The fundamentals haven't changed enough to warrant all the skittishness in the market right now over what the Fed is going do about QE, observes Fusion Analytics' Josh Brown. He brushes off talk recently in the Financial Times that Chairman Bernanke would likely signal a drawdown to the asset purchase program this week. "No one knows what's going to happen," he says. And regardless, headlines shouldn't change an investment thesis anyway. [View news story]
I agree the guy is right. I really want to meet all the idiots who sell shares of everything every time they hear the word taper. The guys with the money to move the market supposedly aren't emotional in their trading but this market acts like a bunch of children crying for their mommy's milk. This generation is pathetic.
CNBC's Jim Cramer thinks the shrinking number of underwater mortgages and a rising net interest margin are "incredibly" bullish signs for bank stocks. 9.7M properties were underwater in the U.S. during Q1, down from 10.5M in Q412. That's significant, he adds, because when a homeowner goes from underwater to above water on their mortgage, they spend three times as much at the retail level than they would do otherwise. His favorite pick: Wells Fargo (WFC). It's the single greatest play if you think houses are coming out from underwater," Cramer says, because of its "ability to take the collateral and make new loans." (Video). [View news story]
Shares of Aurizon Mines (AZK -9.2%) plunge after authorities in Quebec say a dam broke at its Casa Berardi mine, spilling contaminated materials - ~150K cubic meters of liquid and 15K cubic meters of solids - into James Bay. Trading was halted and has resumed, but Nasdaq is investigating erroneous transactions. [View news story]
Damn those lefty liberal environmentalists, if businesses were just left alone then we could enjoy disasters like this every day
More on the Chicago PMI miss: The report looks to have been released early to a few as stocks started moving lower and the euro shooting higher just moments ahead of the official time. Production slipped to 49.9 from 51.8. New Orders 53.2 vs. 53. Backlogs 40.6 vs. 45. Employment 48.7 from 55.1. Supplier Deliveries 47.9 vs. 58. Prices paid 51 vs. 61. S&P 500 (SPY -0.3%). Bonds add to gains, (TLT +0.5%). (full report) [View news story]
If the United States doesn't show that it has the power to enforce fair markets free from insider trading it will quickly lose legitimacy as a state and place to do business. I am appalled that so few in that country have the intelligence to investigate and correct such blatant weakness. If the govt fails to enforce fair markets then it is obsolete and should be replaced with one that can.
An explosion near the finish line of the Boston Marathon shakes stocks up further, the S&P 500 (SPY) dipping to a new session low, -1.8%. [View news story]
scroll down that photo, there is literally blood in the streets
Banks and lobbyists got a look at the latest Fed minutes yesterday afternoon according to a list which shows the 150 e-mail addresses that received the release Tuesday. Among the big banks whose officials got the message: JPMorgan, Goldman Sachs, Nomura, and Citigroup.[View news story]
Who is investigating this? American people should demand an explanation.
Stocks carve out new session lows minutes before the bell as Dow Jones reports the North Korean army saying it has received approval for a nuclear attack on the U.S. Approval from whom? With what missile? S&P 500 -1.3%. [View news story]
Well in that case the US army has approval to create a new Pacific island of south Korea
Casino stocks trade sluggishly as Zynga's push into real-money gaming in the U.K. appears to make it a more formidable threat to the sector. Though nearly all the brick-and-mortar gaming companies are involved in extensive planning for the expected opening up of online gambling in the U.S., pure Internet companies are still set to have lower cost structures and the ability to move more nimbly. Sector watch: Caesers Entertainment (CZR) -2.5%, Las Vegas Sands (LVS) -2.3%, Boyd Gaming (BYD) -2.2%, Wynn Resorts (WYNN) -2.1%, MGM Resorts (MGM) -2%, Penn National Gaming (PENN) -1.4%. [View news story]
CZR 'World Series of Poker' is going to become the standard brand.
Up 0.15%, the S&P 500 just surpassed its all-time closing high of 1565.15 set in October 2007. The intraday high of 1576 remains a decent rally away. [View news story]
The only ones in tears are all the people who thought they were so smart that they stayed out and missed the run.
The "Fed put" stocks have enjoyed for the past four years will fade in H2 and send the S&P 500 below 1,400 by year's end, Wells Fargo's Gina Martin Adams believes. If the economy improves, expect the Fed to be more hard pressed in justifying near-zero interest rates and easing efforts; mere chatter about an unwind in 2014 will be enough to weigh on stocks. [View news story]
It will be the bond prices that crash when twist is done.
Wall Street Breakfast: Must-Know News [View article]
The idea that these markets are held up by Ben's so-called "money-printing" is the next big lie that keeps every sucker on the sidelines while the smart money makes money.
Talks aimed at eliminating the sequester have ended without a deal, with the President calling what's about to happen "dumb" and inexcusable." The S&P had turned green for a bit, now -0.2%. [View news story]
No actually he was talking about the GOP who unfortunately continue to commit political suicide.
The rush to buy casino stocks (BJK) due to the potential of legalized online gambling in Nevada and New Jersey may be a bit premature, according to analysts. Until state politicians works out deals one state at a time, projecting future revenue for individual companies is a bit futile. A more sure-fire play may be to load up on equipment makers looking to get into the action. Online gaming bets: International Game Technology (IGT +0.4%), Bally Technologies (BYI +0.3%), SHFL entertainment (SHFL +0.1%), Multimedia Games (MGAM +2.2%), and WMS Industries (WMS +0.6%).[View news story]
What this tells me is that very little of this huge growth opportunity is priced in yet
Though it pulled Prop. 2 after David Einhorn scored an injunction, Apple (AAPL -0.5%) is still committed to requiring shareholder approval for issuing preferred stock, the company states at its shareholder meeting. Also, CalPERS says it would have voted for Prop. 2 if it had the chance. A proposal granting shareholders an advisory vote on exec. compensation has been approved, while one requiring execs to keep 33% of their stock until retirement has been shot down. Doug Kass might be disappointed to learn no stock split has been announced (or perhaps not). (live blog) [View news story]
Apple presents TC the clown and sideshow Einhorn with special guest Kass and his whispering mountain gnome. Not liking this show at all.
