Stocks are firming after the last few anxious sessions though the U.S. dollar has moved to a new low, oil is back on the rise and gold is at a 28-year high. The ever sunny Google is hitting a new high before the opening bell after Sanford C. Bernstein upped its target on the stock to $850 from $720.
Could it be a "black-and-blue" Friday for Blu-ray? There are rumblings about a big announcement coming from Wal-Mart that could give a big boost to HD-DVD. I'm hearing that the company will begin selling the Toshiba HD-A2 for $98 in a special one-day, in-store secret sale. The unit sells for $198 at Circuit City and Amazon, so this is a steep discount.
Tomorrow’s jobs report is more important than usual. The Fed has implied that unless the data gets really bad they are not going to lower rates again (most feel they will have to anyway). This means for the time being the markets can no longer play the "bad news is good news" story...
All eyes are on the Fed, as investors await the Federal Open Market Committee's Wednesday announcement on interest rates. Many analysts anticipate a fed funds rate cut of 25 basis points.
On the eve of what could be a major shift in Nintendo's family friendly approach to video-gaming, there comes word, courtesy of iSuppli, of just how big the Wii has gotten: how about #1? ISuppli reports that Nintendo has actually replaced Sony as the number one video game console vendor, surpassing the PlayStation maker in the third quarter, 2007.
As investors wait with bated breath about whether the fed will cut rates, soaring oil prices were the week’s topic du jour.
US stocks followed technology shares to push higher Friday after a week of uncertainty, shaking off record-high oil, a federal probe into the nation's largest mortgage lender and another batch of disappointing earnings reports.
Ending at highs for the week, with both the Dow and the S&P up more than 2% for the week; Nasdaq up nearly 3%. Techs up on Microsoft; energy stocks up on oil, Kerkorian's partial bid for Tesoro, and a belief that global growth will remain strong and not diminish demand for oil; and thrifts up on Countrywide.
Where can the traders be found this week? Deep in the heart of techs.
With positive comments from Microsoft and Countrywide today, it's time to step back and take a slightly broader view of the markets. The S&P is up 7% this year (and 3% from its historic high).
Two bellweathers in their respective industry have come out with surprisingly bullish commentary, and both have moved the markets. Microsoft's commentary have propelled the perpetual tech laggard to five year highs; to move a $300 billion market cap stock by 12% pre-open is a very rare occurrence.
A big question ahead of Friday trading is whether the "halo" around Microsoft's first quarter and other strong earnings reports will provide enough momentum to overpower the dark fears stalking credit and the financial sector.