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DOW
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Pinnacle
Master |
23-Oct-2007 08:30
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STOCKS NEWS ASIA-Asian ADRs rise as U.S. stocks rebound Oct 23 (Reuters) - Asian stocks listed on Wall Street <.BKAS> recovered, rising 1.1 percent, as U.S. shares steadied from last week's fall on optimism that technology bellwether Apple would deliver strong earnings. After the bell, Apple beat Wall Street's targets with a 67 percent rise in quarterly profit, sending its shares rising further in after-hours trade. [ID:nN22188277] Asian tech stocks also rose with Sony Corp China Mobile On Monday, MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> dropped 3.1 percent, suffering their biggest decline in just over two months. |
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CWQuah
Master |
23-Oct-2007 07:59
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I hope DJIA recovers on a gradual pace, rather than just a sharp rebound. Last night's trading volume is still on the low side, so watch out for a sudden downturn again. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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synnexo
Veteran |
23-Oct-2007 07:50
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But then, the fluctuation range is a little too wide. "When Wall Streeters didn't get any terrible news, and in fact got some decent earnings, and a retreat in commodity prices, that helped stocks bounce back a little..." "In the short term, stocks could be primed to continue to bounce, especially if the earnings news is positive..." Hope is not a dressing. Anyway, its still green like my favourite apple... 
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tanglinboy
Elite |
23-Oct-2007 07:06
Yells: "hello!" |
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Dow up 45 points last night! Great news! | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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blackie
Member |
22-Oct-2007 22:59
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All in RED now.... | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pinnacle
Master |
22-Oct-2007 22:58
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Sianz... retreated back again. Dow, S&P down on credit worries NEW YORK (Reuters) - The Dow and S&P 500 fell on Monday as investors worried credit market problems were having a widening impact on the economy, while the Nasdaq rose after gains in Apple Inc (AAPL.O: Quote, Profile, Research). Apple is expected to report results after the close. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 46.58 points, or 0.34 percent, at 13,475.44. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 3.49 points, or 0.23 percent, at 1,497.14. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 3.54 points, or 0.13 percent, at 2,728.70. |
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Pinnacle
Master |
22-Oct-2007 22:42
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Both Nasdaq and S&P is green now. 
DJ, up to you now. 
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Pinnacle
Master |
22-Oct-2007 22:23
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Yes. Tonight don't seem to be as bad as it initially thought. DJ is climbing up slowly and Nasdaq is green. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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CWQuah
Master |
22-Oct-2007 22:23
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It's trading in the vicinity of the 13500 support. Pharmaceuticals results in US actually quite good. With some luck, DJIA could either be slightly down, or close flat today on low to medium volume. Oil is down to slightly more sane prices, so it'll help lift sentiments slightly. With a bit more luck, it may even recoup some of the losses last Fri. |
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ngshwee
Member |
22-Oct-2007 22:17
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Don't worry .
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Pinnacle
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22-Oct-2007 22:12
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U.S. Stocks Decline on Growth Concern; Exxon, Newmont Retreat Oct. 22 (Bloomberg) -- U.S. stocks retreated for a third day after the prospect of weakening economic growth pushed down commodity prices, sending shares of miners and energy companies lower. Exxon Mobil Corp. and Chevron Corp., the largest U.S. oil producers, dropped after crude fell for a second day. Newmont Mining Corp., the world's second-biggest gold miner, declined on a drop in metal prices. American Express slid to the lowest in six months after Lehman Brothers Holdings Inc. cut the stock's rating on expectations consumer spending will slow. The Standard & Poor's 500 Index lost 7.96, or 0.5 percent, to 1,492.67 as of 9:38 a.m. in New York. The Dow Jones Industrial Average tumbled 94.13, or 0.7 percent, to 13,427.89. The Nasdaq Composite Index decreased 18.18, or 0.7 percent, to 2,706.98. The S&P 500 has declined 4.6 percent since reaching a record on Oct. 9, as companies from Bank of America Corp. to Alcoa Inc. and Caterpillar Inc. reported earnings that trailed analysts' forecasts. The