Dow slipped 33, decliners just ahead of advancers & NAZ was up 3 due to another pop by Apple (see below). The Financial Index lost a smidgen in the 203s. The MLP index was up a fraction in the 392s & the REIT index rose fractionally to the 265s. Junk bond funds fell & Treasuries gained, taking the yield on the 10 year Treasury to a 2 week low. Oil dropped on the goings on with the tropical storm in the Gulf & gold fell on mild profit taking.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
Sales of existing homes climbed in Jul from an 8-month low, showing the cheapest mortgage rates on record are underpinning a market struggling to join the US economic recovery that began 3 years ago. Purchases increased 2.3% to a 4.47M annual rate, according to the National Association of Realtors. The forecast called for a rise to a 4.51M rate. Restrictive lending rules, a lack of inventory & lingering unemployment may be preventing a rebound to the 5-5½M sales pace that is expected in a “normal” market. The prior month’s pace was unrevised at 4.37M, the lowest since Oct. Compared with a year earlier, purchases increased 11%. The number of previously owned homes on the market climbed 1.3% to 2.4M. At the current sales pace, it would take 6.4 months to sell those houses compared with 6.5 months at the end of the prior month. A 6 months’ supply is considered “normal.”
U.S. Existing-Home Sales Rise From Eight-Month Low: Economy
After winning a more than $1B award from Samsung, Apple sought a ban on 8 models of the company’s smartphones, including its Galaxy S devices. In a court filing, AAPL urged Judge Lucy Koh to ban the sales of the Galaxy S 4G, S2 AT&T, S2 Skyrocket, S2 T-Mobile, S2 Epic 4G, S Showcase, the Droid Charge & the Prevail. Samsung may have to delay the release of new devices to change their designs, as it seeks to compete with the new iPhone & possibly a smaller iPad. AAPL won a ban on US. sales of Samsung’s Galaxy Tab 10.1 tablet in Jun that Samsubng said wouldn’t have a significant impact on its business. On Aug 26 Samsung sought to have the ban lifted after the jury found the company’s tablet computer didn’t infringe the AAPL design patent on which the Jun 26 court-ordered sales ban was based. The jury instead found that the Galaxy Tab 10.1 infringed on 3 of AAPL software patents. AAPL won less than half of what it sought in damages in the fight to dominate the global smartphone market, though Koh may later triple the damages against Samsung under federal law. The injunction will probably be more important than monetary damages. Samsung has used the free Android operating system by Google (GOOG), to build phones that propelled it to the #1 spot in the phone market. The jury rejected Samsung’s patent counterclaims & also determined that all AAPL patents at stake in the trial were valid. AAPL also won findings that Samsung devices diluted the value of its so-called trade dress, or how a product looks. Samsung will ask the judge to reverse the verdict. If Koh doesn’t overturn the award, Samsung said it will appeal. AAPL jumped $12 to $675.
Apple Seeks Ban on Sales of Eight Samsung Phones in U.S.
There is promise that the Alzheimer drug from Lilly may slow progression early in the disease, but doctors aren’t very impressed saying it could take years to find out for sure. LLY announced last week that its experimental treatment solanezumab failed to improve thinking skills, memory & function in a broad range of patients. At the same time, an unusual reanalysis of the data found the drug may slow mental decline in those with the mildest form of Alzheimer’s. About 5.4M Americans have Alzheimer’s, the most- common form of dementia, & the number is expected to surge to as many as 16M by 2050 as the population ages. Drugs on the market now address only the symptoms, not the underlying cause, & none has been shown to slow progression of the disease. Solanezumab attaches to a protein called beta amyloid before it builds up in the brains of patients, forming clumps that many doctors believe to be the cause of Alzheimer’s. So far, it's not clear how much good it does to fight this medical problem. Lilly stock rose 73¢ to a 4 year high.
Lilly’s Alzheimer Finding Excites Investors as Doctors See Years of Delay
AAPL provided much of the excitement. More important that the award, which will do little for the cash position of AAPL, are restrictions that could be imposed on Samsung & the others in the industry. The rest of the market is lumbering along, waiting for news from Europe on prospects for another bailout. Then there's Big Ben who may or may not say something significant at week's end. In 5+ months, Dow has had one selling period followed by a recovery which produced little net change. This week will probably also show little change (unless there is a blockbuster announcement). There was a little selling in the last hour, but tough to tell if that is significant in light volume.
