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Dun think STI will drop tomorrow even if unless DOW slump tonite... today afternoon, lots of buyers rushed innto "snatch" blue chip....i suspect it is fund manager. And when they play, the mkt go wild....
U.S. Stock Futures Drop as Office Depot, Coach, Citigroup Fall
By Lynn Thomasson
July 28 (Bloomberg) -- U.S. stock futures dropped after a two-week rally pushed the Standard & Poor’s 500 Index to its most expensive level relative to earnings since September and companies from Office Depot Inc. to Coach Inc. posted worse- than-estimated results.
Office Depot, the second-largest business-supply retailer, tumbled 13 percent following its quarterly loss that was almost twice as bad as projected. Coach, the biggest U.S. maker of luxury leather handbags, fell 7.1 percent as sales trailed estimates. Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. declined after Deutsche Bank AG, Germany’s biggest lender, set aside more money for bad loans than analysts estimated.
S&P 500 futures expiring in September retreated 0.7 percent to 972.90 at 8:38 a.m. in New York. Dow Jones Industrial Average Index futures slipped 52 points, or 0.6 percent, to 9,018. Europe’s Dow Jones Stoxx 600 Index slumped 0.5 percent.
The S&P 500 and Dow average have surged 12 percent since July 10 after companies including Caterpillar Inc. and 3M Co. reported earnings that beat forecasts and a gain in existing home sales added to signs the recession is easing. The rally left the S&P 500 trading at 16.23 times its companies profits at the end of last week, according to data compiled by Bloomberg.
“Earnings reports are driving the market,” said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, which oversees about $615 million. “Even if we are seeing a stock market rebound, what’s lacking is the confirmation of an economic recovery in the U.S. That’s limiting optimism.”
Economic Reports
Home prices in 20 major U.S. metropolitan areas probably fell at a slower pace in May, another sign the market is stabilizing, economists said before a report at 9 a.m. in New York. At 10 a.m., a report from the Conference Board may show its consumer confidence index declined to 49 in July from 49.3 the prior month, economists predicted.
Office Depot plunged 13 percent to $4.65. It reported a second-quarter loss excluding some items of 22 cents a share. The average estimate of analysts was a loss of 12 cents.
Coach retreated 7.1 percent to $26.40. The retailer said sales declined 0.5 percent to $777.7 million, missing analysts’ estimates, as mounting job losses and declining home values discourage shoppers from purchasing non-necessities.
Deutsche Bank sank 8.6 percent to $67.51. The Frankfurt- based lender said it set aside 1 billion euros ($1.4 billion) for risky loans in the second quarter, exceeding the 634 million euro estimate of analysts. Deutsche Bank also predicted a further increase in private and corporate insolvencies.
Banks Decline
Wells Fargo fell 0.7 percent to $24.06. Citigroup lost 1.1 percent to $2.66.
Bank of America dropped 0.4 percent to $13.04. The Wall Street Journal said the lender plans to close about 10 percent of its 6,100 branches as more people shift to online and mobile banking.
Amgen Inc., the largest biotechnology company, rose 2.9 percent to $62.53 after earnings beat analysts’ predictions as it cut research costs and increased sales of its arthritis drug Enbrel. Amgen also raised its full-year earnings forecast.
Sprint Nextel Corp. and International Business Machines Corp. announced takeovers today. Sprint, the third-largest U.S. wireless carrier, said it will buy Virgin Mobile USA Inc. for $483 million, or $5.50 a share. IBM, the world’s biggest computer-services provider, said it will purchase SPSS Inc. for about $1.2 billion, or $50 a share, to gain analytics software.
Almost 76 percent of S&P 500 companies that have reported second-quarter results topped analysts’ estimates. That would be the highest rate ever for a full quarter, Bloomberg data going back to 1993 show. Per-share profits have dropped 23 percent on average, according to Bloomberg data.
By Lynn Thomasson
July 28 (Bloomberg) -- U.S. stock futures dropped after a two-week rally pushed the Standard & Poor’s 500 Index to its most expensive level relative to earnings since September and companies from Office Depot Inc. to Coach Inc. posted worse- than-estimated results.
