AI
Monday, November 03, 2008 6:47:50 PM
Market Update 081103
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks settled near the unchanged mark following relatively quiet day.
Specifically, the S&P 500 posted a loss of 0.3%, while the Nasdaq ended with a gain of 0.3%. Trading on the NYSE was light with 1.02 billion shares exchanging hands, marking the lowest level since August.
In economic news, U.S. manufacturing activity in October fell to the lowest level since 1982, according to the ISM Index survey. Specifically, the ISM Manufacturing Index declined 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. The number indicates contraction in manufacturing and the overall economy.
The Federal Reserve said in its quarterly survey that 85% of domestic banks have tightened lending standards on commercial and industrial loans. Roughly 60% of banks tightened standards on consumer credit card loans and 70% have tightened on prime mortgages.
Credit markets continue to show improvement, however, with interbank lending rates, known as Libor, declining across most terms.
In corporate news, struggling retailer Circuit City (CC 0.36, +0.10) is closing 155 domestic stores, roughly 20%, due to its "deteriorating" liquidity position and the weak macroeconomic environment.
Automakers reported dismal sales numbers for October, impacted by the slowing economy and credit market turmoil. General Motors (GM 5.64, -0.15) reported a 45% year-over-year drop in October North American auto sales on an adjusted basis and said it was probably the worst industry sales month in the post-WWII era. Ford Motor (F 2.13, -0.06) reported a 30.2% drop in North American October sales and Toyota Motor (TM 76.46, +0.37) reported a 25.9% decrease in October U.S. sales.
In commodity trading, crude oil fell 5.2% to $64.30 per barrel as traders worry that the slowing global economy will sink demand. Meanwhile, the dollar climbed 0.8% against a basket of world currencies.
Five of the ten economic sectors posted a gain, led by telecom (+4.8%). The energy sector (-2.0%) was the main laggard, falling in conjunction with crude oil prices. DJ30 -5.18 NASDAQ +5.38 NQ100 0.0% R2K +0.2% SP400 0.0% SP500 -2.48 NASDAQ Adv/Vol/Dec 1509/1.79 bln/1234 NYSE Adv/Vol/Dec 1748/1.02 bln/1346
3:30 pm : Stocks trade near session lows with 30 minutes left in the session.
Tomorrow, the election will be in focus. In addition, there will be a barrage of earnings reports, although most are from lesser-known companies. Some of the bigger names include MasterCard (MA 143.52, -4.30), Viacom (VIA 20.27, -1.18) and Archer Daniels Midland (ADM 20.77, +0.04).DJ30 -51.77 NASDAQ -4.46 SP500 -7.20 NASDAQ Adv/Vol/Dec 1415/1.44 bln/1326 NYSE Adv/Vol/Dec 1605/734 mln/1474
3:00 pm : The S&P 500 trades with a loss as strength in telecom (+5.2%) is unable to offset weakness in energy (-2.8%) and consumer discretionary (-2.1%).
Volume is light, with the NYSE on pace for its lightest session in more than a month.DJ30 -52.97 NASDAQ -7.93 SP500 -2.72 NASDAQ Adv/Vol/Dec 1476/1.31 bln/1250 NYSE Adv/Vol/Dec 1658/670 mln/1407
2:30 pm : The stock market falls to session lows, with notable weakness in consumer discretionary (-2.3%).
Retailers are down 3.9%. Home Depot (HD 22.29, -1.30) and Lowe's (LOW 20.71, -0.99) are the main laggards.
The Federal Reserve said banks continue to tighten standards on loans, and there has been more tightening for commercial real estate loans. The financial sector is down 0.7% this session.DJ30 -36.29 NASDAQ +2.20 SP500 -6.16 NASDAQ Adv/Vol/Dec 1444/1.20 bln/1268 NYSE Adv/Vol/Dec 1577/613 mln/1461
2:00 pm : Stocks go on a broad-based retreat, although losses are modest.
