Last day of the month, S&P up 0.9 percent for the month. End of quarter for Lehman ,Morgan Stanley , and Goldman Sachs .
Dell 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.
1) Solar companies, which were killed yesterday as oil dropped, are rallying a bit this morning on fairly strong volume, for solar stocks. Suntech and Yingli Green up 6 percent, LDK Solar up 3 percent.
2) J Crew 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 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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