Dow dropped 81, decliners ahead of advancers 3-2 & NAZ was off 20. The Financial Index lost 1+ to the 227s, awaiting the first Q4 reports from bank out in a couple of days. MLPs continued strong, taking the index up a fraction in the 407s, & the REIT index lost 1 to 272. Junk bond funds were mixed & Treasuries advanced after recent selling. Oil was steady & gold found some friends, finally.
Spain's Treasury said it plans to borrow €230B ($300B) in 2013, down from €250B last year, & is expecting to pay lower interest rates than in 2012. Spain's borrowing costs have dropped sharply from unsustainable highs last year after the ECB pledged to help countries such as Spain by buying up their short-term bonds. The interest rate on Spain's 10-year bond hit a high of 7.54% in Jul but is now trading at 5.05%. The Treasury said net borrowing, after existing loans are refinanced, would be €71B. Spain faces its first test of market sentiment of 2013 on Thurs when it tenders up to €5B in bonds.
Spain reduces borrowing needs in 2013 AP
RPM, a Dividend Aristocrat, saw Q2 net income drop 17% as it took a hit on an investment in India. For fiscal Q2 EPS was 31¢, down from 38¢ last year. RPM took a charge of a charge of $10.8M, or 9¢ for EPS, related to the company's remaining stake in Kemrock Industries & Exports, due to weak economic conditions in India, where Kemrock is based. However, even when that charge is excluded, EPS still fell 2¢ shy of expectations. Revenue rose 11% to $1.02B, ahead of $998M expected. Industrial sales grew 7.7% to $691M, while consumer sales jumped 19% to $326M (both helped by acquisitions). RPM backed full-year guidance, saying that it still expects adjusted EPS of $1.80-$1.85 on sales growth of 8-10% implying 2013 revenue of $4.08-4.16B. Analysts expect EPS of $1.85 on $4.1B in revenue. The stock slipped 36¢
RPM International fiscal 2Q profit falls 17 pct AP
Microsoft (a Dow stock) CEO Steve Ballmer in Las Vegas, said the number of applications for new Windows tablets has increased fivefold since late Oct. There are 4 times more applications for Windows RT computers now than there were when the device was introduced in late Oct, Ballmer said at CES. He added that more apps, including Twitter, Dropbox & from CNN are coming. He is striving to drum up interest in the latest flavor of Windows while he plays catch-up to in the $63B market for tablets. Early demand for some Windows tablets has been viewed as “disappointing.” MSFT said in late 2011 that Ballmer’s address at the 2012 CES would be the company’s last keynote. But he appeared yesterday. MSFT sold 5 times more Windows Phone devices during the week of Christmas than the same period a year earlier, Ballmer said, but didn’t give specific numbers. The stock fell 15¢.
Microsoft’s Ballmer Says Number of Apps for New Windows Tablet Is Surging
AMJ (Alerian MLP Iindex tracking fund)
| CLG13.NYM | ...Crude Oil Feb 13 | ...93.45 | ..... 0.26 | (0.3%) |
| GCF13.CMX | ...Gold Jan 13 | .......1,656.30 | ... 10.80 | (0.7%) |
Spain's Treasury said it plans to borrow €230B ($300B) in 2013, down from €250B last year, & is expecting to pay lower interest rates than in 2012. Spain's borrowing costs have dropped sharply from unsustainable highs last year after the ECB pledged to help countries such as Spain by buying up their short-term bonds. The interest rate on Spain's 10-year bond hit a high of 7.54% in Jul but is now trading at 5.05%. The Treasury said net borrowing, after existing loans are refinanced, would be €71B. Spain faces its first test of market sentiment of 2013 on Thurs when it tenders up to €5B in bonds.
Spain reduces borrowing needs in 2013 AP
RPM, a Dividend Aristocrat, saw Q2 net income drop 17% as it took a hit on an investment in India. For fiscal Q2 EPS was 31¢, down from 38¢ last year. RPM took a charge of a charge of $10.8M, or 9¢ for EPS, related to the company's remaining stake in Kemrock Industries & Exports, due to weak economic conditions in India, where Kemrock is based. However, even when that charge is excluded, EPS still fell 2¢ shy of expectations. Revenue rose 11% to $1.02B, ahead of $998M expected. Industrial sales grew 7.7% to $691M, while consumer sales jumped 19% to $326M (both helped by acquisitions). RPM backed full-year guidance, saying that it still expects adjusted EPS of $1.80-$1.85 on sales growth of 8-10% implying 2013 revenue of $4.08-4.16B. Analysts expect EPS of $1.85 on $4.1B in revenue. The stock slipped 36¢
RPM International fiscal 2Q profit falls 17 pct AP
RPM (Intl) (RPM)
Microsoft (a Dow stock) CEO Steve Ballmer in Las Vegas, said the number of applications for new Windows tablets has increased fivefold since late Oct. There are 4 times more applications for Windows RT computers now than there were when the device was introduced in late Oct, Ballmer said at CES. He added that more apps, including Twitter, Dropbox & from CNN are coming. He is striving to drum up interest in the latest flavor of Windows while he plays catch-up to in the $63B market for tablets. Early demand for some Windows tablets has been viewed as “disappointing.” MSFT said in late 2011 that Ballmer’s address at the 2012 CES would be the company’s last keynote. But he appeared yesterday. MSFT sold 5 times more Windows Phone devices during the week of Christmas than the same period a year earlier, Ballmer said, but didn’t give specific numbers. The stock fell 15¢.
Microsoft’s Ballmer Says Number of Apps for New Windows Tablet Is Surging
Microsoft (MSFT)
Traders are nervous going into earnings season & that should be expected. US business has been on the soggy in Q4, aggravated by indecision out of DC over the budget mess. The euro debt mess appears to be settling down, but their problems of overspending haven't evaporated. MLPs remain strong after their tax favorable status was left alone. Thanx to the rally at the start of 2013, Dow is close to its highest levels in more than 4 years & bulls want to take it higher. The question becomes, will earnings season & DC get in the way?
Dow Jones Industrials
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