U.S. Steel's profit more than doubles on higher prices United States Steel Corp. shares jumped more than 14% on Tuesday after the company reported its second-quarter profit more than doubled on prices pushed higher by surging global demand for its steel products. The stock added $20.43 to finish at $165.76 and, despite some recent weakness, has now surged 70% in the past year. http://tinyurl.com/6yt4lt
Market Update 080730 http://biz.yahoo.com/mu/update.html 4:30 pm : Investors looked past a strong rebound in crude prices to focus on data that showed an unexpected gain in nonfarm private payrolls and word that the Fed extending its liquidity measures to Wall Street.
Despite a smaller-than-expected decline in crude oil stockpiles, oil prices climbed as much as 4.3% during the session to make their largest one day advance since trending downward from historic highs reached earlier this month. Crude had actually been down more than 1%, below $121 per barrel, but finished its session near $127 per barrel, which is still almost 16% below its record high.
The rebound in oil prices helped the energy sector make a 5.6% advance. Investors have rotated out of the energy sector in recent sessions, but oil’s rebound induced buying in large names like Exxon Mobil (XOM 84.38, +3.48) and Chevron (CVX 87.26, +4.42).
Conversely, oil sensitive industries fell out of favor. The S&P 500 automobile manufacturing index slipped 3.8%, while the Amex Airline Index dropped 4.9%.
Broad-based buying was largely influenced by the latest ADP employment report that showed an unexpected 9,000 increase in July private nonfarm jobs. Meanwhile, economists were expecting a 60,000 decrease in jobs. Though the ADP report has not been consistent in correctly predicting the government's jobs data, which will be announced Friday, ADP's announcement bolstered expectations that the government's report will show a smaller-than-expected decline in employment.
Also providing support to the session’s optimism was news the Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility in the face of continued fragility in the markets.
Separately, President Bush signed the housing bill into law, giving support to Fannie Mae (FNM 12.21, +0.61) and Freddie Mac (FNM 8.73, +0.31), while the SEC is extending its temporary restriction on naked short selling on financial institutions.
The financial sector gained 2.0% as thrifts and mortgage players collectively climbed 4.1% and diversified banks climbed 3.8%. Investment banks and brokerages advanced 3.5%.
The Nasdaq lagged the Dow Jones and the S&P 500 during Wednesday’s action. Weakness among components Garmin (GRMN 35.19, -9.87), Cisco (CSCO 22.17, -0.25), and Electronic Arts (ERTS 44.29, -3.11) offset strength in Comcast (CMCSA 20.07, +0.89), which gained ground despite missing earnings estimates.DJ30 +186.13 NASDAQ +10.10 NQ100 +0.4% R2K +0.6% SP400 +1.5% SP500 +21.06 NASDAQ Adv/Vol/Dec 1559/2.27 bln/1200 NYSE Adv/Vol/Dec 2097/1.47 bln/1044
3:30 pm : Stocks are making an upward push, giving the Dow Jones Industrial Average a 140 point gain and the S&P 500 a 1.3% advance. The Nasdaq is fighting to break into positive ground.
Recent gains are broad-based with the energy sector (+5.0%) leading the way. Energy has fallen out of favor in recent sessions as crude prices have pulled back from their historic highs.
Crude is currently trading 3.9% higher at roughly $127 per barrel. Crude is still roughly 16% below its record high of $147.27 per barrel, which was reached earlier this month.DJ30 +139.31 NASDAQ +2.72 SP500 +16.61 NASDAQ Adv/Vol/Dec 1403/1.89 bln/1362 NYSE Adv/Vol/Dec 1883/1.10 bln/1232
3:00 pm : The major indices are trading in mixed fashion; the Dow and S&P 500 sport solid gains, while the Nasdaq posts a modest loss. Crude prices are now up 4.0% to $127.08 per barrel. As a result, the energy sector has rallied to a new session high, with a gain of 4.1%.
Yesterday, Merrill Lynch (MER 26.99, +0.74) sold $30.6 billion worth of U.S. ABS CDOs for only $0.22 on the dollar, and issued $8.55 billion in common stock at a steep discount. Despite these moves to shore up its balance sheet, Merrill announced today that it is maintaining its quarterly common stock dividend at $0.35, which translates to an annual yield of 5.2%.DJ30 +78.41 NASDAQ -8.71 SP500 +9.41 NASDAQ Adv/Vol/Dec 1295/1.69 bln/1460 NYSE Adv/Vol/Dec 1745/996 mln/1368
2:35 pm : Stocks are making a recovery effort, with financials (+1.3%) rebounding into positive territory. Still, the market has a long way to make it back to its session high.
