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 Post subject: March 19th Thursday 2009
PostPosted: Thu Mar 19, 2009 4:39 pm 
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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=141

My Trading Performance: +25.00 Emini ES points

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



Rally hits a roadblock
Investors step back after boosting the S&P 500 by 17% in seven sessions.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: March 19, 2009: 4:31 PM ET

NEW YORK (CNNMoney.com) -- Stocks slipped Thursday as rising oil and gold prices, a weaker dollar and more dour reads on the economy gave investors a reason to step back after the recent rally.

The Dow Jones industrial average (INDU) lost 84 points, or 1.2%, according to early tallies. The S&P 500 (SPX) index fell 10 points, or 1.3%. The Nasdaq composite (COMP) lost almost 8 points or 0.5%.

After rallying 17% in seven sessions, the S&P 500 and the broader market were vulnerable to a bit of a pullback.

"I think it's a classic bear market rally and we're near the top of it," said Tom Hepner, vice president and investment advisor at Ruggie Wealth Management. "That having been said, we are in a bottoming-out process."

Stocks are likely to remain rangebound for the rest of the first half, he said, particularly as investors sort through the first-quarter earnings reports, which begin landing in April. In the second half, stocks could then start a slow climb higher through year-end, he said, "assuming that investors get confidence-building information about the economy."

Autos and auto parts makers gained after Treasury said it is providing a $5 billion bailout of auto suppliers, which have been hit hard by the slump in the automaker industry. GM (GM, Fortune 500) jumped 12% on the news. Parts makers American Axle (AXL), Lear (LEA, Fortune 500) and ArvinMeritor (ARM, Fortune 500) gained as well.

The markets gained Wednesday after the Fed said it was buying $300 billion in long-term bonds over the next six months as part of a larger initiative to put $1 trillion into the economy and get credit flowing again.

Economy: The number of Americans filing new claims for unemployment fell last week to 646,000 from a revised 658,000 the prior week. Economists surveyed by Briefing.com thought claims would fall to 655,000.

However, the number of Americans continuing to receive unemployment benefits rose to a record 5.473 million.

The Philadelphia Fed index, a regional reading on manufacturing, improved to negative 35 in March from negative 41.3 in February, but the number indicated the economy remains deep in recession. Economists surveyed by Briefing.com though it would improve to negative 39.

The index of leading economic indicators fell 0.4% in February, short of expectations for a drop of 0.6%. LEI rose a revised 0.1% in the previous month.

Company news: Oracle (ORCL, Fortune 500) reported higher fiscal third-quarter earnings and a smaller-than-expected drop in sales late Wednesday. The business software maker also declared its first quarterly dividend. Shares jumped 12%.

Citigroup (C, Fortune 500) said Thursday it was pursuing a reverse stock split to help counter the conversion of the government's big preferred share stake into common stock. After initially rallying over 20%, shares turned lower.

Other bank shares retreated too, including Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500), and Wells Fargo (WFC, Fortune 500).

The banking sector, as measured by the KBW Bank index (BKX), rallied 52% through Wednesday's close after ending at multi-year lows two weeks ago.

Market breadth was negative. On the New York Stock Exchange, losers topped winners eight to seven on volume of 1.12 billion shares. On the Nasdaq, decliners beat advancers five to four on volume of 1.48 billion shares.

Bear market rally: Stocks rose for six out of seven sessions, with the S&P 500 rising 17% as of Wednesday's close.

In part, the advance has been a bounce off the recent lows, after the S&P 500 slumped 28% in two months, falling to a 12-1/2 year low. But in addition, investors have been glomming on to a few signs of stabilization, such as Tuesday's housing report and last week's February retail sales report.

The financial sector has strengthened after Citigroup and a few other banks said that they were profitable in the first two months of the year. Also, regulators talked about reinstating the "uptick rule" that limits short selling and changing mark-to-market accounting.

Bonds: Treasury prices gained, lowering the yield on the benchmark 10-year note to 2.50% from 2.54% Wednesday. Treasury prices and yields move in opposite directions.

Lending rates were improved. The 3-month Libor rate fell to 1.23% from 1.29% Wednesday, while the overnight Libor rate dipped to 0.3% from 0.31%, according to Bloomberg.com. Libor is a bank-to-bank lending rate.

