Posted by: Roger Biduk | September 19, 2009

Roger Biduk; One-Year High on Wall Street

Roger Biduk

Wall Street stretched to new one-year highs Friday as investors weighed economic optimism with jitters about the pace of the rally amid the “quadruple witching,” a big quarterly options expiration.

The Dow Jones industrial average (INDU) gained 36 points, or 0.4%. The blue-chip average closed at its highest point since Oct. 6, 2008.

The S&P 500 (SPX) index rose about 3 points, or 0.3% and closed just shy of a fresh almost one-year high.

The Nasdaq composite (COMP) added 6 points, or 0.3% and closed just shy of a one-year high.

The major indexes have now risen in 9 of the last 11 sessions.

Roger Biduk

But trading was choppy Friday due to the quadruple options expiration, a quarterly event when stock index futures and options and individual stock futures and options all expire at the same time. By the afternoon, attendance was light, due to the start of Rosh Hashanah, the Jewish new year.

Stocks ended just below unchanged Thursday after closing Wednesday’s session at the highest point in nearly a year. Since bottoming at a 12-year low March 9, the S&P 500 has gained 58% and the Dow has gained 50%. Since bottoming at a six-year low, the Nasdaq has gained 68%.

Stocks have risen during those 6-1/2 months thanks to slowly improving economic news and extraordinary amounts of fiscal and monetary stimulus.

But consumer sentiment is still well below what it should be and that’s creating some hesitation for investors, said Kelli Hill, portfolio manager at Ashfield Capital Partners. “The issue now is, what is it going to take for consumers to get back in and spend,” she said.

Stocks have avoided the much-discussed September selloff, but Hill said it may have just been postponed until October, when the third-quarter profit reports start arriving. “Expectations for a broad earnings recovery could prove disappointing and that could create more volatility.”

Roger Biduk

Economy: Michigan, Nevada and three other states posted unemployment rates above 12% in August, according to government data released Friday.

The report came one day after the Labor Department reported a surprise drop in weekly unemployment claims. Earlier this month, the government said employers cut 216,000 jobs from their payrolls in August.

On the move: Procter & Gamble (PG, Fortune 500) rallied 3.2% and was among the Dow’s biggest gainers after Citigroup upgraded it to “buy” from “hold.”

Other Dow gainers included components Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), Home Depot (HD, Fortune 500), Pfizer (PFE, Fortune 500), Coca-Cola (KO, Fortune 500) and AT&T (T, Fortune 500).

Palm (PALM) said late Thursday that smartphone sales surged 134% to 823,000 last quarter, thanks to sales of its Pre phone. However, the company still reported a steep quarterly loss, its 9th consecutive decline. Shares fell 3%.

Market breadth was positive. On the New York Stock Exchange, winners topped losers by nearly three to two on volume of 2.27 billion shares. On the Nasdaq, advancers narrowly topped losers on volume of 3.2 billion shares.

Roger Biduk

Flash trading: The Securities and Exchange Commission proposed banning so-called flash orders Thursday, a trading practice that critics say gives market pros an unfair advantage over individual investors.

Flash orders allow certain traders to see orders to buy and sell stocks and other securities a split second before the rest of Wall Street, giving them advance knowledge about the direction of a market or a security. Flash orders make up less than 3% of stock trading.

Sens. Charles Schumer, D-N.Y., and Ted Kaufman, D-Del., have led the legislative push. But supporters worry that the government will also begin a crackdown on other kinds of trading practices that can help move the market along.

Nasdaq OMX Group, which runs the Nasdaq Stock Market and the BATS exchange stopped using flash orders as of Sept. 1. The New York Stock Exchange, owned by NYSE Euronext, has never used them. Currently, Direct Edge makes use of them.

Regulators are also looking at new limits on the credit ratings industry, dominated by Moody’s, Fitch and Standard & Poor’s.

Roger Biduk

Currency and commodities: The dollar gained against the yen and euro after sliding for most of the last two weeks. The dollar hit a 9-month low against the euro and a 7-month low against the yen earlier this week.

The falling greenback has been lifting dollar-traded commodities lately, but the reversal Friday had little impact on the price of oil or gold.

U.S. light crude oil for October delivery fell 43 cents to settle at $72.04 a barrel on the New York Mercantile Exchange. COMEX gold for December delivery fell $3.20 to settle at $1,010.30 an ounce. Gold settled Wednesday at a record high of $1,020.20.

Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.45% from 3.39% Wednesday. Treasury prices and yields move in opposite directions.

World markets: Global markets were mixed. In Europe, London’s FTSE 100 ended higher, but France’s CAC 40 and Germany’s DAX all slipped. Asian markets ended lower.

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Posted by: Roger Biduk | August 18, 2009

Roger Biduk; World Markets tank

Roger Biduk

   All 12 industry sectors I follow in the U.S. were lower today.

 

   Wall Street slumped Monday, falling for the second straight session, as worries that nervous consumers will pressure a fragile recovery dragged stocks lower after a five-month advance.

   The Dow Jones industrial average (INDU) lost 186 points, or 2%, after having lost as much as 204 points earlier. The S&P 500 (SPX) index fell 24 points, or 2.4%.

   Both the Dow and S&P 500 closed at 3-week lows.

   The Nasdaq composite (COMP) lost 55 points, or 2.8%, ending at a one-month low.

 

Roger Biduk

   ETFs that jumped to the upside today include:

   Direxion Daily Real Estate Bear 3X (DRV) +16.00 to $34,44. Direxion Daily Financial Bear 3X Shares (FAZ) +11.35% to $28.80. Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) +10.64% to $10.50.

 

   The energy sector lost 3.33%.

   Stone Energy Corporation (SGY) -12.40% to $11.52. Warren Resources Inc. (WRES) -11.28% to $2.28. Atlas Pipeline Partners (APL) -10.96% to $6.50. Complete Production (CPX) -10.27% to $8.30. Superior Well Services (SWSI) -9.66% to $6.64.

  

   The CBOE Volatility (VIX) index, also known as the Vix, Wall Street’s so-called fear gauge, spiked 15%, signaling a bigger stock pullback could be brewing.

   “People are worried we’ve run too far, too fast and that we still have a long way to go in terms of the economy,” said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams.     

   “There are concerns about a double-dip recession.”

 

Roger Biduk

   The financial sector tanked 3.52%.

   Eastern Insurance Hldgs (EIHI) +9.98% to $10.36. Legacy Bancorp Inc. (LEGC) +5.90% to $11.67.

    Gladstone Capital Corp. (GLAD) -14.51% to $7.66. Doral Financial Corp. (DRL) -12.35% to $2.98. Woori Finance Hldgs. Co (WF) -10.14% to $31.62. Fortress Investment Group (FIG) -9.86% to $4.66.

 

Consumer issues: Meanwhile, concerns about consumers could limit the pace of the economic recovery.

   While the housing and manufacturing sectors have started to stabilize, a weak labor market and higher oil and gas prices have kept consumers on the sidelines. With consumer spending fueling roughly two-thirds of economic growth, participation is necessary for a bigger economic recovery to take hold.

 

   Technology was lower by 2.80%.

   China Techfaith Wireless (CNTF) +7.69% to $2.94.  

   InterDigital Inc. (IDCC) -23.66% to $22.52. Ascent Solar Tech. Inc. (ASTI) -15.52% to $5.77. China Fire & Security (CFSG) -12.40% to $15.58. Houston Wire & Cable Co. (HWCC) -11.41% to $9.78. Webzen Inc. (ADR) (WZEN) -11.40% to $2.72.

 

Roger Biduk

   Underscoring the weakness in consumer spending, home improvement retailer Lowe’s (LOW) on Monday reported a worse-than-expected drop in second-quarter profit. Lowe’s also issued a second-half outlook that is short of analysts’ estimates. Shares plunged 10.3% and dragged on other retailers.

   Home Depot (HD) and other retailers are due to report results later in the week.

   Stock declines Monday were broad-based, with 28 of 30 Dow stocks sliding, led by IBM (IBM), Boeing (BA), Chevron (CVX), Exxon Mobil (XOM) and 3M (MMM).

 

   Conglomerates sank 3.31%.

   Wonder Auto Tech., Inc. (WATG) -8.21% to $10.17. Atlas Pipeline Hldgs., L (AHD) -7.82% to $3.77. Textron Inc. (TXT) -6.18% to $13.52. Temple-Inland, Inc. (TIN) -6.11% to $14.74. Tomkins plc (ADR) (TKS) -5.91% to $11.63.

 

Overseas markets slip: U.S. investors also reacted to a plunge in global stock markets.

   In Asia, Japan’s Nikkei index plunged 3.1% after a report showed the economy emerged from recession in the second quarter, but analysts said that the outlook was choppy. China’s main index slumped almost 6% on worries about a stock market bubble.

   In Europe, major markets all fell around 2%.

 

Roger Biduk

   Consumer cyclicals dropped 3.15%.

   Brunswick Corporation (BC) -10.11% to $8.00. American Axle & Manufact (AXL) -9.97% to $2.62. Liz Claiborne Inc. (LIZ) -9.54% to $3.32. Modine Manufacturing Co. (MOD) -8.82% to $7.24. Ethan Allen Interiors Inc (ETH) -8.52% to $12.99.

 

Manufacturing: The hard-hit sector continues to show signs of improvement. On Monday, the Empire State Manufacturing survey, a measure of activity in the New York area, rose to 12.1 in August versus a reading of negative 0.6 in July, according to the Federal Reserve Bank of New York. Any reading that is positive shows expansion in the sector.

   I believe this reading will change to the downside.

 

   The capital goods sector lost 3.03%.

   Herley Industries Inc. (HRLY) +7.91% to $13.23.  

   Harbin Electric Inc. (HRBN) -11.86% to $14.57. Manitowoc Company Inc. (MTW) -9.22% to $6.20. Beazer Homes USA Inc. (BZH) -9.22% to $3.84. Hovnanian Enterprises (HOV) -8.87% to $3.70. PMFG Inc (PMFG) -7.86% to $10.79.

 

Roger Biduk

   The week brings a slew of economic news. On Tuesday, the government reports on July housing starts and building permits, and July producer prices, a measure of wholesale inflation.

Later in the week, reports are due on leading economic indicators, jobless claims, state-by-state unemployment and existing home sales.

 

   Consumer non-cyclicals were lower by 1.36%.

   Elizabeth Arden Inc. (RDEN) -8.89% to $9.33. Wimm-Bill-Dann Foods OJSC (WBD) -8.77% to $60.94. The Standard Register Co. (SR) -7.91% to $3.61. Green Mountain Coffee (GMCR) -7.76% to $58.45. China Precision Steel (CPSL) -7.22% to $2.70.

 

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.47% from 3.56% Friday. Treasury prices and yields move in opposite directions.

  

   The transportation sector lost 3.32%.

   Pinnacle Airlines Corp. (PNCL) +11.24% to $5.64.  

   The Greenbrier Companies (GBX) -9.71% to $10.88. UAL Corporation (UAUA) -8.46% to $5.63. Pacer International Inc. (PACR) -8.19% to $3.81. Macquarie Infrastructure (MIC) -7.87% to $4.10 . Teekay Offshore Partners (TOO) -7.56% to $12.84.

 

Roger Biduk  

 The basic materials sector tanked 3.98%.

   Stillwater Mining Company (SWC) -11.93% to $5.98. Hecla Mining Company (HL) -11.88% to $2.82. General Moly Inc. (USA) (GMO) -11.15% to $2.39. China Natural Resources (CHNR)

-10.74% to $10.76. Olympic Steel Inc. (ZEUS) -10.54% to $24.95.

 

   The service sector was 2.81% lower.

   R.R. Donnelley & Sons Co. (RRD) +13.83% to $16.46. Lionbridge Tech. Inc. (LIOX) +10.08% to $2.73. Cedar Fair L.P. (FUN) +8.11% to $11.86. Limelight Networks Inc. (LLNW) +7.29% to $3.68. The McClatchy Company (MNI) +5.67% to $2.05.

