44) announced this morning June same-store sales were up 5.8%. In turn, the company raised its second quarter guidance to the range $0.82 to $0.84 per share, leaving room for an upside surprise above the current consensus estimate of $0.82 per share.DJ30 -1.22 NASDAQ +6.5 SP500 -1.6 NASDAQ Adv/Vol/Dec 1457/219 mln/822 NYSE Adv/Vol/Dec 1588/167 mln/1154
09:45 am : The stock market opened with a modest gain and has made its way higher after the financial sector (+0.5%) made an advance out of the red and a rise in crude prices eased a bit. Market participation in recent trading sessions has been largely guided by action in the two sets.
Shares of Bank of America (BAC 22.62, +0.56) were downgraded to Underweight from Equal Weight at Morgan Stanley.
Meanwhile, Wachovia Bank (WB 13.63, -0.66) sees a second quarter loss ranging from $1.23 to $1.33, excluding goodwill impairment charges. The company also named a new chief executive.DJ30 +52.03 NASDAQ +15.88 SP500 +4.01 NASDAQ Adv/Vol/Dec 1342/134 mln/839 NYSE Adv/Vol/Dec 1383/107 mln/1247
09:15 am : S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: +1.8. Only a few minutes remain before the session's opening bell and stocks are now looking at a relatively flat start as premarket optimism has dwindled.
09:00 am : S&P futures vs fair value: +1.8. Nasdaq futures vs fair value: +2.8. Stock futures have weakened noticeably as same-store sales continue to flow in. Apparel and accessories retailers like Nordstrom (JWN), Abercrombie & Fitch (ANF), Limited Brands (LTD), and American Eagle Outfitters (AEO) are all showing sales declines for June.
08:30 am : S&P futures vs fair value: +10.0. Nasdaq futures vs fair value: +12.8. Futures continue to indicate an upward start to Thursday's action. Initial jobless claims for the week ending July 5 totaled 346,000, which is below the 395,000 filings economists forecast. Weekly claims decreased 58,000 from the prior week. Continuing claims through June 28 climbed 91,000 to total 3.202 million, though economists were expecting 3.14 million ongoing claims.
08:00 am : S&P futures vs fair value: +8.4. Nasdaq futures vs fair value: +12.8. Futures indicate a strong start to Thursday's session as several headlines fuel a sense of optimisim. Wal-Mart (WMT) has raised its second quarter outlook after reporting strong same-store sales results for June. Rohm and Haas (ROH) is being acquired by Dow Chemical (DOW).
06:13 am : S&P futures vs fair value: +4.0. Nasdaq futures vs fair value: +8.8.
06:12 am : FTSE...5449.00...-80.90...-1.5%. DAX...6325.17...-61.29...-1.0%.
06:12 am : Nikkei...13067.21...+15.08...+0.1%. Hang Seng...21821.78...+15.97...+0.1%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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