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 Post subject: February 12th Thursday 2009
PostPosted: Fri Feb 13, 2009 4:35 am 
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Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi are archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=104

My Trading Performance: +14.50 Emini ES points

Regards,
M.A. Perry

--------------------



Stocks stage a Comeback
The Dow bounces after touching a 3-month low, amid worries about the stimulus and bank bailout plans.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: February 12, 2009: 5:50 PM ET

NEW YORK (CNNMoney.com) -- Stocks erased losses Thursday, with the Nasdaq managing gains following reports that the Obama administration is putting together a plan to subsidize mortgages for troubled homeowners.

The Dow Jones industrial average (INDU) lost 6 points, or 0.1%, closing below 8,000 for the third straight session. The Dow had lost as much as 245 points in the afternoon, hitting its lowest level since Nov. 21 - considered by many pros to be the low of the bear market.

The Standard & Poor's 500 (SPX) index added 1 point, or 0.2%. The Nasdaq composite (COMP) gained 11 points, or 0.7%.

Questions about the bank bailout plan and economic stimulus bill dragged on stocks throughout the session. The selling gained steam after the release of a bleak report on home prices.

But stocks erased losses and the Nasdaq turned higher after reports surfaced that the Obama administration is working on a plan to modify home loans, a move that could help stabilize the flailing industry.

Still, concerns remain in place, and the stock turnaround was as much about bouncing off the multi-year levels as any policy talk.

In general, "there's just malaise and skepticism about what really needs to happen to get us out of the mess," said Paul Brigandi, vice president of trading at Direxion Funds.

He said that at some point Wall Street will have fully accounted for all the negativity and will begin to make a more sustained move higher. But at this point, the gains are just short-term rallies in a bear market.

Stocks rose Wednesday, finding momentum at the end of a choppy session, after lawmakers announced that the Senate and House had reached a compromise deal on a $789 billion economic stimulus package.

The bill is expected to be voted on by the two houses on Friday, meeting President Obama's goal of having it on his desk to sign by Monday, Presidents Day.

Enthusiasm about the bank bailout plan and the stimulus plan lifted stocks last week. But it dissipated this week.

"There was all this anticipation about the Geithner plan, and then they release this amorphous mess," said Greg Church, president of Church Capital.

He said the economic stimulus plan wasn't doing much for market psychology at the moment because a lot of its impact on the economy won't be felt until next year.

Overall, the market is reflecting "the realization that we still have a big problem and we are still not sure how to deal with it," he said.

Friday's economic report of note is the University of Michigan's February consumer sentiment index. The index is expected to have weakened to 60.2 from 61.5 in the previous month, according to a consensus of economists surveyed by Briefing.com.

Economy: Thursday morning, the National Association of Realtors said that home prices fell 12.4% in the fourth quarter of last year. The decline left prices at the lowest level since 2003.

Another report showed that unemployment claims fell last week, but remained near a 26-year high. The government reported that the number of Americans filing new claims for unemployment fell by 8,000 last week to a seasonally adjusted 623,000.

The Commerce Department released its January retail sales report Thursday morning. Sales rose 1% after falling for six straight months, fueling skepticism from economists. Economists thought sales would fall 0.8% in the month, according to a Briefing.com survey.

Sales excluding volatile autos rose 0.9% versus forecasts for a drop of 0.4%.

Bank bailout: Investors continued to react to the Obama administration's bank bailout plan announced earlier in the week, which was seen by critics as lacking details.

On Wednesday, Geithner testified before the Senate Budget Committee, but was vague on details. Also Wednesday, executives at eight of the largest financial institutions testified before a House committee regarding how they are using the bailout money they've already been given.

Big bank shares cut losses, but remained in the red Thursday, despite the broad market turnaround.

The KBW Bank Sector (BKX) index fell 2.8%.

General Electric (GE, Fortune 500) shares continued to trade in tune with the financial sector, as investors focused on the prospects for its GE Capital unit.

Other movers: A bright spot was Dow component Coca-Cola (KO, Fortune 500), which rallied after it reported a better-than-expected quarterly profit, thanks to strong global sales. Shares rose 7.6%.

Select technology shares gained, lifting the Nasdaq, including Qualcomm (QCOM, Fortune 500), Dell (DELL, Fortune 500) and Apple (AAPL, Fortune 500).

