Dow fell 67, decliners over advancers 5-2 & NAZ was off 19. Bank stocks are in demand, taking the Financial Index up a fraction to 214.
The MLP index fell 1½ to 400 after yesterday's big day while the REIT index was flat at 253, its yearly high. Junk bond funds rose as did Treasuries following major selling last week. Oil dropped from the highest price in almost 3 weeks on signs US crude supply is rising & speculation that Saudi Arabia may boost output (from already high levels). Gold continues weak, hurt by India boosting taxes on gold purchases.
Photo: Bloomberg
The MLP index fell 1½ to 400 after yesterday's big day while the REIT index was flat at 253, its yearly high. Junk bond funds rose as did Treasuries following major selling last week. Oil dropped from the highest price in almost 3 weeks on signs US crude supply is rising & speculation that Saudi Arabia may boost output (from already high levels). Gold continues weak, hurt by India boosting taxes on gold purchases.
JPMorgan Chase Capital XVI (AMJ)
Treasury yieldds:
U.S. 3-month | 0.092% | |
U.S. 2-year | 0.371% | |
U.S. 10-year | 2.348% |
| CLJ12.NYM | .....Crude Oil Apr 12 | ...106.39 | ...... 1.70 | (1.6%) |
| GCH12.CMX | ...Gold Mar 12 | ........1,642.00 | ... 24.90 | (1.5%) |
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Greek bonds & credit ratings are factoring in bailout III that will require greater concessions from intl creditors. Within a week of bailout II, the IMF said Greece may require additional funding or a further debt restructuring. PIMCO, which runs the world’s biggest bond fund, said it remains “cautious” on euro-area gov debt even after the largest-ever sovereign refinancing because the risk remains that Greece will leave the single-currency area. The price of Greek bonds maturing in 2042 trade at 21.48¢ on the € with a yield of 15%. S&P rates the securities CCC, its 4th rank above default, citing questionable growth prospects, a weakening political consensus to implement budget cuts, & a “still large” debt burden. Yields on Portuguese bonds due in 2037 were at 11%, & are priced at 41.8¢. The securities are rated BB by S&P, 6 steps above the new Greek securities. The Greek ratio of debt to GDP will fall to 116% in 2020 from 165% last year if the nation’s “ambitious” program to overhaul the economy is implemented, according to a report posted on the website of the EU. Some say efforts should be made to push Greece’s debt level below 90% of GDP. Who said the Greek debt mess is over?
Greece’s Third Bailout Seen in Debt With Junk Grade: Euro Credit
Permits for homebuilding neared a 3½ year high in Feb, even as groundbreaking activity slipped. New building permits surged 5.1% to an annual rate of 717K units according to the Commerce Dept, the highest rate since Oct 2008 & exceeded expectations for an advance to a 690K pace from the Jan 682K rate. Housing starts slipped 1.1% to a rate of 698K units. Jan starts were revised up to a 706K unit pace from a previously reported 699K unit rate. Residential construction is expected to add to economic growth this year for the first time since 2005. While home building accounts for about 2.5% of GDP, it remains a major force in the economy because every house built creates 2.5 jobs. Sentiment among home builders held at a near 5-year high in Mar & they are optimistic about sales over the next 6 months. Housing starts last month were pulled down by a 9.9% drop in the construction of single-family homes - which account for a large portion of the market. Basically the news is less dreary than last year.
Housing in U.S. Heals With Starts Near Three-Year High: Economy
Photo: Yahoo
Tiffany Q4 profit slipped, as wealthy customers continued to buy its priciest items but demand for its more modest jewelry fell. The lower-than-expected earnings broke a 5-qtr streak of better-than-expected results. But the company was optimistic about prospects for 2012, predicting both higher profits & revenue. For fiscal Q4 ended Jan 31, EPS was $1.39, down from $1.41 in 2010. Results fell below expectations of $1.42. Revenue rose 7.8% to $1.19B, matching predictions. Revenue at stores open at least a year rose 5%, as the average price per unit sold increased, partially a result of higher metals & diamond costs that were passed on to customers. European sales increased just 3% to $142M. Asia-Pacific sales jumped 19% to $225M & Japan sales rose 12% to $204M. Sales in the Americas region rose 5% to $605M & same-store sales increased 3%. In the Americas, sales of items priced below $250 fell, while demand increased for higher priced product categories. For 2011, EPS was $3.40, up from $2.87 in 2010. Revenue rose to $3.64B from $3.09B. TIF projected a 2012 EPS of $3.95-$4.05, ahead of expectations of $3.93. Revenue is expected to rise about 10%, largely as a result of higher Asia-Pacific & Americas spending. The stock liked the report & rose $4.55 (6%).
Tiffany Jumps After Annual Profit Forecast Exceeds Estimates
Stocks are suffering from mild profit taking. Again, nothing dramatic is going on in the background. Apple (AAPL), fell 4 after yesterday's big run up. Dow is still looking positive, holding above 13K which the bulls like to see.
Greece’s Third Bailout Seen in Debt With Junk Grade: Euro Credit
Permits for homebuilding neared a 3½ year high in Feb, even as groundbreaking activity slipped. New building permits surged 5.1% to an annual rate of 717K units according to the Commerce Dept, the highest rate since Oct 2008 & exceeded expectations for an advance to a 690K pace from the Jan 682K rate. Housing starts slipped 1.1% to a rate of 698K units. Jan starts were revised up to a 706K unit pace from a previously reported 699K unit rate. Residential construction is expected to add to economic growth this year for the first time since 2005. While home building accounts for about 2.5% of GDP, it remains a major force in the economy because every house built creates 2.5 jobs. Sentiment among home builders held at a near 5-year high in Mar & they are optimistic about sales over the next 6 months. Housing starts last month were pulled down by a 9.9% drop in the construction of single-family homes - which account for a large portion of the market. Basically the news is less dreary than last year.
Housing in U.S. Heals With Starts Near Three-Year High: Economy
Tiffany Q4 profit slipped, as wealthy customers continued to buy its priciest items but demand for its more modest jewelry fell. The lower-than-expected earnings broke a 5-qtr streak of better-than-expected results. But the company was optimistic about prospects for 2012, predicting both higher profits & revenue. For fiscal Q4 ended Jan 31, EPS was $1.39, down from $1.41 in 2010. Results fell below expectations of $1.42. Revenue rose 7.8% to $1.19B, matching predictions. Revenue at stores open at least a year rose 5%, as the average price per unit sold increased, partially a result of higher metals & diamond costs that were passed on to customers. European sales increased just 3% to $142M. Asia-Pacific sales jumped 19% to $225M & Japan sales rose 12% to $204M. Sales in the Americas region rose 5% to $605M & same-store sales increased 3%. In the Americas, sales of items priced below $250 fell, while demand increased for higher priced product categories. For 2011, EPS was $3.40, up from $2.87 in 2010. Revenue rose to $3.64B from $3.09B. TIF projected a 2012 EPS of $3.95-$4.05, ahead of expectations of $3.93. Revenue is expected to rise about 10%, largely as a result of higher Asia-Pacific & Americas spending. The stock liked the report & rose $4.55 (6%).
Tiffany Jumps After Annual Profit Forecast Exceeds Estimates
Tiffany & Co. (TIF)
Stocks are suffering from mild profit taking. Again, nothing dramatic is going on in the background. Apple (AAPL), fell 4 after yesterday's big run up. Dow is still looking positive, holding above 13K which the bulls like to see.
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