The fundamentals haven't changed enough to warrant all the skittishness in the market right now over what the Fed is going do about QE, observes Fusion Analytics' Josh Brown. He brushes off talk recently in the Financial Times that Chairman Bernanke would likely signal a drawdown to the asset purchase program this week. "No one knows what's going to happen," he says. And regardless, headlines shouldn't change an investment thesis anyway. [View news story]
CNBC's Jim Cramer thinks the shrinking number of underwater mortgages and a rising net interest margin are "incredibly" bullish signs for bank stocks. 9.7M properties were underwater in the U.S. during Q1, down from 10.5M in Q412. That's significant, he adds, because when a homeowner goes from underwater to above water on their mortgage, they spend three times as much at the retail level than they would do otherwise. His favorite pick: Wells Fargo (WFC). It's the single greatest play if you think houses are coming out from underwater," Cramer says, because of its "ability to take the collateral and make new loans." (Video). [View news story]
Shares of Aurizon Mines (AZK -9.2%) plunge after authorities in Quebec say a dam broke at its Casa Berardi mine, spilling contaminated materials - ~150K cubic meters of liquid and 15K cubic meters of solids - into James Bay. Trading was halted and has resumed, but Nasdaq is investigating erroneous transactions. [View news story]
More on the Chicago PMI miss: The report looks to have been released early to a few as stocks started moving lower and the euro shooting higher just moments ahead of the official time. Production slipped to 49.9 from 51.8. New Orders 53.2 vs. 53. Backlogs 40.6 vs. 45. Employment 48.7 from 55.1. Supplier Deliveries 47.9 vs. 58. Prices paid 51 vs. 61. S&P 500 (SPY -0.3%). Bonds add to gains, (TLT +0.5%). (full report) [View news story]
An explosion near the finish line of the Boston Marathon shakes stocks up further, the S&P 500 (SPY) dipping to a new session low, -1.8%. [View news story]
Banks and lobbyists got a look at the latest Fed minutes yesterday afternoon according to a list which shows the 150 e-mail addresses that received the release Tuesday. Among the big banks whose officials got the message: JPMorgan, Goldman Sachs, Nomura, and Citigroup. [View news story]
Stocks carve out new session lows minutes before the bell as Dow Jones reports the North Korean army saying it has received approval for a nuclear attack on the U.S. Approval from whom? With what missile? S&P 500 -1.3%. [View news story]
Casino stocks trade sluggishly as Zynga's push into real-money gaming in the U.K. appears to make it a more formidable threat to the sector. Though nearly all the brick-and-mortar gaming companies are involved in extensive planning for the expected opening up of online gambling in the U.S., pure Internet companies are still set to have lower cost structures and the ability to move more nimbly. Sector watch: Caesers Entertainment (CZR) -2.5%, Las Vegas Sands (LVS) -2.3%, Boyd Gaming (BYD) -2.2%, Wynn Resorts (WYNN) -2.1%, MGM Resorts (MGM) -2%, Penn National Gaming (PENN) -1.4%. [View news story]
Up 0.15%, the S&P 500 just surpassed its all-time closing high of 1565.15 set in October 2007. The intraday high of 1576 remains a decent rally away. [View news story]
The "Fed put" stocks have enjoyed for the past four years will fade in H2 and send the S&P 500 below 1,400 by year's end, Wells Fargo's Gina Martin Adams believes. If the economy improves, expect the Fed to be more hard pressed in justifying near-zero interest rates and easing efforts; mere chatter about an unwind in 2014 will be enough to weigh on stocks. [View news story]
Wall Street Breakfast: Must-Know News [View article]
Talks aimed at eliminating the sequester have ended without a deal, with the President calling what's about to happen "dumb" and inexcusable." The S&P had turned green for a bit, now -0.2%. [View news story]
The rush to buy casino stocks (BJK) due to the potential of legalized online gambling in Nevada and New Jersey may be a bit premature, according to analysts. Until state politicians works out deals one state at a time, projecting future revenue for individual companies is a bit futile. A more sure-fire play may be to load up on equipment makers looking to get into the action. Online gaming bets: International Game Technology (IGT +0.4%), Bally Technologies (BYI +0.3%), SHFL entertainment (SHFL +0.1%), Multimedia Games (MGAM +2.2%), and WMS Industries (WMS +0.6%). [View news story]
Though it pulled Prop. 2 after David Einhorn scored an injunction, Apple (AAPL -0.5%) is still committed to requiring shareholder approval for issuing preferred stock, the company states at its shareholder meeting. Also, CalPERS says it would have voted for Prop. 2 if it had the chance. A proposal granting shareholders an advisory vote on exec. compensation has been approved, while one requiring execs to keep 33% of their stock until retirement has been shot down. Doug Kass might be disappointed to learn no stock split has been announced (or perhaps not). (live blog) [View news story]
Papa John's International (PZZA): Q4 EPS of $0.62 misses by $0.14. Revenue of $367M (+19.9% Y/Y) beats by $19M. (PR) [View news story]