General Motors (GM 5.66, -0.13) a 45% year-over-year drop in October North American auto sales on an adjusted basis. A decline of 43% was expected. Truck sales fell 51% and car sales dropped 34%. The company said "If you adjust for population growth, this is probably the worst industry sales month in the post-WWII era. We believe there is considerable pent-up demand from the last three years, but until the credit markets open up and consumer confidence improves, the entire U.S. economy, and any industry like autos that relies on financing, will suffer."DJ30 -23.02 NASDAQ +4.29 SP500 -4.97 NASDAQ Adv/Vol/Dec 1509/1.09 bln/1188 NYSE Adv/Vol/Dec 1690/555 mln/1350
1:30 pm : Trading remains relatively calm. Market breadth leans positive, although volume is low. Advancers outpace decliners by 3-to-2 on the NYSE and by 7-to-5 on the Nasdaq.
The dollar is up 0.6% and commodities are down 1.2%.DJ30 +5.73 NASDAQ +9.89 SP500 -1.88 NASDAQ Adv/Vol/Dec 1571/1.01 bln/1115 NYSE Adv/Vol/Dec 1792/511 mln/1235
1:00 pm : Goldman Sachs (GS 89.31, -3.19) had its 2008 to 2010 earnings estimates cut at Ladenburg Thalmann, saying the short-term outlook for the company is poor, intermediate outlook is challenging, while the long-term outlook is good. Ladenburg cut its price target on Goldman to $80 from $140 and maintained its sell rating.
Toyota Motor (TM 76.56, +0.44) reported a 25.9% year-over-year decrease of October U.S. sales and a 37.6% drop in Lexus sales.
Separately, crude oil continues to tumble, falling to session lows with a loss of 5.4% at $64.17 per barrel.DJ30 +15.56 NASDAQ +12.45 SP500 -0.88 NASDAQ Adv/Vol/Dec 1591/923 mln/1071 NYSE Adv/Vol/Dec 1790/469 mln/1222
12:25 pm : The S&P 500 posts a modest gain.
Ford Motor (F 2.18, -0.01) reported a 30.2% drop in North American October sales, which was better than the 36% expected drop. The company said, "Challenging external conditions present the best opportunity to challenge the competition. In the next nine months, we will introduce nine new products plus two new hybrids, which together account for 45 percent of our volume in 2009." DJ30 +31.54 NASDAQ +13.58 SP500 +1.80 NASDAQ Adv/Vol/Dec 1605/806 mln/1048 NYSE Adv/Vol/Dec 1870/414 mln/1120
11:55 am : Monday has been a low volume and relatively calm session on an overall slow news day.
At midday, the S&P 500 is posting a modest gain.
In corporate news, Boeing's (BA 51.85, -0.57) machinists union voted in favor of a new contract as expected. Boeing was added to the Conviction Sell list at Goldman Sachs. Wal-Mart (WMT 56.97, +1.16) was upgraded to Overweight from Neutral at JPMorgan.
Struggling retailer Circuit City (CC .36, +0.10) is closing 155 domestic stores, about 20% of its U.S. stores, due to its "deteriorating" liquidity position and the weak macroeconomic environment.
Eight of the ten sectors are posting a gain. Telecom (+5.0%) is showing the most strength. The energy sector (-1.6%) is the main laggard as crude prices fall 3.6% to $65.41 per barrel.
In economic news, national manufacturing activity in October fell to the lowest level since 1982, according to the ISM Index survey. Specifically, the ISM Manufacturing Index declined 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. The number indicates contraction in manufacturing and the overall economy.DJ30 +52.57 NASDAQ +12.98 SP500 +2.64 NASDAQ Adv/Vol/Dec 1569/704 mln/1029 NYSE Adv/Vol/Dec 1835/366 mln/1137
11:30 am : The stock market continues to trade near the unchanged mark. Volume is on the light side, with only 305 million shares exchanging hands on the NYSE.
