TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 8:41 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: April 21st Tuesday 2009
PostPosted: Tue Apr 21, 2009 9:08 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Attachment:
042109NihabaAshiPnLBlotterProfit.png
042109NihabaAshiPnLBlotterProfit.png [ 32.88 KiB | Viewed 1556 times ]


Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi. You can review each trade from entry to exit along with commentary and an occasional trading tip because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=169

My Trading Performance: +16.25 Emini ES points

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



Stocks Recharge The Advance
Wall Street stages late-session run-up as investors scoop up financial shares.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: April 21, 2009: 5:48 PM ET

NEW YORK (CNNMoney.com) -- Stocks gained Tuesday, rebounding after the previous session's rally as worries about corporate results were countered by renewed hopes that the financial sector is closer to stabilizing.

After the close, Yahoo (YHOO, Fortune 500) reported lower quarterly sales and earnings that topped estimates. The Internet search bellwether also said it would cut 5% of its workforce.

The Dow Jones industrial average (INDU) gained 127 points, or 1.6%. The S&P 500 (SPX) index gained 18 points, or 2.1%. The Nasdaq composite (COMP) gained 36 points, or 2.2%.

Wednesday morning brings quarterly results from Dow components AT&T (T, Fortune 500), Boeing (BA, Fortune 500) and McDonald's (MCD, Fortune 500).

Financial firms Wells Fargo (WFC, Fortune 500) and Morgan Stanley (MS, Fortune 500) are also due to report Wednesday.

Stocks tumbled Monday, retreating from a six-week run after Bank of America (BAC, Fortune 500) reported results that beat forecasts, but also warned about deteriorating credit quality. Despite better-than-expected results from JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500) and others, investors have been wary about bank results.

Those concerns continued to drag on stocks Tuesday morning. But the financial sector turned around in the afternoon, lifting the broader market, after Treasury Secretary Timothy Geithner defended Treasury's Troubled Asset Relief Program (TARP) and other attempts to help stabilize the banking system. Geithner was speaking before a Congressional bailout oversight committee. (Full story)

Citigroup (C, Fortune 500) shares gained after the Dow component said at its annual meeting that it will pay back the government the $45 billion it received in taxpayer assistance.

The KBW Bank (BKX) index gained 8.1%.

Stocks rose for six straight weeks, propelling the S&P 500 by 29% as investors bet that the economy is closer to stabilizing. That same optimism is lifting stocks now, but will peter out if the economic and corporate news doesn't start to improve, said Dean Barber, president at Barber Financial Group.

"This is a classic bear market rally," Barber said. "People want to say that the market is telegraphing that the recession will soon be over, but there isn't anything fundamental that supports that."

He said that the rally is being driven partly by the vast amounts of cash sitting on the sidelines and the lack of appealing options, due to low-yielding money market accounts and short-term bond yields.

Market breadth Tuesday was positive. On the New York Stock Exchange, winners beat losers four to one on volume of almost 1.67 billion shares. On the Nasdaq, advancers topped decliners three to one on volume of 2.45 billion shares.

Results: After the close Monday, IBM (IBM, Fortune 500) reported higher earnings that beat estimates on weaker revenue that missed estimates. The tech leader reiterated its goal of earnings of $9.20 per share in 2009 and said it is on track to meet its profit goal of $10 to $11 per share in 2010. Shares gained 2% Tuesday.

Also late Monday, Texas Instruments (TXN, Fortune 500) reported weaker quarterly sales and earnings that topped expectations. The chipmaker forecast first-quarter earnings per share above analysts' forecasts. Shares lost 1% Tuesday.

On Tuesday, Dow components Caterpillar (CAT, Fortune 500), Merck (MRK, Fortune 500), DuPont (DD, Fortune 500), Coca-Cola (KO, Fortune 500) and United Technologies (UTX, Fortune 500) all reported results.

Caterpillar reported its first quarterly loss since 1992, due to charges related to recession-tied layoffs. The heavy equipment maker also cut its full-year earnings and sales forecast. Shares gained 3% after sliding in the morning.