Market breadth was mixed. On the New York Stock Exchange, decliners beat advancers eight to seven on volume of 1.48 billion shares. On the Nasdaq, winners narrowly topped losers on volume of 2.48 billion shares.

Bonds:Treasury prices inched higher lowering the yield on the benchmark 10-year note to 2.78% from 2.79% Wednesday. Treasury prices and yields move in opposite directions.

Lending rates were unchanged. The 3-month Libor rate held steady at 1.23%, according to Bloomberg.com. The overnight Libor rate held steady at 0.30%. Libor is a bank lending rate.

Other markets: In global trading, Asian and European markets both ended lower.

The dollar gained against the euro and the yen.

U.S. light crude oil for March delivery fell $1.96 to settle at $33.98 a barrel on the New York Mercantile Exchange.

COMEX gold for April delivery rose $4.70 to $949.20 an ounce.

Gasoline prices rose 1.2 cents to a national average of $1.952 a gallon, according to a survey of credit-card swipes released Thursday by motorist group AAA

-------------

Yahoo! Finance Intraday Summary

4:30 pm : Word that the Obama administration is working on a plan to subsidize mortgage payments for troubled homeowners spurred a late rebound in the major indices. That helped the stock market turn a 3% loss into a modest gain.

Stocks traded with broad-based weakness for much of the session. The downbeat tone was an extension of the stock market's inability to sustain an advance since tumbling Tuesday in the wake of Treasury's disappointing bank rescue plan.

The Dow actually fell to its lowest level since registering a bear market low on Nov. 21, while the S&P 500 approached its January lows.

Declines were led by financial stocks, which remain central to the concerns for the broader stock market. Financials were down more than 7% at their session low, but finished the session with a 1.3% loss.

Stocks put together a rebound after Reuters reported the Obama administration is working on a plan to subsidize mortgage payments for troubled homeowners that pass certain tests. Fannie Mae and Freddie Mac would reportedly play a supporting role. Market participants cheered the news since stemming foreclosures is considered central to restoring the mortgage market, which will help stop bank write-downs.

Meanwhile, investors remain largely unimpressed by the $789.5 billion economic stimulus bill, which is expected to come to a vote by this weekend. Critics contend the bill is unlikely to lead a recovery in the short-term.

Investors looked past the latest batch of quarterly announcements. Coca-Cola (KO 44.39, +3.12) led the way by announcing better-than-expected results. Its rival, Pepsico (PEP 52.00, +1.39), announces tomorrow. Waste Management (WMI 29.26, +0.81) and Aetna (AET 33.06, +0.82) both topped expectations as well. Network Appliances (NTAP 16.40, +1.20) performed in-line with estimates, while Las Vegas Sands (LVS 3.49, -0.49) disappointed with a loss. Overall, the announcement failed to have much influence in the broader market.

Market participants found little inspiration from a better-than-expected January retail sales report. The report showed January retail sales jumped 1%, which is the first increase since a 0.1% gain in July.

However, the report is being treated with skepticism amid ongoing reminders of poor macro conditions. Jobless claims for the week ending Feb. 7 totaled 623,000, which is a bit more than expected, but down slightly from the prior week. Initial claims are at their highest level in more than 25 years.

Meanwhile, 4.81 million continuing claims were filed. That is the highest level recorded since records began in 1967.

Separately, businesses inventories dropped a larger-than-expected 1.3% in December. That is the largest drop since 2001. DJ30 -6.77 NASDAQ +11.21 NQ100 +1.3% R2K +0.6% SP400 +0.5% SP500 +1.45 NASDAQ Adv/Vol/Dec 1328/2.15 bln/1276 NYSE Adv/Vol/Dec 1414/1.48 bln/1609

3:30 pm : March crude oil started the session lower, but fought its way back to the flat line, only to retrace the move and sell off in the afternoon. March crude oil finished 5.7% lower at $33.90 per barrel.

March natural gas hit a low of $4.38 per contract in the morning, but finished at $4.49, down just 1%. Selling pressure seemed to subdue as cold weather is set to return to the country next week.

Once again, gold shined in the face of a bearish equity market. Gold trended higher throughout the session after opening lower. It finished at $949.20 per ounce, up 0.5%. Despite gold's strong performance, shares of the Market Vectors Gold Miners ETF (GDX $35.60, -$0.73) were unable to shake off the selling pressure in the equity markets.

