Seeking Alpha
Tuesday, November 24 2009  |  04:27 EDT  | 
DJIA (DIA) S&P 500 (SPY)
Market Currents Monday, August 25, 2008 Today's
Market Currents »
Order:
PM
AM
AM
PM
Auto-Refresh:
ON

OFF

  • 05:32 PM Anadarko (APC) rises 2.7% AH after it approves a $5B share buyback. That's 18% of the outstanding shares. Comment!
  • 05:30 PM Winn-Dixie (WINN): FQ1 EPS of -$0.10 misses by $0.01. Revenue of $1.69B (+0.8%) in-line. Shares -2.7%. [Briefing.com] Comment!
  • 04:42 PM An accountant takes on the IRS and wins: Millions of taxpayers who paid inflated taxes when mutual life-insurance companies (MET, PRU...) went public may be entitled to a refund. Comment!
  • 04:11 PM Dow winners: None. Losers: AIG -5.5%. BAC -4.1%. JPM -4.1%. GM -3%. CVX -2.9%. GE -2.75%. AA -2.7%. Comment!
  • 04:02 PM Oil wins the tug-of-war, but stock lose more than it gains. Dow -2.04% to 113,91. S&P -1.93% to 1,267. Nasdaq -2.03% to 2,366. Crude +0.56% to $115.21. Gold -0.82% to $826.50. Comment!
  • 03:58 PM Wired.com's iPhone 3G (AAPL) survey results are in: Performance is spotty everywhere - although Europe is notably stronger than North America. '3G-rich' metropolises are overloaded. Takeaway: It's the service, not the phone. Comment!
  • 03:45 PM Despite cornering the market, Sara Lee (SLE) struggles to make bread from bread. Comment!
  • 03:44 PM With 1/4 hour to go, it's -2% across the board. Dow -2.24%. Nasdaq -2.11%. S&P -2.07%. Comment!
  • 03:40 PM Earnings previews for companies reporting after today's close: AEO Comment!
  • 03:34 PM Intriguing ETF idea: S&P 500, ex-financials. Comment!
  • 03:32 PM Designing the iPhone of diapers: "The average person thinks of a diaper and thinks, What else can you do to it?" Kimberly-Clark's (KMB) proving you can do a lot. Comment!
  • 03:12 PM Since July began, we've seen six S&P +/- 2% days - while daily moves of 1%+ are commonplace. From 2004-2006, by comparison, there were only two +/- 2% days. A potentially troubling sign for the markets. Comment!
  • 03:02 PM Crude +0.56% to $115.23. Gold -0.84% to $826.50. Silver -0.63% to $13.39. Comment!
  • 03:01 PM Going into the last hour, averages are moving back towards their lows. Dow -1.98%. S&P -1.86%. Nasdaq -2%. Comment!
  • 02:47 PM Apple's (AAPL) had somewhat of a trying Q3 - what with iPhone 3G dropped calls, iPod Nano fires and MobileMe woes. Still, RBC's prediction of blowout Mac sales could make 2008 a 10M Mac year. Comment!
  • 02:34 PM Todd Harrison thinks Disney (DIS) may emerge as the next Yahoo suitor. "The House of Mouse buying Yahoo (YHOO) makes strategic sense for both organizations as they prepare for the next phase of the digital age." Comment!
  • 02:22 PM After concurring with initial reports free dinners were being canned at Google (GOOG -1.5%), CNBC backtracks. Apparently, it's at only one building, for unknown reasons. Comment!
  • 02:12 PM With regional banks (ETF: KRE) up 35% since July 15, some traders are apparently betting on a bounce. Bad idea, Baird's Bruce Bittles says: The non-diversified group will face the same pain as the big boys - only longer. Comment!
  • 02:01 PM The cash market for corporate bonds is dead, John Jansen says. "There is nothing in the way of new issues and cash market trading is not even sporadic." Guess where the money's going. Comment!
  • 01:43 PM Healthways (HWAY) -21% after it warns. Medical costs continue to rise, while corporations scrutinize expenses and minimize discretionary costs. "Healthways' high-priced services stand to lose ground," Jefferies' Arthur Henderson says. Comment!
  • 01:28 PM Sector ETF weakness: Steel– SLX -3.7%. Coal– KOL -3.4%. Basic Materials– IYM -2.8%. Regional Banks– KRE -2.6%. Healthcare Providers– IHF -2.6%. Financials– XLF -2.5%. Comment!
  • 01:27 PM Sector ETF strength: Base Metals– DBB +1.9%. Heating Oil– UHN +0.5%. Comment!
  • 01:17 PM NBC's (GE) well-documented Olympics internet flub: Not as insignificant as it seems. Comment!
  • 01:06 PM Dry weather may drive corn, soybean prices back up. Comment!
  • 12:54 PM A source says the IMF cut its 2008-9 world growth forecast, again. 2008 drops to 3.9% from 4.1%. 2009 to 3.7% from 3.9%. Main catalyst: weak euro-zone growth. Comment!
