Posts related to ‘Market Open’

Falling In Love With The Sucker Rally (C)(GE)(SIRI)(AAPL)

bear14The market rise of the last two weeks has been described as a “sucker” or a bear market rally. One means about the same as the other. The premise is that the long term trend of the indexes is down. Once in awhile, investors will stir from their depressions to watch the dead cat bounce. In this case, the Dow is up 10% since March 9.

The last long rally the market had ran from March of 2003, when the DJIA was 7,740 to almost 14,100 in October 2007. An investor in an index fund doubled his money and did even better if dividends were factored in. No one calls the long leg up in the market a sucker rally, but it was for those who did not sell their stocks until early this month when the Dow dropped below 6,600.

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Posted on: March 18, 2009 – 3:56 am in Market Close, Market Open, Most Actives, , , ,

Wall St. Today, Panic Sets In (AAPL, GM, GE, RIMM, ORCL, BAC, C, CFC)

Today’s selling does not look orderly like it has on many other down days this year. The drop is across almost every sector and most widely-traded shares. Much of it is out of proportion with the news.

GM (GM) is off 11% today to $11.43. Anyone who watches the car industry much must have known that car sales would be bad this year. Gas is too high and consumer income is too low. The stock traded above $21 a month ago.

GE (GE), one of the most admired companies in the world, is down 2% to $27.49, near its 52-week low. There is nothing new from the conglomerate. The most management has said is that it thinks it will hit its numbers. Hardly a reason to racket the share price down again.

RIM (RIMM) and Oracle (ORCL) are both down, RIM by 11% and Oracle by 3%. Each had guidance below Wall St. estimates, but the guidance was still for significant growth. The news should be a relief.

Bank of America (BAC) took out a new low today. Goldman said Citigroup (C) would have $8.8 billion in new write-offs in the current quarter. That helped drop BAC. So did its acquisition of much-troubled mortgage company Countrywide (CFC) Bank of America is one of the few stocks that should be taking a beating.

Even the darling of the investment community, Apple (AAPL) is off nearly 3% to $172.42. With everything so right at the company, why should its share fall?

Some of the selling has become too bloody to watch. It is time to avert the eyes or find a new hobby that does not involve investing in the stock market.

Douglas A. McIntyre

Posted on: June 26, 2008 – 8:53 am in Market Open, , , , , , , ,

A 1,000 Point Drop On The Dow? (C)(BAC)(AXP)(AAPL)

Tuesday could bring a 1,000 point drop on the Dow, especially if markets in Asia and Europe repeat their Monday performances tomorrow. China’s big Hang Seng index fell 5.5% to 23,818. The percentage drop in Shanghai was a bit less.

Europe markets have also been off over 5% most of the day with the German DAXX and French CAC 40 leading the way. Huge multinational Siemens (SI) has fallen as much as 7.3%. French financial services giant AXA (AXA) has been off almost 8%.

A 6% drop on the Dow tomorrow would be almost 750 points. If concerns over a US recession and the lack of real solutions in the Bush economic stimulation plan rattle the markets more Dow components like Citigroup (C), JP Morgan (JPM), and American Express (AXP) could be hit especially hard.

Bank of America (BAC) and Apple (AAPL) report tomorrow. If the market thinks those companies might report below consensus the shares could be pushed down early.

For the Dow to drop 1,000 points it would have to sell of 8%. On October 19, 1987 the index sold off over 22% and it lost 7% of its value in one trading day on both September 21, 2001 and April 14, 2000.

With the deep concerns with the market, it could happen again.