March silver finished relatively unchanged for the session. After trading above $13.70 in overnight trading, the contracts finished at $13.52 per ounce, down just a penny. DJ30 -138.82 NASDAQ -10.84 SP500 -12.60 NASDAQ Adv/Vol/Dec 962/2.0 bln/1644 NYSE Adv/Vol/Dec 840/1.04 bln/2189

3:00 pm : Stocks have been under selling pressure since the opening bell. An intensified selling effort has led the Dow and the S&P 500 to tumble to fresh session lows, while the Nasdaq is testing earlier session lows.

The move lower has taken the Dow to its lowest point since Nov. 21, which marked its bear market low. The broader S&P 500 is still above its January lows, however.DJ30 -235.91 NASDAQ -32.77 SP500 -24.57 NASDAQ Adv/Vol/Dec 711/1.78 bln/1878 NYSE Adv/Vol/Dec 527/910 mln/2484

2:30 pm : Shares of motorcycle manufacturer Harley Davidson (HOG 11.99, -1.42) are trading with a rather steep loss after the company slashed its quarterly dividend to $0.10 per share from $0.33 per share. Shares of HOG are still roughly 20% above their multiyear low, though. That low point was registered just a couple of weeks ago.

Not only has Harley Davidson's business been hampered by softer consumer spending and tighter credit conditions, but the company has had to contend with bad loans in its financing arm. Those loans have deteriorated and spurred write-downs against the company's capital.DJ30 -164.31 NASDAQ -16.15 SP500 -16.46 NASDAQ Adv/Vol/Dec 857/1.60 bln/1692 NYSE Adv/Vol/Dec 694/819 mln/2304

2:00 pm : Stocks have pulled up a bit after falling to afternoon lows. Still, stocks remain in a funk.

This session's weakness comes with little descrimination. Roughly 85% of the companies in the S&P 500 are trading lower. Nearly every Dow component is trading lower; only Coca-Cola (KO 43.97, +2.70) is trading higher. Coke's gains come in the wake of better-than-expected earnings results. Coke's rival Pepsico (PEP 51.47, +0.86) reports its latest batch of quarterly data tomorrow morning.

General Motors (GM 2.60, -0.14) is trading with marked weakness in the Dow. The company had efforts to raise cash from South Korean investors rebuffed, according to Reuters. DJ30 -159.77 NASDAQ -14.38 SP500 -15.86 NASDAQ Adv/Vol/Dec 856/1.47 bln/1671 NYSE Adv/Vol/Dec 720/745 mln/2267

1:30 pm : The major indices are back on the slide, drifting to early afternoon lows. The downward move has taken the financial sector to a 6.0% loss, which completely reverses the prior session's rebound.

Though stocks are under pressure, Treasuries are attracting little interest from investors. The 10-year Note is currently trading unchanged. The yield on the benchmark Note stands at 2.79%.DJ30 -143.04 NASDAQ -14.16 SP500 -14.80 NASDAQ Adv/Vol/Dec 901/1.33 bln/1597 NYSE Adv/Vol/Dec 721/671 mln/2229

1:00 pm : A steady stream of earnings announcements flowed over the wires this morning. The results have spurred isolated gains, but have failed to inspire a positive reaction in the broader market.

Coca-Cola (KO 43.80, +2.53) was a headliner this morning. It announced better-than-expected results. However, a mixed bag of earnings results and forecasts from several other companies has led market participants to look past the announcements to focus on other themes.

This session's weakness primarily stems from diminished expectations as stocks remain challenged to sustain an upside move since tumbling in the wake of a disappointing bank plan, or lack thereof, from Treasury on Tuesday.

Investors are also largely unimpressed by the $789.5 billion economic stimulus bill, which is expected to come to a vote by this weekend. The bill aims to spur long-term growth. However, critics contend it is unlikely to lead any sort of recovery in the short-term, especially in the financial sector, where stimulus is needed most.

That has kept financial stocks in focus. Though financials were able to rebound in the prior session, they are back under pressure this session. The sector is currently down 5.1%, leading the session's losses.

Homebuilders are also under pressure as traders recognize that the revised stimulus bill includes a smaller housing tax credit than the original Senate version.

The confluence of negative themes has pushed the major indices to key support levels. The Dow actually fell this session to its lowest level since Nov. 21, which marked the Dow's bear market low. Meanwhile, the S&P 500 broke below the upward sloping trendline connecting the lows between November and February.

Given the uncertainty regarding which way stocks will move around these support levels, participants are treating better-than-expected January retail sales data with caution. The sort of disbelief with which the report is being viewed takes root in the dour economic data that investors are having to continually contend with.

