S&P 500 FINANCIALS INDEX
| Value 163.85 | Change -0.88 | % Change -0.5% |
MLPs continue on their roll. The Alerian MLP Index is up .80 to the 242s (only 100 below the peak 2 years ago in Jul). REITs & junk bond funds were down slightly & the 10 year Treasury bond yield slipped 2 basis points to 3.54%.
Alerian MLP Index --- 1 month
Oil continues on its winning ways.
| CLQ09.NYM | ...Crude Oil Aug 09 | ...64.70 | ... 0.72.......(1.1%) |
Martin Feldstein, professor of economics at Harvard & former head of the National Bureau of Economic Research, says that the stimulus package may give a short term boost to the economy but will fade, bringing a 2nd leg down for the recession.
Obama’s Stimulus Plan Slow to Trickle Through Economy
The CIT (CIT) drama plays on. After the excitement yesterday about saving CIT from bankruptcy, they are saying that didn't solve their financial problems. They need more than the $3B arranged for yesterday. Their first hurdle is paying off $1B of debt on Aug 17. They are proposing giving the bondholders 82½¢ on the dollar & they need 90% approval.
•CIT Group Says Existing Liquidity Not Enough to Make August Debt Payment
5 Dow stocks reported earnings with mixed results. Caterpillar (CAT) was the best performer, raising EPS guidance for 2009 from 1.25 to a range of 1.15 to 2.25 (a very wide range!). The 1.68 div is under review.
| Symbol | Last Trade | Change | Volume | Intraday | Related Info | ||
|---|---|---|---|---|---|---|---|
| MRK | 29.29 | 1.35 | 4.83% | 5,438,926 | Chart, Messages, Key Stats, More | ||
| UTX | 54.17 |  0.80 | 1.46% | 2,159,364 | Chart, Messages, Key Stats, More | ||
| DD | 28.15 | 0.18 | 0.64% | 2,842,150 | Chart, Messages, Key Stats, More | ||
| CAT | 40.82 | 4.17 | 11.38% | 20,913,315 | Chart, Messages, Key Stats, More | ||
| KO | 50.46 | 0.57 | 1.12% | 3,622,390 | Chart, Messages, Key Stats, More | ||
- Drugmaker Merck posts 12 percent drop in 2Q profit- AP
- United Tech profit down 23 percent, cuts '09 forecast- Reuters
- DuPont earnings sink, but cost cuts help- Reuters
- Caterpillar 2Q profit falls 66 pct on weak demand- AP
- Coca-Cola 2nd-quarter profit rises 43 percent- AP
Caterpillar --- 2 weeks
Dow is trying to extend its winning streak to 7 days. It's up, but only 15 are gainers in what is clearly an overbought market. Ben Bernanke is testifying before Congress, telling them that there are tentative signs of stabilization & rates will remain low for some time. A key problem is that low rates can not last, they will have to be brought back to traditional levels.
DOW JONES INDUS. AVG SNAPSHOT
1 YEAR
Dow Jones Industrials --- 2 months
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