Market Update 080618 http://biz.yahoo.com/mu/update.html 4:15 pm : The absence of major market-moving headlines left stocks to trade in choppy fashion Thursday. Still, the stock market was able to close higher, though shy of its session peak.
The financial sector encountered some marked selling pressure after financial behemoth Citigroup (C 20.17, -0.23) stated it will continue to have substantial marks on subprime exposure this quarter and will likely incur a monoline adjustment on par with that of last quarter.
On a relative note, U.S. Treasury Secretary Paulson made note in a speech that a revaluation of assets is challenging some institutions and capital raises are expected to continue and to broaden. He also stated certain capital markets remain under stress.
After being down more than 2.0%, financials closed 0.9% higher.
A regulatory filing indicated Kirk Kerkorian's Tracinda Corp. has increased its stake in Ford Motor Company (F 6.32, +0.10) to 6.5%. Meanwhile, fellow activist investor Carl Icahn lost a proxy fight against Biogen Idec (BIIB 59.17, +0.67) as shareholders elected the company’s nominees to its board of directors.
Thursday did offer its share of economic data. Initial jobless claims for the week ending June 14 were more than expected, totaling 381,000 and down 5,000 from the prior week. Notably, weekly claims have held steady and do not reflect levels typical of a recessionary environment.
The Philadelphia Fed Index, a regional assessment of manufacturing activity, posted a reading of -17.1 for June. Economists forecast a reading of -10.0.
Separately, a reading of leading economic indicators for May climbed 0.1%, matching the prior month's reading and exceeding the consensus forecast, which called for a flat reading.
Oil prices encountered additional pressure after China announced plans to raise gas and oil prices, which have largely been subsidized. Oil prices spent the session appreciably lower, down as much as 3.8% to trade near $131.50 per barrel.
The retreat in crude prices helped provide airlines and transportation companies a healthy lift. The Dow Jones Transportation Index closed 3.4% higher, while the Amex Airline Index finished the session more than 10% higher.
The Nasdaq finished 1.3% higher, well ahead of the other major indices. Large-cap tech stocks like Microsoft (MSFT 28.93, +0.47) and Intel (INTC 22.85, +0.57) helped lead the way.DJ30 +34.03 NASDAQ +32.36 NQ100 +1.6% R2K +1.0% SP400 +0.5% SP500 +5.02 NASDAQ Dec/Adv/Vol 1191/1653/2.26 bln NYSE Dec/Adv/Vol 1559/1557/1.29 bln
3:30 pm : After encountering resistence for much of the session, stocks are sporting decent gains. The tone has turned for the better as advancing stocks in the S&P 500 now outnumber decliners by roughly 3-to-1.
Only the energy sector (-1.6%) is trading with a loss. Energy's drop comes with a fall in oil prices. Oil prices are at nearly $132 per barrel in electronic trading, down almost 3.4%.DJ30 +57.56 NASDAQ +31.61 SP500 +6.34 NASDAQ Dec/Adv/Vol 1287/1547/1.94 bln NYSE Dec/Adv/Vol 1625/1478/1.00 bln
3:05 pm : The major indices climb to their best levels of the session. The Nasdaq Composite is up 1.5%, handily outperforming the S&P 500's gain of 0.6%.
Large-cap tech is leading the way, with strength in Apple (AAPL 182.10, +3.29), Qualcomm (QCOM 50.65, +1.55) and Microsoft (MSFT 29.14, +0.68).
The financial sector (+0.4%) is aiding in the climb higher, as it rebounds into positive territory after being down as much as 2.1%.
The managed health care group (-5.6%) continues to struggle after Coventry Health Care (CVH 31.70, -8.30) slashed its 2008 earnings guidance. The group is down 43% this year, getting clipped in March after WellPoint (WLP 49.55, -2.41) warned its earnings will fall short of expectations.DJ30 +72.48 NASDAQ +36.98 SP500 +8.68 NASDAQ Dec/Adv/Vol 1249/1563/1.76 bln NYSE Dec/Adv/Vol 1624/1480/899 mln
2:30 pm : The stock market made a spike higher to take out a fresh session high. The Nasdaq Composite is now up 1.0%. Small-cap stocks have made a move higher as well. The Russell 2000 is up 0.5%.
Financials (-0.7%) are also moving higher. Regional bank BB&T Corp. (BBT 24.51, +0.18) reaffirmed its first quarter dividend and stated that its capital levels remain strong, amid concern that regional banks will need to raise capital as losses continue to mount.DJ30 +21.25 NASDAQ +23.14 SP500 +2.45 NASDAQ Dec/Adv/Vol 1351/1434/1.57 bln NYSE Dec/Adv/Vol 1715/1368/808 mln
2:00 pm : The stock market is trading with a modest loss. Still, the majority of the major economic sectors are trading with gains. Only financials (-1.6%) and energy (-0.8%) are showing a decline.