Jobless claims for the week ending Feb. 7 totaled 623,000, which is a bit more than expected, but down slightly from the prior week. Continuing claims stand at 4.81 million. Both initial claims and continuing claims stand at multiyear highs and reflect ongoing layoffs and challenging job conditions. DJ30 -128.63 NASDAQ -6.67 SP500 -12.24 NASDAQ Adv/Vol/Dec 1064/1.20 bln/1398 NYSE Adv/Vol/Dec 835/603 mln/2093

12:30 pm : The major indices are trending upward, taking the Nasdaq Composite into the green. The Nasdaq's gain comes amid strength in large-cap tech stocks, which have pushed the Nadaq 100 to a 0.9% gain.

As stocks climb higher, so has crude oil. Crude oil was down almost 4.7% at its session low, but is now trading just above the unchanged mark at $35.95 per barrel.DJ30 -86.81 NASDAQ +3.21 SP500 -7.18 NASDAQ Adv/Vol/Dec 1094/1.09 bln/1347 NYSE Adv/Vol/Dec 970/561 mln/1929

12:00 pm : Consumer staples stocks (+0.1%) have made their way into the green, thanks to continued leadership from Coca-Cola (KO 44.13, +2.86). Consumer staples giants Procter & Gamble (PG 50.36, -0.80) and Colgate Palmolive (CL 62.08, -0.82) are trading with weakness, though.

Contrasting the prior session, large-cap tech stocks are helping the Nasdaq 100 outperform the broader market. The Nasdaq 100 is up 0.1% with help from Apple (AAPL 98.68, +1.86), Qualcomm (QCOM 35.39, +0.78), and Research In Motion (RIMM 49.89, +1.13). Research In Motion is rebounding after dropping sharply in the prior session; its drop stemmed from disappointing guidance.DJ30 -127.35 NASDAQ -7.07 SP500 -12.15 NASDAQ Adv/Vol/Dec 977/977 mln/1449 NYSE Adv/Vol/Dec 754/498 mln/2127

11:30 am : Education stocks are under pressure. Shares of Strayer Education (STRA 190.89, -34.98) are down more than 15% after the company disappointed investors by issuing downside earings guidance. The downbeat outlook has overshadowed better-than-expected quarterly results.

Shares of Corinthian Colleges (COCO 20.00, -1.20) and Apollo Group (APOL 79.95, -2.41) are trading lower amid related weakness.DJ30 -145.91 NASDAQ -14.38 SP500 -15.06 NASDAQ Adv/Vol/Dec 876/822 mln/1494 NYSE Adv/Vol/Dec 661/424 mln/2212

11:00 am : Stocks have improved from ealier levels, but continue to trade with weakness. The weakness remains relatively broad-based.

However, airline stocks are trading with solid gains this session. The Amex Airline Index is currently up 2.0%.

The group's advance has been helped by sliding crude prices, which result in lower operating costs for air carriers, and an analyst upgrade of Continental Airlines (CAL 13.10, +1.20). Merrill Lynch this morning issued a Buy rating on CAL, up from the previous Neutral rating. DJ30 -153.96 NASDAQ -14.44 SP500 -14.60 NASDAQ Adv/Vol/Dec 858/680 mln/1457 NYSE Adv/Vol/Dec 631/350 mln/2202

10:30 am : Investors continue to sell stocks in a concerted effort. Consumer staples stocks, considered a defensive-oriented investment, are also under pressure, but their decline is less severe than that of the broader market.

The consumer staples sector is currently down 0.8%. Its loss has been limited by the strength of Coca-Cola (KO 43.03, +1.76). Shares of Coca-Cola actually hit a 52-week low just two days ago, but are rebounding with help from better-than-expected fourth quarter earnings per share results.

Coke's revenue was down and a bit shy of analysts' expectations, but adjusted earnings, totaling $0.64 per share, were up roughly 10% from the same period one year ago. That reflects nine consecutive quarters of double-digit comparable earnings per share growth.DJ30 -176.34 NASDAQ -17.80 SP500 -17.06 NASDAQ Adv/Vol/Dec 692/467 mln/1543 NYSE Adv/Vol/Dec 505/242 mln/2279

10:00 am : Stocks are trading with widespread weakness, but the overall picture for commodities isn't much better.

