Market Update 080612 http://biz.yahoo.com/mu/update.html 4:25 pm : It appeared the stock market would reclaim a substantial portion of its recent losses Thursday, but the session’s optimism faded during afternoon trading as buyers moved to the exits. Still, after dipping into negative ground the stock market was able to close 0.3% higher.
Helping to fuel morning buying interest was a slip in oil prices and renewed interest in financial stocks, along with some positive economic data. Financials gained as investors sought opportunities after the sector was clipped in the previous session. Primary leaders included marquee names from the banking industry, such as Bank of America (BAC 29.44, +0.59), Citigroup (C 19.89, +0.68), and JPMorgan Chase (JPM 38.01, +0.88).
However, investment services firm Lehman Brothers (LEH 22.70, -1.05) failed to attract positive attention. The firm announced today it is ousting its CFO and COO. The news sent its shares sharply lower as investors began to fear Lehman’s problems may be worse than presumed.
Notably, the financial sector was upgraded at Morgan Stanley. The sector closed more than 2.0% higher.
Oil prices were down 3.0% at one point, but staged a comeback to close on the Nymex $0.59 higher at $136.97 per barrel. Oil’s resurgence undercut much of the session’s optimism. Though oil made its way back into positive ground, the energy sector still closed 1.8% lower on Thursday.
In merger and acquisition news, Belgian brewer InBev made an unsolicited $46 billion offer for Anheuser-Busch (BUD 61.40, +3.05). The offer to BUD shareholders is worth $65 per share, or an 11% premium to yesterday’s closing price, but will likely be met with considerable resistance by politicians and brand faithful.
As for Yahoo! (YHOO 23.52, -2.63) and Microsoft (MSFT 28.24, +1.12), the two tech heavyweights failed to reach an agreement related to possible business combinations. Shares of YHOO fell precipitously on the news. Microsoft’s stock closed near its session high as investors believe it will put its dealings with Yahoo! in its past.
From the economic corner, May retail sales increased by 1.2%, excluding autos. The results bested the 0.7% increase that economists expected. April sales, less autos, were revised upward to an increase of 1.0%. The better-than-expected results also encouraged early morning sentiment as the data, paired with last week’s same-store sales data for May, will likely result in upward revisions to second quarter GDP forecasts.
In other economic news, initial jobless claims for the week ending June 7 totaled 384,000, which is more than the 370,000 claims that were expected. In turn, the four week moving average advanced to 371,500 from 369,000. Continuing claims rose to 3.139 million from 3.081 million.
Separately, the 10-year Treasury note fell considerably on Thursday, lifting its yield to 4.22%, which is the note's highest yield this year.DJ30 +57.81 NASDAQ +10.34 NQ100 0.0% R2K +0.3% SP400 +0.1% SP500 +4.38 NASDAQ Dec/Adv/Vol 1309/1541/2.26 bln NYSE Dec/Adv/Vol 1496/1628/1.33 bln
3:30 pm : After trending downward, stocks have spiked sharply into negative territory. The decline is broad-based as only five of the major economic sectors have held on to a gain. Not one is sporting an advance greater than 1.0%.
Crude closed its session on the New York Mercantile Exchange at $136.97 per barrel, or $0.59 higher.DJ30 +4.80 NASDAQ -0.25 SP500 -2.28 NASDAQ Dec/Adv/Vol 1365/1463/1.80 bln NYSE Dec/Adv/Vol 1626/1460/1.01 bln
3:00 pm : Buyers continue to lose interest in the stock market as news has surfaced that a deal between two of tech's heavyweights has fallen through the gaps and oil futures move into positive ground.
According to The Wall Street Journal, Microsoft (MSFT 27.45, +0.33) is no longer willing to pay $33 per share for Yahoo! (YHOO 23.71, -2.44). Meanwhile, Dow Jones is reporting the two companies have concluded their talks without a deal. Shares of YHOO are dropping precipitously as word circulates.
Oil futures were trading sharply lower Thursday, but have since regained buying interest. Crude futures for July delivery are trading up 0.4% at almost $137 per barrel.
The stock market is up just 0.4% this session.DJ30 +60.66 NASDAQ +8.39 SP500 +4.03 NASDAQ Dec/Adv/Vol 1103/1685/1.54 bln NYSE Dec/Adv/Vol 1345/1732/886 mln
2:35 pm : Stocks are trending back to their afternoon low after momentarily reclaiming a portion of earlier gains. Still, advancing issues in the S&P 500 outnumber decliners by 3-to-1.