  • 12:39 PM Fixed income up strongly on 'flight to safety' trade. 30-yr. +0.92%. 10-yr. +0.77%. 5-yr. +0.42%. 2-yr. +0.15%. Comment!
  • 12:37 PM U.S. dollar is down vs. the yen 0.83%, the pound 0.29%, the euro 0.07%, and up 0.12% vs. the $Cdn. Comment!
  • 12:31 PM "Just because consumer stocks are staging the biggest rally in five years doesn't mean the economy is about to recover." A quick look at their debt premiums makes a bet against LOW, WEN, and HOT very appealing. Comment!
  • 12:18 PM AIG (AIG) is down 5.4%. Credit Suisse lowered its price target to $22 from $30, and predicts a huge Q3 loss. AIG's CDS portfolio makes it one of the most-exposed names to recent credit deterioration, CS says. Comment!
  • 12:05 PM After hitting a low of $113.68 an hour ago, crude has bounced. +0.5% to $115.16. Gold -0.5% to $829.30. Comment!
  • 12:04 PM The Dow plunged 80 points over the last five minutes, -1.94%. S&P -1.81%. Nasdaq -1.96%. Comment!
  • 11:20 AM Tony Considine, TNK-BP Executive VP for Downstream, resigns after five years at BP’s (BP) Russian venture. BP and its quartet of Russian-connected owners have disagreed for months about management and strategy. Comment!
  • 11:10 AM Wells Fargo (WFC) is looking to buy wealth-management companies, but CEO John Stumpf said Wells is "highly unlikely" to bid for a larger rival. Speculation about potential targets had included Wachovia (WB) and Washington Mutual (WM). Comment!
  • 11:00 AM Toyota (TM) will raise prices on the Prius and Harrier hybrids in Japan in response to soaring costs for raw materials. It will be the first time in 30 years that Toyota raised prices without a model makeover. Comment!
  • 10:54 AM Eli Lilly (LLY) releases data showing its Cymbalta drug "significantly" reduces chronic lower-back pain. Cymbalta is used to treat depression, but Lilly wants to expand the drug's use to include management of chronic pain. Comment!
  • 10:50 AM Merrill Lynch (MER) is examining its contract with MGM's (SNE, CMCSA) United Artists, hoping to revise the deal on more favorable terms. As a safeguard, MGM has hired Goldman Sachs (GS) as a strategic adviser to raise equity for film financing. Comment!
  • 10:50 AM Historical drops in the dollar have lasted 5-7 years, making some investors wonder if the currency's recent bounce marks the beginning of the end for the current six-year decline. Comment!
  • 10:40 AM Booming global demand for U.S. grain and an unexpectedly large harvest this fall are testing the limits of transportation infrastructure. Bottlenecks are costing farmers and shippers millions of dollars, costs that will likely be felt by consumers as well. Comment!
  • 10:24 AM U.S. existing home sales rose 3.1% in July to a 5M-unit annual rate, as prices dipped and inventories hit a record high. Comment!
  • 10:17 AM ETF strength: Agriculture– DBA +1.8%, Base Metals– DBB +1.1%, Coal– KOL +0.8%, Solar– TAN +0.6% Comment!
  • 10:15 AM ETF weakness: Transports– IYT -1.8%, Financials– XLF -1.7%, Broker/Dealers– IAI -1.6%, hf -1.5%, Retailers– XRT -1.5% Comment!
  • 10:14 AM Dow laggards: AIG -4.8%, AXP -1.5%, GE -1.5%, MCD -1.4%, MMM -1.3% Comment!
  • 10:11 AM Markets are trading down: Dow -0.8%. S&P -0.8%. Nasdaq -0.9%. Comment!
  • 10:04 AM Stocks moving on Barron's recommendations: NDSN -1.4%, RSH -2.5% Comment!
  • 10:01 AM Sports fans were annoyed that NBC (GE) limited the Olympic coverage on its website. Investors should be too - estimates say the site will earn only $5.75M on video-ad revenue, and could have made much more if additional content had been posted. Comment!
  • 09:37 AM King Pharmaceuticals (KG) reveals that Alpharma (ALO) rejected a $1.43B takeover bid earlier this month. Still optimistic about a future deal, King's bid represented a 49% premium at the time of the offer. Pre-market shares: ALO +1.1%, KG -1.6%. Comment!
  • 09:29 AM Futures struggle into the open. Dow -0.68%. S&P -0.7%. Nasdaq -0.8%. Comment!
  • 09:25 AM Ben Bernanke suggests a new regulatory approach that would look at individual institutions in the context of how the system as a whole is functioning. A good suggestion, but we're unlikely to see change anytime soon. Comment!
  • 09:15 AM Citing high gas prices and weakened earnings, Ford (F), General Motors (GM), and Chrysler want Washington to provide more than the promised $25B in government-backed loans. Unofficial reports put the requested total between $40-50B. Comment!
