Goldman Sachs (GS), Morgan Stanley (MS), and Lehman Brothers (LEH) had their second quarter profit ests cut by J.P Morgan Chase because of asset writedowns and ineffective hedges.
The Detroit News reports Ford Motor Co. will cut its U.S. salaried work force by between 10% and 12% in an effort to jump-start a turnaround plan stalling in the face of rising gasoline and raw materials prices. VP Jim Farley also said the co also is taking a hard look at the merit increases it usually gives salaried employees in July. One detail that has been decided is that, unlike the last round of voluntary buyouts and early retirement offers, these will be involuntary layoffs.
Apr Durable Goods ex-trans +2.5% vs -0.5% consensus; prior revised to 1.7% from 0.9%
Saksamaa DAX +1.66%
Prantsusmaa CAC 40 +1.85%
Inglismaa FTSE 100 +0.93%
Hispaania IBEX +1.03%
Venemaa MICEX +0.13%
Poola WIG +0.94%
Aasia turud:
Jaapani Nikkei 225 -1.32%
Hong Kongi Hang Seng -0.13%
Hiina Shanghai A (kodumaine) +2.47%
Hiina Shanghai B (välismaine) +3.43%
Lõuna-Korea Kosdaq -0.53%
Tai Set -2.95%
India Sensex +1.53%
By Rev Shark
RealMoney.com Contributor
5/27/2008 4:02 PM EDT
A pullback in crude oil was all the bulls needed to put a little green on the screen. Despite decent gains and pretty good breadth, the volume was the lightest of the year, and the action had a "dead cat bounce" feel to it. One of the ironies of the action today was that although crude oil was weak, oil stocks performed well and helped the indices. The inverse correlation between the indices and crude is a bit suspect, but it did work today.
Chips led and financials managed to bounce back slightly from a brutal beating last week. Many of the weak-dollar plays like steel, gold and agriculture did poorly, but there was enough strength in other groups to cover that up.
We came into the day a bit oversold, so a bounce today, especially with weaker oil as a catalyst, shouldn't be a big surprise. The more important question is whether this action today has repaired the damage that was done last week.
Given the light volume, lack of good leadership and poor vigor, I would be hard pressed to consider this action as anything other than a weak oversold bounce. The bears are just biding their time. Have a good evening. I'll see you tomorrow.
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Ülespoole avanevad:
In reaction to strong earnings/guidance: VSNT +10.2% (light volume), RL +7.8%, AEO +6.3%, DCI +6.3%, COGT +5.4%, WX +3.4%, DLTR +1.4%... Select airline stocks showing strength with crude trading sharply lower: DAL +6.4%, UAUA +5.4%, NWA +5.3%, AMR +4.2%, LCC +4.7%, CAL +4.3%... Other news: FORD +16.3% (enters into new license agreement with Motorola), CKXE +3.8% (agrees to revised buy out offer from 19X), DAR +3.7% (will replace PFGC in the S&P SmallCap 600), RCL +3.3% and CCL +1.2% (showing modest strength with crude sharply lower), SAP +3.2% (rose in German trade after upgraded by the French broker Cheuvreux - Bloomberg.com), SWN +3.1% (will replace TT in the S&P 500 after the close on 6/5), KDN +2.4% (Cramer makes positive comments on MadMoney), MT +2.0% (still checking), ALU +1.9% (still checking), YHOO +1.9% (MSFT CEO says co speaking with YHOO but offers no details - WSJ), SPW +1.8% (Cramer makes positive comments on MadMoney), CBSH +1.4% (will replace SWN in the S&P MidCap 400 after the close of trading on 6/5)... Analyst upgrades: QSFT +4.4% (Hearing added to tier-1 firm's Buy List), BCON +3.5% (initiated with Buy at Kaufman), UPS +2.8% (upgraded to Buy at Merrill), NVDA +2.4% (upgraded to Market Outperform at JMP), AKNS +2.4% (initiated with Buy at Kaufman), ADBE +2.3% (upgraded to Hold at Jefferies), MET +1.6% (upgraded to Buy at Merrill), AMLN +1.3% (upgraded to Equal Weight at Lehman).
Allapoole avanevad:
In reaction to disappointing earnings/guidance: SNDA -7.4%, JMBA -3.2%, CCE -2.9%... Select oil/gas names showing weakness with crude trading lower: BP -2.0%, STO -1.5%, TOT -1.3%, E -1.0%... Select metals/mining stocks showing modest weakness with strength in the dollar: AUY -2.8%, HL -2.1%, ABX -1.7%, GOLD -1.3%, GLD -1.3%, GFI -1.1%, PAL -1.1%... Other news: MDCO -9.2% (receives FDA review letter for Angiomax Supplemental Filing; reaffirms 2008 Angiomax U.S. sales guidance of $310-320 mln), KEY -7.4% (disclosed that it is updating its previous outlook for net loan charge-offs for 2008), PSEC -6.4% (announces commencement of public offering of 3 mln shares of common stock), LOJN -4.3% (reports resignation of CFO), BSX -3.3% (announces court decision; jury found that certain Boston Scientific balloon catheters and stent delivery systems infringe Medtronic's patents and that the patents are valid), ADM -3.0% (files for a 35 mln share equity unit offering), RBS -2.5% (Generali quits race for RBS insurance wing - FT), HERO -1.5% (announces a $250 mln convertible notes private placement offering)... Analyst downgrades: CTB -3.5% (downgraded to Sell at Merrill), LYG -3.1% (downgraded to Underperform at Credit Suisse), OVTI -2.1% (downgraded to Market Perform at Oppenheimer), EXC -1.0% (downgraded to Hold at Citigroup).
Ma kujutan ette, et umbes tänu sellisele infole nagu tänane durable goods.
Headline number parem kui oodatud. Kuid see pole veel kõik.
Durable ex transport oli päris tugev tõus. Kuid see pole veel kõik.
Non-defence capital goods ex autos (ehk peamine capital spending hindamise näidik) oli väga tugev. Data oli tugev ja vaadates numbrite taha tundub data veel tugevam. No ei ole recessionist mõtet rääkida sellise data valguses. Jah, probleeme muidugi on kuid padupessimist olla oleks ebaadekvaatne. Sama kehtib ka EZ ja Eesti majanduse kohta. Jah, probleeme on, kuid massiivssest langusest rääkida ei ole mõtet. Data räägib teist keelt.
Melamedi tuleb MTS'is tõenäoliselt asendama telekomi praegune Venemaa üksuse juht Mikhail Shamolin.
kõik mis ma tahan öelda, on see ... kujundage oma vaade kõigi laekuvate andmete põhjal ... mitte ärge olge kõhutunde põhjal pull või karu (ehhki see on popp ja noortepärane) ning ärge käige ringi silmaklapid peas ja märgake vaid Teie lambist võetud arvamust toetavaid fakte
Yahoo! Free real-time stock quotes available on Yahoo! Finance:
According to the co blog, as of today, unlimited access to the most current U.S. stock quotes (as of the last trade) are available to all users. The co began a partnership with BATS Trading, which is providing real-time U.S. quotes to Yahoo! Finance at no cost.
Mis asi on TED spread? Lühike selgitus selle kohta siin, aga maakeeli öelduna on tegu siis USA Treasury 3-kuulise võlakirja intressimäära ja 3-kuulise Eurodollari lepingu (mida esindab LIBOR) intressimäärade vahega. Mida suurem nende lepingute vahe on ehk mida suurem on TED, seda vähem altid on pangad üksteisele laenu andma. Mida väiksem TED spread, seda parem likviidsus finantsmaastikul.
Ajalooliliselt on TED jäänud kuskile 10 kuni 50 baasipunkti vahele. 2007. aasta sügisel jõudis see subprime turu kokku kukkumisega isegi 250 punkti juurde. TED on nüüd järjepanu oma tipust allapoole tulnud ning on praeguseks 73 punkti juures. 10 punktini langemist ma kindlasti ei usu, kuna riske ollakse viimase aja sündmuste valguses korralikult ümber hindamas, kuid aja jooksul 50 punkti juurde langemine on võimalik. Põhimõtteliselt on tegelikult ka tänane näit juba ilmestamas subprime probleemidest tingitud krediidikriisi lahenemist. Seega likviidsus finantsmaailmas on igaljuhul tasapisi taastumas...