   E-House (China) Hldgs (EJ) -17.41% to $17.89. Tuesday Morning Corp. (TUES) -15.51% to $3.54. Dollar Thrifty Automotive (DTG) -12.67% to $19.78. Developers Diversified (DDR)

-12.05% to $7.30. FelCor Lodging Trust Inc. (FCH) -10.53% to $3.23.

  

Roger Biduk

   Utilities were down 1.74%.

   Crosstex Energy L.P. (XTEX) -9.54% to $3.32. Crosstex Energy Inc. (XTXI) -7.25% to $3.58. Exterran Partners L.P. (EXLP) -6.15% to $16.63. Suntech Power Hldgs. Co (STP) -5.33% to $16.70. RRI Energy Inc. (RRI) -5.31% to $5.53.

 

   The healthcare sector was lower by 0.72%.

   Align Technology Inc. (ALGN) +28.33% to $13.00. Protalix BioTherapeutics (PLX) +10.75% to $6.39. CryoLife Inc. (CRY) +10.38% to $7.23. Inovio Biomedical Corp. (INO) +6.73% to $2.22. Ariad Pharmaceuticals (ARIA) +6.67% to $2.08.

   Immunomedics Inc. (IMMU) -10.62% to $3.87. AVANIR Pharmaceuticals (AVNR) -9.96% to $2.08. Chindex Intl. Inc. (CHDX) -8.99% to $13.26. Rockwell Medical Tech (RMTI) -8.95% to $8.04. 3SBio Inc. (ADR) (SSRX) -8.28% to $9.75.

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Posted by: Roger Biduk | August 17, 2009

Roger Biduk; Wall Street Lower on Consumer Confidence

Roger Biduk

 

Stocks slumped Friday, but managed to cut steeper losses by the close, after a weaker-than-expected consumer sentiment report raised worries about the strength of any economic recovery.

 

The Dow Jones industrial average (INDU) lost 77 points, or 0.8%. The S&P 500 (SPX) index fell 8 points, or 0.9%. The Nasdaq composite (COMP) lost 24 points, or 1.2%.

 

   Stock declines were broad, but a few sectors recovered losses by the close. Some 24 of the Dow’s 30 components fell, led by Boeing (BA), IBM (IBM), Chevron (CVX), Exxon Mobil (XOM), McDonald’s (MCD) and 3M (MMM).

 

   Stocks began the session slightly lower, as investors shrugged off reports that supported hopes for an economic recovery, including a mild reading on inflation and signs that factory production has started to pick up.

   But the selloff soon picked up speed following the release of the consumer sentiment index. By the close, stocks had trimmed some of those losses.

 

Roger Biduk

    The University of Michigan’s consumer sentiment index dipped to 63.2 in August from 66 in late July. Economists surveyed by Briefing.com thought it would rise to 69.

   “The report is concerning,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc.

   He said that despite the recent stock rally and signs that the recession is winding down, consumers are continuing to take a battering.

   “The report underscores the pain consumers are feeling on both their income and balance sheets,” he said. “And that’s overshadowing any rally in stocks.”

 

   Stocks ended the previous session at 2009 highs, but ended lower for the week after a four-week advance. A more optimistic view from the Federal Reserve trumped weaker retail sales Thursday, but investors continue to look for signs of a recovery.

   Between hitting a bottom on March 9 and Thursday’s close, the S&P 500 rose 50%, making stocks vulnerable to a retreat Friday.

 

Economy: Other economic reports Friday pointed to the end of the recession, as the Federal Reserve hinted earlier in the week. Industrial production, a measure of factory output, rose 0.5% in July after falling 0.4% in the previous month. It was the first rise in 9 months and could indicate that manufacturing is bottoming. Economists thought it would rise 0.4%.

Capacity utilization rose to 68.5% from 68.1% in June. Economists thought it would rise to 68.3%.

The Consumer Price Index (CPI), a measure of consumer inflation, was unchanged in July, as expected. CPI rose 0.7% in June. The so-called core CPI, which strips out volatile food and energy prices, rose 0.1%, as expected. Core CPI rose 0.2% in June.

 

Roger Biduk

Banks: Colonial BancGroup (CNB) may have found a buyer for part or all of its assets in BB&T Corp. (BBT), according to reports. Late Thursday, a judge ruled in favor of Bank of America (BAC) in a suit looking to bar Colonial, which is on the verge of collapse, from transferring or liquidating $1 billion in assets.

Shares of Colonial BancGroup, a Southern regional bank, slumped 12% before being halted. BB&T shares gained 9.4%. BofA shares rose 2.3%.

 

Retailers: Abercrombie & Fitch (ANF) reported a fiscal second-quarter loss versus a year-ago profit due to weak sales, higher costs and more markdowns. The loss was steeper than expected. The teen clothing retailer also reported weaker revenue that topped estimates. Shares gained 3.5% Friday.

J.C. Penney (JCP) reported a smaller-than-expected quarterly loss Friday, but also issued a current-year forecast that is lower than what many analysts were expecting. Shares fell 6.1%.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by seven to three on volume of 1.09 billion shares. On the Nasdaq, decliners topped advancers three to one on volume of 1.96 billion shares.

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Posted by: Roger Biduk | August 12, 2009

Roger Biduk; Financials Sink Wall Street

Roger Biduk

   All 13 industry sectors I follow in the U.S. were lower today.

 

Stocks slumped Tuesday, with a pummeling in bank shares and jitters ahead of a Federal Reserve announcement giving investors a reason to retreat.

 

   The financial sector dropped 2.17%.

   Massmutual Participation (MPV) +7.89% to $11.76. Stifel Financial Corp. (SF) +7.53% to $55.13. Massmutual Corporate (MCI) +5.84% to $25.19. Southwest Bancorp Inc. (OKSB) +5.15% to $12.35.

   Pacific Capital Bancorp (PCBC) -18.87% to $2.58. Doral Financial Corp. (DRL) -18.63% to $3.45. American Intl. Group,Inc (AIG) -13.17% to $24.92. MBIA Inc. (MBI) -12.64% to $5.39. CompuCredit Holdings Corp (CCRT) -11.43% to $3.72.

 

   The banking sector retreated after CIT Group (CIT) delayed its quarterly filing, reviving bankruptcy fears, and several analysts sounded an alarm on the sector. Influential analyst Richard X. Bove of Rochdale Securities said that bank stocks are trading on “fumes” and that investors should take some short-term profits. JPMorgan Chase downgraded bond insurer MBIA (MBI), according to published reports.

    

   The Dow Jones industrial average (INDU) lost 97 points, or 1%. The S&P 500 (SPX) index fell 13 points, or 1.3%. The Nasdaq composite (COMP) dipped 23 points, or 1.1%.

 

Roger Biduk

   Technology was lower by 1.02%.

   Mindray Medical Intl. Ltd (MR) +13.56% to $33.92. Echelon Corporation (ELON) +8.56% to $10.91. QLogic Corporation (QLGC) +8.30% to $14.48. Travelzoo Inc. (TZOO) +7.18% to $12.84.

   Universal Display Corp. (PANL) -20.42% to $10.17. Raser Technologies Inc. (RZ) -11.86% to $2.23. Harvard Bioscience Inc. (HBIO) -10.26% to $3.50. PROS Holdings Inc. (PRO) -8.82% to $6.93. Sify Technologies Limited (SIFY) -8.40% to $2.29.

 

   Stocks slipped modestly in the first 30 minutes of the session, but lost more steam as new banking sector woes surfaced and after the government said wholesale inventories fell 1.7% in June versus forecasts for a drop of 0.9%.

   Investors were also focusing on the Fed’s 2-day meeting, which concludes Wednesday afternoon with the release of a decision on interest rates and a statement on the economy.

 

   Conglomerates sank 1.92%.

   ShengdaTech Inc. (SDTH) +12.75% to $6.28.

 

   “I think there’s some apprehension ahead of the Fed,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research. “We know they’re going to leave rates alone, but there’s some question about what they’ll say.”

 

   Ahead of the Fed meeting, the Commerce Department releases the June trade gap. The trade gap is expected to have widened to $28.5 billion from $26 billion in May, a 10-year low.

   The weekly oil inventories report from the Energy Information Administration is also due in the morning. The July Treasury budget is due in the afternoon.

 

Roger Biduk

      Consumer cyclicals dropped 0.74%.

   Dorman Products Inc. (DORM) +6.07% to $14.15. Makita Corporation (ADR) (MKTAY) +5.52% to $29.44. Select Comfort Corp. (SCSS) +5.49% to $2.88.

   Fossil Inc. (FOSL) -9.56% to $25.07. Modine Manufacturing Co. (MOD) -8.16% to $7.54. ArvinMeritor Inc. (ARM) -8.13% to $7.23. Spartan Motors Inc. (SPAR) -7.67% to $6.02. Amerigon Incorporated (ARGN) -7.19% to $7.62.

 

   Applied Materials (AMAT) is likely to be active Wednesday. After the close Tuesday, the chipmaker reported a quarterly loss versus a profit a year ago on weaker revenue. However, the results were better than what analysts were expecting and shares gained 3% in extended-hours trading.

 

   The capital goods sector lost 1.49%.

   Armstrong World (AWI) +11.27% to $28.54.  

   Force Protection Inc. (FRPT) -10.47% to $4.53. Brookfield Homes Corp. (BHS) -8.58% to $6.18. Beazer Homes USA Inc. (BZH) -7.36% to $3.65. Harbin Electric Inc. (HRBN) -7.23% to $15.40. Drew Industries Inc. (DW) -6.58% to $20.88.

 

   This week, the two-day Federal Reserve policy meeting and the Treasury auctions will take center stage.

“We don’t expect any changes from the Fed,” said Tim McCandless, senior equity analyst at Bel Air Investment Advisors. “Eventually they will outline an exit strategy, but not yet.”

   McCandless said that while stocks are lower so far this week, a rally can probably stretch out through the rest of August, before facing bigger challenges in the fall.

   Fiscal stimulus and “less bad” economic news and profit reports fueled the stock market rally so far. But, longer term, “we need to see a shift from stabilization in the economy and cost cutting driving earnings to real growth,” he said.

 

Roger Biduk

      Consumer non-cyclicals were lower by 0.37%.

   Revlon Inc. (REV) -10.69% to $5.60. HQ Sustainable Maritime (HQS) -9.09% to $8.50. Bunge Limited (BG) -6.78% to $66.04. Smithfield Foods Inc. (SFD) -6.01% to $11.57. Allion Healthcare Inc. (ALLI) -5.69% to $6.63.

 

   Stock declines were broad based, with 26 of 30 Dow issues falling.

   Dow financial issues American Express (AXP), Bank of America (BAC), JPMorgan Chase (JPM) and Travelers Companies (TRV) all declined. The KBW Bank (BKX) index lost 4.4%.

   Among other financial sector movers, CIT Group (CIT) slumped after saying it will delay filing its quarterly report as it continues to try to restructure its debt and avoid filing for bankruptcy protection.

 

   The transportation sector lost 0.32%.

   YRC Worldwide Inc. (YRCW) -14.50% to $2.30. Eagle Bulk Shipping Inc. (EGLE) -7.56% to $5.01. General Maritime Corp. (GMR) -6.91% to $8.22. Knightsbridge Tankers Ltd (VLCCF)

-6.31% to $15.00. Tsakos Energy Navigation (TNP) -5.98% to $16.98.

 

   IBM (IBM), Cisco Systems (CSCO), Chevron (CVX), Caterpillar (CAT), Walt Disney (DIS) and General Electric (GE) were the Dow’s other big decliners.

 

Roger Biduk

   The basic materials sector dropped 0.95%.

   Haynes Intl. Inc. (HAYN) +7.21% to $26.78. Origin Agritech Ltd. (SEED) +6.39% to $4.83. Buckeye Technologies Inc. (BKI) +5.41% to $8.77. AEP Industries (AEPI) +5.02% to $33.08.

   Zoltek Companies Inc. (ZOLT) -17.26% to $8.53. Metalico, Inc. (MEA) -12.08% to $4.22. General Moly Inc. (USA) (GMO) -7.75% to $2.62. Louisiana-Pacific Corp. (LPX) -6.69% to $6.00. Schweitzer-Mauduit Intl (SWM) -5.78% to $45.13.