Merck reported weaker quarterly sales and earnings that missed analysts' forecasts, citing the global economic slowdown. The company also said its soon-to-be-completed purchase of Schering-Plough (SGP, Fortune 500) would help drive growth in the coming years. Merck shares fell 6.7%.

Separately, Schering-Plough reported higher-than-expected first-quarter earnings. Shares fell 4%.

DuPont reported weaker quarterly earnings that topped estimates on lower sales that missed forecasts. The chemical maker also cut its full-year 2009 earnings forecast and said it will take on most of its cost-cutting initiatives in the months ahead. Shares gained 4.9%.

Coca-Cola reported weaker quarterly earnings that met Wall Street's forecasts. The world's biggest soft-drink maker also reported lower quarterly revenue. Shares lost almost 3%.

United Technologies reported weaker quarterly earnings that met estimates on a drop in quarterly sales. However, the company said it expects to see profit growth in 2010, sending shares higher. Shares rose 4.8%.

Bonds: Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.89% from 2.83% Monday. Treasury prices and yields move in opposite directions.

Lending rates were mixed. The 3-month Libor rate was unchanged from 1.10% Monday, according to Bloomberg.com. The overnight Libor rate fell to 0.20% from 0.22% Monday. Libor is a bank-to-bank lending rate.

Other markets: In global trading, Asian markets ended lower. Most European markets fell in afternoon trading.

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

U.S. light crude oil for May delivery gained 63 cents to settle at $43.51 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery fell $4.80 to settle at $882.70 an ounce.

Yahoo! Finance

4:35 pm : Uninspired by the latest batch of earnings announcements, bulls initially yielded control of stocks to sellers for the second straight session. However, the early decline in stocks compelled buyers looking for more attractive entry prices to move in and offer their support. That helped stocks rebound midmorning and climb higher for the rest of the session.

Financials attracted the most support. The sector was down more than 1% in the early going, but finished with an 8.2% gain at its best levels of the session. Buying in the sector was broad-based, but US Bancorp (USB 19.27, +3.33) provided some of the most positive influence to diversified banks (+13.6%) and the overall financial sector after it reported better-than-expected first quarter earnings.

Meanwhile, Regions Financial (RF 6.14, +0.34) attracted buyers into regional banks (+6.9%) after holding an upbeat conference call. The stock was initially sent lower after the company announced a small profit for the latest quarter. Shares of RF swung nearly 28% from their session low to their closing price.

Buying among financials also helped lift investment services stocks. State Street (STT 36.15, +5.50) surged after topping earnings estimates, but even Bank of New York (BK 27.98, -0.05) and Northern Trust (NTRS 56.17, -1.98) were able to pare losses after both falling short of analysts' expectations.

Semiconductors (+3.3%) were supported when Texas Instruments (TXN 17.11, -0.21) reported better-than-expected results and indicated that demand has begun to stabilize.

Dow components IBM (IBM 102.31, +1.88), Coca-Cola (KO 43.09, -1.24), Caterpillar (CAT 31.39, +0.91), DuPont (DD 28.06, +1.32), Merck (MRK 23.54, -1.68), and United Technologies (UTX 47.99, +2.18) all issued quarterly results for participants to digest. The results were generally mixed, leaving the blue chip average to trail the other headline indices for virtually the entire session. Still, the Dow managed to close with a solid gain.

Small-cap stocks saw some of the strongest gains. The Russell 2000 Small-Cap Index tacked on 3.9% this session. Emulex (ELX 9.70, +3.09) was a primary leader among small-cap stocks. Its gain came after the company received an offer from Broadcom (BRCM 20.52, -1.27) to be acquired for about $764 million.

Airlines also made a strong performance by climbing 10.0% after Delta Air Lines (DAL 8.11, +1.30) reported a first quarter loss that wasn't quite as bad as feared.

Educational services stocks were absent from this session's advance. Prior to the opening bell, analysts at Credit Suisse downgraded several service providers. The group fell 7.0%.

