Market Update 080428 http://biz.yahoo.com/mu/update.html 4:15 pm : On Monday stocks traded in a tight range on a day with no economic reports and few market-moving headlines. During the trading session the S&P 500 managed to breach the 1400 mark -- considered a key resistance level by technical traders -- but eventually finished the day below that level with a slight loss.
The rest of this week brings a number of trading catalysts, including a barrage of earnings reports, the first quarter GDP reading, the FOMC policy announcement and the monthly jobs report. Considering this, the lack of concerted buying or selling interest and low trading volume on Monday was understandable.
There were, however, a few notable corporate headlines.
Privately held snack food company Mars Inc. is going to acquire Chicago-based William Wrigley Jr. (WWY 76.91, +14.46) for roughly $23 billion, or $80 per share in cash. The price represents a 28% premium over Friday's closing level. Warren Buffet said on CNBC that Berkshire Hathaway (BRK.A 128,460, +1,585) will provide $6.5 billion in financing.
Shares of Ford (F 8.21, +0.71) got a lift on word activist investor Kirk Kerkorian's Tracinda Corp is increasing its 4.7% stake in Ford to 5.7%, according to the Wall Street Journal. Tracinda will be purchasing 20 million shares at a 13% premium.
Earnings reports were relatively light. Humana (HUM 46.38, +1.50) topped expectations by two cents, and issued upside guidance for its second quarter. Food distributor Sysco (SYY 30.50, +2.38) reported a 14% year-over-year increase in earnings per share, beating estimates by a penny. Shares of Verizon (VZ 37.95, +0.91) rose after investors were pleased with the company's growth rate of its FiOS TV service and in-line earnings.
In the end, five of the economic sectors posted a gain. Health care (+0.3%) and consumer staples (+0.2%) posted the largest gains. The materials (-1.2%) and tech (-0.9%) sectors were the main laggards.
In commodity trading, crude oil rallied to a fresh all-time high of $119.93 per barrel in overnight trade on reports of supply disruptions due to attacks in Nigeria and a refinery worker strike in the United Kingdom. Crude prices then retreated a bit, to finish with a more modest gain of 0.2% to $118.77 per barrel.
Tomorrow, the market will be digesting the Conference Board's March consumer confidence reading, and earnings reports from 123 companies.DJ30 -20.11 NASDAQ +1.47 NQ100 +0.2% R2K +0.5% SP400 +0.2% SP500 -1.47 NASDAQ Dec/Adv/Vol 1311/1549/1.75 bln NYSE Dec/Adv/Vol 1313/1794/1.21 bln
3:30 pm : The major indices are trading with a slight gain, but are off their best levels, as we head into the final half-hour of trade. Seven of the ten economic sectors are in the green, led by strength in financials (+0.4%).
Tomorrow will have a few more trading catalysts than this session. The market will be digesting earnings reports from 123 companies confirmed to report, as well as the March consumer confidence reading from the Conference Board. However, the biggest events come later in the week, with the release of first quarter GDP, the FOMC announcement and the monthly jobs report.DJ30 +7.00 NASDAQ +5.56 SP500 +1.06 NASDAQ Dec/Adv/Vol 1176/1683/1.42 bln NYSE Dec/Adv/Vol 1144/1949/901 mln
3:00 pm : The major indices are heading mostly sideways as they continue to trade with slight gains. Crude closed up $0.26 to $118.78 per barrel after retreating from its new all-time intraday high of $119.93.
The Take-Two (TTWO 26.56, +0.36) CEO expects "Grand Theft Auto IV" sales will be above analysts' estimates, according to Reuters. The CEO is willing to talk to Electronic Arts (ERTS 51.81, +0.28) about EA's $2 billion takeover bid sometime after Grand Theft Auto's launch on Tuesday.DJ30 +24.51 NASDAQ +9.67 SP500 +3.81 NASDAQ Dec/Adv/Vol 1140/1684/1.29 bln NYSE Dec/Adv/Vol 1145/1948/814 mln
2:30 pm : The major indices are trading slightly below their best levels of the session. The Nasdaq is outperforming, despite a 0.4% drop in tech stocks.
The Nasdaq 100 (+0.8%) is getting a boost from Research In Motion (RIMM 123.07, +3.03) -- which is not included in the tech sector because it is a Canadian company. Meanwhile, biotech firm Gilead Sciences (GILD 52.69, +1.29) is also posting a solid gain.DJ30 +33.14 NASDAQ +11.14 SP500 +3.77 NASDAQ Dec/Adv/Vol 1182/1637/1.17 bln NYSE Dec/Adv/Vol 1147/1921/730 mln
2:00 pm : The major indices are trading at or near their recently reached session highs, but gains remain slight. Financials are playing the largest role in the recent uptick, as the sector is now up 0.5% after being down as much as 0.9%.