Within the S&P 500, 260 stocks are posting a gain. Telecom companies AT&T (T 27.81, +1.04) and Verizon (VZ 30.79, +1.12) are leading the way. The Wall Street Journal reported this morning that some FCC commissioners want to put off an Election Day vote to revamp the system of how telephone companies pay each other to transfer calls.DJ30 +6.37 NASDAQ +7.81 SP500 -1.02 NASDAQ Adv/Vol/Dec 1550/619 mln/1022 NYSE Adv/Vol/Dec 1791/324 mln/1159
11:00 am : The stock market trades near the unchanged mark in relatively subdued action.
In earnings news, Goodyear Tire (GT 9.82, +0.90) is up 10.1% after reporting a smaller-than-expected drop in third quarter profit. Sysco (SYY 25.31, -0.90) is down 3.5% after its fiscal first quarter profit failed to meet Wall Street's expectations.DJ30 +15.93 NASDAQ +9.34 SP500 -0.54 NASDAQ Adv/Vol/Dec 1607/511 mln/904 NYSE Adv/Vol/Dec 1810/270 mln/1117
10:30 am : The Dow and S&P 500 trade near the unchanged mark, while the Nasdaq posts a modest gain.
Five of the ten sectors trade in positive territory. Telecom (+3.4%) is posting the largest advance.
The energy sector (-2.7%) is the main laggard. Crude oil prices are down 3.5% to $65.45 per barrel.
DJ30 -23.82 NASDAQ +6.24 SP500 -3.89 NASDAQ Adv/Vol/Dec 1486/374 mln/950 NYSE Adv/Vol/Dec 1662/200 mln/1203
10:00 am : The stock market climbs to a gain in broad-based strength and then sees some choppy action as two economic reports hit the wires.
The ISM Manufacturing Index, a national manufacturing survey, fell 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. This marks the third consecutive month that the index suggested a contraction in U.S. manufacturing and is the lowest level since 1982.
Separately, September construction spending fell 0.3% month-over-month, versus the expected decline of 0.8%.
Struggling retailer Circuit City (CC 0.29, +0.03) is closing 155 domestic stores, about 20% of its U.S. stores, due to its "deteriorating" liquidity position and the weak macroeconomic environment. The company will also reduce future store openings and renegotiate certain leases. Circuit City said vendors have limited credit available to the company for purchases. The current depressed stock price of CC indicates the market is pricing in a strong possibility that the company will fail.DJ30 +11.15 NASDAQ +10.39 SP500 +0.97 NASDAQ Adv/Vol/Dec 1469/192 mln/848 NYSE Adv/Vol/Dec 1732/115 mln/1024
09:35 am : The stock market kicks off the week on a muted note on what has been a slow news morning.
In corporate news, Boeing's (BA 51.00, -1.42) machinists union voted in favor of a new contract as expected. Boeing was added to the Conviction Sell list at Goldman Sachs. Wal-Mart (WMT 56.53, +0.74) was upgraded to Overweight from Neutral at JPMorgan.
On the economic front, the ISM Index and Construction Spending reports will both be released at 10:00 AM ET.DJ30 -9.40 NASDAQ -1.51 SP500 -1.90
09:17 am : S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -3.00. Dow futures vs fair value: -21.00.
09:05 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -2.50. Dow futures vs fair value: -19.00.
08:30 am : S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -3.80. Dow futures vs fair value: -16.00. A slightly lower start is expected. Dollar Libor fell across most terms and the TED Spread is down 24 basis points to 2.41%, indicating improved credit market conditions.
08:05 am : S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -0.50. Dow futures vs fair value: +30.00. Stock futures suggest a muted start to the session on what has been a slow news morning. In earnings news, Goodyear Tire (GT) posted better than expected quarterly results, while Sysco (SYY) missed.
06:30 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -5.30.
06:30 am : Nikkei...Holiday......... Hang Seng...14344.37...+375.70...+2.70%.
06:30 am : FTSE...4394.90...+17.30...+0.40%. DAX...5014.22...+26.30...+0.50%.
http://biz.yahoo.com/mu/update.html
4:15 pm : Stocks settled near the unchanged mark following relatively quiet day.
