Market Update 080613 http://biz.yahoo.com/mu/update.html 4:10 pm : Stocks spiked in the final minutes of Friday’s session, ending the session with a 1.5% gain. The day’s optimistic tone was established early on as oil prices stepped lower and core economic data met economists’ expectations. The session’s advance helped position stocks to finish the week just below the unchanged mark.
Crude prices closed down $1.90 on the New York Mercantile Exchange, settling at $134.84 per barrel and finishing the week roughly 2.7% lower. The sustained drop in oil prices helped provide airline and transportation stocks a healthy lift. The Amex Airline Index climbed 4.3% and the Dow Jones Transportation Average advanced 1.4%.
Consumer prices increased 0.6% month-over-month and 4.2% year-over-year, according to the May CPI data. Economists were forecasting a monthly increase of 0.5% and an annualized increase of 3.9%. Core CPI data, which excludes food and energy, indicated prices increased 0.2% month-over-month and 2.3% year-over-year, which is in-line with the consensus.
Notably, the figures are unlikely to alter inflationary expectations. Still, a key issue going forward remains the broader implications of commodity price pressures, especially as they relate to energy.
Meanwhile, the University of Michigan preliminary consumer sentiment survey for June rang in at 56.7, falling below economists’ expectations. The June reading is down from 59.8 in May and marks the fifth straight month-over-month decline.
The abundance of Friday’s major corporate headlines were dedicated to deal making. Multiple sources reported that Anheuser-Busch (BUD 61.24, -0.16) approached Mexico’s Grupo Modelo seeking an arrangement that would block an unsolicited bid from Belgian brewer InBev.
On Thursday, Yahoo! (YHOO 23.47, -0.05) announced it failed to reach an agreement with Microsoft (MSFT 29.07, +0.83), but it has, instead, decided to team up with Google (GOOG 571.51, +21.02) to increase its competitiveness in Internet search and display markets. Shares of YHOO spent nearly the entire session trading lower, but MSFT and GOOG made solid gains.
Oil giant Exxon Mobil (XOM 88.36, +1.30) is planning to divest its domestic retail gasoline business over the next few years, according to The Wall Street Journal. The company plans to sell most of the stations to distributors that already own and operate many of the stations.
According to Reuters' sources, Time Warner (TWX 15.43, +0.52) is pulling its bid for Weather Channel. Time Warner reportedly backed out of the offer after reconsidering the price of the deal.
The 10-year Treasury Note fell further out of favor in afternoon trading, pushing its yield to its highest level this year. The Note fell 11 ticks. Its yield climbed to 4.26%.DJ30 +165.77 NASDAQ +50.15 SP500 +20.16 NASDAQ Dec/Adv/Vol 808/2065/2.1 bln NYSE Dec/Adv/Vol 845/2271/1.22 bln
3:30 pm : After last week's disappointing finish, investors are looking to conclude this week on a positive note. The S&P 500 is currently trading 1.0% higher, though it remains down roughly 0.6% this week.
The session's strongest performer remains the materials sector (+2.1%), though it is off its session high. At its best level of the session the sector was up 2.9%. The week's strongest performer is the defensive-oriented utilities sector; it is up 0.9% this session and up 1.7% week-to-date.DJ30 +86.95 NASDAQ +31.66 SP500 +11.09 NASDAQ Dec/Adv/Vol 1016/1830/1.73 bln NYSE Dec/Adv/Vol 1067/2028/937 mln
3:00 pm : Stocks have pulled out of their afternoon lull. Each of the major indices are trending upward as market participants enter the week's final hour of trading. The day's upbeat tone has been helped by a pullback in crude oil prices.
For-profit education provider Apollo Group (APOL 52.10, +3.59) is trading markedly higher, helping lift the education services industry (+7.5%). Apollo has announced plans to increase tuition prices for its University of Phoenix students.
Crude closed $1.90 lower on the New York Mercantile Exchange, settling at $134.84. Oil prices finished the week roughly 2.7% lower.DJ30 +98.35 NASDAQ +35.25 SP500 +12.02 NASDAQ Dec/Adv/Vol 1001/1820/1.60 bln NYSE Dec/Adv/Vol 1050/2033/859 mln
2:30 pm : The S&P 500 climbs off its session lows, but the recovery effort stalls after running into some resistance at the 1350 level.
Financials (+0.2%) are struggling to advance, but Lehman Brothers (LEH 25.36, +2.66) -- which has been at the center of the market's recent downturn -- is up 10%. The buying interest is fueled by a Bloomberg.com report that BlackRock (BLK 208.00, +5.05) bought shares of Lehman and has confidence in the firm, including the company's leadership. BlackRock said speculation that it is going to acquire Lehman is "completely unfounded," according to the article.
