Dow slid 15, decliners just ahead of advancers & NAZ was off 6. The MLP index climbed 1+ to the 443s & the REIT index slipped fractionally to the 277s. Junk bond funds were mixed & Treasuries inched higher. Oil rose & gold finally found a few buyers in the last hour.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloomberg
Greece became the first developed nation to be cut to emerging-market status by MSCI after the local stock exchange plunged 83% since 2007. Greece failed to meet criteria regarding securities borrowing & lending facilities, short selling & transferability, said MSCI, whose equity indexes are tracked by investors with about $7T in assets. MSCI kept South Korea & Taiwan as emerging markets, & placed Chinese shares traded on local exchanges on review for inclusion in the emerging category. The ASE (Greek stock) Index fell 1.4% to 88% & has dropped 10% this week as Greece failed to win any bids in a sale of the country’s gas monopoly. The unsuccessful attempt to sell Depa SA dented Greece’s state-asset sales program, which underpins €240B ($318B) of bailout loans from the euro area & IMF. The index provider upgraded Greece to developed-market status in 2001. The weight of Greek companies in the MSCI World Index has tumbled to 0.01% from 0.16% in May 2010.
Greece First Developed Market Cut to Emerging at MSCI
Photo: Bloomberg
2 generic drugmakers will pay $2.15B to Pfizer & Takeda Pharmaceutical to settle a patent fight over the heartburn treatment Protonix. Teva Pharmaceutical, one of the world's largest generic drugmakers, will pay $1.6B, while India's Sun Pharmaceutical will pay $550M for selling their versions of Protonix before the patent protecting the drug expired. PFE, a Dow stock, said that it will receive 64% of the proceeds. Its lawsuit aimed to recover some of the money lost after Protonix started competing with cheaper generic drugs. PFE went up 33¢ on the news while TEVA fell back 35¢.
Pfizer Reaches $2.15 Billion Protonix Accord With Teva
The share of US borrowers who owe more than their homes are worth fell to less than 20% in Q1 as prices surged in hard-hit markets, according to CoreLogic, as about 850K residential properties gained positive equity, leaving the number of underwater homes at 9.7M (19.8% of all US homes with mortgages). That’s down from 21.7% at the end of last year. Values are rising as buyers compete for tight inventories of properties. Home prices in Apr jumped 12.1% from a year earlier, the largest increase since Feb 2006, CoreLogic said last week. “The negative-equity burden continues to recede across the country thanks largely to rising home prices,” Anand Nallathambi, CEO of CoreLogic said. “We are still far below peak home-price levels, but tight supplies in many areas coupled with continued demand for single-family homes should help us close the gap.” The aggregate value of negative equity in the US fell to $580B in Q1 from $631B at the end of last year. The majority of home equity is concentrated at the high end of the market. For mortgaged homes valued at more than $200K, 88% are above water, compared with 73% for properties worth less than that, the firm said.
Homeowners With Negative Equity Fall Below 20% of U.S. Borrowers
Stocks are back to stumbling around, looking for direction. Dow is where it was a month ago but remains up a massive 2K YTD. Buyers have not been able to muster significant strength in recent weeks on worries that the Federal Reserve will stop or at least slow throwing money at the market. The US economy is limping along, good enough to report growth but not good enough to reduce unemployment. This mixed picture is what the biggies will be assessing next week at the FOMC meeting.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.05% | |
U.S. 2-year |
0.32% | |
U.S. 10-year |
2.21% |
| CLN13.NYM | ....Crude Oil Jul 13 | ...96.07 |  ...0.69 | (0.7%) |
| GCM13.CMX | ...Gold Jun 13 | .....1,374.40 | ...2.60 | (0.2%) |
Photo: Bloomberg
Greece became the first developed nation to be cut to emerging-market status by MSCI after the local stock exchange plunged 83% since 2007. Greece failed to meet criteria regarding securities borrowing & lending facilities, short selling & transferability, said MSCI, whose equity indexes are tracked by investors with about $7T in assets. MSCI kept South Korea & Taiwan as emerging markets, & placed Chinese shares traded on local exchanges on review for inclusion in the emerging category. The ASE (Greek stock) Index fell 1.4% to 88% & has dropped 10% this week as Greece failed to win any bids in a sale of the country’s gas monopoly. The unsuccessful attempt to sell Depa SA dented Greece’s state-asset sales program, which underpins €240B ($318B) of bailout loans from the euro area & IMF. The index provider upgraded Greece to developed-market status in 2001. The weight of Greek companies in the MSCI World Index has tumbled to 0.01% from 0.16% in May 2010.
Greece First Developed Market Cut to Emerging at MSCI
Photo: Bloomberg
2 generic drugmakers will pay $2.15B to Pfizer & Takeda Pharmaceutical to settle a patent fight over the heartburn treatment Protonix. Teva Pharmaceutical, one of the world's largest generic drugmakers, will pay $1.6B, while India's Sun Pharmaceutical will pay $550M for selling their versions of Protonix before the patent protecting the drug expired. PFE, a Dow stock, said that it will receive 64% of the proceeds. Its lawsuit aimed to recover some of the money lost after Protonix started competing with cheaper generic drugs. PFE went up 33¢ on the news while TEVA fell back 35¢.
Pfizer Reaches $2.15 Billion Protonix Accord With Teva
Pfizer (PFE)
Teva Pharmaceutical (TEVA)
The share of US borrowers who owe more than their homes are worth fell to less than 20% in Q1 as prices surged in hard-hit markets, according to CoreLogic, as about 850K residential properties gained positive equity, leaving the number of underwater homes at 9.7M (19.8% of all US homes with mortgages). That’s down from 21.7% at the end of last year. Values are rising as buyers compete for tight inventories of properties. Home prices in Apr jumped 12.1% from a year earlier, the largest increase since Feb 2006, CoreLogic said last week. “The negative-equity burden continues to recede across the country thanks largely to rising home prices,” Anand Nallathambi, CEO of CoreLogic said. “We are still far below peak home-price levels, but tight supplies in many areas coupled with continued demand for single-family homes should help us close the gap.” The aggregate value of negative equity in the US fell to $580B in Q1 from $631B at the end of last year. The majority of home equity is concentrated at the high end of the market. For mortgaged homes valued at more than $200K, 88% are above water, compared with 73% for properties worth less than that, the firm said.
Homeowners With Negative Equity Fall Below 20% of U.S. Borrowers
Stocks are back to stumbling around, looking for direction. Dow is where it was a month ago but remains up a massive 2K YTD. Buyers have not been able to muster significant strength in recent weeks on worries that the Federal Reserve will stop or at least slow throwing money at the market. The US economy is limping along, good enough to report growth but not good enough to reduce unemployment. This mixed picture is what the biggies will be assessing next week at the FOMC meeting.
Dow Jones Industrials
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