Dow rose 55, advancers ahead ofr decliners 5-2 & NAZ was up 20. The Financial Index went up 1+ to the 197s, close to its recent highs. The MLP index was off a fraction in the 407s but the REIT index gained 1+ to the 243s. Junk bond funds rose again, near multi year highs (with lower yields) & Treasuries were mixed. The € was up a penny to $1.33+, a new 2012 high, rallying almost 3¢ in 2 weeks. Oil is resting after recent gains & gold is having another good day on bets the European debt mess mess continues.
Photo: Bloomberg
The claims for unemployment insurance payments last week held at a 4-year low, more evidence the labor market is improving. Applications for benefits were unchanged at 351K, the fewest since Mar 2008 according to the Labor Dept. The projection was 355K, marking the 4th straight week that the figures have been better than forecast. The 4-week moving averagedeclined to 359K, also the lowest since Mar 2008, from 366K. The number continuing to collect jobless benefits dropped 52K to 3.39M. Those who’ve used up traditional benefits & are now collecting emergency & extended payments decreased by 69K to 3.4M. The jobless numbers are looking good.
Jobless Claims in U.S. Point to Improving Labor Market
PM Papademos
Photo: Yahoo
The Greek parliament endorsed a debt swap with private bondholders that forms the core of its €130B bailout, despite new protests against tough budget cuts demanded in return for the rescue deal. The swap, in which private investors exchange their bonds for lower-value debt, will slice €100 ($132B) off Greece's debt, a vital part of the bailout plan aimed at cutting Greece's liabilities from 160% of GDP to 120.5% by 2020. Bailout II was approved by euro zone finance ministers on Tues, averting the threat of a messy bankruptcy but doing little to allay doubts about the country's long-term financial & social stability. "By approving this law, parliament will allow us to start getting out of the vortex," Finance Minister Venizelos said. "To succeed, we need to be united, serious, trustworthy, persistent and to work, work, work," he added. The gov says the offer must be made to bondholders by Fri & completed by Mar 12, before a Mar 20 deadline when €14.5B of debt repayments fall due. The debt mess deal is far from over
Greece Readies Debt Swap Under Bailout Deal
Photo: Yahoo
Hewlett-Packard posted a sharp decline in fiscal Q1 earnings & warned it would take several years to turn around its sprawling businesses. CEO Meg Whitman, who took over in Sep, requested investors to keep their patience & said a turnaround the size the company was efforting took considerable time. HPQ reported a decline in sales in 3 of its key units: personal computers, printers & enterprise equipment. There are multiple pressures that weigh on margins, including Japanese ¥ strength, competitive hardware pricing & the ongoing HP Services restructuring, are more than "one-quarter issues." Profit before some items in fiscal Q2 (ending in Apr) will be 88-91¢ HPQ said, less than the 95¢ current estimate. Sales in the PC group dropped 15% to $8.87B in fiscal Q1 as consumers held off on buying new machines. Revenue from servers, printers & storage gear also declined, suggesting Whitman’s attempts to reverse a sales slump aren’t yet taking hold. The company said consumers may wait to buy new PCs until Microsft (MSFT) releases Windows 8 later this year. The stock fell 1.66 (6%) & has a very dreary chart.
H-P Forecast Misses Estimates Amid Slump
The bulls have returned so they can make another attempt to take the Dow over 13K. The jobless data was good, but nothing new. The European debt mess is far form being resolved, but that does not deter stock buyers. 13K is proving to be an important ceiling for the Dow & it looks like the markets lacks the oomph to go over it.
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.081% | |
U.S. 2-year | 0.297% | |
U.S. 10-year | 2.016% |
| CLJ12.NYM | .....Crude Oil Apr 12 | ...105.89 | .... 0.39 | (0.4%) |
| GCG12.CMX... | Gold Feb 12 | .......1,780.60 | ... 10.60 | (0.6%) |
Get the latest daily market update below:
Photo: Bloomberg
The claims for unemployment insurance payments last week held at a 4-year low, more evidence the labor market is improving. Applications for benefits were unchanged at 351K, the fewest since Mar 2008 according to the Labor Dept. The projection was 355K, marking the 4th straight week that the figures have been better than forecast. The 4-week moving averagedeclined to 359K, also the lowest since Mar 2008, from 366K. The number continuing to collect jobless benefits dropped 52K to 3.39M. Those who’ve used up traditional benefits & are now collecting emergency & extended payments decreased by 69K to 3.4M. The jobless numbers are looking good.
Jobless Claims in U.S. Point to Improving Labor Market
Photo: Yahoo
The Greek parliament endorsed a debt swap with private bondholders that forms the core of its €130B bailout, despite new protests against tough budget cuts demanded in return for the rescue deal. The swap, in which private investors exchange their bonds for lower-value debt, will slice €100 ($132B) off Greece's debt, a vital part of the bailout plan aimed at cutting Greece's liabilities from 160% of GDP to 120.5% by 2020. Bailout II was approved by euro zone finance ministers on Tues, averting the threat of a messy bankruptcy but doing little to allay doubts about the country's long-term financial & social stability. "By approving this law, parliament will allow us to start getting out of the vortex," Finance Minister Venizelos said. "To succeed, we need to be united, serious, trustworthy, persistent and to work, work, work," he added. The gov says the offer must be made to bondholders by Fri & completed by Mar 12, before a Mar 20 deadline when €14.5B of debt repayments fall due. The debt mess deal is far from over
Greece Readies Debt Swap Under Bailout Deal
Hewlett-Packard posted a sharp decline in fiscal Q1 earnings & warned it would take several years to turn around its sprawling businesses. CEO Meg Whitman, who took over in Sep, requested investors to keep their patience & said a turnaround the size the company was efforting took considerable time. HPQ reported a decline in sales in 3 of its key units: personal computers, printers & enterprise equipment. There are multiple pressures that weigh on margins, including Japanese ¥ strength, competitive hardware pricing & the ongoing HP Services restructuring, are more than "one-quarter issues." Profit before some items in fiscal Q2 (ending in Apr) will be 88-91¢ HPQ said, less than the 95¢ current estimate. Sales in the PC group dropped 15% to $8.87B in fiscal Q1 as consumers held off on buying new machines. Revenue from servers, printers & storage gear also declined, suggesting Whitman’s attempts to reverse a sales slump aren’t yet taking hold. The company said consumers may wait to buy new PCs until Microsft (MSFT) releases Windows 8 later this year. The stock fell 1.66 (6%) & has a very dreary chart.
H-P Forecast Misses Estimates Amid Slump
Hewlett-Packard Company (HPQ)
The bulls have returned so they can make another attempt to take the Dow over 13K. The jobless data was good, but nothing new. The European debt mess is far form being resolved, but that does not deter stock buyers. 13K is proving to be an important ceiling for the Dow & it looks like the markets lacks the oomph to go over it.
Dow Industrials
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