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 Post subject: May 20th Wednesday 2009
PostPosted: Wed May 20, 2009 6:38 pm 
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Key WRB Price Action

15min Regular Session Chart - The 1100am est interval was a trade signal from our trading reports (link below). Market wasn't able to challenge that price area and headed south easily without any bullish news to keep it upright.

FYI - The above discussion is about one key WRB price action even though there were other key WRB price actions that occurred during the trading day that could be used to confirm entry signals, exit signals, profit targets et cetera.

Simply, knowledge of different types of key WRB's is what results in a complete understanding of the price action being traded as it is occurring in real-time.


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradingReports.htm

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=194

My Trading Performance: +11.75 Emini ES points

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Stocks Slink To Sour Finish
Major indexes close in the red after the Federal Reserve cuts its forecast for economic growth.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: May 20, 2009: 5:45 PM ET

NEW YORK (CNNMoney.com) -- Stocks ended lower Wednesday, erasing earlier gains, as the Federal Reserve's dour economic outlook curbed optimism about the health of U.S. banks.

The Dow Jones industrial average (INDU) fell about 50 points, or 0.6%, after gaining more than 100 points early in the session. The S&P 500 (SPX) index fell 0.5% while the Nasdaq composite (COMP) lost 0.4%.

Stocks surged in early trading after Bank of America's $13.5 billion stock sale raised bets that the financial sector is stabilizing. Energy stocks also rallied as oil prices rose to a 6-month high.

But the market slumped in the final hour of trading after the Federal Reserve reduced its growth targets and raised unemployment expectations. The central bank also said it expects a recovery in sales and production to begin during the second half of the year.

Todd Clark, director of stock trading at Nollenberger Capital Partners, said some investors took the Fed report as a cue to cash in the day's gains.

"I think people are saying: We've had a pretty decent run, maybe it's a good time to take some chips off the table," Clark said. He also noted that Wednesday's retreat came as the market neared the top of its recent trading range.

Still, the overall tone remains relatively bullish. The CBOE Volatility Index, or VIX, which is considered a gauge of investor fear, fell further after ending Tuesday at its lowest level since September.

"The fear factor is diminished," said Todd Morgan, senior managing director at Bel Air Investment Advisors. "The economy is still sick, but things are starting to look a little better."

Wall Street ended Tuesday's session mixed following a report that showed an unexpected drop in homebuilding.

Economic indicators on tap for Thursday include: a government report on weekly jobless claims, a regional manufacturing survey and an index of leading indicators.

Fed: According to the minutes from its last policy meeting, the Fed said it expects 2009 gross domestic product to shrink between 1.3% and 2%. That compares with January's projection for a decline between 0.5% and 1.3%.

The Fed's staff now expects the unemployment rate to rise to between 9.2% and 9.6%. In January, the jobless rate was forecast to rise to between 8.5% and 8.8%, but the unemployment rate topped that in April, hitting 8.9%.

But the Fed also pointed to signs the pace of the recession is easing.

"Participants (in the meeting) also saw recent indications that the economic downturn was slowing in the second quarter, and they continued to expect that sales and production would begin to recover - albeit gradually - during the second half of the year," the central bank said.

Banks: Treasury Secretary Tim Geithner told the Senate Banking Committee Wednesday that stress-tested banks have set out to raise $56 billion to plug holes in their books.

Geithner also said there are "encouraging signs the financial system is starting to heal." But he warned that "we're only beginning to lay the foundation for economic recovery."

After the close Tuesday, Bank of America (BAC, Fortune 500) said it has raised $13.47 billion through a sale of stocks. The bank has issued 1.25 billion shares since Friday at an average price of $10.77. BofA, whose shares rose more than 2%, needs to raise $33.9 billion to meet the government's stress test requirements.

"Banks being able to raise new capital is a good sign," said David Levy, a portfolio manager at Kenjol Capital Management. He said it signals a "regression towards normal."

Economy: Congress passed a bill Wednesday that imposes greater restrictions on the credit card industry for raising fees and interest rates. The approval came despite strong objections by banking industry advocates, who say it could result in tightened credit to Americans.

Separately, President Obama said the financial markets have improved recently, but he cautioned that unemployment will remain elevated for some time. The president's remarks came during a public meeting of his special economic advisory group, which is led by former Fed chief Paul Volcker.

