Dow rose 32, advancers ahead of decliners 3-2 & NAZ was up a fraction. The Financial Index rose 1+ to 239, a new high in the post Lehman era. The MLP index was up a fraction to 428 & the REIT index gained a fraction too just over 280. Junk bond funds edged higher & Treasuries slipped back. Oil is working its way closer to $100 while gold was about even.
AMJ (Alerian MLP Index tracking fund)
US job openings dropped in Dec from a more than 4-year high, showing further progress in the labor market will be slow to develop. The number of positions waiting to be filled fell 173K to 3.62M, the fewest since Sep, from a revised 3.79M in the prior month (the most since May 2008), according to the Labor Dept. Hiring & layoffs also cooled. More work opportunities would help reduce a jobless rate that’s been near 7.9% since Sep which the Federal Reserve watches closely. The Labor Dept said last week that employers took on 157K workers in Jan, the fewest in 4 months.
Job Openings in U.S. Dropped in December From Four-Year High
Photo: Yahoo
Coca-Cola, a Dow stock & Dividend Aristocrat, reported Q4 revenue slightly below estimates, hurt by a weaker-than-expected performance in Europe. Worldwide sales volume climbed 3%, but volume in Europe fell 5%. Last year "saw the extension of prolonged uncertainty in Europe, the ongoing transition of the economy in China, the lukewarm recovery in the United States, and ongoing challenges for Japanese consumers," CEO Muhtar Kent said. "We expect this volatility to extend through 2013." Q4 volume dropped 5% in Germany, more than expected, & was down 4% in China, also weaker than some expected. While KO does not give financial forecasts, it said that for the full year 2013 it expects $100M in increased commodity costs related to sweeteners, juices, metals & plastic. EPS was 41¢, up from 36¢ a year earlier. Excluding restructuring charges & other one-time items, earnings were 45¢, topping the average estimate by a penny. Revenue rose 4% to $11.46B, just under the $11.53B forecast. The dividend increase from the current $1.02 rate is around the corner. The stock was down 75¢.
Coca-Cola Fourth-Quarter Profit Advances as Sales Climb in North America
Coca-Cola (KO)
Greece raised €1.3B ($1.74B) in a Treasury bill auction, with the interest rate paid on the 3-month loan roughly unchanged from the last such auction. The Public Debt Management Agency said the 13-week bonds were sold today at an interest rate of 4.05%, compared with 4.07% paid at a Jan 15 auction. Greece has been relying on emergency loans from other eurozone countries & the IMF since losing access to long-term debt markets in 2010 but it has maintained a market presence with regular Treasury bill auctions. The sale was oversubscribed 1.76 times.
Greece raises 1.3 billion euros in T-Bill auction AP
There is not much going on in the markets. Traders are waiting to hear the speech tonight & how business friendly it will be. The MLP index remains a tad below its record high & the bank stocks continue to do well, reaching multi year highs. The financial big wigs are meeting in Europe & their decisions will impact the markets later this week.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.084% | |
U.S. 2-year |
0.264% | |
U.S. 10-year |
1.982% |
| CLH13.NYM | ...Crude Oil Mar 13 | ...97.43 | ... 0.40 | (0.4%) |
| GCH13.CMX | ...Gold Mar 13 | .....1,647.70 | ... 0.70 | (0.0%) |
US job openings dropped in Dec from a more than 4-year high, showing further progress in the labor market will be slow to develop. The number of positions waiting to be filled fell 173K to 3.62M, the fewest since Sep, from a revised 3.79M in the prior month (the most since May 2008), according to the Labor Dept. Hiring & layoffs also cooled. More work opportunities would help reduce a jobless rate that’s been near 7.9% since Sep which the Federal Reserve watches closely. The Labor Dept said last week that employers took on 157K workers in Jan, the fewest in 4 months.
Job Openings in U.S. Dropped in December From Four-Year High
Photo: Yahoo
Coca-Cola, a Dow stock & Dividend Aristocrat, reported Q4 revenue slightly below estimates, hurt by a weaker-than-expected performance in Europe. Worldwide sales volume climbed 3%, but volume in Europe fell 5%. Last year "saw the extension of prolonged uncertainty in Europe, the ongoing transition of the economy in China, the lukewarm recovery in the United States, and ongoing challenges for Japanese consumers," CEO Muhtar Kent said. "We expect this volatility to extend through 2013." Q4 volume dropped 5% in Germany, more than expected, & was down 4% in China, also weaker than some expected. While KO does not give financial forecasts, it said that for the full year 2013 it expects $100M in increased commodity costs related to sweeteners, juices, metals & plastic. EPS was 41¢, up from 36¢ a year earlier. Excluding restructuring charges & other one-time items, earnings were 45¢, topping the average estimate by a penny. Revenue rose 4% to $11.46B, just under the $11.53B forecast. The dividend increase from the current $1.02 rate is around the corner. The stock was down 75¢.
Coca-Cola Fourth-Quarter Profit Advances as Sales Climb in North America
Coca-Cola (KO)
Greece raised €1.3B ($1.74B) in a Treasury bill auction, with the interest rate paid on the 3-month loan roughly unchanged from the last such auction. The Public Debt Management Agency said the 13-week bonds were sold today at an interest rate of 4.05%, compared with 4.07% paid at a Jan 15 auction. Greece has been relying on emergency loans from other eurozone countries & the IMF since losing access to long-term debt markets in 2010 but it has maintained a market presence with regular Treasury bill auctions. The sale was oversubscribed 1.76 times.
Greece raises 1.3 billion euros in T-Bill auction AP
There is not much going on in the markets. Traders are waiting to hear the speech tonight & how business friendly it will be. The MLP index remains a tad below its record high & the bank stocks continue to do well, reaching multi year highs. The financial big wigs are meeting in Europe & their decisions will impact the markets later this week.
Dow Jones Industrials
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