Health care stocks also lagged. Health care was the only sector to finish in the red; it closed 0.9% lower. United Health (UNH 22.80, -1.41) and Schering-Plough (SGP 22.11, -0.94) both were laggards, despite better-than-expected earnings.

There were no economic reports today, but Treasury Secretary Geithner spoke before a congressional committee. He indicated that there was still about $109.6 billion available from the $700 billion rescue package passed last year, and he expects to get at least an additional $25 billion back, bringing the total to $134.6 billion.DJ30 +127.83 NASDAQ +35.64 NQ100 +1.5% R2K +3.9% SP400 +3.1% SP500 +17.69 NASDAQ Adv/Vol/Dec 2021/1.94 bln/671 NYSE Adv/Vol/Dec 2409/1.67 bln/634

3:30 pm : June crude oil hit session lows early in the morning at $46.72 per barrel. The futures rose throughout the session and managed to close at $48.47 per barrel, down just $0.04. May crude oil expired at the close; the contracts finished trading at $46.64 per barrel.

Natural gas futures opened near session lows of $3.45 per contract, much like crude oil did this session. The May contracts recovered and were able to close the session down just shy of 0.8% at $3.51 per contract.

Precious metals opened the pit session with considerable momentum from yesterday's gains. The contracts were not able to extend yesterday's rally, though, as equity markets attracted bids and the U.S. dollar failed to match yesterday's rally.

June gold opened at a session high of $896.40 per ounce but traded down during the session to close at $882.70, down 0.5%.

July silver futures contracts also trended down during the session. The futures contracts closed at $12.09 per ounce down 0.5%.DJ30 +113.41 NASDAQ +28.96 SP500 +15.44 NASDAQ Adv/Vol/Dec 1967/2.0 bln/708 NYSE Adv/Vol/Dec 2339/1.2 bln/694

3:00 pm : The stock market continues to trade with a strong gain, but has been unable to build on its advance as resistance surfaces at the 845 level. With the stock market still trading near that level and only one hour left in the session, participants are watching closely to see whether stocks can muster enough momentum to push higher into the close.

With the close in sight, participants are preparing for the next batch of earnings announcements. Capital One Financial (COF 14.82, +1.44), Gilead Sciences (GILD 43.94, +0.17), and Yahoo! (YHOO 14.21, +0.55) are all scheduled to report their latest quarterly earnings results after the closing bell. On average, Wall Street expects Capital One to post a loss of $0.08 per share, Gilead to report earnings of $0.59 per share, and Yahoo! to unveil earnings of $0.08 per share.

Tomorrow morning will be replete with more earnings reports. Morgan Stanley (MS 24.56, +1.04) will headline the announcements. Wells Fargo (WFC 18.25, +1.25) will also garner strong attention as investors await additional commentary and insights from the company's management to supplement Wells Fargo's preannounced results, which were unveiled last week. Altria (MO 16.68, -0.25), AT&T (T 25.25, -0.04), Boeing (BA 36.23, -0.25), Freeport-McMoRan (FCX 40.42, +1.31), Genzyme (GENZ 54.41, +0.08), Northrop Grumman (NOC 47.00, +0.00), St. Jude Medical (STJ 33.92, -1.47), and WellPoint (WLP 41.32, -0.11) are also scheduled to announce.DJ30 +85.38 NASDAQ +19.31 SP500 +11.20 NASDAQ Adv/Vol/Dec 1894/1.84 bln/754 NYSE Adv/Vol/Dec 2263/1.08 bln/720

2:30 pm : Educational services stocks have been noticeably absent from this session's advance. Prior to the opening bell, analysts at Credit Suisse downgraded shares of Apollo Group (APOL 60.92, -4.85), Lincoln Educational (LINC 15.13, -1.89), and ITT Educational (ESI 99.79, -7.08). The premise behind the downgrade largely argued that a more challenging regulatory environment could hinder longer-term growth. The argument is also tainting shares of Corinthian Colleges (COCO 16.21, -1.79) and Career Education (CECO 20.50, -1.64) in this session's trade.DJ30 +80.92 NASDAQ +19.29 SP500 +10.56 NASDAQ Adv/Vol/Dec 1844/1.69 bln/784 NYSE Adv/Vol/Dec 2244/1.00 bln/755

2:00 pm : Small-cap stocks are snapping back after seeing intense selling pressure in the prior session. The Russell 2000 Small-Cap Index fell more than 5% Monday, but it is currently up 2.3% this session.

