Markets gain despite the decline in Apple stock

Dow went up 27, advancers ahead of decliners 4-3 & NAZ dropped 7 as Apple (AAPL) fell to 485.  The Financial Index rose 1 to 231, a new yearly high.  The MLP index was up a fraction to a NEW RECORD at 414.80 & the REIT index gained 1 to the 275s.  Junk bond funds inched up & Treasuries rose.  Oil slipped to the 93s & gold had a good day, rising 11 to 1680.

AMJ (Alerian MLP Index tracking fund)

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Mark Zuckerberg, Facebook CEO, unveiled a feature to help its users search for people & places within the social network, its first major product launch event since its May IPO.  He described what he called "graph search," which allows users to sort through only content that has been shared with them - addressing potential privacy concerns.  Available as a "beta" or early version now, the new feature - dubbed "graph search" because FB refers to its growing content, data & membership as the "social graph" - will initially let users browse mainly photographs, people, places & members' interests, he added.  Zuckerberg promised users will be able to tailor their searches, such as by specifying music & restaurants that their friends like, or their favorite dentist.  "You need to be able to ask the query, like, who are my friends in San Francisco," Zuckerberg said.  "Graph search is a really big product. It's going to take years and years to index the whole map of the graph and everything we have out there."  "We'll start rolling it out very slowly. We're looking forward to getting into more people hands over coming weeks and months."  The stock fell 85¢.

Facebook Unveils Social-Search Tool Challenging Google

Facebook (FB)

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Manufacturing in the New York region contracted in Jan for the 6th straight month as the industry continued to face the effects of fiscal uncertainty in the US & lackluster demand overseas.  The Federal Reserve Bank of New York’s general economic index fell to minus 7.8 from a revised minus 7.3 in Dec. The forecast called for a reading of zero, which signals no change in conditions.  Readings of less than zero signal contraction in NY, northern NJ & southern CT.  Weakness in manufacturing is holding back the economic expansion, damping the effects of advances in housing & household spending that are contributing to growth.

Manufacturing in New York Region Contracts for Sixth Month

Coca-Cola, a Dow stock & Dividend Aristocrat, has taken to television to fight back against an obesity.  The company will air ads to bring attention to the importance of exercise & calories in curbing obesity.  The first 2-minute spot aired yesterday on cable TV, highlighting Coca-Cola’s low- & zero-calorie products.  Almost 36% of adults & about 17% of children are obese, according to the Centers for Disease Control and Prevention.  One of the new ads, called "Coming Together," suggests consumers pay attention to the calories they consume in order to manage their weight.  The commercial points out the company “can play an important role” in fighting obesity.  A female narrator goes on to say the company offers more than 180 low- & no-calorie beverages among its more than 650 drinks. This helped reduce calories per serving across the US beverage industry by 22% during the past 15 years, according to the ad.  Smaller packages will be offered in about 90% of the US market by the end of the year.  The stock was up 33¢.

Coca-Cola Uses TV Spots to Show How It’s Fighting Obesity

Coca-Cola (KO)

Nothing was decided today in the stock market.  Earnings are coming out slower than usual, maybe they are reworking the numbers.  MLPs continue to hang in there, with the index barely squeezing out a new record.  The REIT index is only 2 below its multi year high.  Junk bond funds are strong.  With all the uncertainty out there over raising the debt ceiling, yield plays remain attractive when so many securities yield next to nothing.  Dow is doing well, about 150 below its multi yearly high.  But we're still waiting for earnings.  In addition, AAPL is down 220 from its record just 4 months ago.  Bulls have a hard time explaining that.

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