Other markets: In global trading, Asian markets ended mixed and European markets ended higher.

In currency trading, the dollar fell versus the euro and the yen.

U.S. light crude oil for April delivery settled up $3.47 to $51.61 a barrel.

COMEX gold for April delivery rose $69.70 to settle at $958.80 an ounce.

Yahoo! Finance

4:30 pm : Commodities and commodity-related stocks logged solid gains this session. However, profit takers had their way with financial stocks, which undercut the broader market for virtually the entire session and brought about choppy trading.

Energy stocks (+1.4%) and materials stocks (+1.4%) were helped by stronger commodity prices. The CRB Commodity Index climbed more than 5% in this year's largest single-session advance by percent. Crude oil futures prices gained 6.5% to close pit trading at $51.25 per barrel, while gold prices advanced 7.8% to close at $958.50 per ounce.

Underpinning the strength in commodity prices was a considerably weaker U.S. dollar. According to the Dollar Index, the greenback sank 1.7% this session, and more than 4% during the last two sessions. The dollar's weakness follows the Fed's latest policy directive.

Several steel stocks (+7.0%) benefited from stronger underlying commodity prices and reports that the Treasury will launch a $5 billion program for car parts suppliers. Shares of autoparts companies spiked on the news, but the enthusiasm dwindled as the session progressed. Autoparts and equipment companies still closed 8.6% higher.

Profit takers focused their efforts on financial stocks (-8.0%), which were looking overbought after surging 60% in less than two weeks. That rally carried the broader market to key resistance levels.

The S&P 500 has been unable to crack 800, which is near the 50-day simple moving average for the stock market, and a sort of psychological line in the sand.

Corporate announcements were relatively mixed heading into trading this session. Citigroup (C 2.60, -0.48) has filed to exchange common stock for convertible and nonconvertible preferred securities, and plans to authorize a reverse common stock split.

General Electric (GE 10.13, -0.19) continues working to restore its credibility with investors. The company held an investor meeting today, during which the company explored its asset holdings and reaffirmed it expects its troubled capital arm to post a profit for the first quarter and full year.

Oracle (ORCL 17.37, +1.54) posted better-than-expected adjusted earnings, issued upside guidance, and declared its first dividend, winning support for large-cap tech stocks.

Economic news remains uninspiring. Weekly initial claims dipped 12,000 to 646,000, which was better than the consensus estimate of 655,000. Continuing claims hit another record high, though, jumping to 5.47 million from 5.29 million.

Leading indicators for February showed a 0.4% decline, which wasn't as bad as the 0.6% decline that was expected. The report had little impact on trading. Tomorrow's calendar is relatively light on data.

There are neither economic reports nor market-moving earnings announcements scheduled for release, though Fed Reserve Chairman Bernanke is giving a speech about the financial crisis and community banking (12:00 PM ET). Absent any surprise announcements, the near-term focus will continue to be the technical picture, with some not-too surprising profit-taking occurring at the key 800 resistance level in the S&P 500.DJ30 -85.78 NASDAQ -7.74 NQ100 -0.2% R2K -1.1% SP400 -0.6% SP500 -10.31 NASDAQ Adv/Vol/Dec 1198/2.15 bln/1456 NYSE Adv/Vol/Dec 1525/1.95 bln/1557

3:30 pm : Commodities made a strong move to the upside today with the second straight weak session for the U.S. Dollar Index, currently down 1.7%.

April crude oil enjoyed a strong session and closed above the psychological $50 level. The April contracts closed at $51.25 per barrel, up 6.5%.

April natural gas also closed significantly higher. The futures contracts saw a significant spike at the open of the pit trade and hit session highs of $4.42 per contract. The contracts finished at $4.12, up 11.7% on the session; weekly inventory showed a draw.

Gold futures expiring in April rose an impressive 7.8% on the session to close at $958.50 per ounce. The contracts hit a session high midmorning of $963.50 per ounce.

Silver futures contracts enjoyed a modest gain. May silver contracts closed up 1.2% to $13.52 per ounce.DJ30 -89.93 NASDAQ -8.75 SP500 -10.03 NASDAQ Adv/Vol/Dec 1182/1.95 bln/1458 NYSE Adv/Vol/Dec 1569/1.47 bln/1500

3:00 pm : Stocks recently tumbled to fresh afternoon lows, but are paring their losses as news wires indicate the Fed announes a set of eligible collateral for loans extended under the TALF program.

News has helped lift financial stocks from a 6.4% loss. Financials are now down 5.9%.DJ30 -94.07 NASDAQ -8.89 SP500 -9.81 NASDAQ Adv/Vol/Dec 1109/1.80 bln/1535 NYSE Adv/Vol/Dec 1535/1.36 bln/1529

2:30 pm : Just a couple of days after slashing its dividend and warning of a loss, shares of Alcoa (AA 6.55, +1.07) have climbed to their highest levels since February. The stock's resurgence comes amid rising metals prices, which have been bolstered by a weaker dollar.

The Dollar Index, which measures the dollar's strength against a basket of major foreign currencies, is down 1.9%. The Dollar Index has dropped 4.5% during the past two sessions. The weakness follows the Fed's latest policy directive.DJ30 -72.16 NASDAQ -5.86 SP500 -6.98 NASDAQ Adv/Vol/Dec 1167/1.67 bln/1446 NYSE Adv/Vol/Dec 1661/1.25 bln/1378

2:00 pm : Treasuries have reversed their early gains to slip into the red. The benchmark 10-year Note is now down six ticks. Treasuries rocketed higher in the prior session after the FOMC announced plans to purchase $300 billion in Treasuries during the next six months. The 10-year Note climbed almost 4 full points Wednesday, pushing its yield to the lowest levels in months. DJ30 -40.23 NASDAQ -1.97 SP500 -3.13 NASDAQ Adv/Vol/Dec 1194/1.55 bln/1390 NYSE Adv/Vol/Dec 1730/1.16 bln/1292

1:30 pm : Trading remains choppy as the headline indices remain in the red. The choppy trading has brought about mixed results as half the major sectors in the S&P 500 trade with losses. Though half the sectors are down, more than 75% of the actual stocks listed in the S&P 500 are down.DJ30 -59.18 NASDAQ -4.22 SP500 -5.45 NASDAQ Adv/Vol/Dec 1087/1.41 bln/1494 NYSE Adv/Vol/Dec 1644/1.09 bln/1372

1:05 pm : The broader market is trading lower as financial stocks falter, but strength in energy and materials stocks is helping limit overall losses.

Financials (-5.4%) are under pressure as profit takers take advantage of the sector's recent rally; as of the prior session's close, financial stocks surged 60% from the multiyear lows registered less than two weeks ago. Citigroup (C 2.86, -0.22) saw tremendous gains during that time, but its shares are down this session. The stock actually opened higher following news the company has filed to exchange common stock for convertible and nonconvertible preferred securities, and plans to authorize a reverse common stock split.

Financial stocks continue to leader the broader market, so their weakness is weighing on the S&P 500.

Technical resistance has also undercut stocks this session. The S&P 500 started the session near 800, which marks a psychological level and is just below the 50-day simple moving average for the stock market.

However, energy stocks (+2.7%) and materials stocks (+2.1%) are tempering weakness. Both sectors are attracting buyers as key commodity prices move higher in the wake of inflationary concerns that were stirred Wednesday by the Fed's quantitative expansion directive.

Crude oil contracts for April delivery were recently pricing oil 6.3% higher at $51.20 per barrel.

Gold prices are up 7.6% to $956.90 per ounce.

Steel prices are also moving higher, which is helping steel stocks (+8.8%). Adding to the interest are reports indicating the Treasury is set to launch a $5 billion program for car parts suppliers. U.S. Steel (X 21.38, +2.21) and AK Steel (AKS 7.80, +0.86) have considerable exposure to the automotive industry. Key autoparts companies ArvinMeritor (ARM 1.16, +0.21) and American Axle (AXL 2.16, +0.61) are also seeing strong gains.

Drybulk names like DryShips (DRYS 5.19, +1.02) are also seeing strength, even though the Baltic Dry Index logged its sixth consecutive loss by dropping more than 3%.

General Electric (GE 10.49, +0.17) reaffirmed during its investor conference that its troubled capital arm will be profitable in the first quarter and for the full year.

In other corporate news, Oracle (ORCL 17.86, +2.03) is also trading higher; the company posted better-than-expected adjusted earnings and declared its first dividend. The company also issued upside guidance for the current quarter.