Douglas A. McIntyre

Posted on: January 21, 2008 – 9:00 am in Market Open, , , , , , ,

A Look at Gaps on Recent Down Mornings

From Ticker Sense

Last Tuesday and Thursday, the Spyders (SPY) gapped down 89 and 113 bps respectively.  On Tuesday, as we all know, the decline continued throughout the day, with the Spyders going down another 304 bps from open to close.  On Thursday, however, Spyders gapped down and reversed to finish up 84 bps from open to close.  Just as we looked at yesterday’s up gaps, we looked at the down gaps on these two days to see what stocks held up the best or performed the worst.  In both instances, the stocks that gapped down the most held up the best from open to close, while the stocks that gapped down the least went down the most from open to close.  Keep this in mind next time the S&P futures are really weak.  The best opportunities (for bulls) on these two occasions were found amongst the least favored stocks at the open.

Downgaps_1

http://www.tickersense.typepad.com/

Posted on: March 8, 2007 – 4:06 am in Market Open

US Stock Futures Point To Up Open

S&P, Nasdaq and Dow futures are up substantially at 5.55 AM with the Dow Industrial futures up almost 120 points.

Douglas A. McIntyre

Posted on: February 28, 2007 – 5:56 am in Market Open

The Market Opens, Jobs Is Set Free

The big news before the open of the market is that Apple’s board has complete confidence in Steve Jobs. The fact that he seemed to know about some miss-timed options grants notwithstanding. He will not be taken away in handcuffs with a raincoat over he head.Apple’s stock should run like a scalded dog at the open. It is up 4% in the pre-market.

Additionally, AT&T is making concessions to the FCC to try to get its BellSouth acquisitions approved. Standalone DSL and some pledge to not charge companies like Google for significant use of AT&T pipes seem to be the big peace offerings.

Exxon is going to court to try to get a decision to recind its leases in the North Slope’s Point Thomson oil and gas field overturned.

Marsh & McClennan is selling its Putnam mutual fund company to a firm in Canada.

Oil seems to be fairly steady, so driving over the holidays should be affordable.

Douglas A. McIntyre

Posted on: December 29, 2006 – 9:07 am in Market Open

Market Open 12/26/2006

The day after Chritmas, the market opens anew.

Holiday retail sales were poor, rising only 5.5%. Stores must now hope that after-holiday sales drive better numbers.

Oil prices increased because of strained relationships with Iran. That and retail sales could make for a choppy day of trading.

Level 3 bought Savvis’s media delivery business for $135 million

Digital River said that the SEC wants information on how it granted stock options.

GlaxoSmithKline announced that the Food and Drug Administration has issued an approvable letter for its Altabax topical antibacterial to treat secondarily infected traumatic lesions, according to MarketWatch.com.

Honda reported worldwide sales rose 10.6% in November.

Software security experts say they have found major flaws in Microsoft’s new Vista operating system.

Douglas A. McIntyre

Posted on: December 26, 2006 – 8:26 am in Market Open

The Markets Open Anew 12/22/2006

Stocks:  (PFE)(RHAT)(GM)(QCOM)

News from everywhere on the day before the Christmas weekend.

The Pfizer board got out of control, giving the departing CEO a pay package of nearly $200 milllion.

Oil dropped to under $63 a barrel. Heating the house at Xmas may be less expensive.

Redhat and Congra, companies in vastly different industries, posted substantially improved earnings.

Qualcomm revised its earnings down for the next quarter.

Toyota set production targets that would move it ahead of GM as the largest car manufacturer in the world.

Holiday travellers were stranded by weather in London and Denver.

Home for the holidays.

Douglas A. McIntyre

Posted on: December 22, 2006 – 7:11 am in Market Open

The Market Opens Anew 12/21/2006

The GDP rose at only 2% in the late summer, with real estate putting on a damper. Tough luck for home builders and Home Depot.

Bristol-Myers settled the government’s beef with the company over marketing and pricing practices. It only cost the company $499 million. Retail pricing.

Hedge funds are fighting over who gets to take Delphi out of bankruptcy. The latest offer for financing the car parts maker is $4.7 billion.

IBM will compensation board members with cash and stock grants and not options. Good idea. Keeps them honest.

