Dow was higher all day, ending with a gain of 52, advancers ahead of decliner 4-3 while NAZ fell 6. Bank stocks had little movement as the Financial Index remained near breakeven all day.
The indices for MLPs & REITs had fractional changes & junk bond funds eked out gains. Treasuries barely moved, looking for new developments from Europe. Oil was essentially even & gold erased much of the AM losses.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
The Green Bay Packers are selling 250K shares to raise funds for redevelopment of its Lambeau Field. Each share is priced at $250. This sale is limited to 200 shares per person, an amount that includes shares bought in the team’s last stock offering, launched in 1997. The only divs for stockholders are bragging rights. There will be no monetary divs & the shares can’t be sold or transferred (other than handed on to immediate family members). For Packers fans, the sale is about declaring their allegiance. The Packers are the defending Super Bowl champions & flying high at 12-0 this season. This franchise is nonprofit & publicly owned. Before the offering, the franchise had about 112K stockholders owning 4¾M shares. The corp is governed by a board of directors & a 7-person executive committee. No individual is allowed to own more than 200K shares. This offering, set to run through Feb 29, is Green Bay’s 5th, following offerings in 1923, 1935, 1950 & 1997. Proceeds will help pay for a $143M project to add seats & amenities to Lambeau Field. This story is a good contrast compared with the crazy goings on in Europe.
Photo: Yahoo
Greece is set to pass next year's austerity budget, extending tough spending cuts measures that have already left Greeks struggling as the country tries to slash debts & pull itself out of a severe recession. The picture above shows blind demonstrators protesting budget cuts. The budget is expected to pass with an overwhelming majority in a midnight vote.
Enbridge Energy Partners will make an additional $145M investment in North Dakota to expand crude oil capacity & add a rail car loading facility to accommodate the additional volume. EEP will increase the holding capacity at the Berthold terminal by 80K barrels per day & add a double-loop unit-train facility, oil tanks & other terminal facilities next to its existing facilities. Already it has contractual commitments for 70% of the rail loading capacity & anticipates it will soon finalize agreements for the remaining portion. The project is expected to be ready by 2013. The expansion adds to ongoing efforts by EEP to accommodate a boom in oil production in the region. Its Bakken Expansion Program announced in 2010 is aimed at increasing the company's transport capacity by another 145K barrels of oil per day from fields in Montana, North Dakota & southeast Saskatchewan. The Bakken Expansion Program is expected to cost about $370M for the US projects & about $187M for the Canadian projects. There is no recession or high unemployment rates in this area. The units are having a lackluster year & slipped 16¢ today. There is also a comparable stock, EEQ, that tracks the unit & pays stocks divs, for those who don't need current income & want to avoid tax hassle associated with owning units.
Enbridge partnership to make $145M ND investmentAP
Tim Geithner backed a German-French push for closer economic cooperation in Europe, urging policy makers to work with central banks to erect a “stronger firewall” to end the debt crisis. That's about what is expected from him ahead of the big financial meeting his weekend. Meanwhile there is not a lot for the markets to do. Dow is lumbering along, but remains near the 12.2K ceiling which it fell thru at the end of Jul. Unless there is bombshell news (primarily coming from Europe), it will probably drift until it gets guidance from the European meeting on the debt crisis. There is a talk of bailout II in Europe but details are lacking including where the money will come from to pay for it.
Dow Jones Industrial Average
S&P 500 Financials Sector Index
| Value | 176.64 | |
| Change | -0.15 (-0.1%) |
The indices for MLPs & REITs had fractional changes & junk bond funds eked out gains. Treasuries barely moved, looking for new developments from Europe. Oil was essentially even & gold erased much of the AM losses.
AMZ Alerian MLP Index
DJR Dow Jones Equity REIT Index
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Treasury yields:
U.S. 3-month | 0.000% | |
U.S. 2-year | 0.254% | |
U.S. 10-year | 2.096% |
| CLF12.NYM | Crude Oil Jan 12 | 101.18 |  0.19 (0.2%) |
The Green Bay Packers are selling 250K shares to raise funds for redevelopment of its Lambeau Field. Each share is priced at $250. This sale is limited to 200 shares per person, an amount that includes shares bought in the team’s last stock offering, launched in 1997. The only divs for stockholders are bragging rights. There will be no monetary divs & the shares can’t be sold or transferred (other than handed on to immediate family members). For Packers fans, the sale is about declaring their allegiance. The Packers are the defending Super Bowl champions & flying high at 12-0 this season. This franchise is nonprofit & publicly owned. Before the offering, the franchise had about 112K stockholders owning 4¾M shares. The corp is governed by a board of directors & a 7-person executive committee. No individual is allowed to own more than 200K shares. This offering, set to run through Feb 29, is Green Bay’s 5th, following offerings in 1923, 1935, 1950 & 1997. Proceeds will help pay for a $143M project to add seats & amenities to Lambeau Field. This story is a good contrast compared with the crazy goings on in Europe.
Green Bay Packers Launch Stock Offering MarketWatch
Greece is set to pass next year's austerity budget, extending tough spending cuts measures that have already left Greeks struggling as the country tries to slash debts & pull itself out of a severe recession. The picture above shows blind demonstrators protesting budget cuts. The budget is expected to pass with an overwhelming majority in a midnight vote.
Enbridge Energy Partners will make an additional $145M investment in North Dakota to expand crude oil capacity & add a rail car loading facility to accommodate the additional volume. EEP will increase the holding capacity at the Berthold terminal by 80K barrels per day & add a double-loop unit-train facility, oil tanks & other terminal facilities next to its existing facilities. Already it has contractual commitments for 70% of the rail loading capacity & anticipates it will soon finalize agreements for the remaining portion. The project is expected to be ready by 2013. The expansion adds to ongoing efforts by EEP to accommodate a boom in oil production in the region. Its Bakken Expansion Program announced in 2010 is aimed at increasing the company's transport capacity by another 145K barrels of oil per day from fields in Montana, North Dakota & southeast Saskatchewan. The Bakken Expansion Program is expected to cost about $370M for the US projects & about $187M for the Canadian projects. There is no recession or high unemployment rates in this area. The units are having a lackluster year & slipped 16¢ today. There is also a comparable stock, EEQ, that tracks the unit & pays stocks divs, for those who don't need current income & want to avoid tax hassle associated with owning units.
Enbridge partnership to make $145M ND investmentAP
EEP Enbridge Energy Partners
Tim Geithner backed a German-French push for closer economic cooperation in Europe, urging policy makers to work with central banks to erect a “stronger firewall” to end the debt crisis. That's about what is expected from him ahead of the big financial meeting his weekend. Meanwhile there is not a lot for the markets to do. Dow is lumbering along, but remains near the 12.2K ceiling which it fell thru at the end of Jul. Unless there is bombshell news (primarily coming from Europe), it will probably drift until it gets guidance from the European meeting on the debt crisis. There is a talk of bailout II in Europe but details are lacking including where the money will come from to pay for it.
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