Also Wednesday, the Senate's Special Committee on Aging heard testimony that the agency that guarantees the nation's corporate pensions, the Pension Benefit Guaranty Corp., posted a record $33.5 billion deficit in the first half of the current fiscal year.

Companies: Retailer Target (TGT, Fortune 500) reported that first-quarter profit fell to 69 cents per share, a 7% decline from 75 cents a year earlier. The results topped analyst expectations of 60 cents per share, according to a consensus from Thomson Reuters. Target shares rose more than 2%.

Late Tuesday, PC maker Hewlett-Packard (HPQ, Fortune 500) reported quarterly results that were in line with Wall Street's estimates. The company also said it would cut 6,400 jobs, or 2% of its workforce. HP shares fell 5%.

Bonds: Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.19% from 3.24% Tuesday. Treasury prices and yields move in opposite directions.

World markets: Most markets in Asia finished in positive territory. In Europe, major markets were mixed.

Japan's gross domestic product fell 4% last quarter -- the fastest pace on record for the country, the government said Wednesday. GDP in the world's second largest economy was 15.4% lower than the same time period last year, according to figures released by Japan's Cabinet Office.

Oil and money: Crude prices rose to a six-month high, settling up $1.94 to $62.04 a barrel, after the government said U.S. supplies of crude oil and gasoline fell more than expected last week. It was the first settlement above $60 for the active-month contract since Nov. 10; Wednesday was the first day that the July contract was the active month.

The dollar slipped versus major international currencies including the euro, the yen and the British pound.

COMEX gold for June delivery rose $10.70 to settle at $937.40 an ounce.

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Yahoo! Finance

4:15 pm : Recovering from losses last week, a bullish bias has supported buying in recent sessions, which helped participants begin Wednesday with strong gains. The upbeat tone was supported by continuing gains among commodities and an early advance by financial stocks. However, stocks began drifting lower midway through the session and ultimately closed with a loss as participants turned against financials.

Early gains were helped along by investors that chased commodities and materials stocks, which have benefited from the assumption that stronger economic conditions in the back half of the year will rekindle commodity demand. A weaker dollar has also helped bolster commodity prices.

The minutes from the April FOMC meeting indicated that participants project a contraction for real GDP this year, and that committee members believe the near-term economic outlook has weakened relative to the projections made in January. However, a recovery in sales and production is still expected to begin in the second half of this year.

With the dollar dropping more than 1% against a basket of major foreign currencies, gold prices advanced 1.2% to settle pit trading at seven-week high of $937.40 per ounce. Gold stocks like Newmont Mining (NEM 45.55, +1.98) provided leadership to the materials sector (0.5%), which had spent most of the session trading with gains exceeding 2%. Meanwhile, metals and mining stocks climbed 1.0%.

Oil prices built on the prior session's advance to register fresh six-month intraday highs and closing highs. The advance was helped along by bullish inventory data, which showed a 2.1 million barrel draw for the week ending May 15 while a draw of 400,000 barrels was expected. Crude contracts settled more than 3% higher just above $62 per barrel.

Financials proved to be a weak link during the session. The financial sector spiked to a near 3% gain in the early going, helping drive the broader market higher, but the move ultimately collapsed. Financial stocks closed the session with a 2.4% loss.

Though Bank of America (BAC 11.50, +0.25) showed strength after announcing that it raised $13.5 billion through a previously announced share offering following government stress tests, banks were among the sectors weakest performers. The KBW Banking Index slid 2.8%.

Consumer finance companies (-3.5%) also showed considerable weakness amid continued concern that new rules are in order for credit card companies. Following the Senate's approval yesterday, the House of Representatives approved a bill imposing changes for the credit card industry.

Retailers had a seesaw session, which saw the sector trade with a 3.0% gain before settling with a 1.6% loss. Despite the disappointing finish, Target (TGT 42.95, +1.01) still logged an impressive gain following better-than-expected earnings.

Dow component Hewlett-Packard (HPQ 34.63, -1.95) generated in-line earnings for its latest quarter and issued an in-line forecast for the current quarter. The company's upside outlook for fiscal 2009 wasn't enough to win it favor, though. The stock traded as a laggard among tech issues (-0.7%). DJ30 -52.81 NASDAQ -6.70 NQ100 -0.3% R2K -0.7% SP400 -0.6% SP500 -4.66 NASDAQ Adv/Vol/Dec 1239/2.23 bln/1453 NYSE Adv/Vol/Dec 1591/1.65 bln/1452

3:35 pm : Commodities traded strong this session, with the CRB Commodity Index moving 1.4% higher.