Group of Seven finance ministers and central bankers said in a statement that ``recent financial market turbulence, high oil prices and weakness in the U.S. housing sector will likely moderate'' the global expansion. ``You're going to see a continuation of the sentiment of this volatility,'' said Robert Weissenstein, New York-based chief investment officer for private banking in the Americas at Credit Suisse, which oversees $1.33 trillion. ``The U.S. is certainly the center of the problems we're taking a look at today.'' S&P 500 companies will post an average profit decline of 0.6 percent in the third quarter, the first drop since 2002, according to analysts' estimates compiled by Bloomberg. Twenty- seven percent of the 132 companies in the index that have reported results so far have trailed analysts' estimates, compared with 21 percent in the second quarter. Europe, Asia Today's slide in U.S. futures followed the S&P 500's worst weekly drop since July and declines by stocks in Europe and Asia. The Dow Jones Stoxx 600 Index lost 1.7 percent to 374.42, the biggest decrease since Sept. 7. The Morgan Stanley Capital International Asia-Pacific Index posted its steepest drop in two months, losing 2.2 percent to 162.2. The yen rose to a six-week high against the dollar. The risk of owning European corporate bonds increased, according to traders of credit-default swaps. ``It's an echo of what we've seen in summer,'' said Christian Gattiker, head of equity markets at Bank Julius Baer & Co. in Zurich. ``The slowing growth theme will keep the markets busy longer than expected.'' American Express Exxon lost $1.01 to $91.13. Chevron slipped $1 to $88.27. Oil fell for a second day on speculation that credit-market losses may stunt economic expansion, curbing energy demand, and as the risk of a Turkish offensive in Iraq receded. Crude for December delivery, the most actively traded contract on the New York Mercantile Exchange, dropped as much as $1.27, or 1.5 percent, to $85.68 a barrel. Newmont slumped 67 cents to $44.99 after copper fell to an almost five-week low and gold retreated from a 27-year high. Alcoa Inc., the world's second-largest aluminum company, declined 37 cents to $37.07. American Express lost 96 cents to $56.15. Analysts surveyed by Bloomberg expect the company to report profit excluding some items of 85 cents a share after the close of U.S. markets. Lehman cut its rating on American Express to ``equal weight'' from ``overweight,'' saying ``it is just a matter of time'' before losses spill over to credit cards, auto loans and other forms of credit. |
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ericsim
Senior |
22-Oct-2007 22:05
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Wu chance rebound -
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Pinnacle
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22-Oct-2007 21:45
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Worries hit global stocks LONDON (Reuters) - Worries about the U.S. economy and fears over bank credit rippled across financial markets on Monday, sending stocks sharply lower and setting up Wall Street for a poor start. The dollar rebounded from earlier record lows and oil prices eased more than $1.50 but remained above $87 a barrel. Finance leaders from the Group of Seven industrialized nations said over the weekend that the world economy was fine but that financial market conditions required close monitoring because of shortcomings exposed by the credit crisis. This did little to allay market concerns, particularly following disappointing earnings from U.S. economic bellwether Caterpillar Inc on Friday, which also said there was a 50-50 chance of a U.S. recession next year. MSCI's main world stock index was down 1.2 percent and its normally high-flying emerging market counterpart fell 2.3 percent. Stephen Dowds, head of international equities at Northern Trust Global Investments, said investors were reacting to the sharp losses on Wall Street on Friday but also to the current crop of earnings statements. "We have had a flurry of disappointments," he said. European stocks took a hit. The FTSEurofirst 300 index of top European shares was down 1.8 percent. Earlier, Japan's Nikkei average ended at a four-week closing low, down 375.90 points or 2.2 percent at 16,438.47. The broader TOPIX index fell 1.8 percent to 1,563.07. DOLLAR RECORD LOW The dollar lifted itself off fresh lows set shortly after the G7 finance chiefs' meeting over the weekend as traders booked profits on bets against the greenback and continued to buy the yen versus a host of currencies. Having hit record lows against the euro and a basket of major currencies earlier on Monday, the dollar bounced back sharply in thin trade. The euro was down 1.2 percent on the day at $1.416, having traded at a fresh lifetime high of $1.4348 earlier in the day. The dollar index was up 1.1 percent at 78.03, rebounding from a post-Bretton Woods low of 77.093 struck earlier. Two-year bond yields were 5.6 basis points lower at 3.945 percent, while 10-year yields were at 4.164 percent, down 4.8 basis points. |
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Pinnacle
Master |
22-Oct-2007 21:27
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OMG! -131!!! Its going to be a bloody day again.