Emulex (ELX 9.46, +2.83) is a primary leader among small-cap stocks this session. Its outsized gain comes after the company received an offer from Broadcom (BRCM 19.86, -1.93) to be acquired for about $764 million.DJ30 +77.97 NASDAQ +20.30 SP500 +11.37 NASDAQ Adv/Vol/Dec 1848/1.56 bln/756 NYSE Adv/Vol/Dec 2243/930 mln/767

1:30 pm : Stocks are taking a breather by pulling back a bit after recently registering session highs. Gains remain broad-based, though.

The Volatility Index, or VIX, is down 4.7% to roughly 37.4 this session. It had crossed 40 during the prior session, which was the first time in more than one week that it breached that level. However, its spike of 15.4% on Monday was the highest single-session move by percent since January.DJ30 +62.76 NASDAQ +19.63 SP500 +8.53 NASDAQ Adv/Vol/Dec 1828/1.45 bln/762 NYSE Adv/Vol/Dec 2194/865 mln/798

1:05 pm : Stocks started the session in the red as participants looked to extend the prior session's losses amid a mixed batch of earnings reports from several widely held companies. However, a bid for financials has surfaced to carry the broader market to an impressive gain.

Financials fell to a loss in excess of 1% in the first few minutes of action, but are now trading with a 5.1% gain, near session highs. The turnaround comes amid leadership from JPMorgan Chase (JPM 31.49, +1.80) and Wells Fargo (WFC 18.50, +1.50). US Bancorp (USB 18.23, +2.29) is also showing strength after the diversified bank reported better-than-expected first quarter earnings. Shares of diversified banks are currently up 10%.

Regional banks have also overcome considerable selling pressure to trade with a gain of 4.6%. Regions Financial (RF 6.25, +0.45) started the session as a primary laggard after posting a small profit for the first quarter, but garnered support in the wake of an upbeat conference call.

Investment services stocks are mixed, however. Bank of New York (BK 25.73, -2.30) missed expected earnings, State Street (STT 33.45, +2.80) topped estimates, and Northern Trust (NTRS 53.23, -4.92) fell short of the consensus earnings forecast.

Prior to the financial sector's rebound, large-cap tech was showing the most promise. Strength among large-cap tech stocks came as investors reacted positively to better-than-expected first quarter results and upbeat guidance from IBM (IBM 101.73, +1.30). Texas Instruments (TXN 17.17, -0.15) reported better-than-expected results of its own, along with an in-line earnings outlook for the second quarter. Management helped bolster confidence in a turnaround by indicating that demand has begun to stabilize.

Health care stocks are lagging this session. United Health (UNH 22.91, -1.30) is seeing selling pressure despite better-than-expected earnings. Schering-Plough (SGP 22.17, -0.88) is also down despite better-than-expected earnings. Dow component Merck (MRK 23.76, -1.46) missed earnings expectations, though.

Fellow Dow component DuPont (DD 27.82, +1.08) topped the consensus earnings estimate and issued in-line guidance for 2009.

Meanwhile, industrial heavyweights Lockheed Martin (LMT 76.49, +0.76) and Caterpillar (CAT 31.03, +0.55) topped earnings expectations, helping the industrial sector bounce back from the prior session's weakness. Industrial stocks have found favor in recent weeks as participants favored shares of companies believed to benefit from early business cycle turnaround.

Soft drink companies are under pressure for the second straight session even though Coca-Cola (KO 43.25, -1.08) met earnings expectations. Shares of soft drink companies were pressured in the prior session despite upbeat results from PepsiCo (PEP 49.09, -0.77) and Pepsi's decision to acquire the outstanding shares of its bottler and Americas group.DJ30 +66.50 NASDAQ +23.67 SP500 +10.30 NASDAQ Adv/Vol/Dec 1891/1.34 bln/695 NYSE Adv/Vol/Dec 2227/807 mln/747

12:30 pm : Airlines are performing exceptionally well this session, helping the Amex Airline Index surge 7.6%.