Energy commodities were especially strong as they ended 2.4% higher. This gain can be somewhat explained by the weak dollar, which is at its lowest levels versus the euro since January.

Following bullish inventory data from the Department of Energy this morning, the front month crude oil contract finished at its highest levels since November 2008. The July crude oil contract finished the session 3.3% higher at $62.01 per barrel.

Natural gas futures also traded higher on the session. They closed at $3.96 per contract, up 1.3%.

Precious metals traded 1.4% higher. Gold futures contracts finished at levels not seen since late March, while silver futures contracts are at levels not seen since late February.

June gold futures contracts finished the session 1.2% higher at $937.40 per ounce.

July silver futures contracts closed at $14.28 per ounce, up 1.1%.DJ30 -36.96 NASDAQ -2.55 SP500 -3.56 NASDAQ Adv/Vol/Dec 1365/1.9 bln/1335 NYSE Adv/Vol/Dec 1713/1.2 bln/1310

3:00 pm : Stocks lack direction as the final hour of trading approaches. Financials remain the worst performing sector as they trade near session lows with a 1.4% loss. Materials stocks remain the session's best performing sector as they trade with a 2.3% gain.

Transportation stocks are also sporting solid gains. Despite a 3.2% advance by crude oil prices to roughly $62 per barrel in pit trading, the Dow Jones Transport Index is up 1.5%, which is better than any of the three headline indices.DJ30 +36.32 NASDAQ +13.16 SP500 +5.92 NASDAQ Adv/Vol/Dec 1657/1.71 bln/1035 NYSE Adv/Vol/Dec 2089/1.05 bln/930

2:05 pm : Stocks were rebounding after a healthy advance in the early going had collapsed and sent the major indices all the way back to the unchanged mark. The bounce has stalled, though, as participants quickly look over the minutes from the FOMC's latest meeting.

Minutes from the FOMC's April 29 meeting were released at the top of the hour and they indicated that the FOMC believes housing may be nearing a trough and that the drop in home prices is slowing, according to Dow Jones. Dow Jones also reported that the Fed's long-run forecasts remain unchanged, but that economic forecasts through 2011 were downgraded.DJ30 +6.37 NASDAQ +9.06 SP500 +3.85 NASDAQ Adv/Vol/Dec 1614/1.45 bln/1031 NYSE Adv/Vol/Dec 2035/885 mln/953

1:30 pm : After briefly slipping into negative territory, the Dow and S&P 500 are trading with modest gains. Meanwhile, the S&P 500 has yet to find itself in the red, and continues to trade with a relatively healthy gain.

The S&P 400 Mid-Cap Index and the Russell 2000 Small-Cap Index have also made a sharp pullback, but haven't slipped so far as to trade with a loss. They are up 0.4% and up 0.2%, respectively. Both had been up roughly 2.5% at their session highs.DJ30 +16.17 NASDAQ +3.61 SP500 +3.08 NASDAQ Adv/Vol/Dec 1570/1.3 bln/1076 NYSE Adv/Vol/Dec 2018/808 mln/959

1:00 pm : Participants pushed stocks higher in the early going as the market's already positive bias was bolstered by relatively upbeat earnings and leadership from the financial sector. However, the upward move has been reversed as participants turn against financial stocks midsession.

Strength among financial stocks had provided support for the broader market in the early going, but without any clear cause the sector has taken a sharp turn to lead stocks lower. Financials were up nearly 3% at their session high, but the group now trades with a 1.6% loss.

Bank of America (BAC 11.58, +0.33) was instrumental in the financial sector's early advance. The company has concluded its previously announced common stock offering, which brought in nearly $13.5 billion through the issuance of stock carrying an average price of $10.77 per share. The offering came in the wake of the government's bank stress tests.

Shares of retailers have also reversed course. The group had been extending gains from previous sessions, but it now trades with a 1.4% loss. Target (TGT 43.20, +1.26) continues to provide leadership to the group, though. The company reported better-than-expected earnings this morning.

In other earnings news, Hewlett-Packard (HPQ 34.75, -1.83) posted in-line second quarter earnings and an in-line forecast for its third fiscal quarter. HP also reaffirmed an upside outlook for fiscal 2009, but its shares are still under pressure and are weighing on the tech sector (-0.4%).

Meanwhile, Deere (DE 44.48, +0.66) announced better-than-expected earnings for its latest quarter.

Though the broader market has pulled back to trade with a modest gain, materials stocks (+1.6%) continue to show strength. The sector continues to benefit from strength among commodity stocks, which have been bolstered by a weakening dollar and the notion that economic growth will soon return.

Such a notion has been particularly beneficial to oil prices, which are up 2.2% to $61.40 per barrel. Though crude oil prices are off of their best levels of the session, they remain near six-month highs. Crude's upward move this session was further supported by bullish inventory data, which showed a larger-than-expected draw for the week ending May 15. DJ30 -1.52 NASDAQ +0.82 SP500 +1.45 NASDAQ Adv/Vol/Dec 1538/1.21 bln/1097 NYSE Adv/Vol/Dec 1927/742 mln/1037

12:30 pm : Stocks have slowed their downturn as pressure against the financial sector eases -- financials are now down 0.9%.

Retailers were forced to contend with a sudden bout of selling pressure, as well. Retailers had been sporting with handsome gains in the early going, but the sector is now trailing the broader market as it trades with a 0.5% loss.

Weakness remains the most intense among utilities stocks, though. The utilities sector is down 1.2% to a fresh session low.DJ30 +19.43 NASDAQ +13.13 SP500 +4.52 NASDAQ Adv/Vol/Dec 1726/1.09 bln/890 NYSE Adv/Vol/Dec 2107/675 mln/836

12:00 pm : Selling pressure has intensified to undercut the stock market's early gains. Sellers are focusing their efforts on the financial sector, which is now trading with a loss of 1.0% after sporting a 2.9% gain at its session high.

As for the broader market, the S&P 500 had been up nearly 1.9% at its session high, but has since seen that gain more than halved.DJ30 +14.65 NASDAQ +12.86 SP500 +4.38 NASDAQ Adv/Vol/Dec 1753/973 mln/839 NYSE Adv/Vol/Dec 2153/602 mln/792

11:35 am : Financials have come under pressure, dropping to the unchanged mark as Treasury Secretary Geithner participates in a question and answer session with the Senate Banking Panel.

A substantial decline has been seen in the thrift & mortgage (-2.0%) and investment banks & brokerages (-1.8%) industry groups.

Bank of America (BAC 11.78, +0.53) pulled back in conjunction with the financial sector, though it is still sporting a solid gain of 4.7%. The bank announced that it concluded its previously announced common stock offering, issuing 1.25 bln shares at an average price of $10.77, representing a total of $13.5 billion.

Meanwhile, members of President Obama's economic recovery advisory board are participating in a press conference.DJ30 +59.25 NASDAQ +23.88 SP500 +10.34 NASDAQ Adv/Vol/Dec 1900/835 mln/661 NYSE Adv/Vol/Dec 2342/519 mln/593

11:00 am : The S&P 500 has pulled back a bit since coming within close contact of the 925 level. Still, gains remain strong and broad-based.

Retailers have found particular favor among participants, thanks to leadership from Target (TGT 44.23, +2.29), which reported better-than-expected earnings this morning. In turn, shares of TGT are making their best single-session advance by percent since a 6% spike in early April.

Target's strength has helped push retailers, as a group, up 1.5%. Retailers are now up more than 6.5% week-to-date.DJ30 +82.91 NASDAQ +26.85 SP500 +13.11 NASDAQ Adv/Vol/Dec 1979/668 mln/537 NYSE Adv/Vol/Dec 2458/418 mln/441

10:30 am : Crude oil prices are rallying to trade near fresh six-month highs. Crude contracts were recently pricing oil 3.2% higher at $62.00 per barrel. Crude prices recently received additional support from bullish inventory data, which indicated a draw of 2.1 million barrels for the week ending May 15, though a draw of 400,000 barrels had been expected.

Just ahead of the long Memorial Day weekend, which typically kicks off the summer driving season, gasoline inventories had a draw of 4.3 million barrels. A draw of 1.2 million had been expected.

