Portfolio Manager's Commentary on Investing and Trading in the U.S. Financial Markets
Thursday, May 28, 2009
Stocks Higher into Final Hour on Lower Long-Term Rates, Short-Covering, Less Financial Sector Pessimism
Today's Headlines
Bloomberg:
Wall Street Journal:
NY Times:
NY Post:
Economist:
LA Times:
USAToday:
Politico:
webmonkey:
- Best Buy(BBY), the largest US consumer electronics retailer, will launch an investment fund managed by former and current News Corp internet veterans that will focus on digital media as it seeks to expand beyond brick and mortar stores. The retailer, which invested $2.1bn to launch a joint venture with the UK’s Carphone Warehouse last year, purchased the Napster online music subscription service in 2008 for $121m and aims to invest deeper into the music, video, games and “personal media management” businesses.
Bear Radar
Style Underperformer:
Small-cap Value (-.15%)
Sector Underperformers:
Homebuilders (-3.77%), Education (-2.63%) and Retail (-.99%)
Stocks Falling on Unusual Volume:
RBA, RYL, DSW, KBH, FRED, MDVN, LEAP, BCSI, SIGM, UNFI, NETL, CBT, TEX, FAF and DOM
Stocks With Unusual Put Option Activity:
1) MCO 2) TEX 3) AU 4) ACH 5) ELN
Bull Radar
Style Outperformer:
Large-cap Value (+1.10%)
Sector Outperformers:
Steel (+2.84%), Oil Service (+2.66%) and Energy (+2.25%)
Stocks Rising on Unusual Volume:
SSRI, AU, SHG, IOC, PCZ, LIHR, RTP, KMX, FGP, SAFM, MAPP, DMND, RYAAY, PAAS, FUJI, ESRX, MICC, GOLD, ATI, TSL and NJ
Stocks With Unusual Call Option Activity:
1) S 2) VMC 3) MRVL 4) TIF 5) MCO
Links of Interest
Market Performance Summary
Style Performance
Sector Performance
WSJ Data Center
Top 20 Biz Stories
IBD Breaking News
Movers & Shakers
Upgrades/Downgrades
In Play
NYSE Unusual Volume
NASDAQ Unusual Volume
Hot Spots
Option Dragon
NASDAQ 100 Heatmap
Chart Toppers
Real-Time Intraday Quote/Chart
HFR Global Hedge Fund Indices
Wednesday, May 27, 2009
Thursday Watch
Late-Night Headlines
Bloomberg:
Wall Street Journal:
NY Times:
IBD:
CNNMoney:
Forbes:
South Florida.com:
Reuters:
Financial Times:
The Telegraph:
Late Buy/Sell Recommendations
Citigroup:
- Reiterated Buy on (SPLS), target $24.
- Reiterated Buy on (AEO), target $17.
- Reiterated Buy on (MYGN), target $42.
- Reiterated Buy on (BAC), target $20.
Night Trading
Asian Indices are -1.0% to -.25% on average.
S&P 500 futures -.12%.
NASDAQ 100 futures -.07%.
Morning Preview
US AM Market Call
NASDAQ 100 Pre-Market Indicator/Heat Map
Pre-market Commentary
Pre-market Stock Quote/Chart
Global Commentary
WSJ Intl Markets Performance
Commodity Futures
Top 25 Stories
Top 20 Business Stories
Today in IBD
In Play
Bond Ticker
Economic Preview/Calendar
Earnings Calendar
Who’s Speaking?
Upgrades/Downgrades
Rasmussen Business/Economy Polling
Earnings of Note
Company/EPS Estimate
- (BF/B)/.48
- (PERY)/.23
- (BIG)/.40
- (COST)/.53
- (HNZ)/.55
- (NOVL)/.06
- (OVTI)/-.33
- (DELL)/.22
- (JCG)/.11
- (SAFM)/.54
- (GCO)/.05
- (FRED)/.21
Economic Releases
8:30 am EST
- Durable Goods Orders for April are estimated to rise .5% versus a -.8% decline in March.
- Durables Ex Transports for April are estimated to fall -.3% versus a -.7% decline in March.
- Initial Jobless Claims for last week are estimated to fall to 628K versus 631K the prior week.
- Continuing Claims are estimated to rise to 6745K versus 6662K prior.
10:00 am EST
- New Home Sales for April are estimated to rise to 360K versus 356K in March.
11:00 am EST
- Bloomberg consensus estimates call for a weekly crude oil inventory drawdown of -150,000 barrels versus a -2,105,000 barrel decline the prior week. Gasoline supplies are expected to fall by -1,300,000 barrels versus a -4,337,000 barrel decrease the prior week. Distillate inventories are estimated to rise by +1,000,000 barrels versus a +672,000 barrel gain the prior week. Finally, Refinery Utilization is estimated to rise by +.4% versus a -1.89% decline the prior week.
Upcoming Splits
- None of note
Other Potential Market Movers
- The Fed’s Fisher speaking, weekly EIA natural gas inventory report, Barclay’s Capital Wireline/Wireless Conference, Cowen Tech/Media/Telecom Conference, Deutsche Bank Energy/Utilities Conference, (HD) shareholders meeting, (IPG) shareholders meeting, Morgan Stanley Cloud Computing Symposium, (AMZN) shareholders meeting, (JNPR) shareholders meeting, (TGT) shareholders meeting and the (NVLS) mid-quarter update could also impact trading today.
BOTTOM LINE: Asian indices are lower, weighed down by automaker and mining stocks in the region. I expect