Specifically, the S&P 500 posted a loss of 0.3%, while the Nasdaq ended with a gain of 0.3%. Trading on the NYSE was light with 1.02 billion shares exchanging hands, marking the lowest level since August.
In economic news, U.S. manufacturing activity in October fell to the lowest level since 1982, according to the ISM Index survey. Specifically, the ISM Manufacturing Index declined 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. The number indicates contraction in manufacturing and the overall economy.
The Federal Reserve said in its quarterly survey that 85% of domestic banks have tightened lending standards on commercial and industrial loans. Roughly 60% of banks tightened standards on consumer credit card loans and 70% have tightened on prime mortgages.
Credit markets continue to show improvement, however, with interbank lending rates, known as Libor, declining across most terms.
In corporate news, struggling retailer Circuit City (CC 0.36, +0.10) is closing 155 domestic stores, roughly 20%, due to its "deteriorating" liquidity position and the weak macroeconomic environment.
Automakers reported dismal sales numbers for October, impacted by the slowing economy and credit market turmoil. General Motors (GM 5.64, -0.15) reported a 45% year-over-year drop in October North American auto sales on an adjusted basis and said it was probably the worst industry sales month in the post-WWII era. Ford Motor (F 2.13, -0.06) reported a 30.2% drop in North American October sales and Toyota Motor (TM 76.46, +0.37) reported a 25.9% decrease in October U.S. sales.
In commodity trading, crude oil fell 5.2% to $64.30 per barrel as traders worry that the slowing global economy will sink demand. Meanwhile, the dollar climbed 0.8% against a basket of world currencies.
Five of the ten economic sectors posted a gain, led by telecom (+4.8%). The energy sector (-2.0%) was the main laggard, falling in conjunction with crude oil prices. DJ30 -5.18 NASDAQ +5.38 NQ100 0.0% R2K +0.2% SP400 0.0% SP500 -2.48 NASDAQ Adv/Vol/Dec 1509/1.79 bln/1234 NYSE Adv/Vol/Dec 1748/1.02 bln/1346
3:30 pm : Stocks trade near session lows with 30 minutes left in the session.
Tomorrow, the election will be in focus. In addition, there will be a barrage of earnings reports, although most are from lesser-known companies. Some of the bigger names include MasterCard (MA 143.52, -4.30), Viacom (VIA 20.27, -1.18) and Archer Daniels Midland (ADM 20.77, +0.04).DJ30 -51.77 NASDAQ -4.46 SP500 -7.20 NASDAQ Adv/Vol/Dec 1415/1.44 bln/1326 NYSE Adv/Vol/Dec 1605/734 mln/1474
3:00 pm : The S&P 500 trades with a loss as strength in telecom (+5.2%) is unable to offset weakness in energy (-2.8%) and consumer discretionary (-2.1%).
Volume is light, with the NYSE on pace for its lightest session in more than a month.DJ30 -52.97 NASDAQ -7.93 SP500 -2.72 NASDAQ Adv/Vol/Dec 1476/1.31 bln/1250 NYSE Adv/Vol/Dec 1658/670 mln/1407
2:30 pm : The stock market falls to session lows, with notable weakness in consumer discretionary (-2.3%).
Retailers are down 3.9%. Home Depot (HD 22.29, -1.30) and Lowe's (LOW 20.71, -0.99) are the main laggards.
The Federal Reserve said banks continue to tighten standards on loans, and there has been more tightening for commercial real estate loans. The financial sector is down 0.7% this session.DJ30 -36.29 NASDAQ +2.20 SP500 -6.16 NASDAQ Adv/Vol/Dec 1444/1.20 bln/1268 NYSE Adv/Vol/Dec 1577/613 mln/1461
2:00 pm : Stocks go on a broad-based retreat, although losses are modest.