In commodity trading, gold ended the session $5.50 higher to $895.20 per ounce. Gold has fallen roughly 16% from its all-time nominal high of $1033.90 per ounce that was reached in March.DJ30 +39.08 NASDAQ +12.18 SP500 +3.72 NASDAQ Dec/Adv/Vol 1168/1639/1.06 bln NYSE Dec/Adv/Vol 1172/1881/663 mln
1:30 pm : Stocks took a step lower after testing earlier highs, but continue to trade modestly higher.
Telecom (+0.8%) is the session's best performing economic sector, gaining support from Verizon (VZ 38.00, +0.96). Earlier this morning Verizon reported sales and earnings per share results that matched analysts' expectations for the most recent quarter. Shares of VZ are trading near their best level of the session.
Energy (-0.3%) is now trading in negative ground after spending the majority of the session in positive territory. No clear impetus for the change is apparent. Oil continues to trade near $119 per barrel. DJ30 +27.03 NASDAQ +8.90 SP500 +2.16 NASDAQ Dec/Adv/Vol 1213/1567/974.18 mln NYSE Dec/Adv/Vol 1225/1825/607.38 mln
1:00 pm : The major indices have held mostly steady for the past half-hour. Within the S&P 500, 289 companies are posting a gain. Exxon-Mobil (XOM 92.97, +0.51) and Wrigley (WWY 76.94, +14.49) are the most influential leaders. Microsoft (MSFT 29.08, -0.75) and Monsanto (MON 121.92, -3.56) are the most influential laggards.DJ30 +16.69 NASDAQ +5.53 SP500 +2.21 NASDAQ Dec/Adv/Vol 1243/1519/876 mln NYSE Dec/Adv/Vol 1195/1826/543 mln
12:25 pm : The stock market is fluctuating near the 1400 level, but is once again unable to break through as it continues to see resistance.
Advancing issues hold a slight edge over declining issues, with the NYSE coming in at 3-to-2 and the Nasdaq at 6-to-5. Volume is on the light side, as traders await a number of trading catalysts later this week, including the advance first quarter GDP reading, FOMC policy announcement and jobs report.DJ30 +20.44 NASDAQ +4.66 SP500 +1.96 NASDAQ Dec/Adv/Vol 1241/1492/783 mln NYSE Dec/Adv/Vol 1190/1787/487 mln
11:55 am : Monday has been a lackluster session, as far as trading action goes. Market-moving news has been relatively light, and traders have been cautious to make any concerted moves ahead of this week's barrage of earnings and economic reports, as well as the FOMC policy announcement on Wednesday.
The S&P 500 has clutched the unchanged mark throughout the session, unable to make any real gains as it is running into resistance every time it reaches the 1400 level -- considered to be a key area of resistance by technical traders. Currently, the stock market is posting a slight gain.
There have been a few notable headlines. Privately held snack food company Mars Inc. is going to acquire Chicago-based William Wrigley Jr. (WWY 76.99, +14.54) for roughly $23 billion, or $80 per share in cash. The price represents a 28% premium over Friday's closing level. Warren Buffet said on CNBC that Berkshire Hathaway (BRK.A 128,300, +1,425) will provide $6.5 billion in financing.
Shares of Ford (F 8.26, +0.76) have gotten a lift on word activist investor Kirk Kerkorian's Tracinda Corp is increasing his 4.7% stake in Ford to 5.7%, according to the Wall Street Journal. He will be purchasing 20 million shares at a 13% premium.
In earnings news, Humana (HUM 45.32, +0.44) topped expectations by two cents and food distributor Sysco (SYY 30.45, +2.33) beat by one cent, while Verizon (VZ 37.68, +0.64) reported in-line earnings.
Six of the ten economic sectors are posting a gain. Energy (+0.6%) is a relative leader. Materials (-0.7%) and tech (-0.5%) are the main laggards.
Crude oil rallied to a fresh all-time high of $119.93 per barrel in overnight trade on reports of supply disruptions due to attacks in Nigeria and a refinery worker strike in the United Kingdom. Prices have since pared their gains, and are up 0.2% to $118.78 per barrel. DJ30 +6.27 NASDAQ +4.76 SP500 +1.12 NASDAQ Dec/Adv/Vol 1254/1449/684 mln NYSE Dec/Adv/Vol 1235/1724/431 mln
11:30 am : The stock market is now trading with a slight loss after running into resistance at the 1400 level. The materials sector (-1.1%) is showing the most weakness.
Commodities are up a modest 0.4% with oil gaining 0.3% and gold up 0.5%. In currency trading, the dollar is down 0.24% as the British pound gains 0.65% against the dollar.DJ30 -11.15 NASDAQ +0.70 SP500 -0.56 NASDAQ Dec/Adv/Vol 1290/1390/602 mln NYSE Dec/Adv/Vol 1277/1674/385 mln
10:55 am : The S&P 500 climbed to session highs, but ran into resistance near the 1400 level -- which is considered a key level of resistance by technical analysts. Currently, the S&P 500 is trading with a slight gain, slightly below 1400.