 

   Market breadth was negative. On the New York Stock Exchange, winners beat losers by almost three to two on volume of 1.2 billion shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 1.96 billion shares.

 

      The service sector was 1.07% lower.

   Schawk Inc. (SGK) +15.25% to $9.60. CapLease Inc. (LSE) +13.37% to $3.73. Alto Palermo S.A. (ADR) (APSA) +9.17% to $6.55. City Telecom (H.K.) Ltd (CTEL) +8.94% to $5.12. R.R. Donnelley & Sons Co. (RRD) +8.92% to $15.75.

   The E.W. Scripps Company (SSP) -25.39 to $5.79. Sinclair Broadcast Group (SBGI) -20.07% to $2.19. The Providence Service (PRSC) -15.01% to $9.85. Multimedia Games, Inc. (MGAM)

-14.72% to $4.52. Clear Channel Outdoor (CCO) -10.20% to $5.90.

 

   The Federal Reserve concludes its two-day meeting Wednesday with an announcement expected at around 2:15 p.m. ET.

   The central bank is expected to hold rates steady at historic lows near zero percent.

   In its closely scrutinized statement, the bankers are expected to say that economic activity is picking up, but that they remain cautious about the outlook. The bank is not expected to say anything too specific about what its exit strategy may be after putting so much stimulus into the financial system.

 

Roger Biduk

   Utilities were down 0.68%.

   Crosstex Energy L.P. (XTEX) -8.46% to $3.57. Crosstex Energy Inc. (XTXI) -7.09% to $3.93. Clean Energy Fuels Corp. (CLNE) -6.98% to $9.46. Middlesex Water Company (MSEX) -5.20% to $14.76. Energy Transfer Equity (ETE) -5.08% to $27.45.

 

   The healthcare sector was lower by 0.37%.

   AVANIR Pharmaceuticals (AVNR) +29.68% to $2.84. Assisted Living Concepts (ALC) +15.66% to $19.42. Micromet Inc. (MITI) +8.74 to $6.22. Symmetry Medical Inc. (SMA) +7.92% to $9.81. Jazz Pharmaceuticals Inc. (JAZZ) +6.89% to $6.52.

   Cornerstone Therapeutics (CRTX) -19.92% to $7.84. PAREXEL Intl. Corp. (PRXL) -17.25% to $12.14. Hansen Medical Inc. (HNSN) -10.71% to $3.75. BMP Sunstone Corp. (BJGP) -8.47% to $4.00. CARDIOME PHARMA CORP (CRME) -8.19% to $4.26.

 

   The energy sector lost 1.39%.

   Brigham Exploration Co. (BEXP) +12.46% to $6.68. YPF SA (ADR) (YPF) +6.84% to $39.35. PHI Inc. (PHII) +6.57% to $20.27. McDermott International (MDR) +6.57% to $22.72.

   Petroleum Development (PETD) -22.11% to $13.42. Syntroleum Corporation (SYNM) -9.58% to $2.83. North American Energy (NOA) -8.87% to $5.55. PetroQuest Energy Inc. (PQ) -8.81% to $4.35. Harvest Natural Resources (HNR) -8.53% to $5.15.

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Posted by: Roger Biduk | April 30, 2009

Roger Biduk; Wall Street Ready For a Fall

Roger Biduk

 

   If any of you think this recession is at the bottom like many rah-rah analysts on television on CNBC, I think you and your portfolios are in for a big surprise (refer to my email I sent in the wee hours on Apr. 27).

   It’s an incredible trading market, with large amounts of money to be made daily trading on both sides of the market.

   But many people are still doing nothing (buy & hold), watching their portfolio rise and then tank when the big money gets out or shorts the market, leaving these investors holding the bag……and they’ve been holding the bag for the last 10 years or so.

   You have to trade this market!

 

   The financial sector gained 0.19%.

   Allied Capital Corp. (ALD) +28.13% to $2.46. LaBranche & Co. Inc. (LAB) +17.09% to $4.18. Selective Insurance Group (SIGI) +16.40% to $14.76. CapitalSource Inc. (CSE) +15.73% to $3.09. Fortress Investment Group (FIG) +15.72% to $3.46.

   Assurant Inc. (AIZ) -12.81% to $24.44. MB Financial Inc. (MBFI) -12.40% to $13.63. Synovus Financial Corp. (SNV) -9.78% to $3.23. Pacific Capital Bancorp (PCBC) -9.64% to $6.94. National Penn Bancshares (NPBC) -9.10% to $8.09.

 

Roger Biduk

   Stocks ended mixed Thursday after an earlier rally lost steam, as weakness in financial and oil stocks vied with strength in technology and industrial shares.

   Investors seemed to take in stride news that Chrysler filed for bankruptcy, a development that boosted shares of rivals General Motors (GM) and Ford Motor (F).

 

   Utilities were down 0.16%.

   Reliant Energy Inc. (RRI) +9.01% to $4.96.

   EQT Corporation (EQT) -6.01% to $33.63.

 

   The Dow Jones industrial average (INDU) lost 17 points or 0.2%. The S&P 500 (SPX) index ended just below unchanged. The Nasdaq composite (COMP) rose 5 points, or 0.3% and ended at a nearly six-month high.

   Market breadth was mixed. On the New York Stock Exchange, winners beat losers by eight to seven on volume of 1.74 billion shares. On the Nasdaq, advancers and decliners were roughly even on volume of 2.86 billion shares.

 

Roger Biduk

   The healthcare sector was lower by 0.59%.

   Human Genome Sciences (HGSI) +57.55% to $2.19. Sunrise Senior Living (SRZ) +37.84%  to $2.55. Mannatech Inc. (MTEX) +18.43% to $4.37. Medicis Pharmaceutical (MRX) +18.42% to $16.07.

   Sequenom Inc. (SQNM) -75.72% to $3.62. Novavax Inc. (NVAX) -14.08% to $2.44. Magellan Health Services (MGLN) -11.50% to $29.56. Gentiva Health Services (GTIV) -10.91% to $15.93. LCA-Vision Inc. (LCAV) -10.44% to $5.75.

 

   The energy sector lost 1.40%.

   Complete Production (CPX) +15.77% to $6.68. Isramco Inc. (ISRL) +10.88% to $42.97. Hercules Offshore Inc. (HERO) +8.47% to $3.20. Petrobras Energia (PZE) +6.45% to $6.44. Goodrich Petroleum Corp. (GDP) +5.28% to $22.93.

   Eagle Rock Energy (EROC0 -41.06% to $3.79. Carbo Ceramics Inc. (CRR) -16.37% to $30.71. Newpark Resources Inc. (NR) -13.85% to $2.80. Union Drilling Inc. (UDRL) -11.65% to $5.99. PrimeEnergy Corporation (PNRG) -9.40% to $42.49.

 

   On Monday, the government releases the results of its “stress tests” of the nation’s largest banks. Jitters ahead of the results have weighed on financial stocks recently, particularly after reports circulated earlier this week that said Bank of America (BAC) and Citigroup (C) will both need to increase their capital should the economy deteriorate further.

   Friday brings earnings reports from Chevron and economic reports on consumer sentiment, factory orders and auto and truck sales. The biggest potential market mover will be the Institute for Supply Management’s manufacturing index.

 

Roger Biduk

   The service sector was 0.02% higher.

   Valassis Communications (VCI) +47.71% to $5.17. Bare Escentuals Inc. (BARE) +39.46% to $9.26. MGM Mirage (MGM) +35.60% to $8.38. Expedia Inc. (EXPE) +28.52% to $13.61. Telefonica de Argentina (TAR) +27.59% to $9.25.

   Build-A-Bear Workshop (BBW) -20.64% to $5.46. Liquidity Services Inc. (LQDT) -17.43% to $7.53. Care Investment Trust Inc (CRE) -12.97% to $5.10. Spherion Corporation (SFN) -11.58% to $3.59. AFC Enterprises Inc. (AFCE) -11.16% to $6.21.

 

   Chrysler filed for Chapter 11 bankruptcy protection Thursday, confirming earlier reports. However, a deal has been negotiated to combine the company with Italian automaker Fiat allowing it to stay in business.

   Chrysler was fighting against the clock to reduce debt, but some of the automaker’s smaller lenders balked at giving in to the Treasury Department’s demands to reduce the amount of debt outstanding. Chrysler already reached an agreement with its union on concessions, another necessary step if it had wanted to avoid bankruptcy.

   The company will continue to operate while under bankruptcy protection.

Investors seemed to take the news in stride as both Chrysler and rival General Motors have been flirting with the threat of bankruptcy for months.

 

Roger Biduk

   The basic materials sector rose 1.06%.

   Owens-Illinois, Inc. (OI) +32.12% to $24.39. The Dow Chemical Company (DOW) +18.43% to $16.00. International Paper Co. (IP) +16.15% to $12.66. SurModics Inc. (SRDX) +15.73% to $21.70. Ashland Inc. (ASH) +14.08% to $21.96.

   EnPro Industries Inc. (NPO) -20.40% to $15.96. Circor Intl. Inc. (CIR) -12.24% to $25.73. Silgan Holdings Inc. (SLGN) -8.14% to $46.49. Simpson Manufacturing Co (SSD) -7.02% to $22.26. Drdgold Ltd. (ADR) (DROOY) -6.99% to $7.85.

 

   Dow component Exxon Mobil (XOM) reported weaker earnings that missed analysts’ forecasts on weaker revenue that topped forecasts. Shares fell 2.6%.

Other oil stocks fell too, including Dow component Chevron (CVX), Halliburton (HAL) and Schlumberger (SLB).

 

   The transportation sector gained 0.53%.

   American Commercial Lines (ACLI) +16.63% to $4.98. General Maritime Corp. (GMR) +14.93% to $9.93. DryShips Inc. (DRYS) +13.28% to $7.42. Hornbeck Offshore (HOS) +12.17% to $23.23. Navios Maritime Hldgs (NM) +10.43% to $4.13.

   Universal Truckload (UACL) -5.45% to $12.32. UAL Corporation (UAUA) -5.02% to $4.92. US Airways Group Inc. (LCC) -5.01% to $3.79.

 

Roger Biduk

   Dow component Procter & Gamble (PG) reported weaker earnings that topped estimates on weaker revenue that missed estimates.

   Fellow consumer products maker Colgate-Palmolive (CL) also posted lower earnings that beat forecasts on lower revenue that missed expectations.

   Starbucks (SBUX) reported weaker earnings after the market close Wednesday that nonetheless topped estimates.

   In other company news, Bank of America (BAC) said late Wednesday that Ken Lewis had been removed as chairman, but will stay on as CEO and president.

 

   Consumer non-cyclicals were lower by 0.33%.

   Green Mountain Coffee (GMCR) +37.13% to $72.31. Revlon Inc. (REV) +33.90% to $4.74. Newell Rubbermaid Inc. (NWL) +20.53% to $10.45. Central European (CEDC) +10.67% to $22.40. Kellogg Company (K) +6.61% to $42.11.

    Reynolds American Inc. (RAI) -8.44% to $37.98. Seaboard Corporation (SEB) -8.24% to $935.00. Inter Parfums Inc. (IPAR) -7.51% to $7.76. Nu Skin Enterprises Inc. (NUS) -6.76% to $12.82. United Stationers Inc. (USTR) -5.84% to $32.73.

 

Roger Biduk

   Weekly jobless claims slipped to 631,000 last week from a revised 645,000 the previous week. Economists surveyed by Briefing.com expected 640,000 new claims. Continuing claims – the number of people receiving benefits for a week or more – topped 6.27 million for the first time.

Personal income and spending fell more than expected in March. Income fell 0.3% after falling 0.2% in February. Economists thought income would fall 0.2%. Spending fell 0.2% after rising 0.4% in February. Economists thought it would fall 0.1%.

 

   The capital goods sector lost -0.16%.

   Winnebago Industries Inc (WGO) +13.97% to $8.81. M/I Homes Inc. (MHO) +11.62% to $15.27. Trinity Industries Inc. (TRN) +8.54% to $14.61. Manitowoc Company Inc. (MTW) +7.99% to $5.95. Thor Industries Inc. (THO) +6.53% to $22.99.

   The Ryland Group Inc. (RYL) -13.85% to $20.71. NACCO Industries Inc. (NC) -9.30% to $38.25. MasTec Inc. (MTZ) -8.15% to $12.51. Great Lakes Dredge & Dock (GLDD) -6.60% to $3.96. Armstrong World (AWI) -6.43% to $8.18.

 

   The Chicago PMI, a regional read on manufacturing, continued the recent trend of not-as-bad-as-expected reports. The index rose to 40.1 in April from 31.4 in March, a 7-month high and well above economists’ expectations for a rise to 35.

   The Labor Department’s Employment Cost Index rose by 0.3% in the first quarter, the lowest rise on record and short of the 0.5% increase economists were expecting.

 

Roger Biduk

   Consumer cyclicals rose 0.77%.

   Skechers USA Inc. (SKX) +23.55% to $11.70. Interface Inc. (IFSIA) +22.41% to $5.79. Shutterfly Inc. (SFLY) +20.62% to $12.81. Tenneco Inc. (TEN) +15.47% to $3.06. Hanesbrands Inc. (HBI) +9.73% to $16.46.

   Oshkosh Corporation (OSK) -21.57% to $9.60. Eastman Kodak Company (EK) -16.21% to $3.05. Kimball International (KBALB) -8.19% to $5.49. LSI Industries Inc. (LYTS) -8.18% to $5.61. Hasbro Inc. (HAS) -6.75% to $26.66.

 

   Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.11% from 3.09% Wednesday. Treasury prices and yields move in opposite directions.

   Lending rates were mixed. The 3-month Libor rate fell to 1.02% from 1.03% Wednesday, according to Bloomberg.com. The overnight Libor rate was unchanged at 0.23%. Libor is a bank-to-bank lending rate.

 

   Conglomerates rose 1.04%.

   Wonder Auto Tech. Inc. (WATG) +9.43% to $6.73. Tyco International Ltd. (TYC) +5.27% to $23.76.

 

Roger Biduk

   Technology was higher by 0.80%.

   First Solar Inc. (FSLR) +23.49% to $187.29. Chart Industries Inc. (GTLS) +18.31% to $13.83. Cadence Design Systems (CDNS) +16.01% to $5.58. China Sunergy Co. Ltd (CSUN) +15.59% to $3.04. JA Solar Hldgs. Co. Ltd (JASO) +14.33% to $3.51.

   Integral Systems Inc. (ISYS) -19.73% to $6.63. Agilysys Inc. (AGYS) -18.29% to $6.03. JDS Uniphase Corporation (JDSU) -17.24% to $4.61. ManTech Intl. Corp. (MANT) -16.27% to $36.19. Ultralife Corp. (ULBI) -15.58% to $7.15.

 

   Is your broker, bank account representative (or whatever they’re calling themselves these days) or financial advisor  giving you or your clients this type of timely, daily information?

   I can tell you the answer is most likely.…..no!

   Give me a call….

 

  I am always looking to form a professional and mutually profitable relationship on a referral basis regarding our respective clients, friends & business associates.

 

www.rogerbiduk.ca

www.rogerbiduk.wordpress.com

www.rogerbiduk.blogspot.com

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Posted by: Roger Biduk | April 29, 2009

Roger Biduk; Wall Street Higher on Lousy Economic Data

Roger Biduk

   Stocks rallied Wednesday afternoon after the Federal Reserve held interest rates steady, as expected, but issued a slightly more upbeat economic outlook.

 

 After the close, Bank of America said Ken Lewis has been removed as Chairman, but will stay on as CEO and president.

 

   The financial sector gained 3.58%.

   Encore Capital Group Inc (ECPG) +43.99% to $8.38. National Financial (NFP) +27.48% to $6.82. Affiliated Managers Group (AMG) +23.57% to $55.21. Calamos Asset Management (CLMS) +18.16% to $10.67. Doral Financial Corp. (DRL) +17.95% to $4.60.

   Aetna Inc. (AET) -10.33% to $21.88. Fidelity National (FNF) -5.73% to $18.27. First American Corp. (FAF) -5.15% to $26.35.

 

   The Dow Jones industrial average (INDU) gained 169 points, or 2.1%, closing at the highest point since Feb. 9.

   The S&P 500 (SPX) index added 18 points, or 2.2% and ended at the highest point since Jan. 28.    The Nasdaq composite (COMP) rose 38 points, or 2.3% and ended at the highest point since Nov. 3, 2008.

   Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than five to one on volume of 1.48 billion shares. On the Nasdaq, advancers topped decliners by over three to one on volume of 2.41 billion shares.

 

Roger Biduk

   Consumer cyclicals rose 1.75%.

   Brunswick Corporation (BC) +17.96% to $5.91. Sturm Ruger & Company (RGR) +16.61% to $12.64. Furniture Brands Intl (FBN) +16.15% to $3.02. Tenneco Inc. (TEN) +15.22% to $2.65. Jones Apparel Group Inc. (JNY) +14.27% to $9.21.

   V.F. Corporation (VFC) -13.61% to $58.12. True Religion Apparel (TRLG) -9.11% to $16.36.

 

   Stocks spiked even more in the first half hour after the 2:15 p.m. ET Fed announcement, but lost some steam late in the session.

   Investors found positives in the day’s bleak report on first-quarter economic growth, pushing stocks higher at the open. The markets extended those gains after the Fed opted to keep the fed funds rate, a key short-term interest rate, at a historic low near zero.

 

   The capital goods sector rose 2.74%.

   Semitool Inc. (SMTL) +24.32% to $4.55.

Tecumseh Products Company (TECUA) +21.09% to $10.85. Brookfield Homes Corp. (BHS) +14.62% to $5.41. Gafisa SA (ADR) (GFA) +14.21% to $17.92. NACCO Industries Inc. (NC) +12.66% to $42.17.

   Dresser-Rand Group Inc. (DRC) -7.80% to $24.47.

 

   In its statement, the bank gave a more upbeat take on the economy than it has recently, although the tone remained cautious. The Fed said that “although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time.”

 

Roger Biduk

   Consumer non-cyclicals were higher by 1.59%.

Medifast Inc. (MED) +24.07% to $7.01. B&G Foods Inc. (BGS) +21.44% to $6.40. Elizabeth Arden Inc. (RDEN) +15.11% to $8.38. Corn Products Intl. Inc. (CPO) +13.36% to $23.08.

   USANA Health Sciences (USNA) -7.48% to $25.35. Allion Healthcare Inc. (ALLI) -7.17% to $5.57. Green Mountain Coffee (GMCR) -5.33% to $52.73.

 

   The statement also said the pace of contraction appears to be somewhat slower, a belief that has helped lift stocks over the last two months, said Stephen Stanley, chief economist at RBS Securities.

   “It’s not like they were wildly optimistic, but they acknowledged that the data have been a little better, the consumer is stabilizing and that market conditions are improving, ” he said. “They think that the improvement we’ve seen in financial market conditions over the last month is likely to continue.”

 

      The transportation sector gained 3.11%.

   Horizon Lines Inc. (HRZ) +15.57% to $4.90. Ultrapetrol (Bahamas) Ltd (ULTR) +12.46% to $3.79. The Greenbrier Companies (GBX) +11.62% to $8.07. Capital Product Partners (CPLP) +11.43% to $8.87. AirTran Holdings Inc. (AAI) +10.28% to $7.08.

 

Roger Biduk

   Quarterly results are due tomorrow morning from Dow components Exxon Mobil (XOM) and Procter & Gamble (PG).

   In a big day for economic news, reports are due on personal income and spending, weekly jobless claims, manufacturing in the Midwest and the first-quarter employment cost index.

   Thursday is also the deadline for Chrysler to come up with the necessary concessions to avoid filing for bankruptcy. The company has already made deals with its union and creditors. Late Wednesday, reports said the company reached a deal with Italian automaker Fiat, fulfilling the government’s third requirement for the company to avoid bankruptcy.

 

   The basic materials sector rose 3.18%.

   P.H. Glatfelter Company (GLT) +21.54%  to $8.86. Buckeye Technologies Inc. (BKI) +20.05% to $4.85. Trex Company Inc. (TWP) +15.06% to $11.61. Innospec Inc. (IOSP) +12.57% to $7.88. Sealed Air Corp. (SEE) +11.05% to $19.50.

   Olympic Steel Inc. (ZEUS) -12.32% to $17.43. Cheniere Energy Partners (CQP) -8.92% to $6.89. Omega Flex Inc. (OFLX) -7.03% to $16.27. Quaker Chemical Corp. (KWR) -6.79% to $11.95. Aracruz Celulose SA (ADR) (ARA) -5.05% to $11.66.

 

   Stocks were rising again after two down sessions, recharging the advance that boosted the major gauges all more than 20% over a six-week period. Last week, only the Nasdaq gained, with the Dow and S&P 500 posting small losses.

 

   The service sector was 2.26% higher.

   Wyndham Worldwide Corp. (WYN) +35.39% to $11.86. ATC Technology Corp. (ATAC) +28.17% to $16.70. The E.W. Scripps Company (SSP) +27.50% to $2.04. Ameristar Casinos Inc. (ASCA) +20.48% to $18.00. Phase Forward Inc. (PFWD) +19.00% to $14.28.

   Alto Palermo S.A. (ADR) (APSA) -13.45% to $5.15. Panera Bread Company (PNRA) -12.01% to $55.37. Barrett Business Services (BBSI) -9.45% to $10.25. Carter’s Inc. (CRI) -9.18% to $21.07. Heidrick & Struggles Intl (HSII) -8.23% to $17.74.

 

Roger Biduk

   After a period of consolidation on the back of a strong move, stocks are now moving higher, said Michael Church, president at Addison Capital.

   “There have been some reports and earnings that were not as bad as expected and that’s helped,” Church said. “At one point, investors were fearing the apocalypse, but it’s become clearer that that’s not what is happening.”

 

   Conglomerates rose 2.88%.

   Federal Signal Corp. (FSS) +9.72% to $8.35. Siemens AG (ADR) (SI) +9.16% to $67.94. Tomkins plc (ADR) (TKS) +6.57% to $9.89. Wonder Auto Tech. Inc. (WATG) +5.13% to $6.15.

 

   Fears that major banks may need more cash on hand have been in play this week ahead of the results of Treasury’s “stress tests” of the largest companies, due next Monday.

   “I think people are just looking forward to the tests being over,” said Church.

 

   The economy shrank at a faster-than-expected pace in the first quarter, surprising economists who were looking for an even slower pace of contraction after a rough fourth quarter of last year.

   Gross domestic product fell at a 6.1% annualized rate in the first quarter after falling 6.3% in the fourth quarter. Economists thought it would fall at 4.7% pace, according to Briefing.com forecasts.

GDP was weighed down by a sharp decline in exports and plummeting business inventories.    

   However, the inventory slowdown was seen as a positive, as it could mean the correction cycle is ending.

 

Roger Biduk

   The energy sector gained 2.71%.

   Massey Energy Company (MEE) +23.62% to $15.49. Complete Production (CPX) +20.46% to $5.77. Bronco Drilling Co. Inc. (BRNC) +16.24% to $5.94. Newpark Resources Inc. (NR) +16.07% to $3.25. Union Drilling Inc. (UDRL) +15.11% to $6.78.

   Cheniere Energy Inc. (LNG) -12.11% to $3.92. Aegean Marine Petroleum (ANW) -10.27% to $15.21.

 

   In addition, personal consumption rose, after falling in the previous quarter, raising hopes that consumer spending will pick up.

   In other economic news, home loan applications fell last week to the lowest levels in more than a month due to a drop in refinancing demand.

   Wednesday also marked President Obama’s 100th day in office.

 

   Technology was higher by 2.17%.

   SAVVIS Inc. (SVVS) +29.06% to $11.59. Mercury Computer Systems (MRCY) +20.48% to $8.06. Ness Technologies Inc. (NSTC) +17.89% to $4.02. Trimble Navigation Ltd. (TRMB) +16.26% to $22.02. CommScope Inc. (CTV) +15.34% to $23.61.

   Total System Services (TSS) -11.45% to $12.84. RF Micro Devices Inc. (RFMD) -10.57% to $2.37. Network Equipment Tech (NWK) -8.29% to $3.87. AeroVironment Inc. (AVAV) -7.39% to $22.57.