On the other end of the spectrum, Fifth Third Bank (FITB 12.76, -1.93) tumbled 13% after the regional bank was downgraded at BMO Capital.DJ30 +70.67 NASDAQ +28.74 SP500 +8.53 NASDAQ Dec/Adv/Vol 1070/1738/1.46 bln NYSE Dec/Adv/Vol 1171/1879/783 mln
2:00 pm : Stocks have trended lower in early afternoon action, but have recently made a slight upturn. The Nasdaq is the only major index to hold on to its 1.0% gain.
According to Reuters' sources, Time Warner (TWX 15.18, +0.27) is pulling its bid for Weather Channel due to price. Reuters also noted that Time Warner's CFO told investors last week the company would be extremely price disciplined and sensitive in pursuing the deal; the deadline for a new bid passed at noon today.DJ30 +55.28 NASDAQ +25.27 SP500 +6.55 NASDAQ Dec/Adv/Vol 1055/1751/1.34 bln NYSE Dec/Adv/Vol 1192/1853/724 mln
1:30 pm : The stock market is currently up 0.7% this session, but down 0.8% week-to-date. For the year, the stock market has declined roughly 8.1%.
Microsoft (MSFT 28.96, +0.72) remains the session's most influential leader, though it is trading off its session high. Fellow tech heavyweight Google (GOOG 571.88, +18.93) is also providing considerable support.DJ30 +78.08 NASDAQ +32.33 SP500 +9.29 NASDAQ Dec/Adv/Vol 976/1815/1.24 bln NYSE Dec/Adv/Vol 1039/2012/664 mln
1:00 pm : The stock market has taken a step lower, though there is no clear, discernible impetus driving the downturn. Nonetheless, stocks continue to sport attractive gains.
The session's buying interest remains strong as advancing issues outnumber decliners by 2-to-1 on the New York Stock Exchange.
After seeing its yield climb to a year-to-date high yesterday, the 10-year Treasury Note is attracting some modest buying interest. The Note is currently up just 3 ticks, slightly trimming its yield to 4.20%DJ30 +79.71 NASDAQ +34.50 SP500 +9.89 NASDAQ Dec/Adv/Vol 955/1805/1.13 bln NYSE Dec/Adv/Vol 1031/1990/607 mln
12:40 pm : Stocks are largely unchanged from earlier levels. Only the consumer staples sector (-0.1%) is trading with a loss. Materials (+2.5%) are currently leading the other economic sectors.
Leading movers in the materials sector include Freeport McMoRan (FCX 122.61, +5.14), Monsanto (MON 137.82, +2.89), and Dow component Alcoa (AA 39.28, +1.54).
The CRB Commodity Index is trading at 445.3, unchanged for the session.DJ30 +116.84 NASDAQ +40.29 SP500 +14.39 NASDAQ Dec/Adv/Vol 906/1844/1.04 bln NYSE Dec/Adv/Vol 925/2108/559 mln
12:05 pm : The major indices are sporting solid gains midway through Friday’s session. However, at its current level the stock market is in position to finish the week with a slight loss, given the lapses of recent sessions.
The upbeat tone to Friday’s trading has been helped by a decline in oil prices. Crude is currently down just under 1.0% and trading hands near $135.50 per barrel. Pressuring oil is a stronger greenback. This session, the dollar index is up 0.2% to 74.0. This week, it has gained more than 2.0%.
Oil's decline is helping lift the Amex Airline Index, which is currently up 4.0%. On a related note, US Airways (LCC 3.08, +0.39) announced it plans to reduce carrier capacity and employee headcount in an effort to return to profitability.
In other corporate news, business deals are dominating the headlines. Various sources are reporting that Anheuser-Busch (BUD 61.48, +0.08) is in talks with Grupo Modelo to strike a deal as part of an effort to block InBev's unsolicited takeover bid. Anheuser already owns a 50% noncontrolling stake in Grupo Modelo.
Elsewhere, Yahoo! (YHOO 22.41, -1.11) announced it has reached a business agreement with Google (GOOG 573.70, +21.75), which Yahoo! believes will enhance its ability to compete in Internet search and display markets. The agreement comes with a $250 million termination fee. Just yesterday Yahoo! announced it failed to reach an agreement with Microsoft (MSFT 29.29, +1.05).
While Yahoo is trading lower, Microsoft and Google are helping to provide the Nasdaq with support. The Nasdaq has spent much of the session outpacing the other major indices.
May consumer prices increased 0.6% month-over-month and 4.2% year-over-year, according to the latest CPI data. Economists, on average, were forecasting a monthly increase of 0.5% and an annualized increase of 3.9%. Excluding food and energy, the May CPI increased 0.2% month-over-month and 2.3% year-over-year, matching estimates.
The figures are unlikely to alter inflationary expectations. The key issue going forward remains the impact of commodity price pressures, especially for energy.
