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Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Monday, January 28, 2008
Stocks Finish at Session Highs, Despite Overseas Weakness
Stocks Higher into Final Hour, Boosted by Financial and Homebuilding Shares
Today's Headlines
Bloomberg:
- US stocks rose, extending the market’s first weekly gain this year, as odds increased that the Fed will cut its benchmark lending rate by half a percentage point this week.
- The risk of SLM Corp.(SLM) defaulting on its debt fell to the lowest in almost two weeks after the biggest
- Subprime-Loan Contracts May Rally on Fed Cuts, JPMorgan(JPM) Says.
- How to survive the fortune you made shorting subprime.
- Intel Corp.(INTC), the world’s biggest computer-chip maker, will buy renewable energy certificates form solar power generators and wind farms equal to the electricity needed to power 130,000 average US homes a year.
- NASDAQ Short Interest by Industries. Total Nasdaq short interest surged 7.24% during the first two weeks of January.
- CME Group(CME), the world’s largest futures exchange, is in talks to acquire Nymex Holding(NMX) for more than $11 billion to gain the biggest energy-trading market.
- Current Media(CRTM), the television new network co-founded by former US VP Al Gore, plans to raise as much as $100 million in an IPO.
Wall Street Journal:
- AMD(AMD) Graphics Card May Test Nvidia(NVDA).
NY Times:
- LeapFrog(LF) Hopes for Next Hit With Interactive Reading Toy.
Reuters:
- The rally in sugar prices is likely to end because of a record cane crop coming out of
- A hefty Federal Reserve rate cut and a stimulus plan that would expand the availability of home loans may reinvigorate the beleaguered U.S. housing market and help the broader economy along with it.
Bear Radar
Style Underperformer:
Large-cap Growth (+.72%)
Sector Underperformers:
Restaurants (-4.39%), Software (-.55%) and Defense(-.33%)
Stocks Falling on Unusual Volume:
New Home Sales Below Estimates
- New Home Sales for December fell to 604K versus estimates of 647K and 634K in November.
Bull Radar
Style Outperformer:
Large-cap Value (+.91%)
Sector Outperformers:
Airlines (+1.96%), Retail (+1.56%) and Banks (+1.58%)
Stocks Rising on Unusual Volume: