AI
Friday, July 11, 2008 9:13:44 PM
Market Update 080711
http://biz.yahoo.com/mu/update.html
4:20 pm : It was another volatile session on Wall Street as the Dow Jones Industrial Average fell more than 200 points to break below 11,000 for the first time in two years. It made its way back into positive ground, though only for a moment. Renewed pessimism sent the Dow markedly lower to finish the session with a 128 point loss.
Stocks spent nearly the entire session trading with sizeable losses as investors continued to fret over Fannie Mae (FNM 10.25, -2.95) and Freddie Mac (FRE 7.75, -0.25). Only when a Reuters source indicated the two lenders would have access to the Fed’s discount window did stocks rally into the green. The notion that capital would be available to the lenders if they were in dire need assuaged concern and lifted the shares; short-covering aided in the recovery.
However, when the Fed would not confirm it would lend to Fannie or Freddie, stocks surrendered their gains.
The concerns surrounding Fannie and Freddie overwhelmed news from General Electric (GE 27.66, +0.02), an enriched buyout bid for Anheuser-Busch (BUD 66.50, +5.29), and encouraging economic data.
For the second quarter GE earned $0.54 per share matching the consensus earnings estimate. GE also announced it is divesting its consumer finance business in Japan for $5.4 billion. GE announced yesterday it is considering spinning off its consumer and industrial business. The firm is trying to focus on higher return opportunities.
Belgian brewer InBev increased its bid to acquire shares of BUD to $70 per share, up from $65 per share, according to The Wall Street Journal. Shares of BUD climbed higher in response to the offer, unaffected by the turmoil surrounding the broader market.
Importantly, the May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April. The real trade deficit fell to $43.6 billion from $46.7 billion in April. Briefing.com argues that the continued narrowing of the real trade deficit will add to GDP contribution and effectively offset the decline in residential construction.
After trading off its highs in recent sessions, crude oil prices surged to a new record of $147.27 per barrel in early trading, only adding to the session’s pessimism. It closed its session just below the $145 per barrel mark.DJ30 -128.48 NASDAQ -18.77 NQ100 -1.6% R2K +0.7% SP400 -0.4% SP500 -13.90 NASDAQ Adv/Vol/Dec 1352/2.37 bln/1474 NYSE Adv/Vol/Dec 1042/1.73 bln/2147
3:30 pm : Stocks made their way into positive territory after being more than 2.0% lower in earlier trading. The surge was helped by word that the discount lending window would be open to Fannie Mae (FNM 10.00, -3.20) and Freddie Mac (FRE 7.24, -0.76). However, the Fed would not confirm that such an arrangement would be available. In turn, stocks surrendered to renewed selling pressure.
The S&P 500 is down nearly 1% inside the final hour of trading. At its current level, the S&P 500 is on track to conclude the week with a loss of 1.7%.DJ30 -135.64 NASDAQ -18.42 SP500 -13.52 NASDAQ Adv/Vol/Dec 1261/1.93 bln/1595 NYSE Adv/Vol/Dec 1234/1.31 bln/1908
3:00 pm : Stocks have made a sharp climb on word that Fed Chairman Bernanke stated the discount window would be open for Fannie Mae (FNM 10.17, -3.03) and Freddie Mac (FRE 8.35, +0.35), according to a Reuters source. The word gave investors reassurance that capital is available if the companies should need it. Stocks are now at their best level of the session.
The news relieved stress weighing on the financial sector. Financial stocks still remain 1.1% lower, but that is far better than the steeper losses seen earlier. The sector had been down as much as 4.8%.DJ30 -74.90 NASDAQ -9.03 SP500 -5.81 NASDAQ Adv/Vol/Dec 969/1.65 bln/1863 NYSE Adv/Vol/Dec 706/1.14 bln/2435
2:35 pm : The stock market's recovery effort stalls as broad-based selling interest picks up. Still, the market remains off its lows thanks to a modest improvement in financial stocks (-3.2%).
Fannie Mae (FNM 9.74, -3.46) and Freddie Mac (FRE 6.99, -1.01) continue to trade with steep losses. However, Fannie's decline of 25% is well off its low of -49% and Freddie's retreat of 13% is a significant improvement from its more than 51% loss that was seen in the early going. U.S. Senator Dodd came to the defense of the government-sponsored enterprises, saying that both Fannie and Freddie are "sound" according to CNBC.DJ30 -206.07 NASDAQ -37.01 SP500 -20.85 NASDAQ Adv/Vol/Dec 875/1.55 bln/1906 NYSE Adv/Vol/Dec 677/1.11 bln/2489
2:05 pm : Stocks continue making an attempt to peel off their session low. The major indices are still trading with marked losses, however.
Cable giant Comcast (CMCSA 18.29, -0.37) received some negative publicity when the Federal Communications Commission (FCC) said the company violated Internet rules. However, the FCC's chairman recommends that no fines be levied, according to Dow Jones.
The June Treasury budget statement came in at $50.7 billion, which is appreciably more than the $34.0 billion that economists forecast. The May budget totaled $27.5 billion.DJ30 -187.10 NASDAQ -35.77 SP500 -19.65 NASDAQ Adv/Vol/Dec 952/1.35 bln/1849 NYSE Adv/Vol/Dec 689/944 mln/2429
1:30 pm : Stocks have pulled up from their session low. Still, losses remain considerable as nine of the ten economic sectors trade with losses greater than 1%.
Financials remain the session's worst offender. The sector is down 3.4%; every one of its industry groups is trading with a loss. Thrifts and mortgage players are its worst performing industry group, which is down 13.5%, followed by investment banks and brokerages, which is down 5.2% as a group.
Treasuries remain out of favor. The 10-year Note is down 30 ticks.DJ30 -198.99 NASDAQ -41.09 SP500 -22.02 NASDAQ Adv/Vol/Dec 708/1.20 bln/2079 NYSE Adv/Vol/Dec 485/861 mln/2629
1:05 pm : Stocks have been trending downward and recently slipped to a new session low. All three of the major indices are trading with a loss of 2% or more.
Losses in the Nasdaq are the most severe, thanks to large-cap tech names. Research in Motion (RIMM 110.23, -6.90), Google (GOOG 520.79, -19.78), and Apple (AAPL 171.15, -5.48) are the primary culprits. Apple's loss comes despite its release of the new iPhone, which is expected to better compete with Research in Motion's BlackBerry for share of the smartphone market.DJ30 -243.28 NASDAQ -53.01 SP500 -27.05 NASDAQ Adv/Vol/Dec 750/1.07 bln/2031 NYSE Adv/Vol/Dec 507/790 mln/2585
12:35 pm : Stocks continue to chop along well into negative territory. There has been a lack of leadership for the entire session.
Movers providing some support in the S&P 500 feature Anheuser-Busch (BUD 65.92, +4.71), General Electric (GE 27.81, +0.17), and Chesapeake Energy (CHK 63.07, +1.49).
Laggards include Chevron (CVX 91.95, -4.30), JPMorgan Chase (JPM 32.38, -2.13), and Bank of America (BAC 20.96, -1.40).DJ30 -210.55 NASDAQ -38.59 SP500 -22.60 NASDAQ Adv/Vol/Dec 802/956 mln/1952 NYSE Adv/Vol/Dec 599/716 mln/2477
12:00 pm : Stocks have faced a challenging session thus far. The S&P 500 was down as much as 2.1% and The Dow Jones slipped below 11,000 for the first time in two years. The two indices hit new 52-week lows, but are trading a bit above those levels at this time.
The session’s pessimistic tone continues to surround financials (-3.9%) as capital concerns loom over shares of Fannie Mae (FNM 10.21, -2.99) and Freddie Mac (FRE 6.24, -1.76). There has also been speculation that the government may take over the lenders, presumably at the expense of investors. However, Treasury Secretary Paulson stated that no bailout is on the horizon.
The concerns related to Fannie and Freddie are overwhelming in-line second quarter earnings results from General Electric (GE 27.96, +0.32) and encouraging economic data.
GE generated $0.54 per share for its most recent fiscal quarter and also announced it is selling its consumer finance business in Japan for $5.4 billion as the firm focuses on higher return opportunities. While GE earned some redemption by hitting the consensus earnings per share estimate, its overall report is one that is likely to leave its stock in limbo for the time being.
The May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April, which is good news. Importantly, the real trade deficit fell to $43.6 billion from $46.7 billion in April. The April number already left net exports on track to contribute 1.2% to real GDP in the second quarter. The continued narrowing of the real trade deficit will add to that contribution and effectively offset the decline in residential construction.
In separate news, The Wall Street Journal reported Belgian brewer InBev has sweetened its offer to acquire Anheuser-Busch (BUD 65.94, +4.73) for $70 per share. InBev initially offered BUD shareholders $65 per share.
Oil had climbed nearly 4% to a new record of $147.27 per barrel in early trading. It has since pulled back but continues to trade with a gain. Oil’s advance after recent pullbacks certainly has not helped the pessimistic tone abate.DJ30 -198.66 NASDAQ -32.53 SP500 -20.35 NASDAQ Adv/Vol/Dec 806/841 mln/1927 NYSE Adv/Vol/Dec 567/624 mln/2491
11:35 am : The stock market has taken another step lower. The S&P 500 is now down 2% this session, which pushes its year-to-date decline to more than 16%. It is currently trading at a 52-week low.
Nine of the ten economic sectors are trading with losses of at least 1.0%. Only consumer staples has yet to break that mark. It is currently down 0.7%.
Despite the bearish tone among equities, Treasuries are attracting little attention. The 10-year Note is down 12 ticks at the moment, lifting its yield to 3.84%.DJ30 -239.45 NASDAQ -43.34 SP500 -25.20 NASDAQ Adv/Vol/Dec 850/676 mln/1813 NYSE Adv/Vol/Dec 665/509 mln/2346
11:00 am : Stocks continue to trade with sizeable losses. Declines remain broad-based.
Despite the session's generally pessimistic tone, shares of Wynn Resorts (WYNN 74.19, +4.25) are attracting buyers. Wynn reported after yesterday's close an upbeat second quarter update. The company also announced it will be increasing the amount of funds available for share buybacks. Prior to the announcement, shares of WYNN had fallen more than 15% during the course of the two previous sessions.
Shares of General Electric (GE 28.01, +0.37) are also sporting a gain. GE announced this morning second quarter earnings results of $0.54 per share, which is on par with the consensus estimate. GE also announced it is selling its consumer finance business in Japan to Shinsei Bank as the firm looks to focus on core operations.DJ30 -165.36 NASDAQ -27.14 SP500 -15.32 NASDAQ Adv/Vol/Dec 723/528 mln/1843 NYSE Adv/Vol/Dec 629/396 mln/2388
10:35 am : After working their way up from session lows, stocks dropped as comments from Treasury Secretary Paulson hit the wires. Paulson says the primary focus is on supporting GSEs in current form. Paulson stated no bailout of Fannie Mae (FNM 7.50, -5.70) and Freddie Mac (FRE 4.12, -3.88) is on the horizon.
The S&P 500 found a new session low, reflecting a loss of nearly 1.7%, but is now trading just above that mark. Nearly 75% of the S&P 500 components are trading with a loss.DJ30 -177.82 NASDAQ -31.23 SP500 -17.40 NASDAQ Adv/Vol/Dec 888/373 mln/1576 NYSE Adv/Vol/Dec 872/270 mln/2018
10:00 am : Stocks have climbed off their opening lows, but the Dow Jones Industrial Average remains nearly 100 points lower. Though not as severe as earlier, the tone remains generally pessimistic as declining stocks on the NYSE outnumber advancers by almost 6-to-1.
The preliminary July Consumer Sentiment Survey from the University of Michigan came in at 56.6, which is better than the 55.5 economists forecast and just above the previous 56.4 reading.
Treasury Secretary Paulson will issue a statement related to GSEs soon. Details of that speech are forthcoming.DJ30 -98.92 NASDAQ -19.97 SP500 -9.61 NASDAQ Adv/Vol/Dec 480/141 mln/1758 NYSE Adv/Vol/Dec 352/90 mln/1966
09:45 am : Stocks opened deep into negative territory. All three of the major indices are trading with losses in excess of 1.0%.
Selling pressure is broad-based, but primarily concentrated in the financial sector. Eight of the ten sectors are down more than 1.0%. Financials are down a hefty 2.8%, more than any other sector.
Oil is currently trading 3.3% higher, near $146.30 per barrel. Oil's rise has given support to the energy sector (+0.4%), which is the only economic sector posting an advance.DJ30 -137 NASDAQ -29 SP500 -14 NASDAQ Adv/Vol/Dec 458/123 mln/1759 NYSE Adv/Vol/Dec 409/111 mln/2260
09:15 am : S&P futures vs fair value: -14.0. Nasdaq futures vs fair value: -20.8. The opening bell will sound shortly and stocks remain in position for a start in negative territory. Premarket sentiment has been consistently pessimistic.
09:00 am : S&P futures vs fair value: -16.5. Nasdaq futures vs fair value: -22.0. Stock futures continue to indicate a downside open for the week's final trading session. The Wall Street Journal has reported InBev is now offering to acquire Anheuser-Busch (BUD) for $70 per share, topping its initial bid of $65 per share. Oil has climbed above $146 per barrel in early electronic trading.
08:30 am : S&P futures vs fair value: -16.6. Nasdaq futures vs fair value: -25.8. Stocks remain in position for a negative start. The May trade balance totaled a $59.8 billion deficit. Economists expected a trading deficit of $62.5 billion. The June import price index climbed 2.6% month-over-month, which is even with the increase registered in May and more than the 2.0% increase economists were expecting. Year-over-year, the June import price index showed 20.5% increase, though economists were expecting an 18.6% increase and the May index showed an 18.8% increase.
08:00 am : S&P futures vs fair value: -14.0. Nasdaq futures vs fair value: -21.2. Stock futures indicate a downward open to Friday's trading session. General Electric (GE) announced quarterly earnings results that matched the consensus estimate, generating $0.54 per share. The company also provided an in-line outlook. Shares of Fannie Mae (FNM) and Freddie Mac (FRE) are down in premarket action after reports suggested the government is considering taking over the lenders if their problems worsen. Oil prices are climbing, adding to early pessimism.
06:20 am : S&P futures vs fair value: -8.6. Nasdaq futures vs fair value: -15.5.
06:20 am : FTSE...5374.30...-32.50...-0.6%. DAX...6199.80...-105.20...-1.7%.
06:20 am : Nikkei...13039.69...-27.52...-0.2%. Hang Seng...22184.55...+362.77...+1.7%.
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 : It was another volatile session on Wall Street as the Dow Jones Industrial Average fell more than 200 points to break below 11,000 for the first time in two years. It made its way back into positive ground, though only for a moment. Renewed pessimism sent the Dow markedly lower to finish the session with a 128 point loss.
Stocks spent nearly the entire session trading with sizeable losses as investors continued to fret over Fannie Mae (FNM 10.25, -2.95) and Freddie Mac (FRE 7.75, -0.25). Only when a Reuters source indicated the two lenders would have access to the Fed’s discount window did stocks rally into the green. The notion that capital would be available to the lenders if they were in dire need assuaged concern and lifted the shares; short-covering aided in the recovery.
However, when the Fed would not confirm it would lend to Fannie or Freddie, stocks surrendered their gains.
The concerns surrounding Fannie and Freddie overwhelmed news from General Electric (GE 27.66, +0.02), an enriched buyout bid for Anheuser-Busch (BUD 66.50, +5.29), and encouraging economic data.
For the second quarter GE earned $0.54 per share matching the consensus earnings estimate. GE also announced it is divesting its consumer finance business in Japan for $5.4 billion. GE announced yesterday it is considering spinning off its consumer and industrial business. The firm is trying to focus on higher return opportunities.
Belgian brewer InBev increased its bid to acquire shares of BUD to $70 per share, up from $65 per share, according to The Wall Street Journal. Shares of BUD climbed higher in response to the offer, unaffected by the turmoil surrounding the broader market.
Importantly, the May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April. The real trade deficit fell to $43.6 billion from $46.7 billion in April. Briefing.com argues that the continued narrowing of the real trade deficit will add to GDP contribution and effectively offset the decline in residential construction.
After trading off its highs in recent sessions, crude oil prices surged to a new record of $147.27 per barrel in early trading, only adding to the session’s pessimism. It closed its session just below the $145 per barrel mark.DJ30 -128.48 NASDAQ -18.77 NQ100 -1.6% R2K +0.7% SP400 -0.4% SP500 -13.90 NASDAQ Adv/Vol/Dec 1352/2.37 bln/1474 NYSE Adv/Vol/Dec 1042/1.73 bln/2147
3:30 pm : Stocks made their way into positive territory after being more than 2.0% lower in earlier trading. The surge was helped by word that the discount lending window would be open to Fannie Mae (FNM 10.00, -3.20) and Freddie Mac (FRE 7.24, -0.76). However, the Fed would not confirm that such an arrangement would be available. In turn, stocks surrendered to renewed selling pressure.
The S&P 500 is down nearly 1% inside the final hour of trading. At its current level, the S&P 500 is on track to conclude the week with a loss of 1.7%.DJ30 -135.64 NASDAQ -18.42 SP500 -13.52 NASDAQ Adv/Vol/Dec 1261/1.93 bln/1595 NYSE Adv/Vol/Dec 1234/1.31 bln/1908
3:00 pm : Stocks have made a sharp climb on word that Fed Chairman Bernanke stated the discount window would be open for Fannie Mae (FNM 10.17, -3.03) and Freddie Mac (FRE 8.35, +0.35), according to a Reuters source. The word gave investors reassurance that capital is available if the companies should need it. Stocks are now at their best level of the session.
The news relieved stress weighing on the financial sector. Financial stocks still remain 1.1% lower, but that is far better than the steeper losses seen earlier. The sector had been down as much as 4.8%.DJ30 -74.90 NASDAQ -9.03 SP500 -5.81 NASDAQ Adv/Vol/Dec 969/1.65 bln/1863 NYSE Adv/Vol/Dec 706/1.14 bln/2435
2:35 pm : The stock market's recovery effort stalls as broad-based selling interest picks up. Still, the market remains off its lows thanks to a modest improvement in financial stocks (-3.2%).
Fannie Mae (FNM 9.74, -3.46) and Freddie Mac (FRE 6.99, -1.01) continue to trade with steep losses. However, Fannie's decline of 25% is well off its low of -49% and Freddie's retreat of 13% is a significant improvement from its more than 51% loss that was seen in the early going. U.S. Senator Dodd came to the defense of the government-sponsored enterprises, saying that both Fannie and Freddie are "sound" according to CNBC.DJ30 -206.07 NASDAQ -37.01 SP500 -20.85 NASDAQ Adv/Vol/Dec 875/1.55 bln/1906 NYSE Adv/Vol/Dec 677/1.11 bln/2489
2:05 pm : Stocks continue making an attempt to peel off their session low. The major indices are still trading with marked losses, however.
Cable giant Comcast (CMCSA 18.29, -0.37) received some negative publicity when the Federal Communications Commission (FCC) said the company violated Internet rules. However, the FCC's chairman recommends that no fines be levied, according to Dow Jones.
The June Treasury budget statement came in at $50.7 billion, which is appreciably more than the $34.0 billion that economists forecast. The May budget totaled $27.5 billion.DJ30 -187.10 NASDAQ -35.77 SP500 -19.65 NASDAQ Adv/Vol/Dec 952/1.35 bln/1849 NYSE Adv/Vol/Dec 689/944 mln/2429
1:30 pm : Stocks have pulled up from their session low. Still, losses remain considerable as nine of the ten economic sectors trade with losses greater than 1%.
Financials remain the session's worst offender. The sector is down 3.4%; every one of its industry groups is trading with a loss. Thrifts and mortgage players are its worst performing industry group, which is down 13.5%, followed by investment banks and brokerages, which is down 5.2% as a group.
Treasuries remain out of favor. The 10-year Note is down 30 ticks.DJ30 -198.99 NASDAQ -41.09 SP500 -22.02 NASDAQ Adv/Vol/Dec 708/1.20 bln/2079 NYSE Adv/Vol/Dec 485/861 mln/2629
1:05 pm : Stocks have been trending downward and recently slipped to a new session low. All three of the major indices are trading with a loss of 2% or more.
Losses in the Nasdaq are the most severe, thanks to large-cap tech names. Research in Motion (RIMM 110.23, -6.90), Google (GOOG 520.79, -19.78), and Apple (AAPL 171.15, -5.48) are the primary culprits. Apple's loss comes despite its release of the new iPhone, which is expected to better compete with Research in Motion's BlackBerry for share of the smartphone market.DJ30 -243.28 NASDAQ -53.01 SP500 -27.05 NASDAQ Adv/Vol/Dec 750/1.07 bln/2031 NYSE Adv/Vol/Dec 507/790 mln/2585
12:35 pm : Stocks continue to chop along well into negative territory. There has been a lack of leadership for the entire session.
Movers providing some support in the S&P 500 feature Anheuser-Busch (BUD 65.92, +4.71), General Electric (GE 27.81, +0.17), and Chesapeake Energy (CHK 63.07, +1.49).
Laggards include Chevron (CVX 91.95, -4.30), JPMorgan Chase (JPM 32.38, -2.13), and Bank of America (BAC 20.96, -1.40).DJ30 -210.55 NASDAQ -38.59 SP500 -22.60 NASDAQ Adv/Vol/Dec 802/956 mln/1952 NYSE Adv/Vol/Dec 599/716 mln/2477
12:00 pm : Stocks have faced a challenging session thus far. The S&P 500 was down as much as 2.1% and The Dow Jones slipped below 11,000 for the first time in two years. The two indices hit new 52-week lows, but are trading a bit above those levels at this time.
The session’s pessimistic tone continues to surround financials (-3.9%) as capital concerns loom over shares of Fannie Mae (FNM 10.21, -2.99) and Freddie Mac (FRE 6.24, -1.76). There has also been speculation that the government may take over the lenders, presumably at the expense of investors. However, Treasury Secretary Paulson stated that no bailout is on the horizon.
The concerns related to Fannie and Freddie are overwhelming in-line second quarter earnings results from General Electric (GE 27.96, +0.32) and encouraging economic data.
GE generated $0.54 per share for its most recent fiscal quarter and also announced it is selling its consumer finance business in Japan for $5.4 billion as the firm focuses on higher return opportunities. While GE earned some redemption by hitting the consensus earnings per share estimate, its overall report is one that is likely to leave its stock in limbo for the time being.
The May trade deficit narrowed to $59.8 billion from a revised $60.5 billion in April, which is good news. Importantly, the real trade deficit fell to $43.6 billion from $46.7 billion in April. The April number already left net exports on track to contribute 1.2% to real GDP in the second quarter. The continued narrowing of the real trade deficit will add to that contribution and effectively offset the decline in residential construction.
In separate news, The Wall Street Journal reported Belgian brewer InBev has sweetened its offer to acquire Anheuser-Busch (BUD 65.94, +4.73) for $70 per share. InBev initially offered BUD shareholders $65 per share.
Oil had climbed nearly 4% to a new record of $147.27 per barrel in early trading. It has since pulled back but continues to trade with a gain. Oil’s advance after recent pullbacks certainly has not helped the pessimistic tone abate.DJ30 -198.66 NASDAQ -32.53 SP500 -20.35 NASDAQ Adv/Vol/Dec 806/841 mln/1927 NYSE Adv/Vol/Dec 567/624 mln/2491
11:35 am : The stock market has taken another step lower. The S&P 500 is now down 2% this session, which pushes its year-to-date decline to more than 16%. It is currently trading at a 52-week low.
Nine of the ten economic sectors are trading with losses of at least 1.0%. Only consumer staples has yet to break that mark. It is currently down 0.7%.
Despite the bearish tone among equities, Treasuries are attracting little attention. The 10-year Note is down 12 ticks at the moment, lifting its yield to 3.84%.DJ30 -239.45 NASDAQ -43.34 SP500 -25.20 NASDAQ Adv/Vol/Dec 850/676 mln/1813 NYSE Adv/Vol/Dec 665/509 mln/2346
11:00 am : Stocks continue to trade with sizeable losses. Declines remain broad-based.
Despite the session's generally pessimistic tone, shares of Wynn Resorts (WYNN 74.19, +4.25) are attracting buyers. Wynn reported after yesterday's close an upbeat second quarter update. The company also announced it will be increasing the amount of funds available for share buybacks. Prior to the announcement, shares of WYNN had fallen more than 15% during the course of the two previous sessions.
Shares of General Electric (GE 28.01, +0.37) are also sporting a gain. GE announced this morning second quarter earnings results of $0.54 per share, which is on par with the consensus estimate. GE also announced it is selling its consumer finance business in Japan to Shinsei Bank as the firm looks to focus on core operations.DJ30 -165.36 NASDAQ -27.14 SP500 -15.32 NASDAQ Adv/Vol/Dec 723/528 mln/1843 NYSE Adv/Vol/Dec 629/396 mln/2388
10:35 am : After working their way up from session lows, stocks dropped as comments from Treasury Secretary Paulson hit the wires. Paulson says the primary focus is on supporting GSEs in current form. Paulson stated no bailout of Fannie Mae (FNM 7.50, -5.70) and Freddie Mac (FRE 4.12, -3.88) is on the horizon.
The S&P 500 found a new session low, reflecting a loss of nearly 1.7%, but is now trading just above that mark. Nearly 75% of the S&P 500 components are trading with a loss.DJ30 -177.82 NASDAQ -31.23 SP500 -17.40 NASDAQ Adv/Vol/Dec 888/373 mln/1576 NYSE Adv/Vol/Dec 872/270 mln/2018
10:00 am : Stocks have climbed off their opening lows, but the Dow Jones Industrial Average remains nearly 100 points lower. Though not as severe as earlier, the tone remains generally pessimistic as declining stocks on the NYSE outnumber advancers by almost 6-to-1.
The preliminary July Consumer Sentiment Survey from the University of Michigan came in at 56.6, which is better than the 55.5 economists forecast and just above the previous 56.4 reading.
Treasury Secretary Paulson will issue a statement related to GSEs soon. Details of that speech are forthcoming.DJ30 -98.92 NASDAQ -19.97 SP500 -9.61 NASDAQ Adv/Vol/Dec 480/141 mln/1758 NYSE Adv/Vol/Dec 352/90 mln/1966
09:45 am : Stocks opened deep into negative territory. All three of the major indices are trading with losses in excess of 1.0%.
Selling pressure is broad-based, but primarily concentrated in the financial sector. Eight of the ten sectors are down more than 1.0%. Financials are down a hefty 2.8%, more than any other sector.
Oil is currently trading 3.3% higher, near $146.30 per barrel. Oil's rise has given support to the energy sector (+0.4%), which is the only economic sector posting an advance.DJ30 -137 NASDAQ -29 SP500 -14 NASDAQ Adv/Vol/Dec 458/123 mln/1759 NYSE Adv/Vol/Dec 409/111 mln/2260
09:15 am : S&P futures vs fair value: -14.0. Nasdaq futures vs fair value: -20.8. The opening bell will sound shortly and stocks remain in position for a start in negative territory. Premarket sentiment has been consistently pessimistic.
09:00 am : S&P futures vs fair value: -16.5. Nasdaq futures vs fair value: -22.0. Stock futures continue to indicate a downside open for the week's final trading session. The Wall Street Journal has reported InBev is now offering to acquire Anheuser-Busch (BUD) for $70 per share, topping its initial bid of $65 per share. Oil has climbed above $146 per barrel in early electronic trading.
08:30 am : S&P futures vs fair value: -16.6. Nasdaq futures vs fair value: -25.8. Stocks remain in position for a negative start. The May trade balance totaled a $59.8 billion deficit. Economists expected a trading deficit of $62.5 billion. The June import price index climbed 2.6% month-over-month, which is even with the increase registered in May and more than the 2.0% increase economists were expecting. Year-over-year, the June import price index showed 20.5% increase, though economists were expecting an 18.6% increase and the May index showed an 18.8% increase.
08:00 am : S&P futures vs fair value: -14.0. Nasdaq futures vs fair value: -21.2. Stock futures indicate a downward open to Friday's trading session. General Electric (GE) announced quarterly earnings results that matched the consensus estimate, generating $0.54 per share. The company also provided an in-line outlook. Shares of Fannie Mae (FNM) and Freddie Mac (FRE) are down in premarket action after reports suggested the government is considering taking over the lenders if their problems worsen. Oil prices are climbing, adding to early pessimism.
06:20 am : S&P futures vs fair value: -8.6. Nasdaq futures vs fair value: -15.5.
06:20 am : FTSE...5374.30...-32.50...-0.6%. DAX...6199.80...-105.20...-1.7%.
06:20 am : Nikkei...13039.69...-27.52...-0.2%. Hang Seng...22184.55...+362.77...+1.7%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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