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Pinnacle
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22-Oct-2007 21:09
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Futures fall on earnings jitters NEW YORK (Reuters) - Stock futures declined on Monday, suggesting a lower opening for Wall Street, hit by weakness in global markets and concern that credit problems may be having a wider impact on earnings. The Dow industrials fell nearly 367 points on Friday, summoning memories of the 1987 market crash on its 20th anniversary. Caterpillar Inc. (CAT.N: Quote, Profile, Research), the world's largest maker of construction and mining equipment, led the slide after it warned the housing slump was infecting the wider economy. Investment bank Lehman Brothers on Monday cut its rating on the U.S. mortgage finance sector to negative from neutral, according to theflyonthewall.com. The S&P 500 had its biggest weekly drop last week since August at the peak of a credit crisis. "We saw weak earnings broaden out to the industrials, and so we're going into the day with some downward pressure and hope to find some good news in earnings," said Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. S&P 500 futures dropped 10.50 points and were below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures shed 100 points, and Nasdaq 100 futures fell 15 points. Of the 131 companies that have reported earnings, more than 25 percent missed Wall Street's targets -- more than twice the level at the same time last year, according to Reuters Estimates. 0ver the weekend, finance leaders from the Group of Seven industrialized nations said the world economy was healthy, but that financial market conditions required close monitoring because of shortcomings exposed by the credit crisis. Oil services company Halliburton Co (HAL.N: Quote, Profile, Research) on Sunday said third-quarter net profit rose 19 percent, helped by a tax benefit, new international contracts and higher activity from its customers. The FTSEurofirst 300 (.FTEU3: Quote, Profile, Research) index of top European shares was down 1.4 percent, while Japan's Nikkei (.N225: Quote, Profile, Research) average ended at a four-week closing low. Oil prices eased more than $1, but remained above $87 a barrel. On Friday, the Dow Jones industrial average (.DJI: Quote, Profile, Research) was down 366.94 points, or 2.64 percent, to end at 13,522.02. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was down 39.45 points, or 2.56 percent, at 1,500.63. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was down 74.15 points, or 2.65 percent, at 2,725.16. |
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Pinnacle
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22-Oct-2007 09:25
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This should be an interesting week for equities. The sell-off in US stocks last Friday coinciding with the 20th anniversary of the Black Monday crash saw all the 3 major US indexes closing down by more than 2.5%. With the US dollar at record lows against the euro and crude oil prices heading towards the US$100/b level, there will be many anxious people debating whether another buying opportunity has presented itself this week or should they cash in their chips (YTD, the STI is still up 26%) because global economic health is finally being threatened by the sharply higher oil prices ?crude oil prices are now finally at levels where in real-term (adjusted for inflation) they induced the previous global recession. Last Friday, the sell-off in US equities brought back memories of events in Oct ?87. Will we see a similar rout this Monday? But it must be noted that the Dow's drop last Friday, while large in points (-366 pts), was ?only? 2.6%, compared to a 23% drop on Black Monday 20 years ago. Much will depend on where the US dollar and crude oil prices are going. There are a handful of key events on the US macro and corporate calendar to keep investors on their toes this week. Last week, despite upbeat tech numbers, industrial and bank earnings contributed to the poorer market sentiment. This week, they are fewer financial institutions reporting their earnings although Merril Lynch will report its 3Q earnings on Wednesday. But we do get Apple (Monday), Amazon.com (Tuesday) and Microsoft (Thursday) reporting this week. Perhaps their strong earnings may cheer investors. It is also useful to take note what UPS, the world's largest package carrier has to report (on Tuesday) because the company is a proxy to the state of global economic activities. Will UPS also report that high costs for fuel and other expenses are a cause for growing concern? On the US macro calendar, it is about consumer confidence and housing market. We get September resale home data (Wednesday), September new-home sales and durable-goods orders (Thursday) and the University of Michigan's consumer sentiment (Friday). And we?ll see what former Fed Chairman Alan Greenspan have to say about the state of the US economy, US$, etc. when he give another speech on Tuesday. |
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Pinnacle
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22-Oct-2007 08:56
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Caterpillar Inc.'s warning that the housing slump was infecting the wider economy sent U.S. stocks tumbling by the most in more than two months on Friday, in a drop that was made more unnerving as it marked the 20th anniversary of the 1987 market crash. The Dow fell nearly 367 points after Caterpillar, the world's top maker of earth-moving construction and mining equipment, said the U.S. economy will be "near to, or even in, recession" next year. Several industries it serves already are in recession, it said. The bleak comments from economic bellwether Caterpillar, whose stock fell 5.3 percent, helped drag down the shares of other big manufacturers, including 3M Co., and contributed to a shift from stocks to the relative safety of U.S. Treasury bonds. The Dow Jones industrial average was down 366.94 points, or 2.64 percent, to end at 13,522.02. The Standard & Poor's 500 Index was down 39.45 points, or 2.56 percent, at 1,500.63. The Nasdaq Composite Index was down 74.15 points, or 2.65 percent, at 2,725.16. |
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Pinnacle
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22-Oct-2007 08:54
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AS STOCKS plummeted on earnings outlooks and renewed credit worries last Friday on the 20th anniversary of Black Monday, Wall Street forecasters couldn't help but draw parallels to that record-setting dire day of October 19, 1987, when the Dow Jones Industrial Average crashed by more than 500 points, and more impressively, a whopping 23 per cent, in a single day. But in truth, last Friday's sell-off, which caused the bluechip index to give up on a percentage basis only a tenth as much as investors lost in the infamous Black Monday crash 20 years ago, was more reminiscent of much more recent history, namely the early weeks of last August, when the unknowns of the ramifications of the burgeoning global credit crisis were turning investors' euphoria over new record highs in the US equity markets into fear, uncertainty and the risk aversion that goes with it. |
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Pinnacle
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22-Oct-2007 08:46
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Wall Street Hopes for Upbeat Earnings To Get Back on Track, Wall Street Hopes New Round of 3Q Earnings Will Offer Upbeat News NEW YORK (AP) -- Lukewarm third-quarter earnings reports to date imply that corporate America has some thorny problems. For the stock market to get back on track, this week's releases will have to offer Wall Street some more upbeat news.