Nike (NKE 45.52, -0.40) is seeing some selling pressure even though it reported better-than-expected quarterly earnings results. FedEx (FDX 45.81, +2.76) is trading higher despite disappointing earnings and a disappointing outlook.

In economic news, weekly initial claims dipped 12,000 to 646,000, which was better than the consensus estimate of 655,000. Continuing claims hit another record high, though, jumping to 5.47 million from 5.29 million.DJ30 -91.36 NASDAQ -10.90 SP500 -8.76 NASDAQ Adv/Vol/Dec 1074/1.34 bln/1497 NYSE Adv/Vol/Dec 1569/1.03 bln/1439

12:30 pm : European stocks have pulled back since staging strong gains in the early going. Britain's FTSE was up more than 1% earlier, but it is now trading at the unchanged mark. Germany's DAX was up more than 2%, but has since cut its gains in half. Meanwhile, France's CAC is up a modest 0.3% after sporting a solid gain in excess of 1% early on.

Still, shares in Europe are outperforming those in the U.S.

The Dow Jones World Index is currently up 2.1%. Excluding the U.S., the Dow Jones World Index is up 4.4%.DJ30 -76.86 NASDAQ -7.38 SP500 -7.32 NASDAQ Adv/Vol/Dec 1076/1.23 bln/1466 NYSE Adv/Vol/Dec 1556/950 mln/1435

12:00 pm : The stock market recently fell to fresh session lows as the financial sector retreated deeper into the red. Financial stocks are now down 5.0%, but were down nearly 7.0%.

Profit-taking is the primary reason for the financial sector's downward move. Many market watchers postulate that the financial sector has become overbought.

Financial stocks had rallied 60% from the multiyear lows registered March 6 to the prior session's close. Many of the most beaten down names in the financial sector led that advance. For instance, Citigroup (C 2.75, -0.33) saw its stock price more than triple during that time.

Citigroup was extending its rally in the first few minutes of this session's trading, but has since come under pressure. Citi has filed a registration statement to exchange common stock for convertible and nonconvertible preferred securities, while planning to authorize a reverse common stock split.DJ30 -83.16 NASDAQ -9.35 SP500 -7.57 NASDAQ Adv/Vol/Dec 1052/1.11 bln/1452 NYSE Adv/Vol/Dec 1589/862 mln/1384

11:30 am : Steel stocks are rallying this session. Their advance comes as underlying commodity prices rebound and reports indicate the Treasury is set to launch a $5 billion program for car parts suppliers. Though it is not clear whether steel companies will receive direct aid, auto suppliers are clearly filling orders with steel makers.

U.S. Steel (X 21.66, +2.49), AK Steel (AKS 7.72, +0.78), Olympic Steel (ZEUS 14.98, +1.24), and Worthington Industries (WOR 8.83, +0.62) are names with some of the most exposure to the automotive industry. Even shares of Nucor (NUE 38.14, +2.63) are trading higher, though the company warned earlier this week it expects to post a loss for the first quarter.DJ30 -59.58 NASDAQ -5.38 SP500 -4.40 NASDAQ Adv/Vol/Dec 1076/929 mln/1373 NYSE Adv/Vol/Dec 1741/731 mln/1205

11:00 am : Action remains choppy as the major indices gyrate along the neutral line. Though energy stocks (+3.5%) and materials stocks (+2.7%) are sporting solid gains, the market's most frequent leader during recent weeks, financials, is showing weakness. The financial sector is down 2.3%, though it has recovered off its session lows.DJ30 -5.10 NASDAQ +2.43 SP500 +0.92 NASDAQ Adv/Vol/Dec 1183/788 mln/1252 NYSE Adv/Vol/Dec 1883/626 mln/1033

10:30 am : The major indices have attempted to bounce back from a recent bout of selling pressure. The Dow and S&P 500 continue to trade in the red, though, but the Nasdaq has made its way back into positive territory.

Each headline index remains off opening levels. The broad-based S&P 500 began the session just a couple of points above 800, which is being treated as a key technical level since the 50-day simple moving average currently stands just above 800.DJ30 -22.22 NASDAQ +2.28 SP500 -0.95 NASDAQ Adv/Vol/Dec 1114/618 mln/1242 NYSE Adv/Vol/Dec 1686/504 mln/1188

10:05 am : The major indices have gone on the slide with financial stocks (-2.5%) leading the way. However, energy stocks (+2.9%) and materials stocks (+1.9%) are tempering the decline by providing some support.