Demand concerns remain the primary catalyst driving crude oil futures prices to their lowest point in weeks. Crude was recently quoted 4.0% lower at $34.50 per barrel, but that is still above crude's multiyear low of $32.40 per barrel, which was set in December.

Natural gas is down 1.1% to $4.48 per contract. It had traded modestly higher ahead of its latest weekly inventory data (10:30 AM ET).

Weakness in energy prices coupled with broad-based weakness in equity markets has pushed the energy sector 2.7% lower. Primary laggards include integrated oil giants Exxon Mobil (XOM 73.20, -1.38), Chevron (CVX 68.89, -1.72), and ConocoPhillips (COP 44.90, -1.06).

Gold has actually recovered from an initial fit of weakness to trade 0.3% higher at $946.60 per ounce. The advance builds on gains registered in the prior two sessions, which took gold to its highest price since summer.

Silver is trading 0.8% lower, however. Silver was last quoted at $13.42 per ounce.

The collective weakness in commodities prices this session is weighing on the CRB Commodity Index. The CRB is currently down 0.8%.

Early movers: Trading up: BWLD +28.5%, DFT +18.7%, MLP +17.4%, CMG +13.1%, AIPC +11.7%, ASIA +11.1%, DGIT +10.6%, FAZ +9.4%, JAH +9.7%, CAL +9.1%. Trading down: PACR -39.7%, TEX -35.7%, SCOR -31.8%, GIL -26.2%, EDU -22.8%, AIB -18.5%, ELOS -17.9%, STRA -16.3%, SBLK -13%, ICO -12.4%, JASO -12.3%, ECL -11.6%, VTR -11.3%, IRE -10.5%, SQNM -9.5%, RTP -9.1%.DJ30 -215.92 NASDAQ -30.37 SP500 -22.39 NASDAQ Adv/Vol/Dec 549/323 mln/1622 NYSE Adv/Vol/Dec 405/169 mln/2316

09:40 am : A broad-based selling effort is under way as every major sector in the S&P 500 trades with a loss of 1% or more.

Financials remain in focus. Though there has been progress in putting together a $789.5 billion economic stimulus, investors still clamor for a specific plan that will quickly restore the financial system by helping banks repair their balance sheets. Financial stocks are down 3.8%, which is a steeper loss than any other sector.DJ30 -158.65 NASDAQ -21.60 SP500 -16.61 NASDAQ Adv/Vol/Dec 486/156 mln/1485 NYSE Adv/Vol/Dec 417/77 mln/2201

09:20 am : S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -13.50. The stock market remains on track to start the session lower. There has been a raft of quarterly earnings reports this morning, but market participants seem to be looking past many of them. Traders are also treating a better-than-expected January retail sales report with some skepticism amid ongoing reminders of poor macro conditions. Jobless claims for the week ending Feb. 7 totaled 623,000, which is a bit more than expected and down slightly from the prior week. Jobless claims remain at their highest level in a quarter of a century. Continuing claims stand at 4.81 million, which is a record high. Investors are also showing little interest in the House and Senate's $789.5 billion economic stimulus bill, which aims to drive long-term growth. Instead, investors continue looking for solutions to the troubles of the financial system, which primarily stem from toxic assets on bank balance sheets.

09:00 am : S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -7.50. Coca-Cola (KO) bested fourth quarter earnings expectations by bringing in an adjusted $0.64 per share. The consensus estimate was pegged at $0.61 per share. Coca-Cola was a bit short of the consensus revenue estimate, though. KO is trading 2.7% higher at $42.40 per share in premarket action. However, U.S. stock markets, overall, are pointing toward a lower start as futures lag fair value. The major European indices are also trading with weakness. Germany's DAX is down 2.1%. Weakness in the German index is broad-based as declining stocks outnumber advancers by more than 6-to-1. Deutsche Bank (DB) and Deutsche Telekom are providing limited support as shares of many financial services companies weigh on the action. France's CAC is off by 1.7%. Weakness in BNP Paribas and other financial outfits is weighing on the index. Total (TOT) is helping to stem losses, though. The integrated energy company announced fourth quarter earnings that were moderately lower than the prior year. Britain's FTSE is down 1.5%, but bank stocks like those of HSBC (HSB), Lloyds (LYG), and Standard Chartered are trading with relative strength. However, metals companies Anglo American (AAUK), BHP Billiton (BHP), and Rio Tinto (RTP) are weighing on action. Rio Tinto is recommending to shareholders a transaction with Chinalco (ACH) that will allow Chinalco to invest in certain ventures and securities. Asian stocks are also showing weakness. The MSCI Asia-Pacific Index closed 1.8% lower. Japan's Nikkei closed 3.0% lower after reopening from a holiday. Mitsubishi UFJ Financial (MTU), Mizuho Financial (MFG), and Nomura (NMR) finished markedly lower. Gold and copper producer Sumitomo Metal Mining gained after gold prices jumped to a multimonth high Wednesday. In Hong Kong, the Hang Seng closed 2.3% lower. Aluminum Corp of China, or Chinalco, (ACH) fell after confirming it will invest $19.5 billion in Rio Tinto. PetroChina (PTR) slumped amid ongoing weakness in crude oil prices. Mainland China's Shanghai Composite closed 0.6% lower after stocks recovered most of their losses late in the session. Banks were weak amid concern the government's effort to increase bank lending could result in more bad loans. According to Financial Times, China will continue buying U.S. Treasuries since, as one regulator stated, such investments remain the only option in a perilous world.