The group's jump comes after Delta Air Lines (DAL 8.02, +1.21) reported a first quarter loss that wasn't quite as bad as feared. Delta's losses totaled $0.84 per share, but analysts, on average, expected a loss of $1.01 per share.

The broader stock market continues to climb higher as well. Rekindled interest in stocks has more than three-quarters of the stocks listed in the S&P 500 trading with gains. Some 95% of stocks in the S&P 500 traded with losses in the prior session.DJ30 +62.20 NASDAQ +26.54 SP500 +11.07 NASDAQ Adv/Vol/Dec 1849/1.19 bln/699 NYSE Adv/Vol/Dec 2182/737 mln/765

12:00 pm : Health care is now the only sector to trade with a loss. It is currently down 1.0%.

Health care's decline comes largely as a result of weakness in managed health care stocks, which are down 2.8%. Shares of life science tool companies are also under pressure; they are down 2.0%.

Tenet Healthcare (THC 2.03, +0.61) is breaking the negative trend, though. The stock is soaring after the company announced preliminary results for the first quarter, which showed a strong upturn in quarterly income from the prior year. The company also raised its full-year adjusted operating earnings outlook.DJ30 +72.16 NASDAQ +24.02 SP500 +9.75 NASDAQ Adv/Vol/Dec 1833/1.08 bln/686 NYSE Adv/Vol/Dec 2139/681 mln/791

11:30 am : Stocks have rebounded after falling to an early loss. The upturn comes as financial stocks spike to a 2.8% gain. Financials were down more than 1% in the early going.

The move higher has mostly been broad-based, but consumer staples stocks (-0.1%), telecom stocks (-0.1%), and health care stocks (-1.3%) have yet to make their way out of the red.

While stocks shake off early weakness, Treasuries have reversed course to trade lower. The benchmark had recently been up 13 ticks, but has since surrendered all of those gains and more.DJ30 +51.45 NASDAQ +21.02 SP500 +6.61 NASDAQ Adv/Vol/Dec 1740/931 mln/716 NYSE Adv/Vol/Dec 1983/595 mln/920

11:00 am : Treasury Secretary Geithner stated in prepared remarks for a congressional hearing that the recent financial crisis has shown that the largest financial institutions can pose special risks to the financial system as a whole.

Large, diversified banks and diversified financial services companies had been seeing mixed interest this session, but recently turned sharply upward to take the financial sector to a 1.0% gain. Still, Bank of America (BAC 7.67, -0.35), and Citigroup (C 2.92, -0.02) are both contending with the selling pressure that started in the prior session, but JPMorgan Chase (JPM 30.30, +0.61) is trading with a solid gain.

Meanwhile, regional banks are under considerable pressure. The group, as a whole, is down 5.0%. Primary losers in the group include Regions Financial (RF 5.14, -0.66) and Zions Bancorp (ZION 10.44, -2.49). Regions Financial reported this morning adjusted earnings of $0.04 per share, while Zions reported last evening earnings of $0.39 per share.DJ30 +8.76 NASDAQ +11.70 SP500 +2.67 NASDAQ Adv/Vol/Dec 1491/750 mln/913 NYSE Adv/Vol/Dec 1680/471 mln/1164

10:30 am : Similar to the prior session, commodities traders are putting pressure on energy prices, but bidding precious metals prices higher.

After falling nearly 9% in the prior session, crude oil futures prices are down 2.8% this session. That brings the price of a barrel of oil to $44.60.

Meanwhile, natural gas prices are down 1.8% to $3.48 per contract.

Building on the prior session's 2.3% advance, gold prices are up 0.1% to $887.90 per ounce. Gold prices were recently up 0.5%. The interest in gold intensified during the prior session as investors moved against stocks in concerted fashion.

Silver also made gains in the prior session, but is now trading along the unchanged mark at $12.08 per ounce.

