Market Update 080718 http://biz.yahoo.com/mu/update.html 4:30 pm : Financial stocks led a late-session push to help the stock market finish the session just above the unchanged mark after spending virtually the entire session in the red. Though crude prices closed lower for the fourth straight session, weakness in the tech sector, the largest in the S&P 500, limited gains. Despite the lower finish, stocks still finished the week 1.7% higher.
The financial sector finished 1.1% higher, bringing its week-to-date advance to 11.4%. Citigroup (C 19.35, +1.38) provided leadership after reporting a smaller-than-expected loss for its second quarter. Citi also announced write-downs of more than $7 billion in its securities and banking unit, though the adjustments were 40% less than the first quarter.
Fannie Mae (FNM 13.40, +2.47) and Freddie Mac (FRE 9.18, +0.85) also helped sentiment in the financial sector. Freddie reiterated it has committed to its regulator, the Office of Federal Housing Enterprise Oversight (OFHEO), to raise $5.5 billion of new capital, but stated today it does not have any immediate plans under current market conditions. Freddie reiterated it exceeded its regulatory capital requirements, in addition to the 20% mandatory target capital surplus, at March 31.
Despite finishing slightly higher, Merrill Lynch (MER 30.91, +0.18) played a less supportive role throughout the session after announcing second quarter losses that were actually larger than expected.
Large-cap tech names countered the financial sector’s advance as heavyweights Microsoft (MSFT 25.86, -1.66) and Google (GOOG 481.32, -52.12) both reported disappointing earnings results. Their combined influence in the sector proved too much for IBM (IBM 129.89, +3.37). Big Blue reported solid results for the quarter, earning $1.98 per share. Analysts were expecting just $1.82 per share, on average. In turn, the Nasdaq 100 declined 1.6%.
Before finishing 0.5% lower at $128.70 per barrel, crude prices traded back and forth between gains and losses during the session. Crude's lower finish brought its downturn to nearly 11.4% for the week. Oil’s decline can be taken as generally positive for stock investors as it reduces inflationary pressures associated with fuel prices.
Treasuries saw their share of selling pressure during the session. The 10-year Note finished 26 ticks lower, lifting its yield to 4.09%. The yield on the 10-year Note increased roughly 28 basis points, a significant gain for Treasuries, from the week’s low. That low coincided with a disappointingly high CPI report earlier in the week.DJ30 +49.91 NASDAQ -29.52 NQ100 -1.6% R2K -0.5% SP400 -0.2% SP500 +0.36 NASDAQ Adv/Vol/Dec 1263/2.28 bln/1567 NYSE Adv/Vol/Dec 1686/1.71 bln/1459
3:35 pm : The major indices are making a bit of a move higher as the week's final trading session is quickly coming to a close. Week-to-date, the stock market is eyeing a 1.3% gain, despite today's downturn.
Given the general sense of pessimism pervading much of the action in recent weeks, the session's downturn should not be viewed as too disappointing. Profit-taking efforts are unsurprising.DJ30 +27.93 NASDAQ -29.76 SP500 -1.99 NASDAQ Adv/Vol/Dec 1283/1.93 bln/1535 NYSE Adv/Vol/Dec 1629/1.40 bln/1507
3:00 pm : Stocks are trading without a clear leader. The S&P 500 and the Nasdaq continue to sport losses, while the Dow Jones dances along the unchanged mark.
Crude closed its session $0.59 lower to finish at $128.70 per barrel, marking the fourth straight session the commodity closed downward.
Despite the retreat in crude prices, buyers remain on the sidelines. Notably, financials (-0.1%) are having a lackluster performance after being up as much as 2.1% earlier in the session. DJ30 -4.64 NASDAQ -36.32 SP500 -5.91 NASDAQ Adv/Vol/Dec 1193/1.76 bln/1616 NYSE Adv/Vol/Dec 1483/1.30 bln/1647
2:30 pm : The stock market has worked its way higher, but remains a bit below the unchanged mark. Helping stocks pare gains has been another retreat in oil prices. Financial stocks (+0.4%) have also come off their afternoon low.
Crude prices have been trading gains and losses for nearly the entire session. Oil was up 2.1% at its high and down 0.8% at its low. Week-to-date, oil prices have lost 11.3%.DJ30 +26.46 NASDAQ -31.63 SP500 -1.45 NASDAQ Adv/Vol/Dec 1232/1.63 bln/1579 NYSE Adv/Vol/Dec 1619/1.23 bln/1510
2:00 pm : Stocks have come up from their session low, but continue to trade with a gain. Losses in the tech-heavy Nasdaq remain the most significant.
The Office of Federal Housing Enterprise Oversight, otherwise OFHEO, said it is please with Freddie Mac's (FRE 9.27, +0.94) filing today and its shows the company is taking a step forward. Freddie announced earlier it has become a registrant with the Securites Exchange Commission.