08:35 am : S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -6.30. Though they still lag fair value, stock futures have improved from earlier levels after a surprisingly positive batch of retail sales data. Advance retail sales for January were up 1.0%, which is better than the 0.8% decline that was widely expected. The prior reading was revised lower to reflect a 3.0% decline. Less autos, retail sales were up 0.9%, which is also better than the 0.4% decline that was expected. The prior reading was revised lower to reflect a 3.2% drop. Initial jobless claims fro the week ending Feb. 7 totaled 623,000. The consensus forecast called for 610,000 claims. Claims for the prior week were revised upward to 631,000. Continuing claims totaled 4.81 million. That was relatively in-line with expectations. The prior week was revised to reflect 4.80 million continuing claims. December business inventory data is due at 10:00 AM ET.

08:00 am : S&P futures vs fair value: -10.10. Nasdaq futures vs fair value: -11.50. Stock futures point to a downward start for the major U.S. indices. Market participants await further detail on the economic stimulus plan that House and Senate members agreed upon yesterday. Votes are expected to occur as soon as today. Earnings flow is rather heavy this morning. Investors continue to await the latest earnings results from Coca-Cola (KO). Waste Management (WMI) brought in adjusted earnings of $0.49 per share during its last fiscal quarter. The results were a penny better than the consensus forecast of $0.48 per share. Aetna (AET) earned an adjusted $0.96 per share during the fourth quarter. It was expected to earn $0.94 per share. Aetna expects full-year earnings to range from $3.85 to $3.95 per share, which brackets the consensus forecast of $3.87 per share. Alcon (ACL) generated fourth quarter earnings of $1.41 per share, besting the consensus estimate of $1.32 per share. The company expects adjusted earnings to range from $6.05 to $6.25 per share for fiscal 2009, but analysts peg 2009 earnings at $6.28 per share. Network Appliances (NTAP) posted thrid quarter earnings of $0.28 per share, which is in-line with analysts' consensus estimate. Top line results were short of expectations, however. Las Vegas Sands (LVS) reported a loss of $0.04 per share for the latest quarter. On average, earnings of $0.04 per share were expected. Activision (ATVI) generated $0.31 per share during the fourth quarter. The results exceeded the $0.29 per share that was widely expected. However, Activision expects earnings to total $0.03 per share for the first quarter, and $0.61 per share for fiscal 2009, while analysts are looking for earnings of $0.11 per share and $0.67 per share for the respective periods. The board of Rio Tinto (RTP) is recommending to shareholders a transaction with Aluminum Corp of China, or Chinalco, (ACH). Chinalco will invest in certain joint ventures totaling $12.3 billion and in subordinated convertible bonds totaling $7.2 billion. Meanwhile, Alcoa (AA) announced it is exiting a relationship with Chinalco to purchase shares in Rio Tinto. Rio Tinto reported underlying earnings for 2008 totaled $10.3 billion, up 38% year-over-year. Its net earnings were $3.7 billion, which is half of what it netted the prior year.

06:19 am : S&P futures vs fair value: -9.10. Nasdaq futures vs fair value: -14.80.

06:19 am : Nikkei...7705.36...-240.60...-3.00%. Hang Seng...13228.30...-310.90...-2.30%.

06:19 am : FTSE...4173.12...-61.10...-1.40%. DAX...4422.32...-107.80...-2.20%.


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