Style Outperformer:
Mid-cap Value (-.07%)
Sector Outperformers:
Airlines (+7.91%), Steel (+1.73%) and Homebuilders (+1.41%)
Stocks Rising on Unusual Volume:
Thursday, January 10, 2008
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Wednesday, January 09, 2008
Thursday Watch
Late-Night Headlines
Bloomberg:
- Holiday sales in the US climbed 4.5%, ahead of ShopperTrak RCT’s forecast, as retailers lured customers with discounts on clothing and electronics.
- Republican presidential contender Rudy Giuliani proposed a new tax plan that would cut capital gains and corporate tax rates while simplifying the tax form most Americans fill out. Giuliani said that if all of his tax proposals were enacted, “it would be the biggest tax cut in American history.”
- Target Corp.(TGT) said CEO Bob Ulrich will retire effective May 1 and be replaced by President Gregg Steinhafel.
- United Parcel Service(UPS) will boost its stock buyback plan fivefold to $10 billion.
- Alcoa Inc.(AA) said fourth quarter profit roes 76% as a $323 gain from the sale of a packaging unit more than offset declining metal prices and higher raw-material costs. The stock gained 4.2% in after-hours trading.
- A US panel created to recommend ways to fund road construction plans to propose that federal gasoline taxes rise as much as 40 cents per gallon over five years.
- General Electric(GE), the world’s biggest maker of electricity generation equipment, will take a majority stake in a $350 million wind-turbine project that will supply power to
MarketWatch.com:
- Reading the Nasdaq tea leaves. There’s a good chance that the key US benchmark will rebound later this year.
- New crop of Internet-based retailers is gaining traction.
- ‘Shortsighted’ investment pros blew it: Poole Economy strong enough to avoid recession, St. Louis Fed chief says.
CNBC:
- Bear Stearns(BSC) won’t take more wirtedowns because the firm is “adequately marked” to market on its investments, CEO Alan Schwartz said in an interview. Schwartz said the company is “comfortable” with its positions and isn’t looking to raise capital.
CNNMoney.com:
- Green energy’s hottest stocks for 2008.
- Lawmakers are considering a host of options to stimulate the economy, and some may mean more for your bottom line.
SmartMoney.com:
- Chico’s Managers Betting on Comeback.
IBD:
- BlackRock’s Doll Sees ’08 Bright Spots.
- Today’s young people might be called the wired generation, but judging from this year’s Consumer Electronics Show they might not have to deal with actual wire for much longer.
- ‘Pimp my ride’ turns into ‘tech my ride’
- Race is on for Mobile Web’s pot of gold.
- Mortgage rates lowest since 2005, refinancing jumps.
Financial Times:
- Tony Blair takes advisory position at JPMorgan(JPM).
- Bear Stearns(BSC) held preliminary talks with Fortress Investments, a listed alternative asset management firm, regarding a possible combination in the weeks before Jimmy Cayne stepped down as chief executive of the investment bank.
Late Buy/Sell Recommendations
Citigroup:
- Maintain Buy on (CELG), target $82.
- Maintain Buy on (GILD), raised target to $56.
- Reiterated Buy on (UNH), target $83.
- Reiterated Buy on (UPS), target $85
Night Trading
Asian Indices are -.50% to +.25% on average.
S&P 500 futures +.10%.
NASDAQ 100 futures +.18%.
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Company/EPS Estimate
- (MSM)/.70
- (SHFL)/.10
- (IHS)/.43
- (CRAI)/.75
Upcoming Splits
- None of note
Economic Releases
8:30 am EST
- Initial Jobless Claims for this week are estimated to rise to 340K versus 336K the prior week.
- Continuing Claims are estimated to fall to 2730K versus 2761K prior.
10:00 am EST
- Wholesales Inventories for November are estimated to rise .4% versus unch. in October.
Other Potential Market Movers
- The Fed's Bernanke speaking, Fed’s Hoenig speaking, ICSC Chain Store Sales, weekly EIA natural gas inventory report, (MMSI) Investor Meeting, Needham Growth Conference, Consumer Electronics Show, JPMorgan Healthcare Conference and the Citigroup Entertainment Conference could also impact trading today.
Stocks Finish at Session Highs, Reversing Losses on Heavy Volume
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In Play
Stocks Rebounding into Final Hour on Short-Covering, Bargain-Hunting, Reversal Lower in Oil
BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Internet longs, Computer longs and Biotech longs. I added to my QQQQ/IWM hedges and then covered all of them today, thus leaving the Portfolio 100% net long. The overall tone of the market is neutral today as the advance/decline line is lower, sector performance is mostly positive and volume is heavy. Investor anxiety is high again. Today’s overall market action is bullish. This is the type of action I would expect to see at the very least at a tradable bottom. The (XLF) has turned higher on the day and market leading stocks are gaining significant upside traction. It has become way too easy to make money on the short side, which also usually indicates a vigorous move higher is close at hand. I expect US stocks to trade higher into the close from current levels on short-covering, lower energy prices, diminishing credit angst and bargain hunting.
Today's Headlines
Bloomberg:
- Mortgage applications in the US jumped last week, led by a surge in refinancing as long-term interest rates fell to the lowest level in two years.
- Countrywide Financial Corp.(CFC) said home loans in December were a better-than-forecast $24 billion. “Our fourth quarter ended with a number of positive operational trends,” President and COO Sambol said.
- Crude oil is unch., falling more than $1 bbl. from session highs, on worries over slowing demand, a rising dollar and rising gasoline supplies.
- Federal Reserve Bank of St. Louis President William Poole said risks to economic growth are more “uncertain” than inflation.
- QLogic Corp., whose computer-networking storage products are used by Hewlett-Packard(HPQ) and Sun Microsytems(JAVA), rose the most since October in US trading after sales and earnings exceeded its forecast.
- DuPont Co.(DD) climbed the most in five years in NY trading after it said profit gained last year and that 2008 earnings will be higher than previously forecast.
Wall Street Journal:
- Key Union May Back Obama Run.
- Faced with recession fears, the White House is considering tax rebates for individuals to encourage spending and tax breaks for businesses to encourage investment.
- SEC Provides Incentive For Mortgage Companies To Renegotiate Loans.
- NYSE Euronext(NYX) is the frontrunner to acquire the American Stock Exchange. A deal may be announced as soon as this month that values the exchange at $350 million.
NY Times:
- Clinton’s Emotional Moment May Have Won Over Voters.
Washingtonpost.com:
- New York Presses To Deploy More Bioweapons Sensors.
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