Meanwhile, the Baltic Dry Index tacked on 3.5% as all of its subindices gained during the session.DJ30 -31.78 NASDAQ +3.70 SP500 -3.18 NASDAQ Adv/Vol/Dec 1260/577 mln/1062 NYSE Adv/Vol/Dec 1250/368 mln/1532

10:00 am : Stocks have stalled a bit after making an upward spurt in the first few minutes of trading. As a result, the Dow is still trading just below the unchanged mark.

Losses are relatively contained this morning. That comes in stark contrast to the prior session when all 10 sectors were facing stiff selling pressure. Currently, only the energy sector (-0.7%), financial sector (-0.7%), health care sector (-1.2%), and telecom sector (-0.9%) are in the red.DJ30 -1.92 NASDAQ +13.72 SP500 +0.85 NASDAQ Adv/Vol/Dec 1287/368 mln/909 NYSE Adv/Vol/Dec 1445/260 mln/1247

09:45 am : Despite a strong downward bias in premarket trading, stock have suddenly moved higher in the first few minutes of trading. The upward move has been most kind to the Nasdaq Composite, which is now sporting a healthy gain.

The Nasdaq's advance comes with help from large-cap tech stocks. Systems software companies are up 2.1%. Semiconductor stocks are up 1.5%.

Broadcom (BRCM 19.89, -1.90) is a laggard, however. The company posted a loss this morning and announced intentions to acquire Emulex (ELX 9.40, +2.79) for $9.25 per share in cash.DJ30 -9.16 NASDAQ +8.45 SP500 +1.18 NASDAQ Adv/Vol/Dec 1104/213 mln/989 NYSE Adv/Vol/Dec 1262/165 mln/1338

09:15 am : S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -6.80. Stock futures recently slipped to morning lows and suggest participants are looking to extend the prior session's 4.3% selloff, which was the worst single-session performance by percent in more than one month. Earnings are in focus this morning. Dow components IBM (IBM), Coca-Cola (KO), Caterpillar (CAT), DuPont (DD), Merck (MRK), and United Technologies (UTX) all recently reported their latest quarterly results, which were generally mixed when compared to prevailing Wall Street estimates.

09:00 am : S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -5.30. Just one day after Oracle (ORCL) announced it will acquire Sun Microsystems (JAVA), Broadcom (BRCM) is offering to acquire Emulex (ELX) for $9.25 per share in an all cash deal. Broadcom's offer represents a 40% premium above the prior session's closing price for Emulex. Broadcom also reported first quarter financial results, which featured a loss of $0.19 per share. The loss includes restructuring charges and stock based compensatoin, however. The company noted that customer bookings strengthened through the first quarter, which has led the company to anticipate sequential revenue growth. Shares of BRCM are down roughly 9.5% to $19.73 per share in premarket trading. Separately, Federal Reserve Vice Chairman Kohn stated that pieces for an economic recovery this year are coming into place, according to The Wall Street Journal. Kohn also stated the view among Fed officials has improved in recent weeks. There are no official economic statistics due this morning to help support Kohn's comments.

08:35 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -3.30. European stocks are on the slide following a precipitous, broad-based drop by the major U.S. indices Monday. Britain's FTSE is leading the downward move as it trades with a 1.7% loss. Nearly 80% of its components are trading with losses. HSBC (HBC) and BP PLC (BP) are primary laggards this session. AstraZeneca (AZN) is also trading with marked weakness; its shares were downgraded by analysts at Bank of America's Merrill Lynch. France's CAC is currently trading with a 1.5% loss. Shares of financial giants BNP Paribas, Societe Generale, and AXA (AXA) are leading losses. Meanwhile, Germany's DAX is down 1.4% amid broad-based weakness. Deutsche Bank (DB) and Commerzbank are both under pressure, as are diversified chemicals company BASF and engineering giant Siemens (SI). The major Asian indices traded with considerable losses Tuesday. Japan's Nikkei shed 2.4% amid widespread weakness. Almost 200 of its 225 members logged losses. Honda Motor (HMC) traded with marked weakness even after it stated the U.S. market is showing signs of bottoming, according to Reuters. Hong Kong's Hang Seng shed 3.0%. HSBC was a primary laggard. China Construction Bank also showed considerable weakness.