Office Depot, the second-largest business-supply retailer, tumbled 13 percent following its quarterly loss that was almost twice as bad as projected. Coach, the biggest U.S. maker of luxury leather handbags, fell 7.1 percent as sales trailed estimates. Wells Fargo & Co., Citigroup Inc. and Bank of America Corp. declined after Deutsche Bank AG, Germany’s biggest lender, set aside more money for bad loans than analysts estimated.
S&P 500 futures expiring in September retreated 0.7 percent to 972.90 at 8:38 a.m. in New York. Dow Jones Industrial Average Index futures slipped 52 points, or 0.6 percent, to 9,018. Europe’s Dow Jones Stoxx 600 Index slumped 0.5 percent.
The S&P 500 and Dow average have surged 12 percent since July 10 after companies including Caterpillar Inc. and 3M Co. reported earnings that beat forecasts and a gain in existing home sales added to signs the recession is easing. The rally left the S&P 500 trading at 16.23 times its companies profits at the end of last week, according to data compiled by Bloomberg.
“Earnings reports are driving the market,” said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, which oversees about $615 million. “Even if we are seeing a stock market rebound, what’s lacking is the confirmation of an economic recovery in the U.S. That’s limiting optimism.”
Economic Reports
Home prices in 20 major U.S. metropolitan areas probably fell at a slower pace in May, another sign the market is stabilizing, economists said before a report at 9 a.m. in New York. At 10 a.m., a report from the Conference Board may show its consumer confidence index declined to 49 in July from 49.3 the prior month, economists predicted.
Office Depot plunged 13 percent to $4.65. It reported a second-quarter loss excluding some items of 22 cents a share. The average estimate of analysts was a loss of 12 cents.
Coach retreated 7.1 percent to $26.40. The retailer said sales declined 0.5 percent to $777.7 million, missing analysts’ estimates, as mounting job losses and declining home values discourage shoppers from purchasing non-necessities.
Deutsche Bank sank 8.6 percent to $67.51. The Frankfurt- based lender said it set aside 1 billion euros ($1.4 billion) for risky loans in the second quarter, exceeding the 634 million euro estimate of analysts. Deutsche Bank also predicted a further increase in private and corporate insolvencies.
Banks Decline
Wells Fargo fell 0.7 percent to $24.06. Citigroup lost 1.1 percent to $2.66.
Bank of America dropped 0.4 percent to $13.04. The Wall Street Journal said the lender plans to close about 10 percent of its 6,100 branches as more people shift to online and mobile banking.
Amgen Inc., the largest biotechnology company, rose 2.9 percent to $62.53 after earnings beat analysts’ predictions as it cut research costs and increased sales of its arthritis drug Enbrel. Amgen also raised its full-year earnings forecast.
Sprint Nextel Corp. and International Business Machines Corp. announced takeovers today. Sprint, the third-largest U.S. wireless carrier, said it will buy Virgin Mobile USA Inc. for $483 million, or $5.50 a share. IBM, the world’s biggest computer-services provider, said it will purchase SPSS Inc. for about $1.2 billion, or $50 a share, to gain analytics software.
Almost 76 percent of S&P 500 companies that have reported second-quarter results topped analysts’ estimates. That would be the highest rate ever for a full quarter, Bloomberg data going back to 1993 show. Per-share profits have dropped 23 percent on average, according to Bloomberg data.
NYSE: HIG, FYI oni hv xtra cash can vest for long, my view oni pls do own research before buying....:) cheers happy earning....
No no idesa has to finish her OT first.........
Haha, cheers pal, a lost is nothing. Try to get bk with other bet. Current market still quite bullish, still got chance fr u to get a counter to profit.
smartrader ( Date: 28-Jul-2009 20:50) Posted:
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you make better decision if you go home and refresh yourself..hehe
idesa168 ( Date: 28-Jul-2009 20:42) Posted:
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Maybe u make another bet tonight. Maybe u recoup yr loss............
Can have abalone....also
idesa168 ( Date: 28-Jul-2009 20:42) Posted:
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I am doing my OT tonight, now still in office. Anyone offer to send me pizza??
