S&P 500 FINANCIALS INDEX
| Value 193.77 | Change -2.90 | % Change -1.4% |
The Alerian MLP Index dropped 1, back to the 290 plateau. The Dow Jones REIT Index fell 1+ to 179, failing again to get over the 181 Sep high. Junk bond funds hardly changed, hurt by the weak economic data but also sort of a safe haven investment for overseas investors. There was buying in Treasuries. The yield on the 10-year Treasury bond fell 5 basis points to 3.65%.
Alerian MLP Index --- 2 weeks
Dow Jones REIT Index --- 2 weeks
Oil just could not beak thru the 80 ceiling, it's heading back down to the 75 floor. Gold is hanging in fairly well given the turmoil, but bulls would like to see it above 1100.
| CLJ10.NYM | ...Crude Oil Apr 10 | ...77.83 | ...2.17 .......(2.7%) |
| Gold | ...1,094.10 | ___-3.10 | ___-0.3% |
Orders for durable goods shot up in Jan by the largest amount in 6 months, but the strength came from a surge in demand for commercial aircraft. Demand for autos, machinery & other products fell last month, manufacturing still facing hurdles. The Commerce Dept reported that orders for durable manufactured goods jumped 3% in Jan, however excluding transportation, durable goods, orders fell 0.6%, weaker than expected. The drop in orders excluding transportation followed solid gains of 2% in Dec & Nov.
•U.S. Durable Orders Ex-Aircraft Fall as Business-Equipment Demand Weakens
Bookings for durable goods - 1 year
Photo: Bloomberg
New claims for unemployment benefits jumped unexpectedly last week, mostly because state agencies processed a backlog of claims caused by snowstorms from the previous week. In addition, the severe weather also increased temporary layoffs in the weather-sensitive construction & transportation industries. The increase in claims underscored concerns that layoffs are no longer slowing as fast as they were in recent months. The Labor Dept said first-time claims for unemployment insurance rose by 22K to a seasonally adjusted 496K compared to an expected drop to 455K.
Jobless Claims in U.S. Unexpectedly Rose Last Week
New unemployment claims - 1 year
Photo: REUTERS/Lucas Jackson
Coca-Cola (KO), a Dow stock & Dividend Aristocrat) will buy its North American bottler, Coca-Cola Enterprises (CCE) in a substantially cashless deal that would cut costs & increase flexibility in its distribution. CCE's North American business accounts for 75% of its U.S. bottler-delivered sales volume & almost all of its Canadian bottler-delivered volume. Coke already owns a third of CCE worth $3.2B. The acquisition includes consideration of Coke's current stake, almost $9B of CCE debt & all North American assets & liabilities. In addition, the companies agreed in principle that CCE would buy Coke's bottling operations in Norway & Sweden for $822M & have the right to acquire the soft-drink maker's 83% equity stake in its German bottling operations after closing for fair value. CCE will pay its outside shareholders a special one-time dividend of $10 per share. CCE rose $6.40 as KO dropped $2 providing a more attractive opportunity for buying KO. I just published a Coca Cola article on Instablog at SeekingAlpha.com (link below) discussing KO's excellent track record of raising annual divs for almost 50 years.
http://seekingalpha.com/author/avi-morris
•Coca-Cola Buys Coca-Cola Enterprises' North America Unit for $12.3 Billion
Coca-Cola --- 2 years
Coca-Cola Enterprises - 2 Years
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Investors are having a tough time believing that this recovery is going well. Auto & retail sales will be reported next week & they may give more dreary data.
Dow Jones Industrials --- 2 weeks
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