Post Reply
2501-2520 of 8312
U.S. Stocks Rally on Intel Forecast, Manufacturing Improvement
By Whitney Kisling
July 15 (Bloomberg) -- U.S. stocks rose, extending a global rally, after Intel Corp. forecast sales that beat analysts’ estimates and New York manufacturing shrank at the slowest pace in more than a year. Treasuries fell for a third day and the dollar and yen also dropped.
Intel rallied 7.3 percent, the most since March, after saying computer makers are boosting chip orders in anticipation of increased demand in the second half. Exxon Mobil Corp. and Alcoa Inc. climbed as crude and metal prices increased. General Electric Corp. and Caterpillar Inc. led industrial shares higher as the Federal Reserve’s New York economic index spurred optimism the worst of the manufacturing slump is over.
The Standard & Poor’s 500 Index added 2.3 percent to 926.04 at 12:27 p.m. in New York, extending its biggest three-day advance in six weeks. The Dow Jones Industrial Average climbed 184.78 points, or 2.2 percent, to 8,544.27. The MSCI World Index of 23 developed nations surged 2.5 percent.
“It looks like we want to trend higher in this earning season,” said Peter Kenny, managing director in institutional sales at Knight Equity Markets in Jersey City, New Jersey. “The fact that Intel and Goldman Sachs, two enormous players globally, have positive numbers and positive surprises does give the market some buoyancy.”
The S&P 500 has risen 5.3 percent so far this week as better-than-estimated retail sales boosted consumer shares and companies from Goldman Sachs Group Inc. to Johnson & Johnson reported earnings that beat analysts’ estimates.
Rebound From March Low
The benchmark index for U.S. equities has rallied 37 percent from its 12-year low on March 9 amid speculation the economic contraction is slowing. It rose above its average price over the past 50 sessions today for the first time in eight trading days.
Earnings have topped estimates by an average 20 percent for the 16 companies in the S&P 500 that have released second- quarter results since July 8, according to data compiled by Bloomberg. Analysts estimate profits slumped an average 35 percent in the period and will decrease 21 percent from July through September, according to data compiled by Bloomberg.
Intel climbed 7.3 percent to $18.05, the highest level since October. The chipmaker forecast third-quarter revenue will reach as much as $8.9 billion. Analysts projected $7.86 billion, based on the average of estimates compiled by Bloomberg. Microsoft Corp., the world’s largest software maker, jumped 2.9 percent to $23.78.
Tech Rally
Advanced Micro Devices Inc., the second-largest maker of personal-computer processors, advanced 9.5 percent to $3.89, climbing the most since May 4.
Cisco Systems Inc. rallied 4.1 percent to $19.50. The largest maker of networking equipment was given a “buy” recommendation in new coverage at Citigroup Inc., which said “we expect the shares to outperform in the early stages of an economic recovery.”
Exxon gained 1.8 percent to $67.39. Crude oil rose for the first time in four days after a report showed a bigger-than- forecast contraction in U.S. inventories contracted.
Alcoa, the largest U.S. aluminum producer, gained 4.3 percent to $10. Freeport-McMoRan Copper & Gold Inc., the world’s biggest publicly traded copper producer, increased 4.4 percent to $50.32.
A gauge of industrial shares added 2.7 percent after the Fed Bank of New York’s July general economic index climbed to minus 0.6, the highest level since April 2008, from minus 9.4 the prior month. Economists in a Bloomberg survey had estimated a reading of minus 5. Readings below zero for the Empire State index signal manufacturing activity is contracting.
Financials Advance
S&P 500 financial shares gained 3.2 percent collectively for the second-steepest advance among 10 industries following technology.
American Express Co. added 6.1 percent to $25.96. The shares have almost tripled since hitting a 14-year low on March 6, the session before the S&P 500 slid to a 12-year low.
At 2:00 p.m., the Fed will release minutes of its June meeting, which will include policy makers’ most recent forecasts for growth, inflation and unemployment, plus their discussion of monetary policy.
Investor sentiment for U.S. stocks fell to the lowest level since March and confidence in equities around the world declined as prospects for the global economy worsened in June, according to a survey of Bloomberg users.
Confidence Slips
The Bloomberg Professional Confidence Survey’s measure for the S&P 500 dropped 14 percent to 39.59 in July, its second consecutive drop. Readings below 50 show participants expect equity prices will decrease in the next six months.
The rebound in the S&P 500 since March 9 shows few hallmarks of a bull market and stocks will probably stagnate for years, ISI Group Inc.’s Jeffrey deGraaf said.
The S&P 500 is at a level it first surpassed in 1997 even after the steepest quarterly advance in a decade, and is down 43 percent from its October 2007 record, according to data compiled by Bloomberg. The main benchmark for American equities probably will continue to make “no net price progress” for at least two more years, deGraaf, who was the top-ranked technical analyst in Institutional Investor magazine’s poll for the past four years, said in an interview.
Janus Capital Group Inc. slid the most in the S&P 500, losing 6.1 percent to $10.49, after Gary Black resigned as chief executive officer. He spent more than three years trying to rebuild the mutual-fund company and cut the pay and influence of individual investment managers before his resignation.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net. Last Updated: July 15, 2009 12:30 EDT
By Whitney Kisling
July 15 (Bloomberg) -- U.S. stocks rose, extending a global rally, after Intel Corp. forecast sales that beat analysts’ estimates and New York manufacturing shrank at the slowest pace in more than a year. Treasuries fell for a third day and the dollar and yen also dropped.
Intel rallied 7.3 percent, the most since March, after saying computer makers are boosting chip orders in anticipation of increased demand in the second half. Exxon Mobil Corp. and Alcoa Inc. climbed as crude and metal prices increased. General Electric Corp. and Caterpillar Inc. led industrial shares higher as the Federal Reserve’s New York economic index spurred optimism the worst of the manufacturing slump is over.
The Standard & Poor’s 500 Index added 2.3 percent to 926.04 at 12:27 p.m. in New York, extending its biggest three-day advance in six weeks. The Dow Jones Industrial Average climbed 184.78 points, or 2.2 percent, to 8,544.27. The MSCI World Index of 23 developed nations surged 2.5 percent.
“It looks like we want to trend higher in this earning season,” said Peter Kenny, managing director in institutional sales at Knight Equity Markets in Jersey City, New Jersey. “The fact that Intel and Goldman Sachs, two enormous players globally, have positive numbers and positive surprises does give the market some buoyancy.”
The S&P 500 has risen 5.3 percent so far this week as better-than-estimated retail sales boosted consumer shares and companies from Goldman Sachs Group Inc. to Johnson & Johnson reported earnings that beat analysts’ estimates.
Rebound From March Low
The benchmark index for U.S. equities has rallied 37 percent from its 12-year low on March 9 amid speculation the economic contraction is slowing. It rose above its average price over the past 50 sessions today for the first time in eight trading days.
Earnings have topped estimates by an average 20 percent for the 16 companies in the S&P 500 that have released second- quarter results since July 8, according to data compiled by Bloomberg. Analysts estimate profits slumped an average 35 percent in the period and will decrease 21 percent from July through September, according to data compiled by Bloomberg.
Intel climbed 7.3 percent to $18.05, the highest level since October. The chipmaker forecast third-quarter revenue will reach as much as $8.9 billion. Analysts projected $7.86 billion, based on the average of estimates compiled by Bloomberg. Microsoft Corp., the world’s largest software maker, jumped 2.9 percent to $23.78.
Tech Rally
Advanced Micro Devices Inc., the second-largest maker of personal-computer processors, advanced 9.5 percent to $3.89, climbing the most since May 4.
Cisco Systems Inc. rallied 4.1 percent to $19.50. The largest maker of networking equipment was given a “buy” recommendation in new coverage at Citigroup Inc., which said “we expect the shares to outperform in the early stages of an economic recovery.”
Exxon gained 1.8 percent to $67.39. Crude oil rose for the first time in four days after a report showed a bigger-than- forecast contraction in U.S. inventories contracted.
Alcoa, the largest U.S. aluminum producer, gained 4.3 percent to $10. Freeport-McMoRan Copper & Gold Inc., the world’s biggest publicly traded copper producer, increased 4.4 percent to $50.32.
A gauge of industrial shares added 2.7 percent after the Fed Bank of New York’s July general economic index climbed to minus 0.6, the highest level since April 2008, from minus 9.4 the prior month. Economists in a Bloomberg survey had estimated a reading of minus 5. Readings below zero for the Empire State index signal manufacturing activity is contracting.
Financials Advance
S&P 500 financial shares gained 3.2 percent collectively for the second-steepest advance among 10 industries following technology.
American Express Co. added 6.1 percent to $25.96. The shares have almost tripled since hitting a 14-year low on March 6, the session before the S&P 500 slid to a 12-year low.
At 2:00 p.m., the Fed will release minutes of its June meeting, which will include policy makers’ most recent forecasts for growth, inflation and unemployment, plus their discussion of monetary policy.
Investor sentiment for U.S. stocks fell to the lowest level since March and confidence in equities around the world declined as prospects for the global economy worsened in June, according to a survey of Bloomberg users.
Confidence Slips
The Bloomberg Professional Confidence Survey’s measure for the S&P 500 dropped 14 percent to 39.59 in July, its second consecutive drop. Readings below 50 show participants expect equity prices will decrease in the next six months.
The rebound in the S&P 500 since March 9 shows few hallmarks of a bull market and stocks will probably stagnate for years, ISI Group Inc.’s Jeffrey deGraaf said.
The S&P 500 is at a level it first surpassed in 1997 even after the steepest quarterly advance in a decade, and is down 43 percent from its October 2007 record, according to data compiled by Bloomberg. The main benchmark for American equities probably will continue to make “no net price progress” for at least two more years, deGraaf, who was the top-ranked technical analyst in Institutional Investor magazine’s poll for the past four years, said in an interview.
Janus Capital Group Inc. slid the most in the S&P 500, losing 6.1 percent to $10.49, after Gary Black resigned as chief executive officer. He spent more than three years trying to rebuild the mutual-fund company and cut the pay and influence of individual investment managers before his resignation.
To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net. Last Updated: July 15, 2009 12:30 EDT
my boss sold some dow.... some BAC.... zinc still holding... hehe.... 
Must be handon girlfriend or wife lah......
Is it handon??
Peg_li ( Date: 15-Jul-2009 22:34) Posted:
|
Always hear you said your boss told you this n that.what does your boss do?from your words, you admire your boss very much n aslo trust him very much.would you like to disclose about your boss?
handon ( Date: 15-Jul-2009 22:07) Posted:
|
my boss said 8.5 is not a resistance.... 8.8 is.....
still got room to go.... dow will not go stunt... hehe....
I prefer a powerful 2nd half. Now let DOW warm up first.
Hope 2nd half is a strong one. Cheer.
idesa168 ( Date: 15-Jul-2009 21:33) Posted:
|
my boss is happy as BAC up a bit.... > 13.5 later.... hehe....