Market Insider
- Thursday, 24 May 2012 6:13 PM ETBy: Bob Pisani
Facebook suddenly spikes at the close on a surge in volume, ending above $33. Yesterday (Wednesday) it's up almost exactly $1, today it's up almost exactly $1.
Bloomberg via Getty ImagesLooks like suddenly FB [FB Loading... ()
] has acquired a friend of the court, doesn't it? Who could that be? I'll make this simple: the best way for Morgan Stanley to get out of this mess is for them to get the stock back above $38. If it gets above that, they can say to this army of unhappy clients: "See? It's three weeks later, and the stock is $38.50 — what is your problem, Mr. Smith?"
Problems? This is causing 99 different problems for them.
- Thursday, 24 May 2012 5:17 PM ETBy: Patti Domm
With a wary eye on Europe, traders are facing what could be an extremely light trading day Friday.
Getty ImagesIn the U.S., there is just consumer sentiment, released at 9:55 a.m. ET. U.S. markets are closed Monday for the Memorial Day Weekend.
“I wouldn’t be surprised to see tomorrow being the lowest volume day of the week. We’re still concerned about Greece and how that unfolds,” said Art Hogan of Lazard Capital Partners. “I think traders have to be nimble and part of that being nimble is being flat into a long weekend.”
- Thursday, 24 May 2012 5:00 PM ETBy: JeeYeon Park
Check out which companies are making headlines after the bell Thursday:
Chesapeake [CHK Loading... ()
] - Blackrock [BLK
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] has increased its stake in the energy company by at least 4 million to 5 million shares, according to sources. Chesapeake gained in extended-hours trading. (Click here for after-hours quote.)Verifone [PAY Loading... ()
] - The electronic payment technology provider posted earnings of 64 cents a share, excluding one-time items, edging past expectations for 61 cents a share. But shares plunged in extended-hours trading after the firm handed in a disappointing third-quarter and full-year guidance. (Click here for after-hours quote.) - Thursday, 24 May 2012 9:36 AM ETBy: Bob Pisani
The China and European Purchasing Managers Index (PMI) numbers were all below expectations. China's flash PMI (unofficial) came in at 48.7, showing contraction for the seventh straight month.
Bloomberg | Getty ImagesSide panels for Geely Automobile Holdings Ltd. Emgrand 7 series automobile are placed on a rack at the company's factory in Cixi, Zhejiang Province, China.The euro zone composite PMI, which combines services and manufacturing indexes in the euro zone, fell to 45.9, the lowest reading since June 2009.
So why are we up? Well, German gross domestic product
![[cnbc explains]](http://media.cnbc.com/i/CNBC/Sections/News_And_Analysis/_News/_CNBC_EXPLAINS/_IMAGES/CNBC_explains_icon1.gif)
was up 0.5 percent in the first quarter. - Thursday, 24 May 2012 7:43 AM ETBy: Peter Schacknow
Take a look at some of Thursday's morning movers:
Tiffany [TIF Loading... ()
] - The luxury goods retailer reported quarterly profit of $0.64 per share, excluding certain items, five cents below estimates. It also cut its full-year outlook on declining sales growth expectations. Facebook [FB Loading... ()
] - Lawsuits and controversy over its initial public offering pile up. Two congressional panels are investigating the offering, and various sources say Facebook is listening to proposals from the New York Stock Exchange about switching its listing from the Nasdaq. - Wednesday, 23 May 2012 8:11 PM ETBy: Patti Domm
Europe will likely hijack control of global markets again Thursday.
Getty ImagesEuropean Central Bank“The Street would love to trade on the relative strength of our current economic landscape. It’s significantly more encouraging than looking overseas to Europe. Europe has a way of taking the headlines and really driving the conversation. It doesn’t help that our data isn’t really strong enough to take over the headlines,” said Peter Kenny of Knight Trading.
Weekly jobless claims and durable goods, at 8:30 a.m. ET are the key U.S. economic reports. Claims are expected to be 370,000, even with last week’s level. But traders will also be watching around the world as flash PMI manufacturing data is released for Germany, France and the euro zone.
“I think those trading the euro are a little concerned about this data. The German PMI was a pretty big stunner last month at 46.2,” said Robert Sinche, global head of foreign exchange strategy at RBS. Like the U.S. ISMs, a reading under 50 indicates contraction.
- Wednesday, 23 May 2012 5:16 PM ETBy: Karina Frayter
Investors who have not been spooked by Facebook’s tumultuous market debut will be able to get exposure to the social networking giant through an exchange-traded fund starting Friday.
Getty ImagesA sign with the 'like' symbol stands in front of the Facebook headquarters in Menlo Park, California.Facebook [FB Loading... ()
] is slated to become part of Global X Social Media Index ETF, following five trading days after the IPO. Facebook’s weighting has not been set yet, but it is expected to be between 8 to 10 percent of the ETF's [SOCL Loading... ()
] assets. - Wednesday, 23 May 2012 4:52 PM ETBy: JeeYeon Park
Check out which companies are making headlines after-the-bell Wednesday:
Hewlett-Packard [HPQ Loading... ()
] - The Dow component posted earnings of 98 cents a share on revenue of $30.7 billion, easily topping expectations for 91 cents a share on sales of $29.92 billion. In addition, the firm announced it will cut 27,000 positions as part of restructuring efforts. Shares jumped in extended-hours trading. (Click here for after-hours quote.)Facebook [FB Loading... ()
] - The social network giant may be considering switching its listing from the Nasdaq [NDAQ
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] to the NYSE [NYX
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], according to reports, following the disappointing IPO last week on the Nasdaq. The NYSE denied the report, while the Nasdaq and Facebook declined to comment. Shares of Facebook edged higher in extended-hours trading after the firm logged a gain in the regular session. (Click here for after-hours quotes.)
ABOUT MARKET INSIDER
EDITOR
- Facebook and Morgan Stanley's 99 Problems
- Markets Could End Week Quietly
- Stocks to Watch: CHK, PAY & More
- Lousy Economic Numbers, but Stocks Hold Up
- Stocks to Watch: TIF, FB, HPQ, P & More
- Traders Expect Europe to Grab the Wheel Again
- Still Like Facebook? There’s an ETF for That.
- Stocks to Watch: HPQ, FB, P & More
- Eurobond Talk: Good News and Bad News
- Shorting Facebook: Fifty Shades of Grey
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