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Reporter
Breakouts everywhere. For the third day in a row, stocks are moving up midday after an attempt to bring the market down just after the open.
It’s not just our parent General Electric, but in techs, as IBM is now over $120 on heavy volume and will close at a 52-week high at this price. Ciena, Apple, Google, and EBay, are at 52-week highs.
Dow Industrials, S&P 500, and NASDAQ remain at 11 month highs.
Elsewhere:
1) AmEx looks better than other credit card companies. American Express [AXP
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] at a new high for the year. They reported August credit card delinquency rates yesterday, and bucked the trend in a positive way: both net charge-offs (loans they are unlikely to recover) and delinquencies 30 days or more late declined.
Sandler O'Neill raised both Capital One [COF
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] and AmEx to a Hold from Sell.
For the most part, though, the August delinquency data for other card companies was not exactly bullish. UBS, reviewing the August data for all credit card companies that reported, said that "We expect net charge-offs to increase through year-end and into 2010, as unemployment heads higher."
2) Steel giant Arcelor Mittal cautiously optimistic. Arcelor Mittal [MT
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], the largest steel company in the world (they have about 9 percent of global capacity), said that world steel demand will return to pre-crisis levels (growth of 3 to 5 percent per year), but expect the leader to be China and emerging markets.
Here is a startling statistic from MT: this year, 79 percent of the global steel market will be in emerging market countries and China. Only 21 percent of the steel business is in developed countries.
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Data is a real-time snapshot *Data is delayed at least 15 minutes