 

   In the banking sector, Citigroup (C) has reportedly asked Treasury if it can pay out bonuses to certain workers, according to the Wall Street Journal. Citi has received $45 billion in federal bailout money and may need to raise more. Shares gained 8%.

   Wells Fargo (WFC), Goldman Sachs (GS), Morgan Stanley (MS) and Fifth Third (FITB) were among the other gainers. The KBW Bank (BKX) sector index rose 5%.

 

Roger Biduk

   The healthcare sector was higher by 1.32%.

   Dendreon Corporation (DNDN) +94.24% to $22.94. Psychiatric Solutions (PSYS) +26.41% to $18.14. Poniard Pharmaceuticals (PARD) +22.76% to $3.04. Synta Pharmaceuticals (SNTA) +20.86% to $3.36. Prestige Brands Hldgs (PBH) +20.25% to $6.77.

   BioCryst Pharmaceuticals (BCRX) -10.29% to $3.75. Novavax Inc. (NVAX) -10.06% to $2.86. Sinovac Biotech Ltd. (SVA) -6.72% to $2.50. Endo Pharmaceuticals (ENDP) -5.37% to $17.28.

 

   In corporate news, Aetna (AET) reported higher quarterly sales and earnings that topped estimates. But the health insurer also said it saw higher-than-expected medical costs. Shares slumped 10%.

   Time Warner (TWX), the parent of CNNMoney.com, reported weaker quarterly profit on slowing ad sales, but results were better than what analysts were expecting. Shares gained 1%.

Dendreon (DNDN) shares rallied 94% in its first day of trading after saying its experimental treatment for advanced prostate cancer extended the lives of men suffering from the disease by four months. Shares were halted after the Tuesday afternoon announcement.

 

   Utilities were up 1.09%.

   Suntech Power Hldgs. Co (STP) +16.43% to $14.24. Atlas America, Inc. (ATLS) +12.53% to $15.18. TransAlta Corp. (USA) (TAC) +10.90% to $17.50. Companhia de Saneamento (SBS) +8.05% to $28.46. Korea Electric Power Corp (KEP) +7.92% to $10.49.

 

   Treasury prices tumbled, raising the yield on the benchmark 10-year note to 3.09% from 3.01% Tuesday. Treasury prices and yields move in opposite directions.

Lending rates were mixed. The 3-month Libor rate fell to 1.04% from 1.05% Monday, according to Bloomberg.com. The overnight Libor rate was unchanged at 0.21%. Libor is a bank-to-bank lending rate.

 

 www.rogerbiduk.ca

www.rogerbiduk.wordpress.com

www.rogerbiduk.blogspot.com

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Posted by: Roger Biduk | April 28, 2009

Roger Biduk; Wall Street Lower on Banks & Flu

Roger Biduk

 

   Stocks slipped Tuesday, ending a choppy session with declines as a stronger-than-expected consumer confidence report competed with jitters about the health of U.S. banks and the possible economic impact of swine flu.

   The Dow Jones industrial average (INDU) lost 8 points, or 0.1%. The S&P 500 (SPX) index slipped 2 points, or 0.3%. The Nasdaq composite (COMP) eased 5 points, or 0.3%.

   Market breadth was positive. On the New York Stock Exchange, winners beat losers by a narrow margin on volume of 1.07 billion shares. On the Nasdaq, advancers beat decliners five to four on volume of 1.95 billion shares.

 

   The financial sector lost 0.67%.

   Heartland Financial USA (HTLF) +15.49% to $13.57. Harris & Harris Group (TINY) +11.99% to $4.67. PennantPark Investment (PNNT) +10.92% to $5.08. TICC Capital Corp. (TICC) +10.57% to $4.08. Enterprise Financial (EFSC) +10.19% to $9.62.

   Fortress Investment Group (FIG) -16.12% to $2.81. Delphi Financial Group (DFG) -13.86% to $16.84. Lazard Ltd  (LAZ) -9.81% to $28.22. CIT Group Inc. (CIT) -9.58% to $2.17. Bank of America Corp. (BAC) -8.63% to $8.15.

 

   Stocks seesawed through the session as investors sorted through the day’s news. The indecision came after a six-week-long broad-based rally on bets that the worst for the economy has already happened – a rally that began to sputter last week as quarterly results came in.

   “I think the rally is going to end up getting recharged, but the market is probably going to drift sideways for a while,” said Gary Webb, CEO at Webb Financial Group.

 

Roger Biduk

   Consumer cyclicals lost 0.93%.

   Jones Apparel Group, Inc. JNY +13.84% to $8.06. Under Armour Inc. (UA) +12.90% to $24.50. Spartan Motors Inc. (SPAR) +11.65% to $7.57. Modine Manufacturing Co. (MOD) +10.96% to $3.24. Hooker Furniture Corp. (HOFT) +8.90% to $11.26.

   Masco Corporation (MAS) -13.85% to $8.40. Furniture Brands Intl (FBN) -10.96% to $2.60. Nissan Motor Co. Ltd (NSANY) -6.23% to $9.79. Whirlpool Corporation (WHR) -6.02% to $41.06. BorgWarner Inc. (BWA) -5.36% to $26.66.

 

   This week, investors have been keeping an eye on the banks and the latest reports on the swine flu outbreak.

   “The markets are experiencing a bit of a tug-of-war,” said Michael Sheldon, chief market strategist at RDM Financial Group.

   “The economic news was somewhat better than expected,” he said. “However, we’ve come a long distance over a short period of time and investors continue to worry about the implications of the spread of the flu virus.”

   Sheldon said the two biggest longer-term issues that remain unresolved are a bottom in the housing market and the potential need for more capital among the country’s banks.

 

   The capital goods sector fell 1.09%.

   Meritage Homes Corp. (MTH) +15.38% to $20.10. Northwest Pipe Company (NWPX) +14.72% to $37.17. Cascade Corporation (CAE) +11.63% to $24.38. Hovnanian Enterprises (HOV) +8.92% to $2.93. Standex Int’l Corp. (SXI) +8.64% to $12.57.

   Jacobs Engineering Group (JEC) -11.33% to $40.39. Fuel Tech Inc. (FTEK) -9.67% to $12.24. Ceradyne Inc. (CRDN) -7.08% to $17.71. AMCOL International Corp. (ACO) -6.92% to $18.97. Drew Industries Inc. (DW) -6.45% to $12.48.

 

Roger Biduk

   Wednesday brings the conclusion of the Federal Reserve’s two-day policy meeting, in which the central bank is expected to hold interest rates steady at historic levels near zero.

   Wednesday also brings the reading on first-quarter gross domestic product growth. GDP is expected to have shrank at a 4.7% annualized rate after shrinking at a rate of 6.3% in the fourth quarter.

 

   Consumer non-cyclicals were higher by 0.66%.

   Industrias Bachoco S.A.B (IBA) +10.90% to $14.86. M & F Worldwide Corp. (MFW) +10.25% to $15.16. USANA Health Sciences (USNA) +9.64% to $27.40. The Standard Register Co. (SR) +7.16% to $5.54. Alliance One Intl. Inc. (AOI) +7.04% to $3.65.

   Fresh Del Monte Produce (FDP) -12.51% to $14.90. Wimm-Bill-Dann Foods OJSC (WBD)

-5.36% to $41.52.

 

   The April consumer confidence index rose to 39.2 from a revised 26.9 in the previous month. Economists surveyed by Briefing.com thought it would improve to 29.7.

 

   The transportation sector lost 0.80%.

   Horizon Lines Inc. (HRZ) +13.07% to $4.24. Danaos Corporation (DAC) +8.95% to $4.14. Grupo Aeroportuario del (OMAB) +6.93% to $8.02. The Greenbrier Companies (GBX) +6.17% to $7.23. Air Methods Corporation (AIRM) +5.39% to $25.60.

   Seaspan Corporation (SSW) -37.96% to $6.70. Delta Air Lines Inc. (DAL) -9.93% to $6.08. UAL Corporation (UAUA) -8.18% to $5.05. AirTran Holdings Inc. (AAI) -6.96% to $6.42. China Southern Airlines (ZNH) -5.45% to $11.10.

 

Roger Biduk

   Bank of America (BAC) and Citigroup (C) will need to raise more capital, according to initial government “stress tests,” the Wall Street Journal reported. Regulators reportedly told the banks that they need to boost their reserves to prepare for a potential worsening of the economy.

   Results of Treasury’s tests of the largest U.S. banks aren’t due until next week. Citi, saying it couldn’t disclose test results, issued a statement assuring that its capital base is strong.

   Bank of America shares fell 8.6%, Citi dropped 6% and the KBW Bank (BKX) sector index fell 3%.

 

   The basic materials sector fell 1.53%.

   Quaker Chemical Corp. (KWR) +15.08% to $12.82. Innospec Inc. (IOSP) +10.94% to $7.00. Rock-Tenn Company (RKT) +9.00% to $35.97. Spartech Corporation (SEH) +8.08% to $3.88. Wausau Paper Corp. (WPP) +6.95% to $8.46.

   A.M. Castle & Co. (CAS) -16.68% to $9.59. RTI Intl. Metals Inc. (RTI) -13.99% to $12.73. Ladish Co. Inc. (LDSH) -10.87% to $7.87. The Scotts Miracle-Gro Co (SMG) -9.78% to $33.96. Grupo Simec S.A.B. de C.V (SIM) -7.07% to $4.60.

 

   Concerns about the economic impact of the swine flu outbreak remained in place Tuesday as health officials have confirmed at least 90 cases of the disease worldwide and 50 in the United States.

   Economists are concerned that should the outbreak become a large-scale pandemic, it would throw off a global economic recovery attempt and even intensify the recession.

 

Roger Biduk

   Utilities were up 0.21%

   SouthWest Water Company (SWWC) +6.54% to $5.70. Companhia Paranaense de (ELP) +6.46% to $12.52. EnerNOC Inc. (ENOC) +5.98% to $17.89. FPL Group Inc. (FPL) +5.83% to $54.27. Clean Energy Fuels Corp. (CLNE) +5.22% to $8.07.

   El Paso Corporation (EP) -6.02% to $6.40.

 

   Chrysler said it has made a deal with its creditors to reduce $7 billion in loans, inching it closer to resolving its financial crisis. Over the weekend, the automaker said it won key concessions from its union. The company also needs to hammer out a deal with Italian automaker Fiat ahead of the Thursday deadline to avoid bankruptcy.

   Both Chrysler and General Motors (GM) have been getting by on billions in government aid. General Motors has until June 1 to cut debt and avoid bankruptcy. On Monday, the company announced a broad restructuring plan.

 

   Borders Group Inc. (BGP) +26.02% to $2.47. Alto Palermo S.A. (ADR) (APSA) +19.24% to $5.95. DreamWorks Animation SKG (DWA) +16.35% to $20.50. Spherion Corporation (SFN) +13.85% to $3.70. The Talbots Inc. (TLB) +12.94% to $2.27.

   Heidrick & Struggles Intl (HSII) -16.44% to $19.46. American Greetings Corp. (AM) -15.59% to $7.04. Rent-A-Center Inc (RCII) -15.26% to $18.38. Isle of Capri Casinos (ISLE) -8.37% to $8.65. Aircastle Limited (AYR) -7.44% to $5.72.

 

   Drugmakers Pfizer (PFE) and Bristol-Myers Squibb (BMY) reported results Tuesday morning.

Pfizer reported lower quarterly earnings that topped expectations on lower revenue that missed expectations. The company saw sales of its blockbuster Lipitor lose out to cheaper generic versions. However, cost cutting helped limit any declines.

   Bristol-Myers Squibb reported weaker earnings that topped estimates on higher revenue that missed estimates. The company was hurt by weaker sales of Erbitux, its colon cancer medicine.

 

Roger Biduk

   The healthcare sector was lower by 0.24%.

Novavax Inc. (NVAX) +24.71% to $3.18. Symyx Technologies Inc. (SMMX) +17.43% to $4.38. ev3 Inc. (EVVV) +17.00% to $8.67. RTI Biologics Inc. (RTIX) +16.48% to $3.11.

