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China up 7 percent on the nearly $600 billion stimulus package, Europe has also opened 3 to 4 percent. That is stimulating commodity stocks like BHP Billiton[BHP
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], Rio Tinto[RTP
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], ArcelorMittal[MT
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], and ABB[ABB
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], all of who are up about 10 percent.
Elsewhere:
1) GM[GM
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] down 10 percent as Deutsche Bank lowered its rating on GM to a Sell, but more interesting is the price target: $0. That's because, like most analysts, Rod Lache has concluded that a government bailout is not likely to help the shares, that even with a bailout GM's future, if it is not in bankruptcy, is likely to be "bankruptcy-like." That means that secured creditors may be made whole, while unsecured creditors will get a very low recovery. Equity shareholders will likely get nothing.
2) McDonalds[MCD
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] up 3 percent pre-open; comp store sales were again stellar. U.S. comparable store sales were up 5.3 percent, 11.5 percent gains in Asia/Pacific, 9.8 percent in Europe.
3) Circuit City [CC
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]has filed for bankruptcy under Chapter 11, which will allow it to hold off creditors and operate as normal while it develops a financial reorganization plan. Stock is $0.10 now, it was $0.25 at the close Friday.
4) AIG [AIG
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]is now getting all sorts of loans, including 1) an additional $40 billion purchase of newly issued preferred shares under the TARP program, 2) a modification of the loan the government initially gave to AIG, and 3) two additional lending facilities that will allow the Fed to lend money to AIG. The first lending facility will be secured with mortgage-backed securities as collateral; the second will buy collateralized debt obligations (CDOs) on which AIG has written credit default swaps (CDS).
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POPULAR TRADER TALK POSTS
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
- The Gold Rush Is On
Data is a real-time snapshot *Data is delayed at least 15 minutes