52-Week Low Club (Jan 4, 2007) Led By Financials, Restaurants, Retail, REIT, Property & Tech

At 11:00 AM EST the NASDAQ was down 73 points and the S&P was was down some 25 points…. an hour later we had word of some $30 Billion in Fed liquidity that was being made available to banks rather than the $20 Billion originally set.  So just after Noon EST we now have the NASDAQ down 59.01 at 2,543.67 and the S&P is down 19.32 at 1,427.84.  Even after a slight bump you’ll see how bad it is with today’s 52-week low club.

The reason is simple with a jobs number showing the higher and higher chance of a recession.  We’d like to just let the cat out of the bag and declare that for all practical purposes we ARE in a recession.  The numbers might show a narrow escape from the R-WORD, but unemployment has to hold up to avoid a recession.  Today’s jobs data doesn’t signal that employment is holding up.

Unfortunately today was a sea of red on the trading tape with the 52-week lows having almost the same usual suspects in transports, retail/restaurants, financials, REIT’s/property and tech/chips….. Plus we threw in a bit more:

• Transports: AAI, ABFS, AMR, CAL, DAL, CXP, DHT, DTG, F, GM, GWR, HOG, HZO, JBLU, LPX, LUV, MESA, NWA, OSK, RYAAY, TM, UPS, WERN, WGO, XJT, YRCW,
• Retail & Restaurants (and related): AEO, ANN, AN, BAMM, BBBY, BGFV, BIG, BGP, BONT, CACH, CAB, CAKE, CBK, CC, CEC, CHS, CMRG, COH, COLM, CONN, CPKI, CWTR, CTO, DBRN, DDS, DENN, DLTR, DPZ, DRI, DSW, EAT, EBHI, ETH, FBN, FDO, FRED, GPI, GYMB, HAS, MAT, HD, HOTT, JAS, JBX, JCP, JNY, KCP, KSS, LF, LIZ, LNY, LOW, LTD, LUB, M, MRT, MOV, MW, NDN, OMX, PERY, PETM, PFCB, PNRA, PSUN, PVH, PZZA, RAD, RCKY, RL, ROST, RNT, RRGB, RSH, RT, RUBO, RUTH, SBUX, SKX, SNS, TGT, TLB, TUES, TXRH, VFC, WAG, WEN, WSM, ZLC, ZUMZ
• Financials: ACAS, ADVNA, BAC, BBT, BEN, BKUNA, BSC, C, CBSH, CFR, CNB, CNO, CYN, DFG, DFS, DSL, EFX, FIC, FCFS, FIG, FIS, FITB, FNB, HBAN, HBC, HIG, HRB, JEF, JTX, MBI, MCO, MER, MET, MGI, MHP, MI, MTB, NCC, NNI, OCN, PNC, PRAA, PRSP, RF, SAFC, SBP, SCA, SLM, STI, STU, SWS, TCB, TWPG, UB, WB, WBS, WFC, WL, WRLD, ZION
• REIT’s and Property: AEC, AIV, APO, AVB, BDN, BEE, BPO, BKD, BRE, BRT, BXP, BYD, BZH, CHH, CPT, CUZ, DDR, DCT, DRE, DRH, EDR, ELS, ESS, FCH, FPO, FR, GBX, GGP, GRT, HME, HOT, HOV, HPT, HRP, HST, HT, IRC, KIM, KRC, KRG, LHO, LRY, LXP, MAA, MTH, MSW, O, OFC, PHHM, PSB, PPS, REG, SHO, SLG, SPG, SSS, SUI, TCO, TOL, URE, VNO, WOLF, WRi, WYN, YSI,
• Tech & Semiconductors: ADI, ALU, AMD, AMAT, AMKR, ATML, BBND, BE, CSC, CYMI, ELX, FCS, FEIC, FFIV, IMOS, JAVA, KLAC, KLIC, LLNW, LRCX, LSI, LSCC, LXK, MCRL, MIPS, MRVL, MTSN, MU, MVSN, NSM, NT, NVLS, PER, PKTR, PMCS, RACK, SIFY, SIMG, SNDK, SONS, SPSN, STM, SYMC, TLAB, UIS, VECO, VIGN, VLTR, WIND, XLNX,
• Others…. ADP, AMGN, AMLN, AZN, BDK, BJS, BT, BVF, CAH, CAI, CBS, CMCSA, DBD, DOW, EK, EYE, LAMR, MNI, MNST, MSO, OSTK, PAYX, PHH, TWX, TZOO, WMI

The good news is that this last bit of liquidity infusion or availability from the Fed seems to be helping.  Not all of these look like they are closing on 52-week lows, so many will have recovered before the close.  Or so it seems now.  This is the absolute ugliest list of 52-week lows we have seen in quite some time.

Jon C. Ogg
January 4, 2008