Energy's strength comes as oil prices continue to hold early gains. Contracts for April delivery were recently quoted 5.2% higher at $50.65 per barrel. The bounce in crude prices has the United States Oil Fund (USO 30.39, +0.78) sporting a solid gain.

Natural gas prices have also advanced, though their move has been more modest. Contracts for April delivery currently trade at $3.70 each, up just 0.4%.

With inflationary concerns fueled by the FOMC's latest policy directive, precious metals prices have surged. Gold prices are currently up more than 7% to $951.70 per ounce, while silver prices are up more than 12% to $13.18 per ounce. Higher precious metals prices are driving shares of Newmont Mining (NEM 41.92, +1.78) markedly higher.

The Baltic Dry Index logged its sixth consecutive loss. All sub-indices closed lower.

Just hitting the wires, leading economic indicators for February declined 0.4%, which isn't quite as steep as the 0.6% decline that was widely expected. Meanwhile, the Philadelphia Fed Index showed a reading of -35.0, which is worse than the expected -39.0 reading, and down from the prior reading of -41.3.

Early Movers: Trading up: MRX +33.4%, DRYS +27.1%, C +23.1%, LYG +19.7%, GNW +15.1%, IFSIA +14.6%, AEG +14.3%, TCK +14.2%, KEG +13.6%, FITB +13.1%, ORCL +12.6%, SSRI +12%, ING +11.3%, BAC +10.7%, NM +10.4%, AXA +10.3%, DB +10.2%, STSA +10% Trading down: PRGN -10%, BMR -9.4%, ARE -7.9%, AAI -7.7%DJ30 -22.38 NASDAQ -1.67 SP500 -2.64 NASDAQ Adv/Vol/Dec 1089/444 mln/1172 NYSE Adv/Vol/Dec 1548/383 mln/1225

09:45 am : Trading is rather mixed in the first few minutes of action. However, energy stocks are up 2.9%, currently sporting the strongest gains of any sector in the S&P 500. Energy's advance comes amid a jump in crude oil prices, which were recently quoted 5.6% higher at $50.85 per barrel.

Higher crude prices are being attributed to inflationary concerns, which were stirred when the Federal Open Market Committee announced yesterday the Fed will purchase more agency assets and $300 billion in Treasuries. Though such a move is aimed at lowering lending rates and creating a more stable market for certain assets in the near term, it will pump more money into the system.

Dow component Exxon Mobil (XOM $70.05, +0.88) is a primary leader within the energy sector. DJ30 +14.17 NASDAQ +6.28 SP500 +2.60 NASDAQ Adv/Vol/Dec 1251/223 mln/866 NYSE Adv/Vol/Dec 1884/237 mln/808

09:15 am : S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +12.30. Stock futures have improved to their best levels of the morning following a barrage of headlines. Most recently, General Electric (GE) indicated that its troubled capital arm will be profitable in the first quarter and for the full year. This is actually a reiteration of the CFO's comments in a CNBC interview March 5. GE went on to indicate it does not require external capital under the current outlook, and 93% of its planned 2009 long-term funding is complete. Shares of GE are up more than 7% to $11.05 per share in premarket trading. Shares of Oracle (ORCL) are also trading higher; the company posted better-than-expected adjusted earnings and declared its first dividend. Oracle's good news didn't stop there; the company issued upside guidance for the current quarter. Howver, Nike (NKE) is seeing some selling pressure ahead of the opening bell, even though it reported better-than-expected quarterly earnings results. FedEx (FDX) is also under pressure after announcing disappointing earnings and a disappointing outlook. Outside of earnings news, Citigroup (C) has filed a registration statement to exchange common stock for convertible and nonconvertible preferred securities, while planning to authorize a reverse common stock split. In economic news, weekly initial claims dipped 12,000 to 646,000, which was better than the consensus estimate of 655,000. Continuing claims hit another record high, though, jumping to 5.47 million from 5.29 million.

