Dow was up 8, advancers & decliners were about equal & NAZ gained 6. The Financial Index was off fractionally to 215 (a 10 month high). The MLP index added a fraction in the 397s & the REIT index rose a fraction in the 253s (new yearly high territory). Junk bond funds were mixed or higher while Treasuries rebounded after recent selling. Oil & gold were flattish, but there is talk about releasing oil from the strategic reserves (more supply coming to market will reduce the price of crude oil & this is an election year).
Photo: Bloomberg
Consumers' confidence in the US economy dropped in Mar amid higher gas prices after confidence rose to the highest level in a year during the previous month. The Conference Board said that its Consumer Confidence Index fell to 70.2, down from a revised 71.6 in Feb. Expectations were for a reading of 70. Consumer confidence has made a recovery since it fell to an all-time low of 25.3 in Feb 2009. However the Mar reading is below the 90 reading that indicates a healthy economy & hasn't been near 90 since Dec 2007. The indexi s important because spending on things from clothing to health care accounts for 70% of the nation's economic activity.
Consumer Confidence in U.S. Holds Close to One-Year High
Pfizer, a Dow stock & the largest drugmaker, may go beyond the divestiture plans it has already announced. (exploring strategic alternatives for its animal health & nutrition businesses). CEO Read, at a recent meeting with Goldam Sachs (GS) indicated he may be willing to further split up the company after selling or spinning off those 2 units, This follows Abbott (ABT), a Dividend Aristocrat, plans to divide into 2 publicly traded companies, with one focused on drug development & the other on products including medical devices, infant formula & generics. “Ultimately, our decisions will be driven by value creation for the businesses and delivering the greatest after- tax value for our shareholders over time,” according to a PFE spokesman. Of the $67B in 2011 revenue, $18B fell under “established products” or “emerging markets.” The animal health & infant nutrition units that Pfizer is currently divesting had $6.3B in sales. The stock rose 47¢ & has had a nice run after the initial announcement about selling off units.
Pfizer Rises After Goldman Raises Possibility of Full Breakup
This is another day when not a lot is happening in the markets. The decline in consumer confidence is expected after the sharp rise in gas prices. Dow is within whispering distance of its 2 weeks ago & bulls want to take it higher. But the gains are coming with difficulty which I see as a very tired, overbought market
JPMorgan Chase Capital XVI (AMJ)
Treasury yields:
U.S. 3-month | 0.076% | |
U.S. 2-year | 0.327% | |
U.S. 10-year | 2.200% |
| CLK12.NYM | ...Crude Oil May 12 | ...106.72 | ... 0.31 | (0.3%) |
| GCH12.CMX | ...Gold Mar 12 | ........1,686.70 | ... 1.20 | (0.1%) |
Get the latest market update below:
Consumers' confidence in the US economy dropped in Mar amid higher gas prices after confidence rose to the highest level in a year during the previous month. The Conference Board said that its Consumer Confidence Index fell to 70.2, down from a revised 71.6 in Feb. Expectations were for a reading of 70. Consumer confidence has made a recovery since it fell to an all-time low of 25.3 in Feb 2009. However the Mar reading is below the 90 reading that indicates a healthy economy & hasn't been near 90 since Dec 2007. The indexi s important because spending on things from clothing to health care accounts for 70% of the nation's economic activity.
Consumer Confidence in U.S. Holds Close to One-Year High
Pfizer, a Dow stock & the largest drugmaker, may go beyond the divestiture plans it has already announced. (exploring strategic alternatives for its animal health & nutrition businesses). CEO Read, at a recent meeting with Goldam Sachs (GS) indicated he may be willing to further split up the company after selling or spinning off those 2 units, This follows Abbott (ABT), a Dividend Aristocrat, plans to divide into 2 publicly traded companies, with one focused on drug development & the other on products including medical devices, infant formula & generics. “Ultimately, our decisions will be driven by value creation for the businesses and delivering the greatest after- tax value for our shareholders over time,” according to a PFE spokesman. Of the $67B in 2011 revenue, $18B fell under “established products” or “emerging markets.” The animal health & infant nutrition units that Pfizer is currently divesting had $6.3B in sales. The stock rose 47¢ & has had a nice run after the initial announcement about selling off units.
Pfizer Rises After Goldman Raises Possibility of Full Breakup
Pfizer, Inc. (PFE)
This is another day when not a lot is happening in the markets. The decline in consumer confidence is expected after the sharp rise in gas prices. Dow is within whispering distance of its 2 weeks ago & bulls want to take it higher. But the gains are coming with difficulty which I see as a very tired, overbought market
Dow Industrials
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