Tuesday, April 19, 2011

Mixed markets on mixed news

Dow added 10, advancers ahead of decliners 3-2 & NAZ was off 4.  Bank stocks are doing little, awaiting more earnings reports.

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)

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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%)


Housing Starts in U.S. Rose 7.2% in March to 549,000 Pace

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


J&J Says Profit Fell 23% on Consumer Drug, Hip Recalls

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)

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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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