Stocks Drop 1% as Fed Tapering Fears, Weak China Data Rattle Markets
Trader Talk with Bob Pisani
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Traders chase both sides of Fed debate. Is this a signature day for the markets? Not clear yet.
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Fed May Move Markets
Posted By: Bob Pisani
While the economy appears to be the main issue, don't be surprised if Fed speakers will be the key market movers this week.
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Retail Rally Fades
Posted By: Bob Pisani
Early morning rally fading as financials, retail and energy lead the markets lower. Retail reports very mixed. Shoppertrak said sales at 50,000 outlets up 8.3% more than expected. Everyone agrees electronics sales have been strong, but past that it is a little murky.
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Black Friday Kick Starts Markets
Posted By: Bob Pisani
Asian markets up nicely here -- Korea and Hong Kong up over 4% -- mostly on reports of a decent start to the Christmas season. Europe flat. The state of retail is what desks are talking about. ShopperTrak, which tracks sales at more than 50,000 retail outlets, and MasterCard Advisors said sales were up 8.3% and 5%, respectively. That was a tad more than many expected--one analyst at RBC Capital Markets said that they were "frankly a bit surprised at these results given our traffic observations."
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Out Of The Office Today
Posted By: Bob Pisani
I'm out of the office today, so no posts from the trading floor. I should be back tomorrow, hope to see you then.
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HP, Nordstrom: Good News As They Beat Estimates
Posted By: Bob Pisani
At last, some good news after the bell! Hewlett Packard beat estimates and is up 2% (they also announced an $8 buyback), but even more important was Nordstrom. They beat earnings estimates by 7 cents and, more importantly, did not lower fourth quarter guidance AND guided 2008 above expectations.
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Hundreds Of Stocks Hit August Lows: Which Way Is Up?
Posted By: Bob Pisani
Markets at the close ending at the lows again. Fourth 200 point decline in the Dow this month. More than 300 stocks at the NYSE hit new lows today, the highest level since the August lows. Technicals have now become very important, with the S&P slipping below last week's low.
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Stocks Weaker On Lowe's Guidance, Citi's Downgrade
Posted By: Bob Pisani
Stocks a bit weaker this morning as Lowe's joins JC Penney, Kohl's, and Ann Taylor in lowering guidance...down 4% pre-open, and Goldman downgrades Citi to a sell, saying it may have to write off $15 billion in debt losses over the next two quarters. With all that has happened to Citi, traders griping this is a little late, down 4% pre-open.
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Decline In Q4 Earnings Accelerates
Posted By: Bob Pisani
Biggest worry today: another fade into the close. It’s happened five of the last seven trading sessions. Elsewhere: give the Street some credit. One month ago, as the fourth quarter was starting, traders began lightening up on their positions in financials and retai
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FedEx Lowers Guidance, Cites Rising Fuel Prices
Posted By: Bob Pisani
FedEx lowering guidance for the quarter ending November 30th. New guidance is $1.45-$1.55, old guidance was $1.60-$1.75. They cite rapidly rising fuel prices (even though they have dynamic fuel surcharges in place); they also note that less-than-truckload freight trends remain weak.
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Retailers Showing Q4 A Mixed Bag So Far
Posted By: Bob Pisani
The fourth quarter is now half over, and fourth quarter earnings estimates have been coming down quickly for financials and retailers. Both Kohl's and Ann Taylor lowered their guidance. Ann Taylor noted that "Traffic trends were particularly soft in the month of October," though they improved in November
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About Trader Talk
Direct from the floor of the NYSE, Trader Talk with Bob Pisani provides a dynamic look at the reasons for the day’s actions on Wall Street. If you want to go beyond the latest numbers— Bob will tell you why the market does what it does and what it means for the next day’s trading.
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A CNBC reporter since 1990, Pisani reports on Wall Street and the stock market from the floor of the New York Stock Exchange. Follow him on Twitter @BobPisani.
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