Trader Talk
- Wall Street Fears Dodd Bill
- Have Loan Losses Peaked for European Banks?
- Dow Industrials at New Highs—But Other Indices Lag
- Risk Trade Is Back On
- HMOs Up Despite Looming House Vote
- What The Street Thinks of The Jobless Report
- Friday It's All About Jobs, Jobs, Jobs
- October Retail Sales—The Good, Bad and Ugly?
- When Good News = Good News
- Retail And Jobs Lift Mood
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Reporter
The S&P 500 and the NASDAQ are down 3 days in a row (the first time since the March 9th low); the S&P is now down 5 percent from its recent high one week ago.
April PPI was a bit hotter than expected, while weekly jobless claims was a little higher than expected; we are still well north of 600,000 claims per week.
Secondaries keep coming:
a) MGM priced 143 million shares at $7. They will use the money to pay down debt. Here's the problem: they were originally talking about only 81 million shares, and the stock closed yesterday at $8.70.
b) Hedge fund Fortress Investment Group also is raising $125 million
c) Cliffs Natural priced 15 million shares at $21 a share. Again, the stock closed at $23.18.
3) Wal-Mart reported earnings in line with expectations, with second quarter guidance in line with expectations.
4) Kohl's reported earnings slightly above consensus; more importantly second quarter guidance is roughly in line with consensus, while full year guidance of $2.19-$2.42 is higher than previous guidance of $2.00-$2.30. Like many retailers, Kohl's is doing a very good job of keeping inventory lean, which is helping margins.
5) An IPO: Digital Globe (DGI), a satellite imagery company, priced 14.7 million shares at $19, above the price range of $16-$18 that was discussed.
6) AIG to spin off American International Assurance, its Asian life insurance unit in Hong Kong, in an IPO for $5-$10 billion in the first quarter of 2010, according to the WSJ. They had been seeking to sell a stake in the company, but were apparently not successful.
7) Barclays up 6 percent, Deutsche Bank up 1 percent as Morgan Stanley upgrades both banks this morning. The broker sees earnings benefiting from a steep yield curve.
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Questions? Comments?
- Wall Street Fears Dodd Bill
- Have Loan Losses Peaked for European Banks?
- Dow Industrials at New Highs—But Other Indices Lag
- Risk Trade Is Back On
- HMOs Up Despite Looming House Vote
- What The Street Thinks of The Jobless Report
- Friday It's All About Jobs, Jobs, Jobs
- October Retail Sales—The Good, Bad and Ugly?
- When Good News = Good News
- Retail And Jobs Lift Mood
Data is a real-time snapshot *Data is delayed at least 15 minutes