Dow crawled up 18 (good enough for a new record), advancers 2-1 ahead of decliners & NAZ gained 11. The MLP index was up 1 to the 461s & the REIT index added 1+ to the 289s. Junk bond funds rose & the yield on the 10-year Treasury fell to the
lowest level in 2 weeks after Big Ben signaled no imminent exit from the central bank’s
quantitative-easing program. Oil is still above 106 but gold saw profit taking after its recent run up.
AMJ (Alerian MLP Index tracking fund)
Photo: Bloomberg
The US economy grew throughout the country from late May through early Jul, bolstered by the housing recovery, consumers & more factory output. The Federal Reserve (FED) survey showed 11 of the FED banking districts reported "modest to moderate" growth, while Dallas reported "strong" growth for the 2nd straight survey. Housing construction & home prices improved, while consumer spending increased in most districts, fueled by rising car & truck sales. The housing recovery is also driving more production of lumber, materials & construction equipment. The report says hiring held steady or increased in most districts. But employers in some districts were reluctant to hire permanent or full-time workers. The Beige Book survey is based on anecdotal reports from businesses & the latest report painted an optimistic picture of an economy growing at a steady pace. Job gains have picked up this year, bolstering incomes & enabling consumers to spend more. Still, growth has been weak. Growth slowed is forecasted to slow in Q2 to an annual rate of 1% or less, down from a tepid 1.8% rate at the start of the year, mark the 3rd straight qtr of growth below 2%. Big Ben just told Congress that the economy has improved since the FED launched its bond-buying program in Sep. He reiterated that the FED may decide to scale back the purchases later this year, if the improvement continues. But he also said the FED wants to see substantial progress in the job market before that happens.
Fed Beige Book Says Economy Growing at ‘Modest to Moderate’ Pace
Yahoo rose to a 5-year high after reporting that the value of its stake in Chinese e-commerce company Alibaba surged in Q1. Yahoo, with a stake of about 24% in Alibaba, said that the Chinese company’s profit tripled in Q1. CEO Marissa Mayer, one year into her tenure, remains in the early stages of a turnaround centered on creating new products aimed at luring consumers & advertisers from the competition. YHOO Q2 EPS excluding some items was 35¢, beating the forecast of 30¢. The company made $225M in earnings in the qtr from its equity interest in both Alibaba & Yahoo Japan, up from $180M in the same period last year. YHOO sales for Q3, excluding revenue passed to partner sites, will be $1.06-$1.1B, the company said on its website yesterday. Analysts were projecting revenue of $1.12B. Q2 sales fell 1% to $1.07B, just under the analysts $1.08B prediction. The stock shot up 2.78 (10%).
Yahoo Surges to Five-Year High on Alibaba Stake Value: San Francisco Mover
Photo: Bloomberg
Apple is developing ad-skipping technology that would let owners of its Apple TV set-top box & future television devices watch shows without commercials, according to unnamed sources. Its execs have already briefed at least 2 owners of broadcast TV networks & cable channels, as well as some of the biggest U.S. pay-TV systems. One proposal is for AAPL to reimburse programmers for skipped ads. The company is seeking to develop TV products with broader appeal than Apple TV, a set-top device purchased by 13M consumers, CEO Tim Cook said in May. With advertising accounting for the largest share of their revenue, commercially supported TV networks have resisted skipping technology. Nobody understands where this new technology will take us, but AAPL is trying to establish a leadership position. The stock was up pocket change.
Apple Said Developing Ad-Skipping Feature as Part of Television Strategy
This was another quiet day in the markets. Big Ben didn't say anything really new, as is usual. MLPs have been thru gyrations in the last few months, but the index remains within inches from its record high made last month. Yield on Treasuries have pulled back from recent highs, but are still substantially above their lows at the start of May. Traders are looking for more guidance from earnings reports.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.03% | |
U.S. 2-year |
0.30% | |
U.S. 10-year |
2.49% |
| CLQ13.NYM | ...Crude Oil Aug 13 | ....106.53 |  ...0.53 (0.5%) |
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif) |
Photo: Bloomberg
The US economy grew throughout the country from late May through early Jul, bolstered by the housing recovery, consumers & more factory output. The Federal Reserve (FED) survey showed 11 of the FED banking districts reported "modest to moderate" growth, while Dallas reported "strong" growth for the 2nd straight survey. Housing construction & home prices improved, while consumer spending increased in most districts, fueled by rising car & truck sales. The housing recovery is also driving more production of lumber, materials & construction equipment. The report says hiring held steady or increased in most districts. But employers in some districts were reluctant to hire permanent or full-time workers. The Beige Book survey is based on anecdotal reports from businesses & the latest report painted an optimistic picture of an economy growing at a steady pace. Job gains have picked up this year, bolstering incomes & enabling consumers to spend more. Still, growth has been weak. Growth slowed is forecasted to slow in Q2 to an annual rate of 1% or less, down from a tepid 1.8% rate at the start of the year, mark the 3rd straight qtr of growth below 2%. Big Ben just told Congress that the economy has improved since the FED launched its bond-buying program in Sep. He reiterated that the FED may decide to scale back the purchases later this year, if the improvement continues. But he also said the FED wants to see substantial progress in the job market before that happens.
Fed Beige Book Says Economy Growing at ‘Modest to Moderate’ Pace
Yahoo rose to a 5-year high after reporting that the value of its stake in Chinese e-commerce company Alibaba surged in Q1. Yahoo, with a stake of about 24% in Alibaba, said that the Chinese company’s profit tripled in Q1. CEO Marissa Mayer, one year into her tenure, remains in the early stages of a turnaround centered on creating new products aimed at luring consumers & advertisers from the competition. YHOO Q2 EPS excluding some items was 35¢, beating the forecast of 30¢. The company made $225M in earnings in the qtr from its equity interest in both Alibaba & Yahoo Japan, up from $180M in the same period last year. YHOO sales for Q3, excluding revenue passed to partner sites, will be $1.06-$1.1B, the company said on its website yesterday. Analysts were projecting revenue of $1.12B. Q2 sales fell 1% to $1.07B, just under the analysts $1.08B prediction. The stock shot up 2.78 (10%).
Yahoo Surges to Five-Year High on Alibaba Stake Value: San Francisco Mover
Yahoo! (YHOO)
Photo: Bloomberg
Apple is developing ad-skipping technology that would let owners of its Apple TV set-top box & future television devices watch shows without commercials, according to unnamed sources. Its execs have already briefed at least 2 owners of broadcast TV networks & cable channels, as well as some of the biggest U.S. pay-TV systems. One proposal is for AAPL to reimburse programmers for skipped ads. The company is seeking to develop TV products with broader appeal than Apple TV, a set-top device purchased by 13M consumers, CEO Tim Cook said in May. With advertising accounting for the largest share of their revenue, commercially supported TV networks have resisted skipping technology. Nobody understands where this new technology will take us, but AAPL is trying to establish a leadership position. The stock was up pocket change.
Apple Said Developing Ad-Skipping Feature as Part of Television Strategy
Apple (AAPL)
This was another quiet day in the markets. Big Ben didn't say anything really new, as is usual. MLPs have been thru gyrations in the last few months, but the index remains within inches from its record high made last month. Yield on Treasuries have pulled back from recent highs, but are still substantially above their lows at the start of May. Traders are looking for more guidance from earnings reports.
Dow Jones Industrials
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