Douglas A. McIntyre

Posted on: December 21, 2006 – 9:16 am in Market Open

Pre-Market Stock Notes (Nov 30, 2006)

(AEOS) American Eagle outfitters s-s-s +14%.
(ANN) Ann Taylor s-s-s -4.3%.
(BEBE) Bebe Stores NOV s-s-s +5.8%.
(CACH) Cache NOV s-s-s +5%.
(CBK) Christopher & Banks NOV s-s-s -8%.
(CTR) Cato s-s-s -6% in NOV.
(DELL) Dell signed Samsung for 27" LCD panel supply pact.
(DF) Dean Foods increased share buyback by $300M.
(DGIN) Digital Insight being acquired by Intuit for some $39 per share.
(DSW) DSW $0.36 EPS vs $0.26e.
(FEIC) FEI Corp will have 8+ million shares sold by Philips Electronics.
(FINL) Finish Line s-s-s -3.3%, sees current quarter losses slightly narrower than expected.
(FRED) Fred’s NOV s-s-s -2%.
(FRK) Florida Rock $0.80 EPS vs $0.75e.
(GES) Guess NOV s-s-s +12.1%.
(GPS) Gap Stores s-s-s -8% in NOV.
(HNZ) Heinz $0.59 EPS vs $0.60e.
(IM) Ingram Micro reaffirmed guidance.
(JOSB) Jos. A. Banks NOV s-s-s +9.6%.
(JWN) Nordstroms +5% s-s-s in NOV.
(LTD) Limited NOV s-s-s +12%.
(NLST) Netlist IPO of 6.25M shares priced at $7.00, low end of range.
(NWS) News Corpo may spend 4 Billion Euros for Italian broadban player Fastweb.
(NWY) New York & Co. NOV s-s-s -2.8%.
(NYT) New York Times down 3%as Greenberg said he has no intention of increasing stake, although CNBC’s Gasparino said there is a chance he’ll go after them anyway.
(PFE) Pfizer is raising guidance for the year to $2.05 vs $2.00e; high single digit EPS gains in 2007 & 2008. 
(PLCE) Childrens Place NOV s-s-s +12%.
(PSUN) Pacific Sunwear NOV s-s-s -3.8%.
(RAI) Reynolds America announced new president as Lynn Beasly will retire in 2007.
(SCSS) Select Comfort lowered guidance.
(SHRP) Sharper Image NOV s-s-s -27%.
(SMRT) Steinmart NOV s-s-s +3.8%.
(SNPS) Synopsys $0.21 EPS vs $0.19e.
(TINY) Harris & Harris filed to sell 4M shares.
(TIVO) TiVo traded down 5% afterbeating top line numbers.
(WMT) Wal-Mart sees DEC s-s-s flat to +1%.
(WTSLA) Wet Seal NOV s-s-s +5.5%.
(WWAT) WorldWater & Power gets share investment from Emcore (EMKR).

Posted on: November 30, 2006 – 8:32 am in Market Open

Pre-Market Stock Notes (Nov. 27, 2006)

(ACS) Affiliated Computer Systems announced its CEO & CFO had to leave over option impropriaties.
(AEZS) AEterna Zentaris announced positive Phase I results for AN-152 for patients with gynaecological and breast cancers.
(ASMI) AMS Int’l positive in barron’s.
(CNS) Cohen & Steers filed to sell 3.5M shares.
(ECIL) ECI Telecom may be in talks to be acquired by ADCT overseas.
(GOOG) Google reportedly reached copyright settlement in Belgium; noted cautiously in barron’s.
(MSFT) Microsoft is offering Vista already to many companies according to WSJ.
(PXLW) Pixelworks will be taking charges for restructuring.
(SCT) Scottish Re gets $600M investment in company from MassMutual and Cerberus.
(SNE) Sony trading lower on reports of many problems with PS3 units.
(SWFT) Swift has rejected the $29 buyout offer from Jerry Moyes as inadequate.
(TTIL) TTI Telecom CEO is stepping down.
(VRSN) SeriSign annoinced $52M acquisition of inCode Wireless.
(VTR) Ventas filed to sell $200M in convertible notes.
(WMT) Wal-Mart announced it sees s-s-s for NOV down -0.1%, first time of a negative in 10 years.
(XL) XL reported its CFO will retire in 2007.

by JON C. OGG

Posted on: November 27, 2006 – 8:28 am in Market Open

US Pre-Market Stock News (Nov. 24, 2006)

DJIA & S&P Futures down 0.4% to 0.5% on light trading activity as the US Dollar was very weak against the Euro (1.31) and the Yen.

(AH) Armor Holdings positive article in Business Week.
(ASX) Advanced Semiconductor Engineering Inc-TAIWAN up on reports that the Carlyle Group planned to lead a $5.4 billion offer for the world’s largest chip packager
(BAY) Bayer plans to sell chemical unit Starck for $899 million to an Advent and Carlyle consortium to help pay for its Schering deal.
(BBI) Blockbuster’s CEO reportedly added 220,000 shares in open market purchases this week.
(BYD) Boyd Gaming noted as another potential gaming/gambling takeover candidate in Business Week.
(CPB) Campbell’s Soup up on positive Business Week article.
(DCX) DaimlerChrysler down almost 2% overseas as EURO currency hits 1.31 USDollar, the highest level in 18 months.
(DIS) Disney reportedly booking an $800M gain on E! sale.
(FFH) Fairfax selling 9 million shares of Odyssey Re (ORH).
(FVE) Five Star Quality Care filed for a potential $871 million in securities sales.
(GOOG) Google began defending its content case in Belgium.
(INTC) Intel is considering closing its 150 employee center in Korea.
(MCK)  McKesson renewed its pharmaceutical distribution pact with Wal-Mart Stores
(MSFT) Microsoft met the EU deadline for filing data on Windows; Business Week called it entering the Age of Upheaval.
(NTST) Netsmart wins $2.5M pact in Iowa Department of Health.
(NYT) New Yorks Times’ offer from Jack Welch to buy the Boston Globe may become formal after it rejected offers to sell the paper.
(ORH) Odyssey Re will have 9 million shares sold by Fairfax (FFH).
(PXSL) Pharmaxis said that the FDA has designated Bronchitol as a fast-track product for cystic fibrosis.
(RTN) Raytheon’s aircraft unit sale may be imminent according to reports.
(SHR) Schering AG won Australian Therapeutic Goods Administration expanded the indication of Betaferon to include patients with a first clinical event suggestive of multiple sclerosis.
(SGMO) Sangamo positive article in Business Week.
(SI) Siemens fell 2 percent on labor union cost 140 million euros.
(SNE) Sony said that it has found defects in 8 digital camera models.
(TM) Toyota Motor may have to build two plants and lift capabilities of existing China factories to meet a 2010 sales target.
(TSEM) Tower Semi raised $11 million more in private placement shares.
(VECO) Veeco’s CEO plans to transition from CEO/Chairman to just Chairman during 2007 and it has begun a succession planand will search for a CEO.
(VRSN) VeriSign confirmed restatements for 2001-2005 over options.
(WMT) Wal-Mart won approval to being offering bank accounts in Mexico.

INTERNATIONAL:
(Japan) Nikkei 225…..15,734.60; Down 179.63 (-1.13%)   
(Hong Kong) Hang Seng..19,260.30; Down 5.02 (-0.03%)
(India) BSE 30………13,703.33; Up 22.50 (+0.16%)
(Germany) DAX……….6,395.52 (6:18AM ET); Down 79.73 (1.23%)   
(France) CAC 40……..5,363.92 (6:33AM ET); Down 60.94 (1.12%)
(England) FTSE 100…..6,084.10 (6:35AM ET); Down 55.90 (0.91%)

Jon C. Ogg
November 24, 2006

Posted on: November 24, 2006 – 7:40 am in Market Open

European Market Commentary (Nov. 24, 2006)

The Europeans were working today while the US volume is expected to be light with the A-Team traders off either trying to recover from a tryptophan induced coma from turkey consumption or out getting Holiday shopping started.  The Euro reaching 1.308, the highest level in about 18 months, caused a slide in European shares today.   

(Germany) DAX…….6,395.52 (6:18AM ET); Down 79.73 (1.23%)   
(France) CAC 40…..5,363.92 (6:33AM ET); Down 60.94 (1.12%)
(England) FTSE 100..6,084.10 (6:35AM ET); Down 55.90 (0.91%)

The biggest sector loser was the DJ Stoxx auto sector index falling 2 percent as DaimlerChrysler (DCX-NYSE/ADR), BMW, and Peugeot all took a hit.

European aerospace group EADS shares fell 1.3 percent on reports that it had cancelled a Friday board meeting due to disagreements over the financing of the Airbus A350 XWB plane; when will they get their act together.

Siemens (SI-NYSE/ADR) fell 2 percent after its labor union said a deal to support employees of its former mobile phone unit would cost 140 million euros following the insolvency of BenQ’s German mobile business.

French energy services company Technip rose 8 percent after French newspapers reported that Saipem, a unit of Italian energy firm Eni, could launch a 6 billion euro acquisition bid for it. Technip reportedly said it had not been contacted by Saipem or Eni.

In London, HBOS and Lloyds both fell as mixed economic data confused the chances of another interest rate hike in early 2007.  BP (BP-NYSE/ADR) and Royal Dutch Shell (RDS-NYSE/ADR) both were up 0.2 percent as oil stabilized around $59/barrel.  Retailer Kingfisher (KGF-London) fell 2 percent after a downgrade by Deutsche Bank.

There was more news in world steel: Steelmaker Corus (CS-London) was steady after the boss of suitor Companhia Siderurgica Nacional told the Financial Times that the Brazilian steelmaker would like to be in a position to make a formal bid for Corus before Dec. 4, countering a bid already tabled by India’s Tata Steel.

US digital tech giants were in the news in Europe: (GOOG) Google began defending its content case in Belgium.  (MSFT) Microsoft met the EU deadline for filing data on Windows.

Jon C. Ogg
November 24, 2006

Posted on: November 24, 2006 – 6:53 am in Market Open

Pre-Market Stock News (Nov. 22, 2006)

US BOND MKT CLOSES AT 2:00PM EST TODAY, NORMAL HOURS FOR EQUITIES.

(AA) Alcoa announced layoffs and restructuring.
(ALVR) Alverion sold its cellular unit operations.
(AZN) AstraZeneca trading up 1% after earnings and guidance overseas.
(BEAS) BEA Systems is a potentialbuyout according to Cramer; stock rose 6% after-hours.
(BGP) Borders Group -$0.64 EPS vs -$0.65e.
(BRCD) Brocade $0.14 EPS vs $0.12e; R$208.8M vs $204M(e).
(CMCSA) Comcast paying $1.2 Billion for Disney’s stake in E!.
(COMS) 3Com is reportedly getting an offer from Huawei for it to retake control over the H3C venture.
(CRAY) Cray won a $250 million DARPA supercomputer pact along with IBM.
(CROX) Crocs trading up 1% after launch of Disney footwear, although it was known.
(CWTR) Coldwater Creek trading down 6% after $0.17 EPS vs $0.17e; and backing Q4 guidance.
(CYBX) Cyberonics traded up 4% after Cramer said it is a buy and could be acquired now that CEO Skip Cummins had to leave over an options backdating.
(DELL) Dell rose almost 10% after surprisingly beating earnings estimates.
(GASS) Stealth Gas $0.25 EPS vs $0.28e.
(HAS) Hasbro noted as better than mattel according to Cramer.
(HRL) Hormel $0.64 EPS vs $0.64e.
(IMA) Inverness filed to sell 6M shares for holders.
(JADE) LJ International filed to sell $100M in securities.
(JCG) JCrew $0.27 EPS vs $0.22e.
(LCAV) LCA Vision buying back $50M in stock.
(LMT) Lockheed won another $1 Billion DOD order.
(MNT) Mentor looks expensive even with new breast implant potential business according to Barron’s.
(MTB) M&T Bank CEO is retiring.
(NOA) N. Am,er Energy 12.5 M share IPO priced at $16.00.
(NRG) NRG Energy to buy back 4.2M share from Blackstone.
(PDLI) PDL BioPharma discontinues co-development of Dacelizumab with Roche.
(PSS) Payless Shoes $0.46 EPS vs $0.42e.
(QADI) QAD $0.05 EPS vs $0.06e.
(REDE) Red Envelope CFO resigned.

by JON C. OGG

Posted on: November 22, 2006 – 8:24 am in Market Open

Pre-Market Stock News (Nov. 21, 2006)

(AER) AerCap Holdings 26.1M share IPO priced at $23.00.
(AMLN/LLY) Amylin & Lilly won approval for Byetta for diabetes in Europe.
(AIQ) Alliance Imaging has an 8M share secondary.
(AFN) Alesco has a 26M share secondary.
(BA) Boeing won a $5.5 Billion order for 25 jets from Korean Air.
(BCSI) Blue Coat Systems $40.2M revenues versus $38M(e).
(BWS) Brown Shoe Company $0.97 EPS vs $0.85e.
(DE) Deere $1.20 EPS vs $0.95e.
(DELL) Dell will be issuing revenues after the close today.
(DRYS) Dry Ships $0.50 EPS vs $0.53e.
(DY) Dycom $0.24 EPS vs $0.25e.
(FMCN) Focus Media $0.55 EPS vs $0.50e.
(GCO) Genesco $0.62 EPS vs $0.59e.
(GHCI) Genesis Healthcare $0.62 EPS vs $0.61e.
(INFY) Infosys 30 million share secondary priced at $53.50 per share.
(JBX) Jack in the Box $0.60 EPS vs $0.66e.
JLG) JLG Industries $0.37 EPS vs $0.33e.
(JWN) Nordstrom $0.52 EPS vs $0.51e.
(LAZ) Lazard selling 12M shares of common stock.
(LOJN) Lojack entered non-compete with CEO that left last week.
(LUV) Southwest said it would buy assets that a USAir/Delta merger would need to sell.
(MDT) Medtronic $0.59 EPS vs $0.56e.
(MFB) Maidenform has a 4M share secondary.
(MTCT) MTC Tech won $8+ million coast guard contract.
(NTLI) NTL up 2.5% after making offer that (was spurned) to acquire ITV for $8.9 Billion.
(ORCH) Orchid Cellmark selling 4.8M shares.
(PEIX) Pacific Ethanol trading up 12% after posting $0.07 EPS vs -$0.02e.
(PERY) Perry Ellis $0.80 EPS vs $0.72e.
(RGEN) Repligen gets orphan drug designation for RG1068.
(RS) Reliance Steel was noted as the next likely takeover play according to Cramer on MAD MONEY.
(SPR) Spirit Aerosystems 52M share IPO priced at $26.00.
(TECD) Tech Data $0.33 EPS vs $0.25e; raised revenue guidance.
(THS) Treehouse Foods is noted as an LBO fund that masquerades as a food company and it is a buy at the year high according to Cramer on MAD MONEY.
(TRID) Trident CEO stepped down after improper options dating.
(UNFI) United Natural Foods $0.29 EPS vs $0.29e; will generate new business from Whole Foods exclusive deals.
(WGII) Washington Group will build large cement plant 50 miles outside of St. Louis.
(WLDN) Wildan Group 2.9M share IPO priced at $10.00.
(XTXI) Crosstex announced 3-1 stock split.

Posted on: November 21, 2006 – 8:31 am in Market Open