Markets: The Positives For The Day And Clear Channel "Drop"
Though the indices were flat today, there were twice as many up stocks as down stocks, and despite a poor consumer sentiment number in the morningand a weak dollar there were several positives.
1) Dow, S&P at highs for month. In fact, the Dow and the NASDAQ are above their 50 day moving averages for the first time this year.
2) Techs trading better. The old "momentum" tech stocks like Appleand RIMM are trading actively to the upside. Oracle reporting tomorrow big move last 2 days
3) No "sell on the rally" for financials, builders. Financials and home builders, after a terrific rally last week, are holding their gains.
After hours: Clear Channel down 20 percent on a Wall Street Journal report that the LBO is in trouble as private equity firms are in a battle with their banks over the credit terms, and the deal may collapse.
UPDATE: Lots of discussion among traders about the pre-closing action in Clear Channel. Right after the market closed, the Wall Street Journal reported that the LBO was is in trouble as private equity firms are in a battle with their banks over the credit terms, and the deal may collapse.
Fair enough, but what happened in the last half hour of trading? Stock goes from $33.70 at 3:30 ET to $32.56, down 5.5 percent on the day. And options? Over 46,000 contracts traded in the April 30 Put (which are now in the money); only 9,000 traded the previous day.
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