General Motors (GM 5.66, -0.13) a 45% year-over-year drop in October North American auto sales on an adjusted basis. A decline of 43% was expected. Truck sales fell 51% and car sales dropped 34%. The company said "If you adjust for population growth, this is probably the worst industry sales month in the post-WWII era. We believe there is considerable pent-up demand from the last three years, but until the credit markets open up and consumer confidence improves, the entire U.S. economy, and any industry like autos that relies on financing, will suffer."DJ30 -23.02 NASDAQ +4.29 SP500 -4.97 NASDAQ Adv/Vol/Dec 1509/1.09 bln/1188 NYSE Adv/Vol/Dec 1690/555 mln/1350
1:30 pm : Trading remains relatively calm. Market breadth leans positive, although volume is low. Advancers outpace decliners by 3-to-2 on the NYSE and by 7-to-5 on the Nasdaq.
The dollar is up 0.6% and commodities are down 1.2%.DJ30 +5.73 NASDAQ +9.89 SP500 -1.88 NASDAQ Adv/Vol/Dec 1571/1.01 bln/1115 NYSE Adv/Vol/Dec 1792/511 mln/1235
1:00 pm : Goldman Sachs (GS 89.31, -3.19) had its 2008 to 2010 earnings estimates cut at Ladenburg Thalmann, saying the short-term outlook for the company is poor, intermediate outlook is challenging, while the long-term outlook is good. Ladenburg cut its price target on Goldman to $80 from $140 and maintained its sell rating.
Toyota Motor (TM 76.56, +0.44) reported a 25.9% year-over-year decrease of October U.S. sales and a 37.6% drop in Lexus sales.
Separately, crude oil continues to tumble, falling to session lows with a loss of 5.4% at $64.17 per barrel.DJ30 +15.56 NASDAQ +12.45 SP500 -0.88 NASDAQ Adv/Vol/Dec 1591/923 mln/1071 NYSE Adv/Vol/Dec 1790/469 mln/1222
12:25 pm : The S&P 500 posts a modest gain.
Ford Motor (F 2.18, -0.01) reported a 30.2% drop in North American October sales, which was better than the 36% expected drop. The company said, "Challenging external conditions present the best opportunity to challenge the competition. In the next nine months, we will introduce nine new products plus two new hybrids, which together account for 45 percent of our volume in 2009." DJ30 +31.54 NASDAQ +13.58 SP500 +1.80 NASDAQ Adv/Vol/Dec 1605/806 mln/1048 NYSE Adv/Vol/Dec 1870/414 mln/1120
11:55 am : Monday has been a low volume and relatively calm session on an overall slow news day.
At midday, the S&P 500 is posting a modest gain.
In corporate news, Boeing's (BA 51.85, -0.57) machinists union voted in favor of a new contract as expected. Boeing was added to the Conviction Sell list at Goldman Sachs. Wal-Mart (WMT 56.97, +1.16) was upgraded to Overweight from Neutral at JPMorgan.
Struggling retailer Circuit City (CC .36, +0.10) is closing 155 domestic stores, about 20% of its U.S. stores, due to its "deteriorating" liquidity position and the weak macroeconomic environment.
Eight of the ten sectors are posting a gain. Telecom (+5.0%) is showing the most strength. The energy sector (-1.6%) is the main laggard as crude prices fall 3.6% to $65.41 per barrel.
In economic news, national manufacturing activity in October fell to the lowest level since 1982, according to the ISM Index survey. Specifically, the ISM Manufacturing Index declined 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. The number indicates contraction in manufacturing and the overall economy.DJ30 +52.57 NASDAQ +12.98 SP500 +2.64 NASDAQ Adv/Vol/Dec 1569/704 mln/1029 NYSE Adv/Vol/Dec 1835/366 mln/1137
11:30 am : The stock market continues to trade near the unchanged mark. Volume is on the light side, with only 305 million shares exchanging hands on the NYSE.
