Equities Update: Dow Streak Squeaks Through

4:13 PM, Nov 10, 2009 --

• NYSE down 8.9 (0.1%) to 7,126.42.
• DJIA up 20 (0.2%) to 10,247.
• S&P 500 down 0.07 (0.01%) to 1,093.
• Nasdaq down 2.98 (0.1%) to 2,151.

GLOBAL SENTIMENT

• Hang Seng up 0.27%
• Nikkei up 0.63%
• FTSE down 0.12%

UPSIDE MOVERS

(+) PCLN continues evening charge seen after co. blows past Q3 view, solid Q4 guidance.

(+) JASO beats with Q3 results.

(+) HBC reports profit ahead of year-ago period.

(+) BZH swings to profit.

(+) AIG gains as Moody's report says it expects company to repay gov't loans.

(+) CHNG revs beat, backs outlook.

DOWNSIDE MOVERS

(-) ERTS continues decline that followed mixed Q2 results, job cuts.

(-) FEED results below year-ago period.

(-) BCS says Q3 profit cut in half.

(-) PIKE swings to Q1 loss on lower revenue.

(-) EONC declines despite swing to profit.

(-) MBI continues evening decline after reporting wider loss.

(-) ENER misses Q1 estimates.

(-) AHR beats with earnings but gets going concern notice.

MARKET DIRECTION

Stocks end narrowly mixed and in the middle of the day's range. Stocks have twisted in two directions Tuesday as consolidation kicked in following the Dow's 200-point run, to fresh year-plus highs, in the previous session. Investors took a breather from a six-day winning streak after Federal Reserve officals warned unemployment could stay high because of a lackluster recovery.

In separate speeches Tuesday, two Federal Reserve officials said historic zero-interest-rate policies remain necessary because the outlook for the U.S. labor market remains grim, according to a report on MarketWatch.

Crude oil closed down $0.38 or 0.5% at $79.05 a barrel. Gold gained $1.10 or 0.1% to $1,102.50 an ounce as the dollar edged up from 15-month lows.

Bonds gained, pushing the 10-year yield down 3.48%, following a solid turnout for an auction of 10-year notes.

MBIA (MBI) was among the leading decliners following a reported Q3 loss.

AIG (AIG) rose after analysts at Moody's Investor Service projected that the insurer will have adequate resources to repay the federal government.

Priceline.com (PCLN) hit a nine-year high after saying it saw an increase in customers booking airfare and hotel rooms.

Beazer Homes (BZH) jumped after reporting a swing to Q4 profit.

Comments

[robert.b.fe...:]

MBI sustained a 3Q loss. I thought new mortgages were going like hot cakes. Penney Mac wants to buy more so they can start bundling them as mortgage backed secuities. Meanwhile there are no defaults because Fannie and Freddie have initiated the buy to rent program.

Nov 10 05:21 PM

[TheDecider:]

Nice update. Thanks.

Nov 10 10:19 PM

[Options Tra...:]

I would expect the Dow to actually come back down and retest the 10,000 points level again before going any higher.

Nov 11 12:28 AM