Last week's batch of earnings reports, along with some downgrades from Standard & Poor's on mortgage-backed securities, indicated credit tightness lasted well after summer ended. That suggests the fourth-quarter comeback Wall Street bet on when it hit record highs earlier this month may not happen.
It wasn't only banks and housing-related companies that revealed troubles last week. Big Dow components including 3M Co., Honeywell Inc., and Caterpillar Inc. posted third-quarter profit rises, but their outlooks were much dimmer than anticipated. On Friday, stocks sold off. The Dow Jones industrial average ended the week down 4.05 percent, the Standard & Poor's 500 index finished down 3.92 percent, and the Nasdaq composite index ended 2.87 percent lower. This week, given Citigroup Inc.'s 57 percent drop in profit and Bank of America Corp.'s 32 percent decline, investors are going to be interested in how brokerage Merrill Lynch fared during the recent credit squeeze, which peaked in August. They will also be curious about technology names like Apple Inc., Microsoft Corp. and Motorola Inc.; until recently, tech stocks had been the stock market's darlings. Companies that depend on the housing market will be scrutinized closely, too. Homebuilder Pulte Homes Inc. and mortgage lender Countrywide Financial Corp. release third-quarter earnings this week. Other Dow components reporting earnings include American Express Co., DuPont Co., Boeing Co. and AT&T Inc. Not many investors are expecting the housing market to bounce back soon. On Wednesday, the National Association of Realtors is expected to report that existing home sales in September fell. On Thursday, the Commerce Department is anticipated to show that September new home sales also declined. The market hopes the broader economy is strong enough to keep growing, though, despite housing's drag. A key measure of overall business spending -- the Commerce Department's report on durable goods orders -- is expected to show a rise in demand in September after August's drop. All the corporate and economic data will be scrutinized by the Federal Reserve, which meets Oct. 30-31 to decide interest rate policy. On Sept. 18, the Fed cut rates for the first time in four years after determining that the housing market and problems in the financial markets posed bigger risks to the economy than inflation. Core inflation -- which strips out volatile food and energy prices -- is mild, but crude-oil prices have been surging to record highs amid a weakening dollar. That could cause policy makers to think twice about another rate cut, dashing hopes in the market for cheaper borrowing costs that would reinvigorate the stock and credit markets. |
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Pinnacle
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22-Oct-2007 00:48
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RPT-Wall St Week Ahead: Slowdown signs eyed in earnings flood NEW YORK, Oct 21 (Reuters) - U.S. stock investors looking to recoup from the worst week in almost three months will have to keep one eye out for signs of weakness in the tidal wave of earnings due this week and the other on the threat surging oil prices pose to the economy and profits. Nearly a third of the S&P 500 components will report their quarterly results this week, following a rockier-than-usual kickoff to the season. So far, of the 131 companies that have already reported, more than 25 percent have missed Wall Street's profit targets. That is more than twice the level of earnings misses at the same time last year, according to Reuters Estimates. "Obviously, there is a fairly heavy earnings calendar next week and continued earnings misses will certainly make analysts take down their earnings estimates for the next quarter." said Tim Biggam, lead option strategist at online brokerage thinkorswim.com, in Chicago. A VERY GLOOMY CATERPILLAR Among some of the more troublesome warnings from Corporate America last week was the comment from Caterpillar Inc's chief financial officer that there is a 50 percent chance the United States will fall into a recession in 2008 and pessimistic remarks from diversified manufacturer 3M Co (MMM.N: Quote, Profile, Research) on Friday that showed housing woes have spilled into the industrial sectors. Caterpillar's earnings, plus a much wider-than-expected earnings miss by Bank of America Corp (BAC.N: Quote, Profile, Research), cast a pall on Wall Street and sent the Dow Jones industrial average (.DJI: Quote, Profile, Research) down 