   Dendreon Corporation (DNDN) -45.20% to $11.81. Wright Medical Group Inc (WMGI) -10.46% to $13.70. XenoPort Inc. (XNPT) -5.83% to $13.90. Lannett Company Inc. (LCI) -5.82% to $5.50. Metabolix Inc. (MBLX) -5.74% to $6.57.

 

   IBM (IBM) said Tuesday that it will increase its quarterly dividend by 10% and will buy another $3 billion of its outstanding stock.

   In other news, biotech Dendreon (DNDN) said its experimental treatment added four months to the lives of men with advanced prostate cancer. But Dendreon shares tumbled 45% before the stock was halted, ahead of the news.

 

   Technology was lower by 0.64%.

   Waters Corporation  (WAT) +16.26% to $43.83. Tyler Technologies Inc. (TYL) +12.58% to $17.00. Kulicke and Soffa (KLIC) +11.98% to $3.74. Hexcel Corporation (HXL) +11.88% to $9.51. Intevac Inc. (IVAC) +11.58% to $6.84.

   Webzen Inc. (ADR) (WZEN) -11.87% to $2.45. Network Equipment Tech (NWK) -11.37% to $3.74. Corning Incorporated (GLW) -7.26% to $14.69. GrafTech Intl. Ltd. (GTI) -7.18% to $8.01.

 

Roger Biduk

   The S&P/Case Shiller 20-city home price index fell 18.6% in February from a year ago, extending the losing streak to 31 months. But it was the first time since October 2007 that the index didn’t hit a record low in its year-over-year drop.

 

   The energy sector gained 0.32%.

   Quicksilver Resources Inc (KWK) +10.65% to $8.62. GMX Resources Inc. (GMXR) +9.74% to $9.35. Southwestern Energy Co. (SWN) +9.47% to $36.64. Goodrich Petroleum Corp. (GDP) +7.43% to $22.71. Brigham Exploration Co. (BEXP) +5.94% to $2.32.

   Global Industries Ltd. (GLBL) -8.22% to $6.14. PrimeEnergy Corporation (PNRG) -6.36% to $40.05. Foundation Coal Hldgs (FCL) -5.85% to $14.65. Advantage Energy Income (AAV) -5.00% to $2.66.

 

   Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.01% from 2.92% Monday. Treasury prices and yields move in opposite directions.

   Lending rates were mixed. The 3-month Libor rate fell to 1.04% from 1.05% Monday, according to Bloomberg.com. The overnight Libor rate was unchanged at 0.21%. Libor is a bank-to-bank lending rate.

 

   The service sector was 0.22% lower.

 

   Conglomerates fell 1.14%.

   Alleghany Corporation (Y) +7.64% to $240.48. Temple-Inland Inc. (TIN) +5.15% to $11.63.

   Olin Corporation (OLN) -9.81% to $12.96.

 

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Roger Biduk

  Stocks slipped Monday as fears about the impact of swine flu and jitters about the next batch of quarterly results gave investors a reason to retreat after a big rally.

   The Dow Jones industrial average (INDU) fell 51 points, or 0.6%. The S&P 500 (SPX) index lost 9 points, or 1%. The Nasdaq composite (COMP) gave up 15 points, or 0.9%.

   Market breadth was positive. On the New York Stock Exchange, winners beat losers two to one on volume of 1.4 billion shares. On the Nasdaq, advancers topped decliners two to one on 2.23 billion shares.

 

   The financial sector lost 2.01%.

   NewStar Financial Inc. (NEWS) +8.37% to $2.20. Humana Inc. (HUM) +6.91% to $29.25. Centene Corporation (CNC) +5.12% to $19.71.

   Central Pacific Financial (CPF) -15.51% to $5.61. Crawford & Company (CRD.B) -14.37% to $5.60. Enterprise Financial (EFSC) -12.35% to $8.73. Harris & Harris Group (TINY) -12.21% to $4.17. KeyCorp (KEY) -12.00% to $6.16.

 

   Stocks slumped in the first half-hour of trade, turned higher near midday and then slipped again in the afternoon.

   Should the swine flu disease develop into an epidemic, world economies would be hurt at a time when a global recession is already exerting a crippling impact. Such fears were dragging on stocks.

   However, the market was also vulnerable to a pullback anyway, with the recent rally losing steam in a busy week for quarterly results and economic news, and ahead of the results of Treasury’s “stress tests” for the largest U.S. banks.

 

Roger Biduk

   Consumer cyclicals lost 1.76%.

   General Motors Corp. (GM) +20.71% to $2.04. La-Z-Boy Incorporated (LZB) +7.83% to $2.34. Whirlpool Corporation (WHR) +7.27% to $43.69. RC2 Corporation (RCRC) +6.47% to $10.04.

   Marine Products Corp. (MPX) -9.25% to $4.22. Brown Shoe Company Inc. (BWS) -9.06% to $5.42. Interface Inc. (IFSIA) -8.74% to $4.49. Crocs Inc. (CROX) -8.73% to $2.09. Hooker Furniture Corp. (HOFT) -7.26% to $10.34.

 

   “Airline and hotel stocks are getting hit today and that’s appropriate if the swine flu has a big impact on travel,” said Brian Battle, vice president at Performance Trust Capital Partners. “But I think we’re more concerned that it’s the middle of the earnings reporting period and major companies are due out this week.”

 

   The capital goods sector fell 0.94%.

   Beazer Homes USA Inc. (BZH) +27.06% to $2.77. Hovnanian Enterprises (HOV) +13.50% to $2.69. China Yuchai Intl. Ltd. (CYD) +6.36% to $7.02. AMCOL International Corp. (ACO) +6.31% to $20.38. Ameron Intl. Corp. (AMN) +5.91% to $58.39.

  BE Aerospace Inc. (BEAV) -23.07% to $9.97. Graham Corporation (GHM) -13.41% to $11.24. M/I Homes Inc. (MHO) -12.62%  to $11.77. Gibraltar Industries Inc (ROCK) -11.31% to $5.88. Insteel Industries Inc. (IIIN) -10.08% to $6.87.

 

   In addition, there are jitters ahead of the release of the stress tests next Monday. “We need to know who cleared and who didn’t, and for those who didn’t, what’s the federal government going to do about it?”

 

Roger Biduk

   Consumer Non-Cyclicals were lower by 0.45%.

   Cott Corporation (USA) (COT) +8.16% to $2.12. Sadia SA (ADR) (SDA) +6.61% to $5.48.

   Gruma S.A.B. de C.V. (ADR) (GMK) -14.07% to $2.26. Smithfield Foods Inc. (SFD) -12.40% to $9.04. Alliance One Intl. Inc. (AOI) -9.55% to $3.41. Tyson Foods Inc. (TSN) -8.87% to $9.96. Alberto-Culver Company (ACV) -8.44% to $20.93.

 

   All three major gauges gained for 6 straight weeks, adding between 25% and 30% on bets that the worst for the economy and corporate profits has already happened. But investors showed some hesitation last week and only the Nasdaq managed to end higher for the seventh week in a row.

   “I think this has been a bear market rally and we’re likely to see a bigger pull back,” said Tyler Vernon, chief investment officer at Biltmore Capital.

   “Swine flu will probably have a short-term impact,” he said. “But I think it’s going to the first shoe to fall in a series of shoes over the next month.”

 

   The transportation sector lost 4.61%.

   Air Methods Corporation (AIRM) +5.33% to $24.29.  

   China Southern Airlines (ZNH) -17.61% to $11.74. US Airways Group Inc. (LCC) -17.36% to $4.00. Grupo Aeroportuario del (PAC) -17.06% to $19.98. Continental Airlines Inc (CAL) -16.38% to $11.08. Grupo Aeroportuario del (OMAB) -14.77% to $7.50.

 

   On Tuesday, Pfizer and Bristol-Myers are due to report results. The April consumer confidence report and the S&P/CAseShiller Home Price index for March are both due in the morning as well.

   The Federal Reserve Board begins its two-day policy setting meeting Tuesday.

 

Roger Biduk

   The basic materials sector fell 2.35%.

   Kronos Worldwide Inc. (KRO) +17.38% to $7.63. Hecla Mining Company (HL) +16.59% to $2.60. Aracruz Celulose SA (ADR) (ARA) +7.30% to $11.91. Innospec Inc. (IOSP) +6.23% to $6.31.

   The Timken Company (TKR) -12.58% to $14.73. Mechel OAO (ADR) (MTL) -11.38% to $5.84. Quanex Building Products (NX) -9.60% to $9.60. Spartech Corporation (SEH) -9.57% to $3.59. Haynes Intl. Inc. (HAYN) -8.41% to $20.79.

 

   Declared a public health emergency by the World Health Organization, swine flu dragged on markets globally, particularly in Europe.

   In the United States, the federal government declared a public health emergency and President Obama called the outbreak a “cause for concern” but not a “cause for alarm.”

   As many as 103 deaths in Mexico are believed to have been caused by the disease. At least 40 cases have been diagnosed in the United States.

   The European Union health commissioner advised Europeans to avoid non-essential travel to both Mexico and the United States. However, the acting director of the Centers for Disease Control and Prevention said such an advisory was unwarranted.

 

   Utilities were up 0.28%. 

   Edenor S.A. (ADR) (EDN) +5.42% to $4.28.

   Boardwalk Pipeline (BWP) -7.11% to $20.90.

 

Roger Biduk

   On Sunday, Chrysler said it won some key concessions from its union, a critical step as it races against the clock to avoid filing for bankruptcy protection. Chrysler has until Thursday to hammer out a deal with its creditors and Italian automaker Fiat. Chrysler is privately held.

   General Motors (GM), which has until June 1 to cut debt and avoid bankruptcy, announced a broad restructuring plan Monday. GM will cut 23,000 jobs by 2011, including those already announced in its recent viability plan. The company will also eliminate its Pontiac brand and cut 40% of its dealer network. GM shares rallied nearly 21%.

 

    The service sector was 1.70% lower.

   Limelight Networks Inc. (LLNW) +21.48% to $4.75. Retail Ventures Inc. (RVI) +18.18% to $2.08. DreamWorks Animation SKG (DWA) +16.35% to $20.50. Tuesday Morning Corp. (TUES) +9.41% to $2.79. Pacific Sunwear of (PSUN) +9.24% 3.43.

   Orient-Express Hotels Ltd (OEH) -31.79% to $6.05. Clear Channel Outdoor (CCO) -20.84% to $3.57. DiamondRock Hospitality (DRH) -17.92% to $5.68. Royal Caribbean Cruises (RCL)

-16.32% to $12.10. CTC Media Inc. (CTCM) -15.49% to $6.93.

 

   Dow component Verizon Communications (VZ) reported earnings of 63 cents per share, up from 61 cents a year ago. Analysts surveyed by Briefing.com thought income would fall to 59 cents per share. The telecom benefited from its purchase of rival telecom Alltel and growth in customers. Verizon fell 1.5%.

 

   The healthcare sector was higher by 1.08%.

   Novavax, Inc. (NVAX) +79.58% to $2.55. BioCryst Pharmaceuticals (BCRX) +75.57% to $3.88. Sinovac Biotech Ltd. (SVA) +38.58% to $2.73. Amedisys Inc. (AMED) +14.30% to $32.93.

   Symyx Technologies Inc. (SMMX) -15.99% to $3.73. XenoPort Inc. (XNPT) -15.07% to $14.76. Sucampo Pharmaceuticals (SCMP) -13.56% to $6.82. DexCom Inc. (DXCM) -9.44% to $4.03. Idenix Pharmaceuticals (IDIX) -8.31% to $3.20.

 

Roger Biduk

   Among other movers, big bank shares slumped, dragging down the KBW Bank (BKX) sector index by 4.9%.

   A variety of airlines plunged, lowering the Amex Airline index by over 10%.

 

   Technology was lower by 0.92%.

   Rambus Inc. (RMBS) +18.71% to $11.80. Syntel Inc. (SYNT) +12.45% to $26.10. Travelzoo Inc. (TZOO) +11.27% to $7.90. TeleCommunication Systems (TSYS) +10.54% to $9.96. Isilon Systems Inc. (ISLN) +6.33% to $2.52.

   Network Equipment Tech (NWK) -15.40% to $3.57. Mindray Medical Intl. Ltd (MR) -10.79% to $22.15. American Software Inc. (AMSWA) -10.12% to $5.06. TOM Online Inc. (ADR) -9.38% to $2.61.

 

   Treasury prices rose, lowering the yield on the benchmark 10-year note to 2.92% from 2.99% Friday. Treasury prices and yields move in opposite directions.

   Lending rates were mixed. The 3-month Libor rate fell to 1.05% from 1.07% Friday, according to Bloomberg.com. The overnight Libor rate rose to 0.21% from 0.2%. Libor is a bank-to-bank lending rate.

 

The energy sector fell 2.09%.

   Alliance Hldgs. GP L.P. (AHGP) +5.70% to $18.18. Global Industries Ltd. (GLBL) +5.35% to $6.69. Holly Energy Partners L (HEP) +5.35% to $29.15.

   Complete Production (CPX) -9.38% to $4.54. GulfMark Offshore Inc. (GLF) -9.24% to $26.83. Smith International Inc. (SII) -8.32% to $25.46. Yanzhou Coal Mining Co (YZC) -8.26% to $9.11. RPC Inc. (RES) -7.65% to $9.42.

  

   Conglomerates fell 1.14%.

   Textron Inc. (TXT) -7.77% to $11.39.  

  

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Posted by: Roger Biduk | April 23, 2009

Roger Biduk

   All 12 sectors I follow on the U.S. markets were higher today.

   Yup, the worse the news, the higher the market.

   But I agree with many analysts who are saying that the S&P500 will get back down to ~725, retracing up to 70% of the gains in this bear-market rally before the big-money comes in.

 

   The financial sector gained 2.48%.

   Fortress Investment Group (FIG) +43.95% to $3.57. Texas Capital Bancshares (TCBI) +17.78% to $12.52. Capital One Financial (COF) +17.73% to $16.93. Credit Suisse Group AG (CS) +16.64% to $38.49. NYSE Euronext (NYX) +13.67% to $23.37.

   CIT Group Inc. (CIT) -21.02% to $2.78. Synovus Financial Corp. (SNV) -19.70% to $3.26. Astoria Financial Corp. (AF) -19.60% to $7.18. Old Republic Intl. Corp. (ORI) -15.57% to $9.60. Torchmark Corporation (TMK) -13.58% to $26.28.

 

   Stocks staged a late-session rally at the end of a turbulent day, influenced by a weak housing market report, a mix of corporate results and the latest for the automakers.

   The Dow Jones industrial average (INDU) added 70 points, or 0.9%. The S&P 500 (SPX) index gained 8 points or 1%. The Nasdaq composite (COMP) gained 6 points, or 0.4%.

 

Roger Biduk

   Consumer cyclicals rose 0.80%.

   Steven Madden Ltd. (SHOO) +14.79% to $27.16. Applied Industrial Tech. (AIT) +12.35% to $21.84. G-III Apparel Group Ltd. (GIII) +8.20% to $7.52. The Black & Decker Corp. (BDK) +7.84% to $35.61. Snap-on Incorporated (SNA) +5.20% to $33.40.

   JAKKS Pacific Inc. (JAKK) -15.86% to $11.30.

   Tenneco Inc. (TEN) -12.50% to $2.24. Dorman Products Inc. (DORM) -10.00% to $10.35. Brown Shoe Company Inc. (BWS) -8.77% to $5.72. Titan International Inc. (TWI) -8.49% to $6.36.

 

   After the close, Microsoft (MSFT) reported lower-than-expected quarterly sales on weaker earnings that met estimates. Dow component American Express (AXP) reported weaker quarterly earnings that topped estimates, sending shares almost 7% higher in extended-hours trading. Biotech Amgen (AMGN) reported weaker-than-expected quarterly sales and earnings after the close. Amazon.com (AMZN) reported higher quarterly sales and earnings that topped estimates.

 

   The capital goods sector rose 0.78%.

   Gulf Island Fabrication (GIFI) +19.87% to $11.28. Goodrich Corporation (GR) +10.02% to $46.02. Orbital Sciences Corp. (ORB) +8.87% to $16.45. Lennar Corporation (LEN) +8.78% to $8.67. U.S. Lime & Minerals Inc. (USLM) +6.06% to $38.30.

   Insteel Industries Inc. (IIIN) -9.33% to $7.39. Integrated Electrical (IESC) -8.97% to $8.63. Nacco Industries Inc. (NC) -8.09% to $34.33. Hawk Corporation (HWK) -7.89% to $13.77. Tecumseh Products Company (TECUA) -7.54% to $7.60.

 

Roger Biduk

   Dow component 3M (MMM) is due to report results before the start of trade Friday. Honeywell (HON), Schlumberger (SLB) and Xerox (XRX) are also due to report.

 

   Consumer Non-Cyclicals higher by 0.38%.

   Deluxe Corporation (DLX) +10.73% to $12.69. Allion Healthcare Inc. (ALLI) +9.63% to $5.75. J&J Snack Foods Corp. (JJSF) +8.49% to $35.14. United Natural Foods Inc (UNFI) +7.48% to $22.55. Gruma S.A.B. de C.V. (ADR) (GMK) +7.14% to $2.40.

   Bunge Limited (BG) -12.92% to $47.46. Nu Skin Enterprises Inc. (NUS) -7.81% to $12.63. The Standard Register Co. (SR) -6.89% to $5.54. Corn Products Intl. Inc. (CPO) -6.40% to $20.92. USANA Health Sciences (USNA) -5.75% to $23.77.

 

   Also Friday, the Commerce Department releases the March durable goods orders report and the Census Bureau releases the March new home sales report.

 

   The transportation sector gained 1.01%.

   Air Methods Corporation (AIRM) +12.04% to $22.70. Grupo Aeroportuario del (ASR) +11.52% to $35.43. US Airways Group Inc. (LCC) +10.09% to $4.80. AirTran Holdings Inc. (AAI) +9.09% to $7.56. Knight Transportation (KNX) +8.49% to $17.37.

   Alaska Air Group Inc. (ALK) -12.31% to $17.38. YRC Worldwide Inc. (YRCW) -9.21% to $3.55. Pacer International Inc. (PACR) -8.28% to $4.32. Universal Truckload (UACL) -6.43% to $13.98. Celadon Group Inc. (CLDN) -5.88% to $6.88.

 

Roger Biduk

   Stocks are down for the week as investors have retreated after a six-week advance that propelled the S&P 500 nearly 29%. Stocks zigzagged Thursday as investors sorted through the profit reports and economic news.

   “The market is trying to determine whether we’ve come too far, too fast and it’s been getting some mixed signals,” said Christopher Colarik, portfolio manager at Glendmede.

   “Incrementally, we are getting some economic and earnings reports that are less bad, if not good,” he said. “But it might be a two-steps-forward, one-step-back kind of thing, like with the housing data.”

 

   The basic materials sector rose 1.35%.

   Pactiv Corporation (PTV) +21.47% to $20.82. Louisiana-Pacific Corp. (LPX) +13.33% to $3.91. NewMarket Corporation (NEU) +10.50% to $55.35. Aracruz Celulose SA (ADR) (ARA) +10.14% to $9.88.

   Encore Wire Corporation (WIRE) -10.54% to $20.28. Spartech Corporation (SEH) -9.98% to $3.61. Polypore Intl. Inc. (PPO) -9.59% to $6.98. Nucor Corporation (NUE) -9.24% to $40.00. Reliance Steel & Aluminum (RS) -9.01% to $33.23.

 

   Lots of news in the auto industry, and none of it is good.

   General Motors (GM) said in the afternoon that it plans to temporarily shut down 13 of 20 North American plants this summer in order to reduce its inventory. The company has been hit hard by the recession and slowdown in auto demand and has until June 1 to cut its debt and labor costs or face Chapter 11 bankruptcy protection. Shares fell 4%.

   Chrysler is reportedly set to enter Chapter 11 as soon as next week, The New York Times reported Thursday. The Treasury Department is overseeing the process, which will reportedly protect union members’ pensions and retiree health care benefits.

   Italian carmaker Fiat will complete its acquisition of a 20% stake in the company while it is under bankruptcy protection.

 

Roger Biduk

   Technology was higher by 0.39%.

   Woodward Governor Company (WGOV) +20.67% to $18.10. iRobot Corporation (IRBT) +19.33% to $9.57. NetGear Inc. (NTGR) +17.82% to $14.81. Celestica Inc. (USA) (CLS) +13.73% to $5.30. TriQuint Semiconductor (TQNT) +10.31% to $3.96.

   Omniture Inc. (OMTR) -16.26% to $11.54. Interactive Data Corp. (IDC) -14.17% to $22.84. Seagate Technology (STX) -12.38% to $11.54. Benchmark Electronics (BHE) -11.96% to $12.07. Audiovox Corporation (VOXX) -10.82% to $4.78.

 

   The housing market stinks.

   March existing home sales fell to a 4.57 million unit annual rate from a 4.71 million rate in February, the National Association of Realtors said. Economists surveyed by Briefing.com thought sales would fall to a 4.65 million unit annual rate.

   The report countered bets that the housing market is nearing a bottom. Such bets were sparked by February housing market reports that showed smaller-than-expected declines in sales and productions.

 

   The healthcare sector was higher by 0.78%.

   Acorda Therapeutics Inc. (ACOR) +19.36% to $21.89. NuVasive Inc. (NUVA) +16.74% to $34.79. Alcon Inc. (ACL) +8.29% to $93.43. Caraco Pharmaceutical (CPD) +7.55% to $4.70.

   Anadys Pharmaceuticals (ANDS) -40.41% to $3.51. Affymetrix Inc. (AFFX) -17.37% to $3.52. Conmed Corporation (CNMD) -13.92% to $12.99. Kendle International Inc. (KNDL) -11.73% to $9.71. MedCath Corporation (MDTH) -11.60% to $9.83.

 

Roger Biduk

   Gainers today included Chevron, Exxon Mobil and McDonald’s were among the Dow advancers. IBM (IBM), Home Depot (HD) and DuPont (DD) were among the losers.

   Chipmakers Intel (INTC), Applied Materials (AMAT) and Xilinx (XLNX) dragged on the Nasdaq, while eBay and Fifth Third Bancorp were among the advancers.

 

   The service sector was 0.78% higher.

   Carrols Restaurant Group (TAST) +35.14% to $5.50. Monarch Casino & Resort (MCRI) +34.25% to $9.25. Developers Diversified (DDR) +23.67% to $3.50. Mac-Gray Corporation (TUC) +22.21% to $8.20. LaSalle Hotel Properties (LHO) +20.76% to $11.11.

   Learning Tree Intl. Inc. (LTRE) -12.40% to $8.69. Outdoor Channel Hldgs (OUTD) -11.16% to $6.53. Zale Corporation (ZLC) -11.09% to $4.41. Volt Information Sciences (VOL) -10.60% to $7.51. AFC Enterprises Inc. (AFCE) -10.45% to $6.17.

 

   Among the companies reporting results Thursday, regional bank Fifth Third Bancorp (FITB) reported a narrower-than-expected quarterly loss. Shares gained 3.5%. PNC (PNC) reported higher quarterly profit due partly to its purchase of National City. Shares gained 7.5%. eBay (EBAY) reported lower quarterly sales and earnings that topped forecasts Wednesday, sending shares 12.5% higher Thursday. Apple (AAPL) reported higher quarterly sales and earnings that topped estimates late Wednesday, sending shares 3% higher Thursday.

   On the downside, UPS (UPS) reported earnings and revenue that slumped versus a year ago due to the recession. Shares missed analysts’ estimates. The stock fell 2.8%.

 

Roger Biduk

   The energy sector gained 2.54%.

   Consol Energy Inc. (CNX) +12.66% to $29.18. Santos Limited (ADR) (STOSY) +10.18% to $48.48. Newfield Exploration Co. (NFX) +9.09% to $30.00. EXCO Resources Inc. (XCO) +8.58% to $12.27. EOG Resources Inc. (EOG) +6.67% to $60.12.