Diversified financial services firms (-4.1%) and regional banks (-4.2%) are among the hardest hit in the financial sector. Financials have lost nearly 4.7% this week. The sector hit a 52-week low this session.DJ30 -10.34 NASDAQ +16.20 SP500 -1.02 NASDAQ Dec/Adv/Vol 1406/1372/1.45 bln NYSE Dec/Adv/Vol 1806/1249/741 mln
1:30 pm : The Nasdaq continues to outperform its counterparts, helped by large-cap tech names. Notably, the Nasdaq 100 is up 1.1%.
The drop in oil prices is providing fuel for the Dow Jones Transportation Average, which is up roughly 2.6%. The Amex Airline Index has also advanced; it is up 6.2%.
International stocks remain out of favor. The Dow Jones World Index, excluding the U.S., is down 1.0% currently.DJ30 +12.53 NASDAQ +19.81 SP500 +1.33 NASDAQ Dec/Adv/Vol 1358/1413/1.34 bln NYSE Dec/Adv/Vol 1716/1332/684 mln
1:00 pm : After climbing into positive ground, near earlier session highs, stocks have fallen back to the unchanged mark.
Treasury Secretary Paulson repeated in a speech that the economy is in a rough period and that certain capital markets are still under stress. Additionally, a revaluation of assets are challenging some institutions and capital raises are expected to continue and to broaden.
Reuters reported that the Swiss central bank released a blueprint for a stronger banking system and is demanding a bigger financial cushion, which would impact UBS (UBS 22.60, -1.49) and Credit Suisse (CS 46.41, -1.43). Shares of UBS were downgraded to Neutral from Outperform at Credit Suisse.DJ30 +1.14 NASDAQ +16.26 SP500 -0.21 NASDAQ Dec/Adv/Vol 1330/1419/1.24 bln NYSE Dec/Adv/Vol 1676/1353/635 mln
12:30 pm : The stock market has made its way back into positive ground. The Nasdaq is leading the Dow Jones Industrials Average and the S&P 500. Its advance has come from the likes of Microsoft (MSFT 28.92, +0.46) and Intel (INTC 22.85, +0.57).
Eight of the ten major economic sectors are trading with gains. Only financials (-1.1%) and energy (-1.6%) are showing losses.
Crude prices are now down more than 3% and trading at roughly $130.50 per barrel.DJ30 +16.12 NASDAQ +18.46 SP500 +0.26 NASDAQ Dec/Adv/Vol 1294/1407/1.13 bln NYSE Dec/Adv/Vol 1627/1384/582 mln
12:00 pm : Thursday’s trading has been rather choppy as disconcerting comments from the financial sector and mixed economic data have taken the focus away from lower oil prices.
Specifically, financial giant Citigoup (C 19.64, -0.76) stated it will continue to have substantial marks on subprime exposure this quarter and a monoline adjustment could be on par with that of last quarter. The words took the financial sector (-1.5%) to its session low. In a patch of strength, Dow component American International Group (AIG 32.39, +0.87) held up in the face of selling. The stock was upgraded to Buy from Hold by analysts at Citigroup.
In other corporate news, Kirk Kerkorian's Tracinda Corp disclosed in a regulatory filing it has increased its stake in Ford Motor Company (F 6.14, -0.08) to roughly 6.5%. Separately, fellow activist investor Carl Icahn lost a proxy fight against Biogen Idec (BIIB 58.62, +0.12) after shareholders elected the company’s board nominees. As of March 31, Icahn owned 3.4% of outstanding BIIB shares.
In terms of economic data, initial jobless claims for the week ending June 14 totaled 381,000, down 5,000 from the prior week, but above the 375,000 claims that were expected. The claims trend has held steady at levels that reflect a loosening job market, but not a recessionary climate. Notably, continuing claims through totaled 3.06 million, which is down from the previous tally of 3.14 million.
A regional assessment of manufacturing activity, the Philadelphia Fed Index for June came in at -17.1, which is worse than the reading of -10.0 that economists forecast.
A reading of leading economic indicators for May climbed 0.1%, matching the prior month's reading and exceeding the consensus prediction, which called for a flat reading.
Oil prices are down 2% and trading hands at less than $134 per barrel. Oil prices encountered pressure after China announced it plans to raise gas and oil prices, which have largely been subsidized.DJ30 -23.62 NASDAQ +3.95 SP500 -4.02 NASDAQ Dec/Adv/Vol 1452/1245/948 mln NYSE Dec/Adv/Vol 1759/1232/506 mln
11:30 am : Stocks have fallen to a new session low following a warning from Citigoup (C 19.64, -0.76). The financial outfit stated it could face another credit value adjustment similar to last quarter as a result of monoline exposure. The company said it will continue to have substantial marks on subprime exposure this quarter.