09:00 am : S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +11.80. The major European indices are sporting strong gains. Germany's DAX is leading the performance as it trades 2.6% higher. Allianz (AZ) is providing leadership while extending its multisession winning streak. Deutsche Bank (DB) and insurance outfit Muenchener Rueckver are also lending support. France's CAC is up 1.6%. Financial companies are at the center of the advance; AXA (AXA), BNP Paribas, and Societe Generale are providing the most leadership to the CAC. Britain's FTSE is also being helped along by financials. The capitalization-weighted index is up 2.1% with HSBC (HBC) and Standard Chartered at the helm. Insurer Prudential is also showing strength after reporting a higher annual profit than expected. In economic news, Bank of England will start buying corporate bonds March 25, but is ready to make small purchases of bonds issued under the government credit guarantee program, according to Reuters. In Asia, the MSCI Asia-Pacific Index closed 2.2% higher after being helped along by gains in the U.S., which followed news the Federal Reserve will buy $300 billion in Treasuries and increase purchases of agency debt. That announcement weighed on the U.S. dollar, thereby strengthening the yen. In turn, Japan's exporters were hit with selling. That, along with a downgrade by Moody's, sent Honda Motor (HMC) skidding. Shares of Casio dropped to their daily limit after the company warned it will post a loss for the year, despite previously forecasting a profit. Banking stocks staged gains, but their support wasn't enough to keep the Nikkei from closing 0.3% lower. In Hong Kong, the Hang Seng closed a modest 0.1% higher. Huiyuan Juice plummeted after Beijing rejected a takeover bid from Coca-Cola (KO) for the juice maker. Heavyweight China Mobile (CHL) fell after it reported a smaller-than-expected rise in quarterly earnings. Mainland China's Shanghai Composite advanced 1.9% amid heavy trading volume. Top coal producer China Shenhua Energy advanced amid firmer global energy prices. Meanwhile, Shandong Gold ascended after the global spot gold price hit a two-week high Wednesday. Gold's bounce came in response to the U.S. Federal Reserve's monetary policy easing.

08:30 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +8.00. Stock futures continue to lead fair value by a modest margin. Initial jobless claims for the week ending March 14 totaled 646,000, which is less than the 655,000 claims that were widely expected. Meanwhile, the prior week's jobless claims were revised modestly higher to reflect 658,000 job losses. Continuing jobless claims stand at a fresh record high of 5.47 million after climbing higher from the prior week's downwardly revised 5.29 million claims. The latest continuing claims number was less than the 5.32 million claims that economists were expecting.

08:00 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +7.30. Stock futures currently lead fair value by a relatively modest margin, suggesting a slightly positive bias in premarket trading. Oracle (ORCL) reported after Wednesday's close adjusted earnings of $0.35 per share, which exceeds the consensus estimate of $0.32 per share. Oracle also declared its first dividend, which will be a quarterly cash dividend of $0.05 per share. During Oracle's conference call, the company indicated it expects adjusted earnings for the current quarter to range from $0.49 to $0.53 per share. That range tops the current consensus estimate of $0.46 per share. Oracle's shares are trading roughly 8.1% higher at $17.10 per share in premarket action. Iconic athletic apparel and accessory company Nike (NKE) also reported quarterly results after the prior session's close. Nike posted adjusted earnings of $0.99 per share for its latest quarter. The results were $0.20 better than the $0.79 per share that analysts were expecting. However, traders are pushing Nike's stock price 3.7% lower to $44.22 per share in premarket action. This morning FedEx (FDX) announced earnings of $0.31 per share, which is $0.15 short of the consensus estimate of $0.46 per share. The company also issued disappointing guidance; FedEx expects earnings for the current quarter to range from $0.45 to $0.70 per share, but Wall Street is looking for $0.72 per share. FDX is down almost 4.0% to $41.35 per share. Citigroup (C) has filed a registration statement offer to issue common stock in exchange for publicly held convertible and nonconvertible preferred securities. Citi also plans to amend its charter in order to increase the number of authorized shares of common stock and authorize a reverse common stock split. Shares of C are up 3.6% to $3.19 per share in premarket trading.

06:36 am : S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -3.50.

06:36 am : Nikkei...7945.96...-26.20...-0.30%. Hang Seng...13130.92...+13.80...+0.10%.

06:36 am : FTSE...3832.50...+27.50...+0.70%. DAX...4037.04...+40.60...+1.00%.


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