Meanwhile, crude oil prices continue to rally. Oil is now up 3.7% to $126.66 per barrel.
Within the S&P 500, 280 stocks are posting a loss. Wyeth (WYE 39.66, -5.45), Cisco (CSCO 22.05, -0.37) and Google (GOOG 475.17, -7.94) are the main laggards. Energy companies top the leader board, including Exxon-Mobil (XOM 82.29, +1.39), Chevron (CVX 85.49, +2.67), and Schlumberger (SLB 100.26, +4.03).DJ30 +74.10 NASDAQ -9.68 SP500 +7.72 NASDAQ Adv/Vol/Dec 1246/1.57 bln/1477 NYSE Adv/Vol/Dec 1682/929 mln/1419
2:00 pm : The major indices are trading at, or near session lows, as high oil prices (+3.4% at $126.42) continue to limit buying interest in stocks. Nasdaq market breadth has turned negative, with decliners holding a 4-to-3 edge over advancers. On the NYSE, advancers and decliners are nearly even.
The spike in crude prices is taking a toll on airline stocks, which are down 7% this session. Retailers (-1.8%) are also on the decline.
The Dow and S&P remain in positive territory, although their advance is only slight.DJ30 +27.21 NASDAQ -18.27 SP500 +3.26 NASDAQ Adv/Vol/Dec 1182/1.40 bln/1529 NYSE Adv/Vol/Dec 1554/840 mln/1534
1:30 pm : Crude prices continue to rally, gaining as much as 3.2% before easing to its current advance of 2.6% at $125.19 per barrel. Crude prices were down 1.1% this morning, but then rebounded at 10:35 ET after the government's weekly energy report showed a large and unexpected 3.5 million barrel decline in gasoline inventories.
The stock market bounces off its recently reached session lows, although it is still well off its session high. The Nasdaq remains in negative territory.DJ30 +69.29 NASDAQ -7.21 SP500 +7.15 NASDAQ Adv/Vol/Dec 1253/1.30 bln/1436 NYSE Adv/Vol/Dec 1652/789 mln/1428
1:00 pm : The major indices are on the decline as crude prices (+2.1% to $124.72) rally to session highs. With the exception of energy (+3.1%), the recent pullback is broad-based, with financials (-0.6%), tech (-0.4%), healthcare (-0.7%), and consumer discretionary (-0.4%) now all posting a loss.
The tech-heavy Nasdaq falls into negative territory, with notable weakness in Garmin (GRMN 36.74, -8.32), Cisco (CSCO 22.08, -0.34) and Electronic Arts (ERTS 43.46, -3.94).
The Dow and S&P are holding on to modest gains.DJ30 +49.59 NASDAQ -6.71 SP500 +4.63 NASDAQ Adv/Vol/Dec 1291/1.16 bln/1376 NYSE Adv/Vol/Dec 1641/714 mln/1422
12:30 pm : The S&P 500 falls to its lowest level of the session, although it is still posting a decent-sized gain. Financials (-0.3%) are now in negative territory after rising 3.4% in the early-going and consumer discretionary is nearly unchanged after gaining as much as 1.9%.
Gold is under selling pressure, falling 2.1% or $17.94, to $896.50 per ounce. Gold is down 15% from its all-time nominal high of $1033.90 that was reached in March, but is still up 28% from its August 2007 52-week low.DJ30 +90.05 NASDAQ +4.50 SP500 +9.23 NASDAQ Adv/Vol/Dec 1514/1.04 bln/1125 NYSE Adv/Vol/Dec 1849/651 mln/1201
12:05 pm : Stocks are posting a solid advance at midday, lifted by a report that showed an unexpected gain in nonfarm private payrolls and the Fed extending its liquidity measures. Some of the bullish enthusiasm is being mitigated, however, after oil prices recovered into positive territory.
The top story this session is a report from payroll company ADP that showed an unexpected 9,000 increase in July private nonfarm employment. Economists expected a 60,000 decrease in jobs. The ADP report has a spotty track record in relation to the government's jobs report, set for release on Friday. However, ADP's data increase expectations that the government's report will show a smaller decline in employment than the current median estimate (-75,000).
The stock market is getting an added boost on news that the Fed is extending the length of its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity for its Term Auction Facility. The facilities were implemented to improve liquidity during the recent credit market turmoil. The Fed's latest move was spurred by "continued fragile" markets.