Natural gas prices are making a healthy advance of their own. Contracts for natural gas are being priced 2.5% higher at $3.94 each.

Precious metals prices are putting together a strong advance, too. Gold contracts recently quoted the yellow metal 1.3% higher at $938.50 per ounce, while silver is being priced 1.7% higher at $14.37 per ounce.

The rise in precious metals prices and an upbeat bias in the equity markets have shares of Newmont Mining (NEM 46.03, +2.46) trading as a leader in the materials sector, which is now up 3.9%.

The Baltic Dry Index logged its fourteenth consecutive gain by advancing 0.8%. Its Capesize Index climbed 2.9%, while the Handysize finished 1.4% higher. The Supramax Index gained 1.0%, and the Panamax Index tacked on 2.7%.DJ30 +93.74 NASDAQ +27.63 SP500 +14.05 NASDAQ Adv/Vol/Dec 1955/519 mln/503 NYSE Adv/Vol/Dec 2482/332 mln/368

10:00 am : The major indices are extending their early gains. Advancing issues outnumber declining issues in the Dow by nearly 5-to-1, while nearly 90% of the companies listed in the S&P 500 are trading with gains.

Materials stocks have moved ahead of the other major sectors in the S&P 500. Materials stocks are currently up 3.3%. Within the materials sector, paper products companies (+5.5%) and steel stocks (+4.8%) are sporting the best percentage gains.

Though buying is broad-based, utilities stocks are back on defense. In the prior session, utilities stocks logged the best gains of any other major sector in the S&P 500, but had traded as laggards in the four previous sessions. Utilities stocks are currently down 0.1% and make up the only major sector to trade with a loss.DJ30 +101.55 NASDAQ +25.27 SP500 +14.30 NASDAQ Adv/Vol/Dec 1823/316 mln/501 NYSE Adv/Vol/Dec 2434/220 mln/357

09:45 am : A strong advance by financial stocks (+2.1%) in the first few minutes of trading is helping drive the broader market higher. While gains within the financial sector are widespread, life and health insurrers (+4.2%), diversified financial services companies (+3.2%), and diversified banks (+2.2%) are putting together some of the most impressive moves.

Energy stocks (+1.8%) are also making impressive gains, helped by a 2% jump in crude oil futures prices. With crude oil futures trading at a six-month high of $61.30 per barrel, oil and gas equipment companies (+3.5%) like Baker Hughes (BHI 37.98, +1.09) and Schlumberger (SLB 55.70, +1.69) and oil and gas drillers (+3.2%) like Diamond Offshore (DO 78.93, +1.75) are garnering particular support.DJ30 +64.99 NASDAQ +16.21 SP500 +10.44 NASDAQ Adv/Vol/Dec 1615/159 mln/527 NYSE Adv/Vol/Dec 2305/126 mln/371

09:15 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +4.00. Stock futures suggest that the major indices will start the trading session in positive territory amid better-than-expected earnings from retailer Target (TGT) and wholesaler BJ's Wholesale (BJ). However, better-than-expected earnings from Dow component Hewlett-Packard (HPQ) and farming equipment icon Deere (DE) haven't won their shares any support. Several financial and banking issues are advancing in premarket trading following news that Bank of America (BAC) has raised roughly $13.5 billion in the last couple of weeks by selling shares at an average price $10.77 per share. The offering came as many banks looked to raise capital in the wake of the government's bank stress tests. However, not all bank offerings are being met with a positive response as regional bank Regions Financial (RF) trades markedly lower ahead of the opening bell after commencing a common stock and mandatory convertible preferred stock offering. Oil prices are back in focus ahead of the long, Memorial Day weekend, which typically kicks off the summer driving season. Oil futures are currently pricing the stuff 1.5% higher at almost $61 per barrel, which marks a six-month high. Crude oil weekly inventory data is due at 10:30 AM ET. There are no economic data scheduled for release today, but the minutes from the FOMC's April 29 meeting are due at 2:00 PM ET, and Treasury Secretary Geithner is slated to testify on TARP before the Senate Banking Committee at 9:30 AM ET.