AMJ (Alerian MLP Index tracking fund)
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Tresury yields:
U.S. 3-month | 0.091% | |
U.S. 2-year | 0.264% | |
U.S. 10-year | 1.651% |
| CLV12.NYM | Crude Oil Oct 12 | 95.40 |  0.75 (0.78%) |
Sales of existing homes climbed in Jul from an 8-month low, showing the cheapest mortgage rates on record are underpinning a market struggling to join the US economic recovery that began 3 years ago. Purchases increased 2.3% to a 4.47M annual rate, according to the National Association of Realtors. The forecast called for a rise to a 4.51M rate. Restrictive lending rules, a lack of inventory & lingering unemployment may be preventing a rebound to the 5-5½M sales pace that is expected in a “normal” market. The prior month’s pace was unrevised at 4.37M, the lowest since Oct. Compared with a year earlier, purchases increased 11%. The number of previously owned homes on the market climbed 1.3% to 2.4M. At the current sales pace, it would take 6.4 months to sell those houses compared with 6.5 months at the end of the prior month. A 6 months’ supply is considered “normal.”
U.S. Existing-Home Sales Rise From Eight-Month Low: Economy
After winning a more than $1B award from Samsung, Apple sought a ban on 8 models of the company’s smartphones, including its Galaxy S devices. In a court filing, AAPL urged Judge Lucy Koh to ban the sales of the Galaxy S 4G, S2 AT&T, S2 Skyrocket, S2 T-Mobile, S2 Epic 4G, S Showcase, the Droid Charge & the Prevail. Samsung may have to delay the release of new devices to change their designs, as it seeks to compete with the new iPhone & possibly a smaller iPad. AAPL won a ban on US. sales of Samsung’s Galaxy Tab 10.1 tablet in Jun that Samsubng said wouldn’t have a significant impact on its business. On Aug 26 Samsung sought to have the ban lifted after the jury found the company’s tablet computer didn’t infringe the AAPL design patent on which the Jun 26 court-ordered sales ban was based. The jury instead found that the Galaxy Tab 10.1 infringed on 3 of AAPL software patents. AAPL won less than half of what it sought in damages in the fight to dominate the global smartphone market, though Koh may later triple the damages against Samsung under federal law. The injunction will probably be more important than monetary damages. Samsung has used the free Android operating system by Google (GOOG), to build phones that propelled it to the #1 spot in the phone market. The jury rejected Samsung’s patent counterclaims & also determined that all AAPL patents at stake in the trial were valid. AAPL also won findings that Samsung devices diluted the value of its so-called trade dress, or how a product looks. Samsung will ask the judge to reverse the verdict. If Koh doesn’t overturn the award, Samsung said it will appeal. AAPL jumped $12 to $675.
Apple Seeks Ban on Sales of Eight Samsung Phones in U.S.
Apple (AAPL)
There is promise that the Alzheimer drug from Lilly may slow progression early in the disease, but doctors aren’t very impressed saying it could take years to find out for sure. LLY announced last week that its experimental treatment solanezumab failed to improve thinking skills, memory & function in a broad range of patients. At the same time, an unusual reanalysis of the data found the drug may slow mental decline in those with the mildest form of Alzheimer’s. About 5.4M Americans have Alzheimer’s, the most- common form of dementia, & the number is expected to surge to as many as 16M by 2050 as the population ages. Drugs on the market now address only the symptoms, not the underlying cause, & none has been shown to slow progression of the disease. Solanezumab attaches to a protein called beta amyloid before it builds up in the brains of patients, forming clumps that many doctors believe to be the cause of Alzheimer’s. So far, it's not clear how much good it does to fight this medical problem. Lilly stock rose 73¢ to a 4 year high.
Lilly’s Alzheimer Finding Excites Investors as Doctors See Years of Delay
Lilly (LLY)
AAPL provided much of the excitement. More important that the award, which will do little for the cash position of AAPL, are restrictions that could be imposed on Samsung & the others in the industry. The rest of the market is lumbering along, waiting for news from Europe on prospects for another bailout. Then there's Big Ben who may or may not say something significant at week's end. In 5+ months, Dow has had one selling period followed by a recovery which produced little net change. This week will probably also show little change (unless there is a blockbuster announcement). There was a little selling in the last hour, but tough to tell if that is significant in light volume.
Dow Jones Industrials
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