Meanwhile, the University of Michigan preliminary consumer sentiment survey for June rang in at 56.7, falling below economists’ expectations. The June reading is down from 59.8 in May and marks the fifth straight month-over-month decline.DJ30 +114.07 NASDAQ +41.00 SP500 +14.00 NASDAQ Dec/Adv/Vol 919/1813/934 mln NYSE Dec/Adv/Vol 924/2085/506 mln
11:30 am : After slipping into a lull, the stock market is trending higher once again. As before, each of the major indices are up more than 1.0%.
Oil's decline is helping lift the Amex Airline Index, which is currently up 4.0%. On a related note, US Airways (LCC 3.16, +0.47) announced after yesterday's close that it plans to reduce carrier capacity and employee headcount in an effort to return to profitability.DJ30 +142.24 NASDAQ +44.05 SP500 +16.46 NASDAQ Dec/Adv/Vol 853/1841/824 mln NYSE Dec/Adv/Vol 838/2140/447 mln
11:00 am : Stocks have taken a step back from earlier levels, but continue to hold on to strong gains. The broad-based S&P 500 remains up 0.9%.
After failing to reach a deal with Microsoft (MSFT 29.17, +0.93) yesterday, Yahoo! (YHOO 22.35, -1.17) announced it has reached a business agreement with Google (GOOG 573.97, +21.02), which Yahoo! believes will enhance its ability to compete in Internet search and display markets. The agreement comes with a $250 million termination fee.
Oil continues to trade lower, currently trading hands around $134.25 per barrel, down 1.8%.DJ30 +108.37 NASDAQ +38.78 SP500 +13.09 NASDAQ Dec/Adv/Vol 836/1798/697 mln NYSE Dec/Adv/Vol 861/2052/373 mln
10:30 am : Stocks have extended their advance as all three of the major indices are now sporting gains in excess of 1.0%. The Nasdaq continues to boast the largest percentage gain, up 2.0%, helped by the likes of Microsoft (MSFT 29.36, +1.12) and Intel (INTC 22.69, +0.64).
All ten of the major economic sectors are trading in the green, seven of which are up at least 1.0%.
Treasuries have regained some buying interest. The 10-year note is up 7 ticks and is now yielding 3.18%.DJ30 +151.76 NASDAQ +50.04 SP500 +17.70 NASDAQ Dec/Adv/Vol 682/1856/516 mln NYSE Dec/Adv/Vol 681/2159/275 mln
10:05 am : After moving downward, stocks have climbed back to reach new highs. Only the consumer staples sector (-0.1%) is trading with a loss.
The dollar is continuing its climb, according to the dollar index, which is up 0.5%.
The preliminary consumer confidence survey for June from the University of Michigan totaled 56.7, which is below the 59.0 economists were expecting. The June reading is down from 59.8 in May. What is more, the reading has not ticked up since January.DJ30 +78.81 NASDAQ +23.64 SP500 +6.66 NASDAQ Dec/Adv/Vol 674/1706/270 mln NYSE Dec/Adv/Vol 786/1915/162 mln
09:45 am : Stocks have started the session well on a positive note. The tech-heavy Nasdaq is leading its counterparts, sporting the largest gain thus far.
Seven of the ten major economic sectors are trading in the green. Telecom (-0.4%), financials (-0.1%), and consumer staples (-0.4%) are the sectors sporting losses.DJ30 +43.48 NASDAQ +13.42 SP500 +4.02 NASDAQ Dec/Adv/Vol 603/1633/129 mln NYSE Dec/Adv/Vol 853/1771/85 mln
09:15 am : S&P futures vs fair value: +8.5. Nasdaq futures vs fair value: +15.2. Just ahead of opening bell stock futures continue to indicate that Friday's trading will open in positive ground as investors look to conclude the week with a gain.
09:00 am : S&P futures vs fair value: +8.0. Nasdaq futures vs fair value: +14.5. Stock futures are now indicating a decidedly upward open to Friday's trading. Yahoo! announced it reached a business agreement with Google that will enhance its competitiveness in Internet search and display markets.
08:30 am : S&P futures vs fair value: -0.2. Nasdaq futures vs fair value: +1.8. S&P futures have taken a dip shortly after the release of the latest batch of consumer inflationary data. The Consumer Price Index (CPI) for May increased 0.6% month-over-month and 4.2% year-over-year. Economists, on average, were forecasting a monthly increase of 0.5% and an annualized increase of 3.9%. Excluding food and energy, the May CPI increased 0.2% month-over-month and 2.3% year-over-year, matching estimates.
08:00 am : S&P futures vs fair value: +1.5. Nasdaq futures vs fair value: -4.2. Stock futures are indicating a mixed start to Friday's action. The Wall Street Journal is reporting that Anheuser-Busch is in talks with Grupo Modelo as part of an effort to thwart InBev's unsolicited takeover bid. Separately, a CNBC reporter stated Exxon Mobil is intending to sell its retail gasoline business locations.
06:17 am : S&P futures vs fair value: +1.7. Nasdaq futures vs fair value: -2.8.
06:17 am : FTSE...5739.40...-51.10...-0.9%. DAX...6672.22...-42.30...-0.6%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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