Shares of FRE and its counterpart Fannie Mae (FNM 13.19, +2.26) are trading higher this session.DJ30 +6.19 NASDAQ -36.09 SP500 -4.20 NASDAQ Adv/Vol/Dec 1124/1.53 bln/1653 NYSE Adv/Vol/Dec 1503/1.17 bln/1616
1:35 pm : Afternoon trading continues to chop along through negative territory as seven of the major economic sectors trade with losses. Despite the help of the financial sector (+0.5%) the mood is generally bearish.
Declining issues on the S&P 500 outnumber advancing stocks by roughly two-to-one.
Treasuries have received little buying action this session. The 10-year Note had been down roughly 25 ticks earlier, but is now down 12 ticks and yielding 4.04%.DJ30 -12.13 NASDAQ -38.54 SP500 -5.54 NASDAQ Adv/Vol/Dec 1062/1.43 bln/1702 NYSE Adv/Vol/Dec 1408/1.11 bln/1699
1:00 pm : Stocks continue to trade with losses as the S&P 500 approaches its session low. There is currently a noticeable lack of leadership in the session's action.
Financials (+0.1%) had been providing a boon to the session's earlier advance. However, selling has picked up and pushed the sector lower. Nonetheless, financials are holding on to a 10% week-to-date advance, which has helped propel the stock market to a 1.2% week-to-date advance.DJ30 -27.85 NASDAQ -40.71 SP500 -7.30 NASDAQ Adv/Vol/Dec 1059/1.32 bln/1693 NYSE Adv/Vol/Dec 1359/1.04 bln/1751
12:30 pm : Stocks have pulled back into the red. There is no key driver behind the move, but considering the solid gains registered in the previous two sessions and a still cloudy outlook, profit-taking efforts may inhibit advances.
Only three of the major economic sectors are trading with gains. Energy remains the best performer; it is currently up 1.1%. Tech remains the worst off; the sector is down 1.9%.DJ30 -4.72 NASDAQ -36.19 SP500 -5.45 NASDAQ Adv/Vol/Dec 1174/1.20 bln/1533 NYSE Adv/Vol/Dec 1444/983 mln/1644
12:05 pm : Stocks have moved lower as support from financial stocks has weakened, limiting the extension of their two-day rally into Friday. More notably, mixed earnings results and swinging oil prices are restricting any appreciable advance by the broader market.
Microsoft (MSFT 25.48, -2.04) and Google (GOOG 485.03, -48.41) both reported quarterly earnings results that failed to meet analysts’ expectations. The miss has weighed on the Nasdaq and the tech sector. The Nasdaq is underperforming its counterparts, while tech is the session’s worst performing economic sector, down 1.2%. However, IBM (IBM 129.80, +3.28) is helping contain losses in the tech sector. The Dow component reported better-than-expected earnings results.
Citigroup (C 19.88, +1.91) reported a loss that was less severe than feared. The firm also announced more than $7 billion in write-downs, though the extent of those adjustments was 40% less than the previous quarter. Shares of C have climbed to their highest level in nearly one month. While shares of C are aiding the financial sector’s advance, Merrill Lynch (MER 30.29, -0.44) has provided less of a supportive presence. Merrill announced a steeper-than-expected loss for its most recent quarter. The firm also confirmed it sold its stake in Bloomberg back to Bloomberg for roughly $4.4 billion.
Oil prices have been fluctuating throughout the trading session. Oil has moved back above the $130 per barrel mark, reflecting a gain of roughly 0.6%. Oil’s advance has helped the energy sector (+0.9%) move higher, which had been shunned in recent sessions as oil slipped from its record highs.
In merger and acquisition news, Teva Pharmaceutical (TEVA 43.60, +2.55) announced it has signed a definitive agreement to acquire Barr Pharmaceuticals (BRL 63.43, +6.26). Each share of BRL will be converted into $39.90 in cash and 0.6272 ADRs of TEVA. Based on the TEVA closing price on July 16, the consideration for each share of BRL amounts to $66.50.
There is no economic data scheduled for release today.DJ30 +21.01 NASDAQ -25.84 SP500 +2.07 NASDAQ Adv/Vol/Dec 1326/1.07 bln/1369 NYSE Adv/Vol/Dec 1634/926 mln/1423
11:30 am : Financials (+1.7%) have built upon their advance and oil has retreated to trade slightly above the unchanged mark. The combination of the two events has helped lift the S&P 500 back into positive territory.
The Nasdaq continues to trade with a sizeable loss, however. Weighing on its performance are the large-cap tech names of Microsoft (MSFT 25.50, -2.02) and Google (GOOG 486.53, -46.91). Google reported earnings results for the most recent quarter that fell shy of the consensus earnings per share estimate.