09:00 am : S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +3.30. Stock futures continue pointing to an upward start for the major indices. In more earnings news, retailing outfit Target (TGT) recently announced first quarter earnings of $0.69 per share, which bested the consensus estimate of $0.59 per share. The company indicated that it continues to experience strong positive comparable store sales results in its retail segment. Target also indicated that its credit card segment was stable, profitable, and consistent with its expectations. Shares of TGT are currently trading 4.3% higher at $43.75 per share in premarket action. Separately, Detroit News reported that the Treasury Department will invest an additional $7.5 billion in GMAC, the financing arm of General Motors (GM). Such a move would come less than two weeks ahead of GM's mandatory restructuring plan deadline. Shares of GM are up 5.5% to $1.34 per share prior to this morning's opening bell.

08:35 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +2.00. According to Times of London, minutes from a recent Bank of England meeting indicated the central bank considered pumping 75 billion British pounds of new money into the financial system, but settled on increasing the process of quantitative easing by 50 billion pounds. The decision to keep rates steady at 0.5% was unanimous. Britain's FTSE is currently trading with a 0.2% loss. HSBC (HBC) and Barclays (BCS) are primary laggards in the FTSE. Lloyds Group (LYG) is also under pressure amid a Dow Jones report that the company is placing an offer for new, ordinary shares. In France, the CAC is up 0.5% amid strength in Total (TOT) and Societe Generale. BNP Paribas is pulling back after clicking higher in each of the past four sessions. Meanwhile, Germany's DAX is trading with a 0.9% gain. Deutsche Bank (DB) is among the German bourse's primary leaders. In Asia, Japan's Nikkei logged a 0.6% gain. Takeda Pharmaceuticals was a primary leader during the session, as was Mitsubishi. Kyocera traded as a laggard. Honda Motor (HMC) finished lower, but Nissan Motor (NSANY) jumped after it reported a strong upturn in low-emission car orders in May. According to reports, Japan's economy shrank a record 4.0% in the first quarter, though that was less than the decline that was expected. Governor Masaaki Shirakawa indicated that consumption and investment would remain weak going forward. In Hong Kong, the Hang Seng closed 0.4% lower. HSBC and China Construction Bank created the most drag on the index. China Petroleum & Chemical (SNP) and Petrochina (PTR) helped provide support, though.

08:05 am : S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: -0.30. Dow component Hewlett-Packard (HPQ) posted last night second quarter adjusted earnings of $0.86 per share, which matches Wall Street's consensus estimate. For the third quarter, the company expects earnings to range from $0.88 to $0.90 per share, which brackets the $0.89 per share that analysts currently expect. Hewlett-Packard also reaffirmed its outlook for fiscal 2009, seeing earnings from $3.76 to $3.88 per share, which exceeds the current consensus forecast of $3.71 per share. Shares of HPQ are down 3.9% to $35.17 per share in premarket trading. In other earnings news, Deere (DE) announced this morning second quarter earnings of $1.11 per share, which is $0.04 better than the consensus estimate of $1.07 per share. Shares of DE are down 2.5% to $42.71 per share ahead of the opening bell. BJ's Wholesale (BJ) unveiled earnings of $0.45 per share for its latest quarter. Analysts had expected $0.44 per share. The company expects earnings for fiscal 2010 to range from $2.44 to $2.54 per share, slightly up from the company's previous forecast, but in-line with the current consensus of $2.49 per share. Shares of BJ are up 5.1% to $40.00 per share in premarket action. Earnings results from Target (TGT) have yet to hit news wires. Still, shares of TGT are up 2.2% to $42.87 per share ahead of the announcement. Separately, Bank of America (BAC) concluded its previously announced common stock offering by issuing 1.25 billion shares since the beginning of the program on Friday, May 8. The offering's average price per share was $10.77, resulting in gross proceeds of roughly $13.5 billion. Shares of BAC are up 5.5% to $11.87 per share in premarket action. Meanwhile, Regions Financial (RF) has commenced a public offerings of $1 billion of its common shares and $250 million of new mandatory convertible preferred shares. Shares of RF are trading 6.5% lower at $4.90 per share ahead of the opening bell. Overall, broader market stock futures point to a modestly higher start for the session.

06:26 am : S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -3.80.

06:26 am : Nikkei...9344.64...+54.40...+0.60%. Hang Seng...17475.84...-68.20...-0.40%.

06:26 am : FTSE...4463.20...-19.10...-0.40%. DAX...4984.43...+24.60...+0.50%.

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