The S&P 500 Retail Index continues to sport a strong gain on the session, currently up 1.7%. Sector members Target (TGT 52.06, +0.45), Best Buy (BBY 44.23, +0.77), and Macy's (M 21.31, +0.45) are receiving positive attention after retail purchases in May climbed more than expected, suggesting consumers are not yet sunk by higher fuel and food costs.DJ30 +63.91 NASDAQ +14.05 SP500 +5.86 NASDAQ Dec/Adv/Vol 963/1797/1.35 bln NYSE Dec/Adv/Vol 1222/1866/808 mln
2:05 pm : As oil makes its way toward the unchanged mark, currently down just 0.5%, stocks have surrendered some of the session's gains. The S&P 500 is now up just 0.5% in today's trading. Earlier, the index was up nearly 1.3%.
The telecom (-0.1%) and utilities (-0.1%) sectors have joined energy (-1.3%) as session laggards. Each of the other sectors are holding on to gains.
Gold closed the session $10.50 lower, finishing at $869.20 per ounce.
1:30 pm : The stock market dips to its lowest level since shortly after the opening bell, although the major indices are still sporting solid gains. The ten economic sectors pull back following an increase in broad-based selling interest.
Although well off its high, financials (+2.6%) is the best performing sector this session, with 86 of its 91 components posting a gain. KeyCorp (KEY 12.75, -2.97) is the main laggard after announcing it is raising $1.5 billion in new capital and cutting its dividend by 50% in order to offset up to $1.2 billion in after-tax accounting charges due to an unfavorable court ruling regarding its leveraged lease transactions.DJ30 +110.14 NASDAQ +21.09 SP500 +9.76 NASDAQ Dec/Adv/Vol 822/1920/1.10 bln NYSE Dec/Adv/Vol 1091/1963/667 mln
1:00 pm : The stock market has taken a step lower, now trading with a gain of 0.9%. Financials (+2.9%) continue to provide support, but the sector is off its best level of the session. Financials were up more than 3.5% in earlier trading.
Oil has also made a bit of a comeback. Crude prices are now down roughly 1.1%, a bit below $135 per barrel.
The S&P 500 Agricultural Products index is currently down 7.0% this session as its sole component, Archer Daniels Midland (ADM 34.62, -2.66), incurs heavy losses. Weighing on the stock are a couple of downgrades from Wall Street.DJ30 +128.15 NASDAQ +25.24 SP500 +12.10 NASDAQ Dec/Adv/Vol 788/1943/983 mln NYSE Dec/Adv/Vol 1069/1980/598 mln
12:30 pm : The stock market is holding on to solid gains. Five of the major economic sectors are trading with gains above 1.0%. Financials remain the session leader, up 3.0%.
Advancers outnumber declining stocks on the New York Stock Exchange by 2-to-1.
The interest in equities has pushed Treasuries lower. The 10-year note is down 30 ticks, lifting its yield to 4.19%, which is the highest yield the benchmark note has seen this year.DJ30 +155.84 NASDAQ +32.10 SP500 +13.97 NASDAQ Dec/Adv/Vol 749/1971/881 mln NYSE Dec/Adv/Vol 1034/1995/540 mln
12:10 pm : The Dow Jones Industrials Average is up nearly 160 points midway through Thursday’s session. The advance is impressive, but still short of reversing yesterday’s 200-point drop.
Financial stocks (+3.0%) are providing the most support this session, led by Bank of America (BAC 29.77, +0.92), JPMorgan Chase (JPM 38.33, +1.20), and Citigroup (C 19.98, +0.77). Fellow financial player Lehman Brothers (LEH 23.48, -0.27) is axing both its Chief Financial Officer and its Chief Operating Officer, which caused a stir that Lehman's problems run deeper than presumed.
On the other end of the spectrum, energy (-1.7%) has been a laggard. The sector is trading lower as oil prices have fallen 2.9% this session, currently trading hands below $132.50 per barrel. Oil has taken a dip due, in part, to renewed strength in the greenback. The dollar index is up 0.9% this session.
Providing support to the session’s upbeat tone, better-than-expected retail sales increased May by 1.2%, excluding autos. The results bested the 0.7% increase that economists expected. April sales, less autos, were revised upward to an increase of 1.0%.
Paired with the May same-store sales seen last week, the retail sales report for May, and the upward revision to April, will bode well for upward revisions to second quarter real GDP forecasts.
In other economic news, initial jobless claims for the week ending June 7 totaled 384,000, which is more than the 370,000 claims that were expected. In turn, the four week moving average advanced to 371,500 from 369,000. Continuing claims rose to 3.139 million from 3.081 million. DJ30 +152.74 NASDAQ +31.09 SP500 +13.51 NASDAQ Dec/Adv/Vol 725/1971/815 mln NYSE Dec/Adv/Vol 1005/1999/500 mln
11:30 am : The financial sector (+3.3%) continues to lead the stock market. Bank of America (BAC 29.98, 1.13) is providing the most leadership to both financials and the broader market.
