Trader Talk
- Stocks Lurking Near New Highs Again
- 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
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- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
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- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
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Reporter
This post is from CNBC producer Robert Hum.
Reports of nuclear testing in North Korea are giving investors around the world some jitters this morning. Asian and European markets are down about 1 percent today. U.S. stock futures were down modestly earlier this morning, but have now moved well off the lows and are indicating a fairly flat open following the holiday weekend.
After 5 days of declines last week for its worst week this year, the U.S. Dollar Index is rebounding modestly today. Concurrently, commodities are giving back 1 percent to 2 percent of last week’s solid gains, while commodity stocks are slightly weaker in pre-market trading.
After 7 straight years of raising its iron ore prices, miner Rio Tinto [RTP Loading... ()
]agreed to a 37 percent decline in metal prices in a major contract signed with customer Nippon Steel. A drastic reduction in prices is no surprise, as weaker global demand for steel has put substantial pressure on prices. The magnitude of this price decrease, however, sets the tone for other steel companies, as they will be forced to slash their prices in subsequent pending contracts with their own customers. Elsewhere:
1) At the bank’s annual shareholder meeting, Deutsche Bank [DB
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] CEO Josef Ackermann refrained from giving any full-year outlook given the continuing uncertainty in the markets. While he commented Q2 was off to a good start, Ackermann warned that 2009 will remain a tough year. Shares are trading down 2.5 percent pre-open.
2) Shares of Apple [AAPL
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] rise 2 percent pre-open following an upgrade by Morgan Stanley. In addition to raising the stock to “overweight,” the Morgan Stanley analyst raised the stock’s price target to $180 from $105. The brokerage firm expects Apple’s iPhone to drive earnings per share over the next two years.
3) Germany is expected to announce the preferred bidder for General Motor’s [GM
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] Opel and Vauxhall units soon. Bidders include automaker Fiat, investor RHJ International, and car parts manufacturer Magna.
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- Stocks Lurking Near New Highs Again
- 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
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