Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Tuesday, June 24, 2008
Stocks Finish Lower, Weighed Down by Energy, Construction and Road/Rail Shares
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In Play
Stocks Lower into Final Hour on Rising Credit Market Angst, Global Growth Concerns
Today's Headlines
Bloomberg:
- US gasoline demand fell 2.7% last week, a sign that motorists are cutting back on vacation plans as pump prices touch records, a MasterCard Inc. report showed. It was the ninth consecutive week of declines form the year-earlier period.
- Hedge funds reduced their use of leverage following the turmoil in financial markets last year while holding substantial portions of their assets in cash, according to a survey. Funds reduced their borrowing last year to a leverage ratio of 2.1 from 2.3 a year earlier, consultant Greenwich Associates and Global Custodian magazine said. Hedge funds worldwide held 15% of their assets in cash as the start of 2008.
- Brazil may take control of some fertilizer mineral deposits that aren’t being fully developed in a bid to reduce the nation’s dependence on imports as prices soar.
- Copper decline in London on signs of slowing demand for imports of the metal into China, the world’s biggest user.
- Kodak(EK) Buyback May Pave Way for Merck(MRK), Ingersoll-Rand(IR).
NY Times:
- Technology Leaders Favor Online ID Card Over Passwords.
Politico:
- Hedge funds lobbying with stealth.
Charlotte Observer:
- Wachovia(WB) workers ‘pulling together’ The bank also confirms it has hired Goldman Sachs(GS) to study the loan portfolio.
Dow Jones Newswires:
-
AgricultureOnline:
- Iran Buy Wheat Supplies From Canada, Russia.
Bear Radar
Style Underperformer:
Small-cap Growth -.77%
Sector Underperformers:
Papersirlind (-1.78%), Construction (-1.50%) and Oil Service (-1.05%)
Stocks Falling on Unusual Volume:
ATHR, IBN, SCOR, FSYS, ASCA, JRCC, PENN and CT
Stocks With Unusual Put Option Activity:
1) PMCS 2) CI 3) LLY 4) JCP 5) NKE
Consumer Expectations Lower Than During 1970s
- Consumer Confidence for June fell to 50.4 versus estimates of 56.0 and a reading of 58.1 in May.
- The House Price Index for April fell .8% versus estimates of a .4% decline and a .6% decline in March.
Bull Radar
Style Outperformer:
Large-cap Value (-.62%)
Sector Outperformers:
Semis (+1.70%), Banks (+1.64%) and Drugs (+.49%)
Stocks Rising on Unusual Volume:
KR, UBS, GAP, NVS, ROYL, PDO, AIXG, TSON, RCRC, LRCX, IXYS, AMSC, AEIS, ASML, CAKE, RRGB, KLAC, SMA and CRT
Stocks With Unusual Call Option Activity:
1) LGF 2) EK 3) LLY 4) DKS 5) NT