Within the S&P 500, 260 stocks are posting a gain. Telecom companies AT&T (T 27.81, +1.04) and Verizon (VZ 30.79, +1.12) are leading the way. The Wall Street Journal reported this morning that some FCC commissioners want to put off an Election Day vote to revamp the system of how telephone companies pay each other to transfer calls.DJ30 +6.37 NASDAQ +7.81 SP500 -1.02 NASDAQ Adv/Vol/Dec 1550/619 mln/1022 NYSE Adv/Vol/Dec 1791/324 mln/1159
11:00 am : The stock market trades near the unchanged mark in relatively subdued action.
In earnings news, Goodyear Tire (GT 9.82, +0.90) is up 10.1% after reporting a smaller-than-expected drop in third quarter profit. Sysco (SYY 25.31, -0.90) is down 3.5% after its fiscal first quarter profit failed to meet Wall Street's expectations.DJ30 +15.93 NASDAQ +9.34 SP500 -0.54 NASDAQ Adv/Vol/Dec 1607/511 mln/904 NYSE Adv/Vol/Dec 1810/270 mln/1117
10:30 am : The Dow and S&P 500 trade near the unchanged mark, while the Nasdaq posts a modest gain.
Five of the ten sectors trade in positive territory. Telecom (+3.4%) is posting the largest advance.
The energy sector (-2.7%) is the main laggard. Crude oil prices are down 3.5% to $65.45 per barrel.
DJ30 -23.82 NASDAQ +6.24 SP500 -3.89 NASDAQ Adv/Vol/Dec 1486/374 mln/950 NYSE Adv/Vol/Dec 1662/200 mln/1203
10:00 am : The stock market climbs to a gain in broad-based strength and then sees some choppy action as two economic reports hit the wires.
The ISM Manufacturing Index, a national manufacturing survey, fell 4.6 to 38.9 in October, which was worse than the expected reading of 41.0. This marks the third consecutive month that the index suggested a contraction in U.S. manufacturing and is the lowest level since 1982.
Separately, September construction spending fell 0.3% month-over-month, versus the expected decline of 0.8%.
Struggling retailer Circuit City (CC 0.29, +0.03) is closing 155 domestic stores, about 20% of its U.S. stores, due to its "deteriorating" liquidity position and the weak macroeconomic environment. The company will also reduce future store openings and renegotiate certain leases. Circuit City said vendors have limited credit available to the company for purchases. The current depressed stock price of CC indicates the market is pricing in a strong possibility that the company will fail.DJ30 +11.15 NASDAQ +10.39 SP500 +0.97 NASDAQ Adv/Vol/Dec 1469/192 mln/848 NYSE Adv/Vol/Dec 1732/115 mln/1024
09:35 am : The stock market kicks off the week on a muted note on what has been a slow news morning.
In corporate news, Boeing's (BA 51.00, -1.42) machinists union voted in favor of a new contract as expected. Boeing was added to the Conviction Sell list at Goldman Sachs. Wal-Mart (WMT 56.53, +0.74) was upgraded to Overweight from Neutral at JPMorgan.
On the economic front, the ISM Index and Construction Spending reports will both be released at 10:00 AM ET.DJ30 -9.40 NASDAQ -1.51 SP500 -1.90
09:17 am : S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -3.00. Dow futures vs fair value: -21.00.
09:05 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -2.50. Dow futures vs fair value: -19.00.
08:30 am : S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -3.80. Dow futures vs fair value: -16.00. A slightly lower start is expected. Dollar Libor fell across most terms and the TED Spread is down 24 basis points to 2.41%, indicating improved credit market conditions.
08:05 am : S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -0.50. Dow futures vs fair value: +30.00. Stock futures suggest a muted start to the session on what has been a slow news morning. In earnings news, Goodyear Tire (GT) posted better than expected quarterly results, while Sysco (SYY) missed.
06:30 am : S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -5.30.
06:30 am : Nikkei...Holiday......... Hang Seng...14344.37...+375.70...+2.70%.
06:30 am : FTSE...4394.90...+17.30...+0.40%. DAX...5014.22...+26.30...+0.50%.
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