2.64 percent on Friday, while the Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) slid 2.56 percent and the Nasdaq Composite Index (.IXIC: Quote, Profile, Research) lost 2.65 percent. Still, the Dow is only about 676 points off its record high set on Oct. 11. On Friday, the interest-rate futures market indicated the chance of a Halloween rate cut from the Fed was 98 percent -- up from only 32 percent a week ago. The Federal Reserve's next policy-making meeting is set for Oct. 30-31. The announcement of the Fed's decision is expected on the 31st, which is, of course, Halloween. For the past week, the Dow fell 4.1 percent, the S&P 500 slipped 3.9 percent and the Nasdaq lost 2.9 percent. Still, for the year to date, the three major U.S. stock indexes are still in positive territory: The Dow is up 8.5 percent, the S&P 500 is up 5.8 percent, and the Nasdaq is 12.8 percent higher. CRITICAL TIME "The next week or two are critical, they're going to set the tone for the fourth quarter and the beginning of 2008," said Bill Strazzullo, partner and chief market strategist at Bell Curve Trading, in Boston. "If all the talk about recession, a slowdown in consumer spending, continued weakness in housing, soft labor market, if all that is true, you can't continue to trade at or around these all-time highs," Strazzullo said. Among the Dow mega-caps set to reveal their quarterly results this week are credit-card issuer American Express Co (AXP.N: Quote, Profile, Research) and drug maker Merck & Co Inc (MRK.N: Quote, Profile, Research) on Monday, AT&T Inc (T.N: Quote, Profile, Research) and chemical maker DuPont (DD.N: Quote, Profile, Research) on Tuesday, jet manufacturer Boeing Co (BA.N: Quote, Profile, Research) on Wednesday, and Microsoft Corp (MSFT.O: Quote, Profile, Research) on Thursday. Technology bellwether Apple Inc (AAPL.O: Quote, Profile, Research) will release its earnings report on Monday. The tech sector has been largely immune to the profit woes that have hurt groups such as the industrials and financials since its fortunes are not tied to the housing market. "Technology has been doing quite well," said John Praveen, chief investment strategist at Prudential International Investments Advisers LLC, in Newark, New Jersey. "Look at the relative performance of Nasdaq." Since the end of June, the Nasdaq has risen 4.68 percent -- or 5-1/2 times the gain in the Dow, which has added 0.85 percent -- and sharply outperforming the S&P 500, which has dipped 0.18 percent. COUNTRYWIDE SKELETON WATCH Sector-wise, energy and technology are the leaders for that period, while financials and consumer discretionary, which includes home builders, are at the back of the pack. Those groups could fall further behind if Countrywide Financial Corp (CFC.N: Quote, Profile, Research), the country's largest mortgage lender, lets any more skeletons out of the closet when it releases quarterly results on Friday. Last week Countrywide said September mortgage lending fell 44.3 percent and delinquencies rose to 5.85 percent. Countrywide's shares are down 63 percent this year. Other beleaguered companies set to report are home builders Centex Corp (CTX.N: Quote, Profile, Research) on Tuesday and Pulte Homes Inc (PHM.N: Quote, Profile, Research) on Wednesday. Both are expected to report a loss. The housing sector will get even more scrutiny as existing and new home sales figures are scheduled for release on Wednesday and Thursday, respectively. "Data on the housing front has been showing that things are getting worse," Praveen said. "The market will be looking at whether it is deteriorating further or bottoming here." WHAT'S SCARY? OIL AT $100 Commodities will be closely watched after Dow component Honeywell International Inc (HON.N: Quote, Profile, Research), another wide-ranging industrial conglomerate, said higher raw material prices are starting to take a toll. Oil reached a record of $90.07 on Friday as a weakened U.S. currency made crude, which is priced in dollars, more attractive to overseas investors. Tensions between Turkey and Kurdish rebels in northern Iraq were also propping up the price of crude. People are "already talking about $100 a barrel. It's not 'if' but 'when.' There will be a very, very negative reaction in equities if we see that," Praveen said. "One hundred dollars means that current oil prices are where they were in 1972 in inflation-adjusted terms. That's when the fears of a U.S. recession will come to the forefront." |
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