S&P 500 FINANCIALS INDEX
Value 213.97
Change -0.34 (-0.2%)
The MLP index rose a fraction in the 379s, 5 below its recent record, & the REIT index was up 1 to 236. Junk bond funds & Treasuries were flat. Commodities are also doing little.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month 0.06%
U.S. 2-year 0.66%
U.S. 10-year 3.37%
CLK11.NYM ...Crude Oil May 11 ...107.15 ....0.03 (0.03%)
GCJ11.CMX ....Gold Apr 11 .........1,492.90 .....0.60 (0.04%)
Photo: Bloomberg
Builders broke ground on more new homes last month, giving the weak housing market a slight boost at the start of the spring buying season. Home construction rose 7.2% in Mar from Feb to an annual rate of 549K units according to the Commerce Dept. Building permits, an indicator of future construction, rose 11.2% after hitting a 5-decade low in Feb. Still, the building pace is far below the 1.2M units yearly rate considered healthy. A sign of the battered industry is the number of new homes finished & ready to sell dropped in Mar to a 509K pace units, the lowest level on records dating back to 1968. Housing remains stuck in the mud.
Housing Starts in U.S. Increased 7.2% in March to 549,000 Pace
Photo: Bloomberg
Johnson & Johnson (JNJ), a Dow stock & Dividend Aristocrat, reported stronger than expected revenue & earnings for Q1, helped by the weaker dollar & higher sales of prescription drugs. JNJ raised its 2011 profit view, despite recalls that have battered sales of its consumer medicines. EPS for Q1 was $1.25, below $1.62 last year when there were substantial tax gains. Excluding special items, JNJ earned $1.35, topping forecasts of $1.26. Sales rose 3.5% to $16.17B, above $15.84B estimated. More than 300M packages of Tylenol & other consumer medicines have been recalled in the past 16 months. Global sales of consumer products fell 2.2% to $3.68M, with US revenue tumbling 14% to $1.35, an improvement from a 29% decline in US sales seen in Q4 2010. JNJ did not make any reference to reports that it is negotiating to acquire Swiss medical device maker Synthes for about $20B, which would be the biggest deal in its history. J&J said it now expects earnings of $4.90-5.00 for 2011, up from its earlier view of $4.80-4.90. The stock liked the news & jumped $1.88 to $62.33.
J&J Says Profit Fell 23% on Consumer Drug, Hip Recalls
Johnson & Johnson (JNJ)
This is shaping up as another quiet day, maybe a quiet week. Dow is muddling along at its 3 week lows & early word is that earnings season is not getting a lot of notice.
Dow Industrials (INDU)
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