  • 09:01 AM Korea Development Bank says it has no immediate plans to buy Lehman (LEH). Shares of the troubled investment bank had jumped on news of the possible acquisition. Comment!
  • 08:59 AM U.S. home sales are likely hovering near a ten-year low, with economists expecting 5.4M July purchases at an annual pace. Official numbers will be released later today. Comment!
  • 08:50 AM Financials led Asian markets to a higher close, helped by easing oil prices and a Friday rally on Wall Street. Comment!
  • 08:47 AM In a step towards its goal of globalized investing, the SEC is expected to announce progress in an agreement that would lower regulatory barriers between the U.S. and Australia. Comment!
  • 08:39 AM AMD (AMD) is selling its digital TV unit to Broadcom (BRCM) for $193M in a pitch to streamline and focus on competing with archrival Intel (INTC). Interesting start to new CEO Dirk Meyer's tenure. Comment!
  • 08:25 AM ECB President Trichet defends central banks as performing well during difficult economic circumstances, but admits "we still are in a market correction." Comment!
  • 08:18 AM June Euro-zone factory orders fell at the fastest rate since December 2001, hammered by weakened domestic demand. New industrial orders were down 7.4% vs. an expected 6.7% drop. Comment!
  • 08:15 AM Precision Drilling Trust (PDS) will buy U.S. drilling company Grey Wolf (GW) for about $2B in cash and stock. Comment!
  • 08:09 AM China Life Insurance Company (LFC): H1 net profit fell 32% to ¥15.84B ($2.48 billion), beating consensus estimates of ¥10.42B. "In the first half, the deep downturn of the capital market put huge pressure on the company's investment," it said. [Reuters] Comment!
  • 08:06 AM A-Power Energy (APWR): Q2 EPS of $0.20 in-line. Revenue of $66M vs. $62M. Shares -0.3%. [PR] Comment!
  • 07:58 AM China Unicom (CHU): Q2 net profit of ¥2.4B ($351M) beats ¥2.16B consensus. H1 net profit of ¥4.42B vs. ¥4.18B. H1 revenue rose 4.1% to ¥35.14B. [AP] Comment!
  • 07:48 AM China Netcom (CN): H1 net income fell 5.2% to ¥6.38B ($932M) vs. ¥6.73B a year ago. Analysts expected ¥5.99B. Revenue was ¥41.13B, down 1% from ¥41.54B. [MW] Comment!
  • 07:40 AM Boeing's (BA) latest wage-raise offer to prevent a potential workers strike is "inadequate," say union leaders. Boeing offered 6.5% over three years, while union leaders demand a 9-13% pay raise and expanded benefits. Comment!
  • 07:32 AM XShares will shutter 15 of its 19 healthcare sector ETFs, another sign ETF issuers may have expanded too rapidly. We thought dividing up the $2T healthcare sector made sense, it said. "Obviously, the market thought otherwise." Comment!
  • 07:08 AM U.S. futures are lower. Dow -0.16%. S&P -0.27%. Nasdaq -0.21%. Crude +0.77% to $115.45. Gold -0.58% to $828.70. Comment!
  • 07:07 AM In Europe at midday, London is closed. Paris -0.4%. Frankfurt -0.2%. Comment!
  • 07:07 AM Asia markets closed higher Monday. Nikkei +1.68% to 12,879. Hang Seng +3.5% to 21,104. Shanghai +0.34% to 2,413. BSE Sensex +0.34% to 14,450. Comment!
  • 06:53 AM Debt markets indicate bankers still have grave concerns, and are avoiding all but the most liquid assets. The short-term premium banks charge each other is now 0.77%, up from just 0.24% in January. Comment!
  • 05:19 AM U.S. futures are lower. Dow -0.24%. S&P -0.35%. Nasdaq -0.32%. Crude +0.6% to $115.31. Gold -1% to $825.20. Comment!
  • 05:11 AM In Europe, London is closed. Paris -0.8%. Frankfurt -0.25%. Comment!
  • 05:10 AM Asia markets are all higher Monday. Nikkei 1.7%. Hang Seng +3.5%. Shanghai +0.3%. BSE Sensex +0.8%. Comment!
  • 12:05 AM Notable earnings before Monday's open: APWR Comment!
  • 12:00 AM Monday's economic calendar:
    8:30 The Chicago Fed National Activity Index
    10:00 Existing Home Sales Comment!
More from Seeking Alpha: Editors' Picks » | Most Popular Articles »
Follow Market Currents on
Latest Articles
All latest articles ยป
Latest StockTalks
  • Thomas Pan: An adviser to the French president describes a rate of $1.50 to the euro as a "disaster". UUP FXE ERE URR DRR ULE EUO
    12 minutes ago
  • Thomas Pan: Brazil is imposing a 2% tax on portfolio in flows in an effort to slow the real's rise. BZF UUP
    13 minutes ago
  • rajandran: Nifty will be weak only below 5050
    26 minutes ago
  • rajandran: Nifty Investor
    37 minutes ago
More StockTalks »

From our sponsors: