Category: Blog
S&P Emini Pivot Points for 7.3.2012
Halftime Report for 7.2.2012
S&P 500 futures were trading down 3.75 points (-.28%) at 1352.75, Dow Jones Industrial Average futures were down 56 points (.44%) at 12752.00, and NASDAQ futures were down 2 points (-.08%) at 2607.75.
WTI crude futures slid today after last Friday’s $7.27 gain due to weak economic data in the U.S. and China. Oil was last trading down $2.52 at $82.44.
Gold futures followed crude’s lead and were trading down $6.70 at $1597.50.
Bristol-Myers Squibb Co. (BMY) agreed to buy Amylin (AMLN) for about $7 billion. The deal marks a great opportunity for Bristol to expand its diabetes research division with ally AstraZeneca PLC. This morning Amylin was trading at $30.71, up $2.51 (8.90%), while BMY gained .33%.
Barclays PLC (BARC) was trading up 3.19% as Chairman Marcus Aguis stepped down after last week’s LIBOR manipulation charge.
Research in Motion (RIMM) continued to fall as it reached a daily low of $7.14, making new 52-week lows. Last week RIMM reported a quarterly loss of $518 million.
Best Buy Co., Inc (BBY) rose 10.31% after the expectation that the founder would team up with Credit Suisse to buyout the company.
David Cornes holds a degree in economics from the University of Montana.
Mover and Shakers (LNCR) Lincare Holdings Inc.
Lincare holdings Inc. is a home health services provider that specializes in home respiratory therapy. Linde AG, the German industrial gas company is looking to expand into the healthcare sector. Industrial gas companies similar to Linde have taken interest in home healthcare services that provide respirators and gas tanks in recent years as their supply costs are low and the recent expansion in home healthcare services industry.
In January, Lincare acquired Air Products, a European homecare company for $747 million. Lincare has a P/E ratio of 17.18 and a market cap of $2.94 billion. Linde’s healthcare sector had 2011 sales of EUR 1.2 billion and total sales of EUR 13.8 billion. Linde’s agreement to buy Lincare included an offer to purchase Lincare’s shares at $4
Morning Rage 7.2.2012
Europe is clearly not the only continent struggling as June’s numbers came out fro China today as well and the country’s manufacturing is down 0.2 points which keeps China under the 50pt mark still.
What other news can be expected today? The PMI Manufacturing Index, ISM Manufacturing Index and Construction Spending report will be announced. The PMI at 9am with the ISM Mfg. and Construction both announced after at 10am.
As for the market, last Friday at the close the S&P was up 2.49% while the 10-year treasuries were down 0.36%. The close also saw the Dollar with a 0.36% gain and Oil down 1.55%.
And finally, for the breaking news of the day, Barclays Chairman Marcus Agius announced his resignation after the bank was found guilty of price fixing and required to pay $453 in fines. Between 2005 and 2009 the bank had submitted lower, false figures on its interbank borrowing. Barclays also encouraged individual traders to fudge figures to protect dealings. This false data from Barclays combined with other banks figures is what sets the LIBOR rate.
CBOE TV Interview 6.29.2012
First Business 7.2.2012
Bloomberg Interview 6.28.2012
Chris Cruises the Globe 7.2.2012
The Hang Seng was closed today for a public holiday however the Equity China index showed a .5% gain today. Data released today showed factory activity in China’s private sector shrank at its fastest pace in 7 months in June, activity was down all of the previous 7 months as well. This could give us expectations over the market tomorrow unless European news is able to pull up China.
European shares rallied today after bold moves made at the EU summit last week and upcoming expectations from the European Central Bank, which meets on Thursday. The FTSEurofirst was up over .7% today putting it at levels not seen since early May. Credit Agricole was the largest gainer on the FTSE adding 6.8%.
JPMorgan lifts IMAX to an outperform rating with many movies being shot in the IMAX format over the summer. Shares have gained 19.6% in the last 30 days.
Deutsche Bank downgraded UPS to a Hold from Buy and set the target price on shares at $82 from $88.
Energy commodities are down to begin the day as are gold and silver.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu
Doherty at the Close 6.29.2012
The gains trimmed stocks’ first quarterly decline since late September, following a big retreat in May.
European shares soared as Spanish and Italian government bond yields fell. The Stoxx 600 Europe index advanced 2.7%, while Spain’s IBEX 35 index gained 5.7%.
The core price index for personal-consumption expenditures, which excludes volatile food and energy prices, edged up less than expected in May. The Institute for Supply Management-Chicago’s business barometer, a survey of Chicago-area purchasing managers, unexpectedly ticked up to 52.9 from 52.7.
Crude oil futures jumped 9.4% to settle at $84.96 a barrel, the biggest one-day percent increase since March 2009. Gold futures jumped 3.5% to settle at $1603.50. The U.S. dollar eased slid against the euro but rose versus the Japanese yen.
In the corporate arena, Constellation Brands surged 26%, the biggest climb in the S&P 500, after agreeing to buy out the rest of a joint venture that imports and markets Grupo Modelo beer brands such as Corona Extra, the best-selling imported beer in the U.S.
Research In Motion (RIMM) plunged -19% after the BlackBerry maker announced its first quarterly operating loss in more than seven years. The company also said it plans to cut about 5,000 jobs—about one-third of its workforce—by the end of the fiscal year.
Nike (NKE) slumped -9.46% after the athletic-apparel maker reported worse-than-expected quarterly results and warned of slower growth in China.
Ford Motor (F) slipped -6% after warning it expects to lose roughly $570 million in its overseas operations in the second quarter, largely because of Europe’s slumping economy. The auto maker expects overall second-quarter profit to decline from the year-earlier period. General Motors GM -0.58% slumped 1.2% to a more than six-month low.
ServiceNow, a provider of cloud computing services for businesses, jumped 33% after its IPO on the New York Stock Exchange priced higher than expected. This IPO, the first tech IPO since Facebook, reinvigorated investor confidence in IPO’s and industry valuations.
Have a nice weekend everyone and we’ll see you Monday.