The impact of the industry heavyweights is being felt in the S&P 500 technology sector (-1.3%), which is the worst performing sector this session. DJ30 +51.86 NASDAQ -23.50 SP500 +1.01 NASDAQ Adv/Vol/Dec 1293/948 mln/1329 NYSE Adv/Vol/Dec 1600/834 mln/1417
11:00 am : The S&P 500 spiked higher, breaking into positive ground momentarily. A portion of that advance has been surrendered as the index has since moved back into the red.
Spurring the initial advance was support from the financial sector. Despite initially opening with a gain, financials had been trading lower for much of the morning. The sector is now up 0.7%, thanks to leadership from Citigroup (C 19.65, +1.68).
Citigroup announced earlier this morning a loss of $0.49 per share, which is less severe than the expected loss of $0.66 per share. Citigroup reported revenue of $18.65 billion, down 29% from the prior year. The results included $7.2 billion of write-downs in its securities and banking division. Write-downs were 40% lower than the first quarter. DJ30 +4.31 NASDAQ -33.46 SP500 -2.27 NASDAQ Adv/Vol/Dec 1108/799 mln/1425 NYSE Adv/Vol/Dec 1465/734 mln/1502
10:30 am : The stock market has entered some choppy trading action. It remains markedly lower.
There is no economic data scheduled for release today, leaving participants to focus on corporate earnings results, which have been generally mixed.
Although, in a bit of bullish behavior, Teva Pharmaceutical (TEVA 45.14, +4.09) announced it has signed a definitive agreement to acquire Barr Pharmaceuticals (BRL 64.02, +6.85). Each share of BRL will be converted into $39.90 in cash and 0.6272 ADRs of TEVA. Based on the TEVA closing price on July 16, the consideration for each share of BRL amounts to $66.50.DJ30 -25.49 NASDAQ -35.05 SP500 -4.35 NASDAQ Adv/Vol/Dec 1050/625 mln/1387 NYSE Adv/Vol/Dec 1316/633 mln/1594
10:00 am : Stocks continue to trade with losses. The Nasdaq is the worst performer, down 1.5%.
Losses are generally broad based. Yet, energy and utilities are moving higher. They are up 1.9% and 2.0%, respectively.
Both sectors encountered selling pressure in recent sessions. In past sessions, oil's retreat from its highs pushed energy stocks out of favor, while the defensive-oriented utilities sector was shunned as investors sought bargains in more aggressive names.DJ30 -49.26 NASDAQ -34.92 SP500 -5.73 NASDAQ Adv/Vol/Dec 929/416 mln/1384 NYSE Adv/Vol/Dec 1206/520 mln/1596
09:45 am : Stocks have opened lower as the major indices encounter a bout of selling. Eight of the ten economic sectors are showing losses in early action.
Financials are trading as a laggard, cutting into the gains made by the sector's two-day rally. Financials are down 1.6% this session, but still up more than 9% this week.
Energy is moving higher. It is currently up 1.5% as oil has moved back above the $130 per barrel mark.DJ30 -40.14 NASDAQ -32.31 SP500 -6.19 NASDAQ Adv/Vol/Dec 873/283 mln/1309 NYSE Adv/Vol/Dec 1179/441 mln/1516
09:15 am : S&P futures vs fair value: -0.3. Nasdaq futures vs fair value: -20.2. Stocks are on track for a relatively lower start just ahead of the morning bell. Early morning data has largely been mixed.
09:00 am : S&P futures vs fair value: +0.6. Nasdaq futures vs fair value: -18.0. Stock futures are oscillating as oil futures rise in electronic trading. Oil is now indicated roughly 0.7% higher at $130.20 per barrel. Schlumberger (SLB) reported earlier this morning its earnings totaled $1.16 per share for the most recent quarter, topping the consensus earnings estimate by $0.04. Demand for Schlumberger's oil and gas exploration and production services runs high when oil commands rich prices.
08:30 am : S&P futures vs fair value: -0.7. Nasdaq futures vs fair value: -12.5. Stock futures indicate a less-than-enthusiastic start. Despite reporting better-than-expected earnings results Thursday morning, Coca-Cola (KO) has been removed from Goldman Sachs's Conviction Buy List. Separately, Lehman Brothers (LEH) had its rating trimmed to A2 by Moody's with a negative outlook.
08:00 am : S&P futures vs fair value: -2.0. Nasdaq futures vs fair value: -20.5. Stock futures are indicating a downward start to Friday as earnings results are brought into focus. After yesterday's close, heavy hitters Microsoft (MSFT), Merrill Lynch (MER), and Google (GOOG) all reported results that failed to meet estimates. On the other hand, International Business Machine (IBM) and Honeywell (HON) reported better-than-expected earnings results. Citigroup (C) reported a loss that was less severe than feared.
06:14 am : S&P futures vs fair value: -14.7. Nasdaq futures vs fair value: -36.3.
06:13 am : FTSE...5245.90...-40.40...-0.8%. DAX...6248.62...-22.65...-0.4%.
06:13 am : Nikkei...12803.70...-84.25...-0.7%. Hang Seng...21874.19...+139.47...+0.6%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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