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Crude oil and gasoline prices surged higher on news that U.S. gasoline supplies had fallen much more than expected.
Stocks closed broadly lower on Wednesday as investors' hopes for a cut in interest rates diminished following the release of minutes from the Fed's policy meeting three weeks ago."I think what the market wanted to hear was that the Fed was looking to come to the rescue and add liquidity to the system, as they seemed to tip their hat to in the last FOMC announcement," Kevin Caron, market analyst at Ryan Beck, told CNBC.
Here's a re-cap of standings--from the leaderboard, most active, and the day's trivia questions. We'll start there first. The video is from the "Power Lunch" crew. The video is worth $2,000 Bonus Bucks: Today, the Yen hit all time lows against what major currency? And the news question is worth $1,000 Bonus Bucks: Citigroup unveiled a new restructuring plan this morning that will eliminate how many jobs?
Brother against brother, oil bull versus bear: Bruno Stanziale, principal in commodity sales at Bank of America, took on his sibling, Evaristo Stanziale, trader at SCS Commodities, as they told "Morning Call" viewers where they think petroleum is going. Despite Wednesday's price jump, Evaristo Stanziale remains an oil bear. ... Bruno Stanziale agreed that the U.S. domestic market for crude is "well-supplied," but cautioned that investors "have to look elsewhere" and take into account "dynamic global" demand.
Gasoline prices have been on the rise for the past 10 weeks -- and the summer driving season is just around the corner. Is there price relief around the bend? Stephen Schork, editor of The Schork Report and Vincent DeVito, former acting assistant secretary of energy and an attorney with Pepper Hamilton, debated the issue Wednesday on “Morning Call.”
Bill Archer, a former Republican congressman from Texas and now a member of the American Council for Capital Formation, told CNBC’s “Morning Call” that increasing supply –- not price controls – is the only way to ease consumer pain at the pump.
Corn ethanol is all the rage, but one analyst says solar energy has been wildly undervalued. Signal Hill's Michael Carboy joined "Squawk on the Street" to explain why sun power will be this decade's next big thing. Carboy told CNBC's Erin Burnett that oil prices "do not drive the solar story." He maintains that if crude stays stable or even if it drops, the solar industry is likely to grow at a 40% compound average rate between now and 2010.
World champion poker player Chris Moneymaker is number one in Trading With The Stars! He knocks Willie Garson out of first place--taking the lead for the SECOND time in the competition. He was number one back on April 3rd. (thanks to producer Lori Spechler for pointing this out). BUT is it a "bluff?"--only $2,590.29 separates the two players. So, there could be more trading places in the days ahead. Here's a breakdown:
Okay, here's a look at the stocks making noise. We focused a bit yesterday on CMGI becasuse it was on top of both the most active and widely held lists. But--that changed as you will see. The best performing trades By % gain from Monday's close to Tuesday's close: United Rentals (URI): If you bought on Monday at $27.55 and held/sold on Tuesday with a close of $32.36..
Stocks closed modestly higher on Tuesday as the Dow Jones Industrial Average stretched its winning streak to eight straight sessions. Still, caution ahead of the beginning of earnings season kept many investors on the sidelines.
Oil prices rose after four straight losing sessions as markets turned attention to Iran's nuclear activities and dwindling gasoline stocks in the United States, the top consumer.
Here's a re-cap of our most recent stats, with video courtesy of the "Power Lunch" crew. Remember, those bonus bucks really pay off, so make sure you try the answers. Contest registrations to date: 656,085.
Anthony Grisanti, an oil trader at GRZ Energy, told CNBC’s “Power Lunch” that $3-a-gallon gasoline this summer is a foregone conclusion. “Throw in a hurricane, and you could have $4 (a gallon) no problem at all," he added.
Okay, here's a look at the stocks making the most waves from last Thursday to Monday's close. There are the usual suspects in the most actives and most widely held. But new names are showing up in the best and worst performing. Earnings boosted one stock, WDFC and helped put James Kraber into second place on the leaderboard, as we mentioned in our first post today.
Stocks are searching for direction after a 7-session winning streak for the Dow 30. European stocks are moving higher after yesterday's holiday there, and Asian stocks were mixed overnight.
Cramer has picked out a little-known oil company that he thinks has a rosy future ahead of it.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
China Petroleum & Chemical Corp., better known as Sinopec, recorded a 30% rise in net profit in 2006 as strong domestic fuel demand and weaker crude oil prices late in the year offset refining losses.
After a few years (or decades) covering financial markets, you gain the ability to predict with uncanny insight how certain events might affect trading that day. You also gain the ability to get it completely wrong. We knew that Iranian officials would be coming out with a statement regarding the country’s controversial nuclear program, and we know that oil traders are mega-sensitive these days about Iran, especially following the recent capture and release of British military personnel. A sure sign of higher prices for oil, right? Nope. ...
Stocks closed mixed on Monday after a modest follow through rally from Friday's strong jobs numbers quickly fizzled as investors looked ahead to quarterly earnings season. "I think with the next few days we're in a holding pattern waiting for earnings to appear," said Zachary Karabell, portfolio manager at Fred Alger Management.
Trader Monthly has issued its annual list of the top-earning traders of 2006. Just how much are the biggest earners taking in? Rich Blake, senior editor at Trader Monthly, joined CNBC’s Bill Griffeth on Power Lunch with the first look at the jaw-dropping numbers. In this elite club of traders, each of the top 100 made $50 million or more last year -- and every one of the top five made at least $1 billion in annual compensation.