The materials sector (+0.6%) is currently leading the other major economic sectors. Sector component Monsanto (MON 140.87, -0.63) announced it will acquire a private Guatemalan company to further build its corn business.DJ30 -35.50 NASDAQ -5.52 SP500 -5.99 NASDAQ Dec/Adv/Vol 1533/1129/814 mln NYSE Dec/Adv/Vol 1806/1113/425 mln
11:00 am : The major indices have made their way into positive ground. Still, the stock market's gain is slight.
After trading higher shortly after the session's open, the energy sector (-0.4%) is trading at its session low. Major oil companies Exxon Mobil (XOM 86.89, -0.94) and ConocoPhillips (COP 94.56, -0.58) are the sector's primary laggards.
Conversely, the financial sector (-0.3%) is trending toward the unchanged mark. The primary leader in the financial sector is American International Group (AIG 32.39, +0.87), which was upgraded to Buy from Hold at Citigroup.DJ30 +17.18 NASDAQ +3.93 SP500 +0.63 NASDAQ Dec/Adv/Vol 1289/1315/633 mln NYSE Dec/Adv/Vol 1456/1412/322 mln
10:30 am : The major indices are moving toward the unchanged mark, off their morning lows. Still a negative sentiment persists as decliners in the S&P 500 outnumber advancers by roughly 2-to-1.
Oil prices continue to trade lower following comments that China plans to raise gas and oil prices. China has become a voracious consumer of the commodity, which has helped fuel its rapid growth.DJ30 -9.69 NASDAQ -8.93 SP500 -1.90 NASDAQ Dec/Adv/Vol 1453/1086/458 mln NYSE Dec/Adv/Vol 1505/1314/242 mln
10:00 am : Stocks continue to trade with losses early in Thursday's action. The stock market has fallen to a morning low after a couple of economic reports.
The June Philadelphia Fed Manufacturing Index came in at -17.1, which is worse than the reading of -10.0 that economists forecast.
Leading economic indicators for May registered a reading of 0.1%, matching the prior month's reading. The consensus predicted a flat reading.
Circuit City (CC 3.91, -0.14) reported a loss for its most recent quarter. On a per share basis, the loss was less severe than analysts feared. The electronics and entertainment retailer stated it expects another loss in the coming quarter and has also chosen to suspend its dividend.DJ30 -11.81 NASDAQ -2.22 SP500 -1.88 NASDAQ Dec/Adv/Vol 1285/1097/233 mln NYSE Dec/Adv/Vol 1512/1194/142 mln
09:45 am : Stocks have fallen into the red after trading slightly higher in early action. The drop is broadbased as several of the major economic sectors are moving lower. Energy (+1.0%), however, is moving sharply higher.
Energy's advance comes in the face of lower crude oil prices. Oil is currently trading down roughly 1.2% to approximately $135 per barrel.
Treasuries are trading out of favor. The 10-year Note is down 9 ticks.DJ30 -25.41 NASDAQ -5.34 SP500 -2.44 NASDAQ Dec/Adv/Vol 1211/1048/139 mln NYSE Dec/Adv/Vol 1445/1176/86 mln
09:16 am : S&P futures vs fair value: -1.5. Nasdaq futures vs fair value: -7.4. Stock futures continue to indicate a mixed start just ahead of Thursday's open. Several comments from brokerages are affecting shares of various companies in premarket activity.
09:00 am : S&P futures vs fair value: -0.2. Nasdaq futures vs fair value: -3.8. The stock market remains on track to open the session in mixed fashion. Kirk Kerkorian's Tracinda has increased its stake in Ford Motor Company (F) to just under 6.5%, according to a regulatory filing.
08:30 am : S&P futures vs fair value: +2.4. Nasdaq futures vs fair value: -5.8. Stock futures continue to indicate a mixed start to Thursday's trading. Initial jobless claims for the week ending June 14 totaled 381,000, down 5,000 from the prior week, but above the 375,000 claims that were expected. Continuing claims through June 7 totaled 3.06 million, which is down from the previous tally of 3.14 million. Continuing claims were less than expected.
08:00 am : S&P futures vs fair value: +2.6. Nasdaq futures vs fair value: -0.0. Stock futures indicate a relatively flat start ahead of Thursday's open. Participants are awaiting the latest weekly jobless claims report, which is due at the bottom of the hour.
06:23 am : FTSE...5770.20...+13.30...+0.2%. DAX...6718.13...-10.75...-0.2%.
06:23 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -2.3.
06:23 am : Nikkei...14130.17...-322.65...-2.2%. Hang Seng...22797.61...-528.19...-2.3%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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