Other positive developments for equities include President Bush signing the housing bill into law, which includes support for Fannie Mae (FNM 11.87, +0.27) and Freddie Mac (FNM 11.87, +0.27). Separately, the SEC is extending its temporary restriction on naked short selling on financial institutions that have been granted temporary access to the Fed's liquidity facilities. The extended order will be in effect until Aug. 12.
The financial sector is up 0.8%, after retreating from its opening gain of 3.4%.
The stock market dipped from its session high of +1.4% after crude prices rebounded following the government's weekly energy report. A large drop in gasoline inventories prompted the rebound, offsetting a smaller-than-expected drop in crude stockpiles. Oil prices are currently off their best level, but are still holding on to a gain of 0.3% at $122.60 per barrel after being down as much as 1.1%.
Oil sensitive areas retreated, such as consumer discretionary (+0.1%), although the stock market as a whole held on to most of its gains thanks to a surge in energy stocks (+2.5%).
Earnings reports have been mixed this session. Corning (GLW 20.42, -0.90), Electronic Arts (ERTS 43.50, -3.90), Garmin (GRMN 37.52, -7.54) and MetLife (MET 50.13, -2.68) disappointed traders.
Meanwhile, ArcelorMittal (MT 89.03, +5.03), Avon Products (AVP 42.01, +4.44), Comcast (CMCSA 20.28, +1.10), Hess (HES 100.34, +6.09) and Viacom (VIA.B 28.34, -1.49) are trading higher thanks to their respective reports.
Shares of Wyeth (WYE 39.55, -5.56) are getting hammered after the pharmaceutical company announced trial results regarding its Alzheimer's drug that failed to live up to Wall Street's expectations. Ireland-based Elan (ELN 21.06, -12.69), which is codeveloping the drug, is plummeting 38% on the news. DJ30 +109.70 NASDAQ +11.26 SP500 +10.71 NASDAQ Adv/Vol/Dec 1647/946 mln/969 NYSE Adv/Vol/Dec 2003/594 mln/1039
11:30 am : The S&P 500 is sporting a solid gain of 1.0%, but is off its session high when it was up 1.4%. The pullback from its best level has been mostly broad-based, although the financial sector has seen the sharpest drop.
The financial sector is currently trading up 0.4% after retreating from a gain of 3.4%. The life and health insurance group (-2.2%) is posting the largest decline within the sector. MetLife (MET 50.15, -2.63) reported a larger-than-expected drop in profit due to the declining equity market and wider catastrophe losses in its homeowners business triggered by tornadoes and hailstorms. Second quarter earnings per share declined 24% year-over-year to $1.20, which missed the consensus estimate by $0.21.DJ30 +122.38 NASDAQ +13.00 SP500 +12.62 NASDAQ Adv/Vol/Dec 1612/815 mln/977 NYSE Adv/Vol/Dec 2002/516 mln/1006
11:00 am : Crude prices rebound from a decline of 0.9% to a gain of 1.0% following the government's energy inventory data. Gasoline inventories posted a steep decline, which is spurring the buying interest in oil.
Stocks retreat a bit on the advance in oil prices, although the market is still posting a strong gain as a sharp advance in the energy sector (+2.5%) offsets a pullback in consumer discretionary names (+0.4%). Nine of the ten economic sectors are in positive territory.
The health care sector (-0.1%) is underperforming, largely due to a steep 11% drop in shares of pharmaceutical firm Wyeth (WYE 40.00, -5.11). Wyeth announced trial results regarding its Alzheimer's drug that failed to live up to Wall Street's expectations. Ireland-based Elan (ELN 21.80, -11.95), which is codeveloping the drug, is plummeting 35% on the news.DJ30 +111.71 NASDAQ +11.95 SP500 +11.99 NASDAQ Adv/Vol/Dec 1608/665 mln/904 NYSE Adv/Vol/Dec 2034/410 mln/921
10:35 am : According to the government's weekly energy report, crude inventories fell by 81,000 barrels in the week ended July 25, which is smaller than the expected decline of slightly more than a million barrels. Crude prices were down 0.9% at $121.30 just prior to the release.
The financial sector (+2.2%) dips off its opening advance, but the stock market as a whole hits session highs thanks to broad-based buying interest. There has been a notable surge in the industrial sector (+2.0%).
Diversified machinery manufacturer Cummins (CMI 73.53, +7.51) is surging 11.4% after posting record sales and profit in the second quarter thanks to strong global growth. Meanwhile, railroads (+3.1%) are catching a nice bid.DJ30 +146.56 NASDAQ +19.24 SP500 +14.84 NASDAQ Adv/Vol/Dec 1663/481 mln/782 NYSE Adv/Vol/Dec 2119/297 mln/779
10:00 am : The stock market continues to post a hefty gain. The Nasdaq is in positive territory, but is up less than half of the S&P 500's advance of 0.8%.
Nasdaq components Electronic Arts (ERTS 42.97, -4.45) and Garmin (GRMN 38.36, -6.70) are getting hammered due to disappointment over their respective quarterly earnings reports. Garmin increased profit compared to the prior year, but the company's results and outlook fell short of Wall Street estimates due to slower growth in GPS demand.
Electronic Arts saw a 41% increase in revenue, but its earnings per share of $0.42 was $0.09 worse than the consensus estimate.DJ30 +111.39 NASDAQ +6.91 SP500 +10.19 NASDAQ Adv/Vol/Dec 1529/276 mln/812 NYSE Adv/Vol/Dec 1961/183 mln/821
09:40 am : The stock market extends yesterday's rally thanks to an unexpected gain in private employment, news that the Fed is extending measures to improve liquidity, and several better-than-expected earnings reports.
This morning's big item was an unexpected 9,000 increase in July private nonfarm employment, according to ADP. Economists expected a 60,000 decrease in jobs. The ADP report has a spotty track record in relation to the government's jobs report, set for release on Friday. However, ADP's data increase expectations that the government's report will show a smaller decline in employment than the current median estimate (-75,000).
The market got an added boost on news that the Fed is extending the length and terms to maturity for its facilities that were implemented to improve liquitity. Financials are up 3.4% in the early-going.
In addition, the SEC extended its temporary restriction on naked short selling on financial institutions that have been granted temporary access to the Fed's liquidity facilities. Naked short selling is when a trader sells a stock short without borrowing the stock, and fails to deliver it. The restriction will not be extended past Aug. 12.
President Bush signed the housing bill into law. The bill includes support for Fannie Mae (FNM 12.62, +1.02) and Freddie Mac (FRE 9.30, +0.88).DJ30 +101.21 NASDAQ +15.32 SP500 +10.48
09:15 am : S&P futures vs fair value: +7.1. Nasdaq futures vs fair value: +6.8.
08:57 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +5.2. Futures climb higher. The Fed is extending its Term Securities Lending Facility program through Jan. 30 and is introducing longer terms to maturity in its Term Auction Facility. The facilities were implemented to improve liquidity during the recent credit market turmoil. The Fed's move comes "in light of continued fragile" markets.
08:29 am : S&P futures vs fair value: +2.1. Nasdaq futures vs fair value: +4.5. Futures suggest a slightly higher start after climbing to their best levels of the session following the better-than-expected ADP employment report. Energizer (ENR) reported a increase in net profit, although the results fell short of Wall Street's estimate as economic conditions impact its battery business. FedEx (FDX) was downgraded to Equal Weight from Overweight at Morgan Stanley.
08:17 am : S&P futures vs fair value: +1.9. Nasdaq futures vs fair value: -0.5. Futures get a boost on a report that showed an unexpected increase in jobs. ADP said nonfarm private employment rose by 9,000 in July, which is much better than the expected decline of 60,000. The ADP report does not always match up with the government's jobs report, which includes both public and private nonfarm employment, set for release on Friday.
08:05 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -0.5. Futures suggest a flat start to the trading day as traders await the ADP private employment report at 8:15 ET.
In earnings news, Moody's (MCO), Office Depot (ODP), Office Max (OMX) and Viacom (VIA.B) topped expectations. Several companies fell short of estimates, including Comcast (CMCSA), Garmin (GRMN) and MetLife (MET). Shares of Wyeth (WYE) and Elan (ELN) are getting hammered in premarket trading on disappointing data regarding their Alzheimer drug; WYE is down 14.4% and ELN is down 32%.
In other news, the SEC extended its temporary rules to restrict naked short selling on several financial stocks and President Bush signed the housing bill into law that includes support for Fannie Mae (FNM) and Freddie Mac (FRE).
06:16 am : S&P futures vs fair value: -0.8. Nasdaq futures vs fair value: -6.3.
06:15 am : FTSE...5396.20...+77.00...+1.5%. DAX...6447.44...+48.64...+0.8%.
06:15 am : Nikkei...13367.79...+208.34...+1.6%. Hang Seng...22690.60...+432.60...+1.9%.
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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