Shares of Ford (F 8.19, +0.69) are seeing a healthy 9% rise. The buying interest is being fueled on word activist investor Kirk Kerkorian's Tracinda Corp is increasing his 4.7% stake in Ford to 5.7%, according to the Wall Street Journal. He will be purchasing another 20 million shares at a 13% premium. Ford's stock has had a wild ride the last few sessions. Last Thursday, shares rose 12% on a better than expected earnings report, only to fall 11% the following day on several brokerage downgrades.DJ30 +4.81 NASDAQ +4.09 SP500 +1.64 NASDAQ Dec/Adv/Vol 1224/1392/460 mln NYSE Dec/Adv/Vol 1210/1690/306 mln
10:30 am : The stock market is posting a slight gain, but has yet to veer far from the unchanged mark. The action has been muted this session, with the S&P 500 up 0.2% at its peak, and down 0.3% at its trough.
Visa (V 76.48, +1.38) is showing some notable strength. The credit card transaction processor was initiated at several brokerages, including a Buy at UBS and a Overweight at JPMorgan. Visa has now soared 74% since its March 19 initial public offering. However, its stock does not have a direct impact on the S&P 500 -- because it is a new IPO, it is not yet included in the index. Visa reports earnings after the close today.DJ30 -1.38 NASDAQ +2.10 SP500 +1.25 NASDAQ Dec/Adv/Vol 1223/1324/339 mln NYSE Dec/Adv/Vol 1212/1657/238 mln
10:00 am : The stock market retreats a bit and then quickly rebounds back to the unchanged mark. The trading action is divided in the early going, with five of the ten economic sectors in positive territory. Energy (+0.4%) and healthcare (+0.6%) are the best-performing sectors in the early going.
The two most heavily weighted sectors -- financials (-0.7%) and tech (-0.5%) -- are acting as drags on the broader market. DJ30 +1.87 NASDAQ +1.05 SP500 +0.06 NASDAQ Dec/Adv/Vol 1209/1160/181 mln NYSE Dec/Adv/Vol 1310/1457/141 mln
09:40 am : The stock market opens on a muted note, as it clutches the unchanged mark. This session's market-moving events are relatively light compared to the rest the week, when we will see a barrage of earnings and economic reports.
There were a few merger & acquisition items of note. Privately held snack food company Mars Inc. is going to acquire Chicago-based William Wrigley Jr. (WWY) for roughly $23 billion, or $80 per share in cash. The price represents a 28% premium over Friday's closing level. Warren Buffet said on CNBC that Berkshire Hathaway (BRK.A) will provide $6.5 billion in financing.
In earnings news, Humana (HUM) and Sysco (SYY) topped expectations, while Verizon (VZ) reported in-line earnings.DJ30 +4.15 NASDAQ -2.12 SP500 -0.13 NASDAQ Dec/Adv/Vol 1098/1104/64 mln NYSE Dec/Adv/Vol 1163/1333/64 mln
09:16 am : S&P futures vs fair value: -0.4. Nasdaq futures vs fair value: +2.0.
09:00 am : S&P futures vs fair value: -0.3. Nasdaq futures vs fair value: +0.6. A flat open is expected. Mars Inc has confirmed it will acquire William Wrigley Jr (WWY) for roughly $23 billion, or $80 per share in cash. This marks a 28% premium over Wrigley's closing price on Friday. Warren Buffet said on CNBC Berkshire Hathaway (BRK.A) will provide $6.5 billion in financing. Wrigley also reported quarterly earnings of $0.61 per share, topping estimates by six cents.
08:30 am : S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +1.3. A slightly higher open is expected. Crude oil hit an all-time high of $119.93 per barrel in overnight trade after BP shut down a North Sea pipeline due to a worker's strike and an attack in Nigeria, according to reports. Crude has since eased a bit, and is currently up 0.5% to $119.07 per barrel.
07:55 am : S&P futures vs fair value: +2.2. Nasdaq futures vs fair value: +1.8. Futures point to a slightly higher open. Microsoft's (MSFT) offer to acquire Yahoo! (YHOO) expired over the weekend, so market participants are speculating what Microsoft's next move will be. Berkshire Hathaway (BRK.A) and Mars Inc. are close to teaming up to acquire William Wrigley Jr. (WWY) for more than $22 billion, according to the Wall Street Journal's sources. In earnings news, Humana (HUM) and Sysco (SYY) reported earnings that beat expectations. Verizon's(VZ) earnings were in-line with estimates.
06:26 am : S&P futures vs fair value: +4.2. Nasdaq futures vs fair value: +2.8.
06:25 am : FTSE...6129.10...+37.70...+0.6%. DAX...6948.06...+51.48...+0.8%.
06:25 am : Nikkei...13894.37...+30.90...+0.2%. Hang Seng...25666.29...+149.51...+0.6%.
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