Same as all investor, i also hope that current bullish run is a lasting one.........and bring wealth to all investor.....
not cashing out even if it corrects (portfolio appreciated 60k since last week) - going for long . M&A and market consolidation will help the bull lives longer, hopefull the raging bull will roar in the year of Tiger when the economic recovery is broad based across the globe..
Emm Smartrader, fr the way u speak......
I guess u still yet to cash out some of yr profits.
Anyway , u right also (same as Hulumas). Nothing is fixed.
We still have more than 7hrs to determine the outcome.
All investor hope to gain, hope all gain & huat. Cheer pal.
smartrader ( Date: 28-Jul-2009 20:16) Posted:
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Do agreed with u, Hulumas. In this world nothing is fixed til the end result is out.
Hulumas ( Date: 28-Jul-2009 20:18) Posted:
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Open Dow at negative 53 while close later at positive about 53, that is common for Dow, we call it index wild positive sentiment fluctuation........ Ha. ha.. ha...
dealer0168 ( Date: 28-Jul-2009 20:04) Posted:
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if future is so easy to predict, nobody need to lose money... will test 9300..haha
Let view it as a healthy correction than......
Need a break fr STI also.
maxcty ( Date: 28-Jul-2009 20:10) Posted:
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wow..think tmr STI will drop alot i guess..my view only....
dealer0168 ( Date: 28-Jul-2009 20:04) Posted:
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Now Future Dow is showing: -53.00
I think today maybe the time fr the much waited healthy correction.
Dow Jones Future -32
U.S. Index Futures Decline; Caterpillar, American Express Fall
By Adria Cimino
July 28 (Bloomberg) -- U.S. stock futures fell as a higher forecast at Amgen Inc. failed to offset concern share prices have outpaced the economic outlook after the Standard & Poor’s 500 Index traded at its most expensive level since September.
Caterpillar Inc. and American Express Co., which have surged at least 22 percent since July 10, declined in Europe. Amgen, the largest biotechnology company, rose 2.4 percent after earnings beat analysts’ predictions. Veeco Instruments Inc. jumped 11 percent as its sales forecast exceeded estimates. Investors will also watch reports today on home prices in major U.S. cities and consumer confidence.
Futures on the S&P 500 retreated 0.2 percent to 977.70 as of 11:19 a.m. in London, after gaining as much as 0.1 percent earlier. Dow Jones Industrial Average Index futures slipped 0.1 percent to 9,057, while Nasdaq-100 Index futures decreased 0.2 percent to 1,597.
“Earnings reports are driving the market,” said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, which oversees about $615 million. “Analysts’ outlooks had been too pessimistic. Even if we are seeing a stock market rebound, what’s lacking is the confirmation of an economic recovery in the U.S. That’s limiting optimism.”
The S&P 500 and Dow average have surged 12 percent since July 10 after companies including Caterpillar and 3M Co. reported earnings that beat estimates and a gain in existing home sales added to signs the recession is easing. The rally left the S&P 500 trading at 16.23 times its companies profits at the end of last week, the most expensive level since September, according to Bloomberg data.
Rebound From Low
The benchmark index for U.S. equities has erased more than half its loss since the Sept. 15 collapse of Lehman Brothers Holdings Inc. The gauge has climbed 45 percent from a 12-year low on March 9 after the nation’s largest banks were profitable at the start the year and the government and Federal Reserve pledged $12.8 trillion to revive growth.
Amgen rallied 2.4 percent to $62.20 in early New York trading. The company said second-quarter profit rose 40 percent as it cut research costs and increased sales of its arthritis drug Enbrel. Amgen also raised its full-year earnings outlook.
Veeco Instruments surged 11 percent to $16.24. The maker of gear for chipmakers and data storage forecast full-year sales of at least $310 million, beating the average analyst estimate of $281.2 million.
Home Prices
Home prices in 20 major U.S. metropolitan areas probably fell at a slower pace in May, another sign the market is stabilizing, economists said ahead of a report at 9 a.m. New York time. At 10 a.m., a report from the Conference Board may show its consumer confidence index declined to 49 in July from 49.3 the prior month, economists predicted.
Caterpillar, the world’s largest maker of construction equipment, slipped 0.9 percent to $42.47 in Germany. The stock’s rally of more than 40 percent since July 10 has pushed its valuation to 11.73 times earnings as of the end of last week, the highest level since June 2008, according to Bloomberg data.
American Express, the biggest U.S. credit-card issuer by purchases, lost 0.7 percent to $28.19. The stock, up 22 percent since July 10, was valued at 15.21 times earnings, the most expensive level since 2007, based on weekly data.
Viacom Inc., owner of MTV Networks and the Paramount Pictures film studio, and FPL Group Inc., the largest U.S. producer of wind power, are among companies scheduled to publish earnings today.
About 75 percent of S&P 500 companies that have reported second-quarter results topped analysts’ estimates so far, with per-share profits dropping 26 percent on average, according to Bloomberg data.
By Adria Cimino
July 28 (Bloomberg) -- U.S. stock futures fell as a higher forecast at Amgen Inc. failed to offset concern share prices have outpaced the economic outlook after the Standard & Poor’s 500 Index traded at its most expensive level since September.
Caterpillar Inc. and American Express Co., which have surged at least 22 percent since July 10, declined in Europe. Amgen, the largest biotechnology company, rose 2.4 percent after earnings beat analysts’ predictions. Veeco Instruments Inc. jumped 11 percent as its sales forecast exceeded estimates. Investors will also watch reports today on home prices in major U.S. cities and consumer confidence.
Futures on the S&P 500 retreated 0.2 percent to 977.70 as of 11:19 a.m. in London, after gaining as much as 0.1 percent earlier. Dow Jones Industrial Average Index futures slipped 0.1 percent to 9,057, while Nasdaq-100 Index futures decreased 0.2 percent to 1,597.
“Earnings reports are driving the market,” said Jacques Porta, a fund manager at Ofi Patrimoine in Paris, which oversees about $615 million. “Analysts’ outlooks had been too pessimistic. Even if we are seeing a stock market rebound, what’s lacking is the confirmation of an economic recovery in the U.S. That’s limiting optimism.”
The S&P 500 and Dow average have surged 12 percent since July 10 after companies including Caterpillar and 3M Co. reported earnings that beat estimates and a gain in existing home sales added to signs the recession is easing. The rally left the S&P 500 trading at 16.23 times its companies profits at the end of last week, the most expensive level since September, according to Bloomberg data.
Rebound From Low
The benchmark index for U.S. equities has erased more than half its loss since the Sept. 15 collapse of Lehman Brothers Holdings Inc. The gauge has climbed 45 percent from a 12-year low on March 9 after the nation’s largest banks were profitable at the start the year and the government and Federal Reserve pledged $12.8 trillion to revive growth.
Amgen rallied 2.4 percent to $62.20 in early New York trading. The company said second-quarter profit rose 40 percent as it cut research costs and increased sales of its arthritis drug Enbrel. Amgen also raised its full-year earnings outlook.
Veeco Instruments surged 11 percent to $16.24. The maker of gear for chipmakers and data storage forecast full-year sales of at least $310 million, beating the average analyst estimate of $281.2 million.
Home Prices
Home prices in 20 major U.S. metropolitan areas probably fell at a slower pace in May, another sign the market is stabilizing, economists said ahead of a report at 9 a.m. New York time. At 10 a.m., a report from the Conference Board may show its consumer confidence index declined to 49 in July from 49.3 the prior month, economists predicted.
Caterpillar, the world’s largest maker of construction equipment, slipped 0.9 percent to $42.47 in Germany. The stock’s rally of more than 40 percent since July 10 has pushed its valuation to 11.73 times earnings as of the end of last week, the highest level since June 2008, according to Bloomberg data.
American Express, the biggest U.S. credit-card issuer by purchases, lost 0.7 percent to $28.19. The stock, up 22 percent since July 10, was valued at 15.21 times earnings, the most expensive level since 2007, based on weekly data.
Viacom Inc., owner of MTV Networks and the Paramount Pictures film studio, and FPL Group Inc., the largest U.S. producer of wind power, are among companies scheduled to publish earnings today.
About 75 percent of S&P 500 companies that have reported second-quarter results topped analysts’ estimates so far, with per-share profits dropping 26 percent on average, according to Bloomberg data.
Not much change at -25.00 now.
Ooo time fr dinner. Back latter.