S&P 500 FINANCIALS INDEX
| Value 162.16 | Change 0.77 | % Change 0.5% |
Bank of America (BAC), Dow stock, sold $13½B in stock to help increase capital as per instructions from the Federal Reserve. The bank also expects to add $10B from asset sales & another $7B from pretax profits. These figures are flexible, subject to market conditions. BAC is up 62¢ while other banks have pulled back.
Bank of America Raises $13.5 Billion Selling Shares
MLPs are strong again, the index is up 3.59 (another high for 2009) & knocking on the 220 ceiling. REITs & junk bonds are up while VIX dropped to 27, another yearly low.
Alerian MLP Index --- YTD
Oil cracked thru 60, getting into the 61s. Recently a trader pointed to 62 as being a significant upper limit to watch (i.e. going thru it would be very bullish for oil). The price of gas at the pump keeps rising (to the highest level in 2009) going into the first & important holiday weekend with a lot of car travel.
| CLN09.NYM | ...Crude Oil Jul 09 | ...61.41 | ... 1.31 .......(2.1%) |
| Regular | Mid | Premium | Diesel | 85 | **E85 MPG/BTU adjusted price | |
| Current Avg. | $2.334 | $2.478 | $2.566 | $2.296 | $1.922 | $2.529 |
| Yesterday Avg. | $2.314 | $2.458 | $2.546 | $2.292 | $1.915 | $2.520 |
| Week Ago Avg. | $2.267 | $2.407 | $2.493 | $2.284 | $1.890 | $2.487 |
| Month Ago Avg. | $2.058 | $2.186 | $2.263 | $2.272 | $1.770 | $2.329 |
| Year Ago Avg. | $3.800 | $4.036 | $4.181 | $4.539 | $3.170 | $4.172 |
| Highest Recorded Average Price: | ||
| Regular Unl. | $4.114 | 7/17/2008 |
| DSL. | $4.845 | 7/17/2008 |
source: AAA
Target (TGT), #2 US discount retailer, reported Q1 EPS below last year but profits were better-than-expected by analysts. The stock rose 1.41. TGT increased focus on food & pharmacy items, & the "Pay Less" side of its "Expect More," to appeal to customers who are economizing. Sales of food & commodity categories were strong. Total sales inched up to $14.4B from $14.3B last year, same-store-sales fell 3.7%. Meanwhile BJ's (BJ) reported sort of good numbers & raised full year guidance by 2¢ per share, but the stock slipped 1.11. My friend is a big supporter of BJ's & does what she can to help their sales.
Target First-Quarter Profit Tops Analysts’ Estimates
Markets have been slipping & sliding after a strong start. While writing this, I had to revise all price changes downward. That negative momentum may continue today.
Dow Jones Industrials --- 2 weeks
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