Higher Treasury Yields, Strong Dollar Pressure Stocks Again
Higher Treasury yields and the dollar's strength is again a problem for stocks Wednesday. The poor reception to the 3-year Treasury auction yesterday — where yields moved up — put upward pressure on the dollar and caused materials and energy stocks to drop.
It's happening again today. The problem: some traders are coming to believe that higher rates are here to stay on a stronger economy.
China IPO Mania. Take a look at the moves today in the two big China IPOs:
Price talk: $9-$11
Priced at: $12.80
Opened at: $27.00
That's right...a 100 percent price pop!
E-Commerce China Dangdang
Price talk: $13-$15
Priced at: $16
Opened at: $24.50
This is the biggest year for Chinese IPOs — there's nearly 40 so far.
When was the last time an IPO saw a 100 percent price pop from the pricing to the open? China Digital TV on October 4, 2007, priced at $16, opened at $35. Today, it's $8.51.
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