Of the Dow Jones Industrials components, only four are trading with a loss. Materials company Alcoa (AA 39.27, -0.05) and energy companies Chevron (CVX 98.23, -1.19) and Exxon Mobil (XOM 87.85, -0.76) are all posting a decline. General Motors (GM 15.94, -0.18) is also trading in the red.
Oil is now down 3.0% this session. The commodity is currently trading hands at $132.25 per barrel.DJ30 +176.11 NASDAQ +35.30 SP500 +16.07 NASDAQ Dec/Adv/Vol 657/1982/688 mln NYSE Dec/Adv/Vol 933/2037/425 mln
11:05 am : The stock market continues to trade roughly 1.0% higher. This session's primary leaders include financial players Bank of America (BAC 29.81, +0.96), JPMorgan Chase (JPM 38.20, +1.07), and Citigroup (C 19.98, +0.77).
Citigroup announced it is closing the hedge fund Old Lane Partners, which it acquired less than one year ago, according to The Wall Street Journal. The hedge fund was co-founded by current CEO Vikram Pandit.
Tech (+1.6%) has regained its strength and the Nasdaq is back near its previous morning highs.
The dollar is showing some renewed strength, as indicated by the dollar index. The dollar index is up 0.8% this session.DJ30 +156.08 NASDAQ +31.04 SP500 +13.53 NASDAQ Dec/Adv/Vol 663/1900/547 mln NYSE Dec/Adv/Vol 968/1955/342 mln
10:30 am : The major indices have come off their morning highs. The Nasdaq's decline has been the most noticeable, though it continues to trade well into positive ground.
The tech sector is trading nearly 1.1% higher, led by Intel (INTC 22.33, +0.52), Microsoft (MSFT 27.35, +0.23), and Qualcomm (QCOM 48.18, +1.87). Qualcomm increased its outlook for the third quarter and its full fiscal year. However, shares of Apple (AAPL 176.57, -4.24) are trading lower and creating a drag on the overall sector.DJ30 +141.59 NASDAQ +24.82 SP500 +12.35 NASDAQ Dec/Adv/Vol 646/1857/420 mln NYSE Dec/Adv/Vol 911/1942/261 mln
10:00 am : All three of the major indices are sporting solid gains in Thursday's early trade. Each is up in excess of 1.0%.
Only the energy sector (-1.1%) is trading with a loss. Each of the other major economic sectors is posting a gain. The energy sector's weakness is most noticeable in the oil and gas services industries.
Business inventories for April increased 0.5%. Economists were expecting an increase of 0.3%.DJ30 +143.14 NASDAQ +35.97 SP500 +14.67 NASDAQ Dec/Adv/Vol 510/1882/242 mln NYSE Dec/Adv/Vol 745/2023/158 mln
09:50 am : Stocks are off to a positive start Thursday. The Dow Jones Industrials Average is up 1.1% in the early going, working to reclaim part of yesterday's decline.
Helping induce buying, oil is down 2.7% and trading hands at $132.70 per barrel. Also providing support to the morning's upbeat sentiment is a better-than-expected May retail sales report. Excluding autos, sales climbed 1.2%, which is better than the 0.7% increase that economists came to expect.DJ30 +138.58 NASDAQ +33.15 SP500 +12.00 NASDAQ Dec/Adv/Vol 489/1792/133 mln NYSE Dec/Adv/Vol 779/1901/95 mln
09:15 am : S&P futures vs fair value: +8.8. Nasdaq futures vs fair value: +17.0. Stock futures continue to indicate a strong start to Thursday's session. Qualcomm (QCOM) is trading higher in the early going after the company raised its guidance for the third quarter and fiscal year.
09:00 am : S&P futures vs fair value: +9.3. Nasdaq futures vs fair value: +13.0. Stock futures continue to indicate a positive start to Thursday's session, though to a lesser extent than earlier. According to CNBC, Lehman Brothers (LEH) is axing its Chief Financial Officer, Erin Callan, and its Chief Operating Officer, Joseph Gregory.
08:30 am : S&P futures vs fair value: +10.0. Nasdaq futures vs fair value: +13.2. Stock futures are pointing to a markedly positive start to Thursday's action. Premarket optimism has resulted from a dip in oil prices. Notably, Philadelphia Fed President Plosser stated in an interview on CNBC that the Fed has to be careful its accomodative policy does not create inflation pressures. Excluding autos, revised retail sales in May increased 1.0%, which is better than the 0.7% increase that was expected. Initial jobless claims for the week ending June 7 totaled 384,000, which is more than the 370,000 claims that were expected.
06:20 am : S&P futures vs fair value: +4.8. Nasdaq futures vs fair value: +8.3.
06:20 am : FTSE...5768.70...+45.40...+0.8%. DAX...6668.60...+18.34...+0.3%.
06:20 am : Nikkei...13888.60...-294.88...-2.1%. Hang Seng...23023.86...-303.74...-1.3%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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