   National-Oilwell Varco (NOV) -11.17% to $29.27. Complete Production (CPX) -10.00% to $4.68. Headwaters Incorporated (HW) -6.83% to $2.73. GMX Resources Inc. (GMXR) -6.64% to $8.86. Basic Energy Services (BAS) -5.70% to $10.91.

 

   Brutal economic numbers.

   The number of Americans filing new claims for unemployment rose last week to 640,000 from a revised 613,000 the previous week, topping economists’ estimates.

 

   Conglomerates rose 1.23%.

   Temple-Inland Inc. (TIN) +11.05% to $10.05. Raytheon Company (RTN) +6.63% to $44.04. Leucadia National Corp. (LUK) +5.86% to $19.68.

 

   Treasury prices slipped, raising the yield on the benchmark 10-year note to 2.91% from 2.94% Wednesday. Treasury prices and yields move in opposite directions.

 

   Utilities were up 0.19%.

 

   Lending rates were mixed. The 3-month Libor rate fell to 1.09% from 1.10% Wednesday, according to Bloomberg.com. The overnight Libor rate dipped to 0.20% from 0.21% Wednesday

    

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Posted by: Roger Biduk | April 22, 2009

Roger Biduk; Dow Slides 147 Points in Last 45 Minutes

Roger Biduk

    Stocks abandoned gains Wednesday, with the Dow ending a choppy session lower, as investors pled exhaustion after the recent six-week advance.

   The Dow Jones industrial average (INDU) fell 83 points, or 1%. The S&P 500 (SPX) index lost 6 points or 0.8%. The tech-laden Nasdaq composite (COMP) gained 2 points, or 0.1%.

 

   The financial sector lost 2.06%.

   CapitalSource Inc. (CSE) +17.87% to $2.77. Insight Enterprises Inc. (NSIT) +11.35% to $5.20. KHD Humboldt Wedag Intl (KHD) +9.85% to $8.14. Northeast Community (NECB) +9.30% to $7.76. Advance America Cash (AEA) +8.43% to $3.86.

   Synovus Financial Corp. (SNV) -16.46% to $4.06. KeyCorp (KEY) -12.77% to $6.15. Fulton Financial Corp. (FULT) -10.95% to $6.67. First Busey Corporation (BUSE) -10.00% to $8.19. CIT Group Inc. (CIT) -9.74% to $3.52.

 

   After the close, Apple (AAPL) reported higher quarterly sales and earnings that topped estimates. Shares gained 1% in extended-hours trading.

   Also after the close, eBay (EBAY) reported lower quarterly sales and earnings that topped forecasts, sending shares 7% higher in extended-hours trading.

 

Roger Biduk

   Consumer cyclicals rose 2.30%.

   RC2 Corporation  (RCRC) +46.87% to $9.40. Crocs Inc. (CROX) +22.51% to $2.34. Wolverine World Wide Inc (WWW) +15.29% to $21.79. Liz Claiborne Inc. (LIZ) +14.29% to $4.00. Ford Motor Company (F) +12.63% to $4.28.

   Sturm Ruger & Company (RGR) -12.38% to $10.76. Ethan Allen Interiors Inc (ETH) -8.55% to $11.77. Marine Products Corp. (MPX) -7.42% to $4.49. Jarden Corporation (JAH) -6.67% to $17.91. Steinway Musical (LVB) -6.30% to $12.80.

 

   Reports are due Thursday morning from UPS (UPS), PepsiCo (PEP), Raytheon (RTN) and Amgen (AMGN).

   Economic reports are due Thursday on weekly jobless claims and existing home sales for March.

 

   The capital goods sector rose 1.61%.

   Hawk Corporation (HWK) +22.44% to $14.95. Ingersoll-Rand Co. Ltd. (IR) +15.66% to $19.35. M/I Homes Inc. (MHO) +8.44% to $11.82. The Toro Company (TTC) +7.73% to $26.20. USG Corporation (USG) +7.53% to $12.85.

 

   Stocks seesawed through the early afternoon, moving in tune with the volatile financial sector. A late-session rally petered out in the last minutes of the session.

 

Roger Biduk

   Consumer Non-Cyclicals lost 1.03%.

   ACCO Brands Corporation (ABD) +44.37% to $2.05. Tupperware Brands Corp. (TUP) +15.50% to $24.67. The Andersons Inc. (ANDE) +14.82% to $16.19. The Standard Register Co. (SR) +10.80% to $5.95. Gruma S.A.B. de C.V. (ADR) (GMK) +9.27% to $2.24.

   Lancaster Colony Corp. (LANC) -7.59% to $42.00.

 

   Stocks have been choppy this week in the aftermath of a 6-week advance that sent the S&P 500 29% percent higher, after it fell to 12-year lows.

   “We had a huge short-covering rally and there’s no question the momentum has slowed down,” said Fred Dickson, chief market strategist at D.A. Davidson & Co.

   Short-covering refers to a process by which traders who have sold equities short to take advantage of a falling market need to buy them back.

   “But the psychology has changed from the fear of being in the market when there’s another shoe set to drop to the fear of not being in the market when there’s another big up leg on the way,” he said.

 

    The transportation sector gained 0.20%.

   AirTran Holdings Inc. (AAI) +24.19% to $6.93. Wabtec Corporation (WAB) +12.98% to $34.82. Celadon Group Inc. (CLDN) +9.27% to $7.31. Horizon Lines Inc. (HRZ) +7.58% to $4.26. C.H. Robinson Worldwide (CHRW) +7.37% to $52.71.

   Continental Airlines Inc (CAL) -9.33% to $13.60. UAL Corporation (UAUA) -6.79% to $6.18. Delta Air Lines Inc. (DAL) -5.67% to $7.65. China Eastern Airlines (CEA) -5.22% to $18.35. Genco Shipping & Trading (GNK) -5.04% to $17.72. 

 

Roger Biduk

   Morgan Stanley (MS) reported weaker quarterly sales and earnings that missed expectations and also slashed its dividend 81%. Shares fell 9%.

   Morgan Stanley was the first of the big banks to miss forecasts, after Citigroup (C), JPMorgan Chase (JPM) and Goldman Sachs (GS) all reported better-than-expected profits.

 

   The basic materials sector rose 0.22%.

   Quaker Chemical Corp. (KWR) +13.59% to $11.20. PolyOne Corporation (POL) +12.45% to $3.07. Huntsman Corporation (HUN) +10.12% to $4.46. Ferro Corporation (FOE) +9.74% to $2.93. Valhi Inc. (VHI) +9.46% to $11.34.

   Alumina Limited (ADR) (AWC) -7.01% to $4.51. Allied Nevada Gold Corp. (ANV) -6.96% to $5.75. Aluminum Corp. of China (ACH) -6.31% to $18.41. Southern Copper Corp (PCU) -5.66% to $18.32.

 

   But a number of other profit reports or forecasts were less negative.

   Wells Fargo (WFC) reported higher-than-expected quarterly sales and earnings thanks to strength in its mortgage business. The company had warned a week ago that it expected to report a better-than-expected profit. Shares eased 3.4%.

   Also Wednesday, Dow component AT&T (T) reported a smaller-than-expected drop in quarterly profit that topped forecasts. AT&T shares gained 1.8%.

   Fellow Dow stock McDonald’s (MCD) also reported lower quarterly profit that topped estimates. The stock fell 2.5%.

 

   Technology was higher by 0.28%.

   ION Geophysical Corp. (IO) +19.70% to $2.43. Rudolph Tech. Inc. (RTEC) +18.47% to $4.49. RF Micro Devices Inc. (RFMD) +13.36% to $2.80. SanDisk Corporation (SNDK) +13.35% to $15.54. Belden Inc. (BDC) +12.81% to $16.38.

   ATMI Inc. (ATMI) -14.48% to $15.35. Vocus Inc. (VOCS) -11.48% to $14.26. Molex Incorporated (MOLX) -7.69% to $15.12. Keynote Systems Inc. (KEYN) -7.68% to $7.57.

 

Roger Biduk

   Boeing (BA) reported lower quarterly profit that missed estimates. Yet, shares gained nearly 2% after the company forecast lower full-year earnings that were still better than what analysts were expecting.

   SanDisk (SNDK) reported a smaller-than-expected quarterly loss, propelling shares of the flash memory maker by 13%.

 

   Utilities were down 0.58%.

   Williams Partners L.P. (WPZ) +8.67% to $16.30.

 

   Late Tuesday, Yahoo (YHOO) reported lower quarterly sales and earnings that topped estimates. The company also said it would cut 5% of its workforce. Shares were little changed Wednesday.

 

   General Motors (GM) was in focus in the afternoon after it said it won’t make a payment of $1 billion by June 1, but will instead cut debt through a debt-for-stock offering or through court protection. Shares were little changed, erasing earlier losses.

 

   The healthcare sector was lower by 1.25%.

   Nymox Pharmaceutical Corp (NYMX) +12.42% to $3.71. SIGA Technologies Inc. (SIGA) +11.58% to $6.65. Conceptus Inc. (CPTS) +10.89% to $13.64. Medarex Inc. (MEDX) +9.62% to $6.27.

   Pharmaceutical Product (PPDI) -15.87% to $18.50. Icon plc (ADR) (ICLR) -12.62% to $14.20. Paraxel Intl. Corp. (PRXL) -10.59% to $8.02. Myriad Genetics Inc. (MYGN) -6.75% to $38.02. QLT Inc. (USA) (QLTI) -6.51% to $2.01.

 

Roger Biduk

   Caterpillar (CAT) shares added 3.4% after JPMorgan Chase lifted its rating on the stock to “overweight” from “neutral,” Reuters reported.

   Ford Motor (F) shares rallied 12.6% after Goldman Sachs upgraded both the U.S. auto sector and Ford stock, Reuters reported.

 

   In other news, David Kellermann, the acting chief financial officer of mortgage finance firm Freddie Mac, was found dead in an apparent suicide, police said.

 

   Conglomerates rose 0.63%.

   Temple-Inland Inc. (TIN) +24.66% to $9.05.  

   Alleghany Corporation (Y) -6.97% to $232.58.

 

   Stocks staged a late-session advance Tuesday, after Treasury Secretary Timothy Geithner defended Treasury’s Troubled Asset Relief Program (TARP) and other efforts to stabilize the financial system.

   Speaking Wednesday, Geithner talked about the need for global cooperation amid the unprecedented economic crisis. He spoke at the Economic Club of Washington D.C. ahead of a meeting of world finance ministers later this week.

 

Roger Biduk

   The service sector was 0.36% lower.

   Christopher & Banks Corp. (CBK) +25.00% to $5.20. Avis Budget Group Inc. (CAR) +21.58% to $2.31. P.F. Chang’s China Bistro (PFCB) +20.52% to $32.54. Dice Holdings Inc. (DHX) +17.72% to $3.72. OfficeMax Incorporated (OMX) +17.66% to $6.33.

   Infinera Corp. (INFN) -14.64% to $7.93. Grupo Radio Centro SAB de (RC) -14.55% to $7.05. Ashford Hospitality Trust (AHT) -13.41% to $2.39. Alexandria Real Estate (ARE) -9.94% to $32.42. Midas Inc. (MDS) -9.79% to $9.95.

 

   Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.94% from 2.89% Tuesday. Treasury prices and yields move in opposite directions.

   Lending rates were mixed. The 3-month Libor rate was unchanged from 1.10% Tuesday, according to Bloomberg.com. The overnight Libor rate rose to 0.21% from 0.21% Tuesday. Libor is a bank-to-bank lending rate.

 

   The energy sector lost 1.31%.

   Isramco Inc. (ISRL) +21.12% to $38.76. GMX Resources Inc. (GMXR) +18.48% to $9.49. Global Partners LP (GLP) +13.89% to $14.35. Harvest Natural Resources (HNR) +8.77%  to $3.72. Precision Drilling Trust (PDS) +8.11% to $4.53.

   Plains Exploration (PXP) -8.91% to $18.31. Exco Resources Inc. (XCO) -7.38% to $11.30. W&T Offshore Inc. (WTI) -6.43% to $8.88. Goodrich Petroleum Corp. (GDP) -6.32% to $19.43. Sinopec Shanghai (SHI) -6.21% to $35.47.

 

 

 

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