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Last day of the month, S&P up 0.9 percent for the month. End of quarter for Lehman[LEH
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] , Morgan Stanley [MS
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] , and Goldman Sachs[GS
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] .
Dell [DELL
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] up 8 percent pre-open on a stronger than expected report. But oil is up, bonds are reversing their recent decline, and other metals like gold and copper are up slightly today, though a modest dollar rally continues.
Art Cashin made a good point yesterday: that the amount of money going out of the bond market seemed to be much greater than the amount of money going into stocks.
Elsewhere:
1) Solar companies, which were killed yesterday as oil dropped, are rallying a bit this morning on fairly strong volume, for solar stocks. Suntech [STP
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] and Yingli Green [YGE
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] up 6 percent, LDK Solar [LDK
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] up 3 percent.
2) J Crew [JCG
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] down 17 percent pre-open, they beat estimates, but guidance for the current quarter and full year is below estimates. JCG cut to sell at Citigroup
3) Tiffany [TIF
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] up 4 percent, beat expectations handily ($0.50 vs. $0.41 expected) and guided higher slightly for the full year. It was international that again carried the day: comp store sales in the U.S. were flat (though sales at the New York flagship were up 16 percent due to tourist buying!), sales in Asia Pacific up 4 percent on a constant exchange basis (Japan was weaker than expected), European comp store sales up 12 percent on a constant exchange basis.
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