08:10 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -5.00. The prior session's weakness is extending into this morning's trade. Participants are focusing on a barrage of earnings reports. Shortly after the prior session's close, IBM (IBM) reported first quarter earnings of $1.70 per share, which topped the consensus estimate of $1.66 per share. IBM reaffirmed its 2009 guidance for earnings of at least $9.20 per share. The consensus currently stands at $9.03 per share. IBM indicated it is ahead of pace for 2010 roadmap earnings of $10.00 to $11.00 per share, which exceeds the consensus forecast of $9.78 per share. Texas Instruments (TXN) also reported first quarter results last evening. The company generated earnings of $0.01 per share, which is $0.04 more than the loss of $0.03 per share that was widely expected (consensus estimate does include restructuring charges). The company expects second quarter earnings to range from $0.01 to $0.15 per share, including restructuring charges. The current consensus estimate for the second quarter stands at $0.02 per share. Management indicated that demand has begun to stabilize after sharp drops in the past two quarters, but cautioned that the company remains sensitive to continuing weakness in the global economy, and it has yet to see signs of a broad-based recovery in its business. This morning, US Bancorp (USB) reported first quarter earnings of $0.24 per share, besting the consensus of $0.20 per share. The provision for first quarter credit losses was $1.32 billion, up $51 million from the prior quarter. Bank of New York (BK) earned an adjusted $0.53 per share, which is short of the $0.63 per share that was widely expected. The company's provision for credit losses was $80 million in the first quarter, up from $60 million in the prior quarter. State Street (STT) reported earnings of $1.04 per share, which is $0.02 more than the $1.02 per share that was expected. However, the company expects operating earnings per share to decline between 12% and 16% for the year. Northern Trust (NTRS) generated earnings of $0.61 per share, far short of the $0.96 per share that was forecast by Wall Street. Northern Trust's participation in the Treasury's Capital Purchase Program reduced earnings per share by $0.10. Dow component DuPont (DD) earned $0.54 per share during the first quarter, which is $0.02 better than expected. DuPont issued in-line guidance for 2009, seeing earnings from $1.70 to $2.10 per share, excluding nonrecurring items. The consensus forecast calls for $1.88 per share. Fellow Dow component Merck (MRK) generated quarterly earnings of $0.74 per share, which is short of the $0.77 per share that was expected. Merck reaffirmed its outlook for 2009, seeing earnings from $3.15 to $3.30 per share. That brackets the $3.25 per share consensus forecast. Schering-Plough (SGP) earned $0.54 per share in its latest quater. It was expected to earn $0.52 per share. The company expects adjusted earnings to range from $1.70 to $2.10 for the year. That brackets the $1.88 per share that Wall Street has forecast. United Health (UNH) earned $0.81 per share during the first quarter. Earnings of $0.67 per share were expected. The company expects to earn between $2.90 and $3.15 per share for the year, but analysts are looking for $3.00 per share. Lockheed Martin (LMT) generated earnings of $1.68 per share, topping the $1.64 per share that was expected. LMT expects full-year earnings to range from $7.15 to $7.35 per share, which brackets the $7.34 per share that is widely expected. Another Dow component, Caterpillar (CAT) posted adjusted earnings of $0.39 per share, which bested the $0.35 per share that was forecast by Wall Street. CAT issued downside guidance for fiscal 2009; the company expects full-year earnings to come in at $1.25 per share, which is well short of the prevailing consensus estimate of $1.77 per share. Meanwhile, Dow component Coca-Cola (KO) earned an adjusted $0.65 per share in its latest quarter. Earnings of $0.65 per share were expected.

06:12 am : S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +8.30.

06:12 am : Nikkei...8711.33...-213.40...-2.40%. Hang Seng...15285.89...-465.00...-3.00%.

06:12 am : FTSE...3982.46...-8.40...-0.20%. DAX...4502.77...+16.50...+0.40%.

Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr