Dow went up 60 (but finished almost 100 below its highs), advancers over decliners 3-2 & NAZ added 17. Bank stocks led the retreat late in the day.
The MLP index rose to 391 & the REIT index was up 1+ to 236. Junk bond funds were mixed & Treasuries were a little higher on the confusing finanacial situation in Europe. Oil & gold benefited from intl tensions, although gold lost strength in PM trading.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
S&P 500 Financials Sector Index
| Value | 184.71 | |
| Change | -1.45 (-0.8%) |
The MLP index rose to 391 & the REIT index was up 1+ to 236. Junk bond funds were mixed & Treasuries were a little higher on the confusing finanacial situation in Europe. Oil & gold benefited from intl tensions, although gold lost strength in PM trading.
Alerian MLP Index
| Value | 391.11 | |
| Change | 3.57 (0.9%) |
Click below for the latest market update:
Today's 50 Top Trending Stocks
Treasury yields:
U.S. 3-month | 0.020% | |
U.S. 2-year | 0.217% | |
U.S. 10-year | 1.848% |
| CLG12.NYM | ...Crude Oil Feb 12 | ...100.66 | ... 1.96 | (2.0%) |
Kraft Foods, a Dow stock, will split in 2 this year & plans to eliminate 1600 jobs. The job cuts will take place in Noth America & about 40% are a result of reorganizing US sales. This is another dent in the economic recovery bringing more jobs for Americans. About 40% of the cuts will come from corp staff & 20% are vacancies that will remain unfilled. “When we announced our decision to create two world-class companies last August, we said both would be leaner, more competitive organizations,” CEO Rosenfeld said. “For the past year, the North American team has been working to streamline operations.” KFT is splitting up to help the snacks business push products into emerging markets & make additional acquisitions while the slower-growing, higher-margin grocery business expands in the US & returns cash to shareholders. In a seperate statement it said full-year operating income probably rose to at least $2.28, trailing the $2.29 estimate. The company previously said it would earn $2.27 a share, excluding a penny per share loss because of foreign-currency fluctuations. The stock was up 36¢.
Kraft to Cut 1,600 Jobs Ahead of Split
Kraft Foods Inc. (KFT)
Greece resumed talks with its intl debt inspectors, to avoid becoming the first country that uses the € to default on its debts. The debt inspectors face a massive task. They have to find even more ways to cut spending & raise revenue in a country that is increasingly seen as immune to fundamental reforms. They also have to set up a detailed policy & spending program for the next 2 years if Greece wants to have a chance at securing an extra €130B ($166B) in rescue loans. The inspectors from the IMF, ECB & European Commission, known as the 'troika,' are not the only foreign officials in town this week. While they go through the books, the gov is also locked in a battle to convince banks & other private bondholders to forgive half of the Greek debt they hold, an essential part of the 2nd rescue package. Meanwhile, the head of the EU task force for Greece is also in the capital, looking to streamline the country's sprawling bureaucracy, trying to improve lax tax collection & kickstart stalled infrastructure projects. This is morphing from a drama to a pending disaster.
Greece in race against time to avoid default AP
Photo: Boomberg
Carnival shares had a horrible day after its worst accident as CEO Micky Arison oversees the response 5000 miles away in Miami. Everybody is blaming the captain for getting too close to the island of Giglio. At least 11 dead & 24 missing. The stock plunged 4.68 (14%). A shorter term graph was used to better higlight the fall today.
Carnival Shares Drop as CEO Arison Oversees Shipwreck Response From Miami
The stock-market rally has driven short interest to a 9 month low & bearish sentiment is close to a 6-year low, a sign that few investors may be left to propel further gains. That's called a technical interpretation of the market, but it drove selling in the PM. The first few earnings reports do not inspire confidence, more disappointment may lie ahead. There are also plenty of macro issues to think about. The tax cut extension must be authorized in the next 40 days. But Congress is divided. A few months later, the debt ceiling has to be raised again & that will not come easily in the middle of a presidential election. If Dow wants to go higher, 12.8K is the next major barrier & that could be tough to crack.
Carnival Corporation (CCL)
The stock-market rally has driven short interest to a 9 month low & bearish sentiment is close to a 6-year low, a sign that few investors may be left to propel further gains. That's called a technical interpretation of the market, but it drove selling in the PM. The first few earnings reports do not inspire confidence, more disappointment may lie ahead. There are also plenty of macro issues to think about. The tax cut extension must be authorized in the next 40 days. But Congress is divided. A few months later, the debt ceiling has to be raised again & that will not come easily in the middle of a presidential election. If Dow wants to go higher, 12.8K is the next major barrier & that could be tough to crack.
Dow Industrials
Get your favorite symbols' Trend Analysis TODAY!
1 comment:
The first few earnings reports do not inspire confidence, more disappointment may lie ahead.
101 Insurance
Post a Comment