Dow climbed another 23, advancers ahead of decliners 3-2 but NAZ lost 21. The MLP index dropped 3+ to 460 & the REIT index slipped pennies in the 292s. Junk bond funds inched higher & Treasuries retreated. Oil was flattish & gold squeezed out a gain.
AMJ (Alerian MLP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Photo: Bloomberg
House prices in the US rose 7.3% in the year thru May as buyers competed for a small supply of listings, according to the Federal Housing Finance Agency. Prices increased 0.7% from Apr, the FHFA said, below the estimate for a 0.8% gain. Real estate values are climbing as improving employment helps draw buyers into the market for a tight inventory of homes. A separate report today from Zillow showed US home values rose 2.4% in Q2 from Q1, the biggest gain for a Q2 since 2004. “The U.S. housing market as a whole is currently not experiencing a bubble, but in many places it sure must feel like one,” Zillow Senior Economist Svenja Gudell said. “Homeowners are feeling a sense of whiplash after years of depreciation.” The limited supply & higher mortgage may be restraining purchases. Sales of previously owned homes unexpectedly slipped 1.2% in Jun to 5.08M annualized rate, the National Association of Realtors reported yesterday & the number of properties on the market last was month was the fewest for any Jun since 2001. The average rate for a 30-year fixed loan was 4.37% last week, up from a near-record low of 3.35% in May, according to Freddie Mac.
U.S. House Prices Climbed 7.3% in Year Through May
Caterpillar, a Dow stock, global sales of its heavy equipment fell 8% in Q2, hurt by a steep drop in demand from Asia. That followed a 7% decrease for the 3 months that ended in May & a 9% slide for the 3 months that ended in Apr, the company said in an SEC filing. Sales in the Asia region dropped 21% in the most recent period, while North American sales fell 10%. The only region to post an increase was Latin America, where sales rose 9%. The figures are based on unit sales as reported by dealers. The global mining industry is slowing as commodity prices drop, hurting CAT, the world's largest maker of construction & mining equipment. The slowdown in mining & in places like China, prompted it in Apr to cut its guidance for the year. As a result it has also cut thousands of jobs in the past year. The stock fell 48¢.
Caterpillar equipment sales drop 8 percent Associated Press
Photo: Bloomberg
Cisco, another Dow stock, agreed to acquire Sourcefire (FIRE) for about $2.7B, adding anti-hacking technology used extensively by the US gov. It will pay $76 per share in cash, a 29% premium over the closing price yesterday. CEO John Chambers is expanding in cybersecurity to fend off competition from smaller rivals which make Internet firewalls. FIRE intrusion-detection products may help CSCO win more business from corp & gov customers seeking to beef up network protections as hacker attacks become more sophisticated & widespread. FIRE builds security platforms for cor & gov customers including firewalls, intrusion detectors & advanced malware protection. Last year, about 19% of total revenue came from one customer that distributes its products to the US gov. Sales rose 35% to $223M in 2012. The company’s IPO in 2007 raised $87M. CSCO stock was off pocket change & FIRE jumped 16.41 to 75.49.
Cisco to Buy Sourcefire for $2.7 Billion to Add Cybersecurity Technology
Dow managed another gain, but NAZ fell on worries about Apple (AAPL) earnings. Mediocre to gloomy numbers are already baked into AAPL stock & there is a lot of nail biting by traders. Meanwhile earnings generally range from OK to not so good. Meaningful sales gains are hard to find in these reports. But Dow is up 345 since the start of earnings season, when Alcoa (AA) reported, which qualifies as a respectable gain.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.02% | |
U.S. 2-year |
0.31% | |
U.S. 10-year |
2.51% |
| CLU13.NYM | ...Crude Oil Sep 13 | ...107.29 |  ...0.35 (0.3%) |
Photo: Bloomberg
House prices in the US rose 7.3% in the year thru May as buyers competed for a small supply of listings, according to the Federal Housing Finance Agency. Prices increased 0.7% from Apr, the FHFA said, below the estimate for a 0.8% gain. Real estate values are climbing as improving employment helps draw buyers into the market for a tight inventory of homes. A separate report today from Zillow showed US home values rose 2.4% in Q2 from Q1, the biggest gain for a Q2 since 2004. “The U.S. housing market as a whole is currently not experiencing a bubble, but in many places it sure must feel like one,” Zillow Senior Economist Svenja Gudell said. “Homeowners are feeling a sense of whiplash after years of depreciation.” The limited supply & higher mortgage may be restraining purchases. Sales of previously owned homes unexpectedly slipped 1.2% in Jun to 5.08M annualized rate, the National Association of Realtors reported yesterday & the number of properties on the market last was month was the fewest for any Jun since 2001. The average rate for a 30-year fixed loan was 4.37% last week, up from a near-record low of 3.35% in May, according to Freddie Mac.
U.S. House Prices Climbed 7.3% in Year Through May
Caterpillar, a Dow stock, global sales of its heavy equipment fell 8% in Q2, hurt by a steep drop in demand from Asia. That followed a 7% decrease for the 3 months that ended in May & a 9% slide for the 3 months that ended in Apr, the company said in an SEC filing. Sales in the Asia region dropped 21% in the most recent period, while North American sales fell 10%. The only region to post an increase was Latin America, where sales rose 9%. The figures are based on unit sales as reported by dealers. The global mining industry is slowing as commodity prices drop, hurting CAT, the world's largest maker of construction & mining equipment. The slowdown in mining & in places like China, prompted it in Apr to cut its guidance for the year. As a result it has also cut thousands of jobs in the past year. The stock fell 48¢.
Caterpillar equipment sales drop 8 percent Associated Press
Caterpillar (CAT)
Photo: Bloomberg
Cisco, another Dow stock, agreed to acquire Sourcefire (FIRE) for about $2.7B, adding anti-hacking technology used extensively by the US gov. It will pay $76 per share in cash, a 29% premium over the closing price yesterday. CEO John Chambers is expanding in cybersecurity to fend off competition from smaller rivals which make Internet firewalls. FIRE intrusion-detection products may help CSCO win more business from corp & gov customers seeking to beef up network protections as hacker attacks become more sophisticated & widespread. FIRE builds security platforms for cor & gov customers including firewalls, intrusion detectors & advanced malware protection. Last year, about 19% of total revenue came from one customer that distributes its products to the US gov. Sales rose 35% to $223M in 2012. The company’s IPO in 2007 raised $87M. CSCO stock was off pocket change & FIRE jumped 16.41 to 75.49.
Cisco to Buy Sourcefire for $2.7 Billion to Add Cybersecurity Technology
Cisco (CSCO)
Dow managed another gain, but NAZ fell on worries about Apple (AAPL) earnings. Mediocre to gloomy numbers are already baked into AAPL stock & there is a lot of nail biting by traders. Meanwhile earnings generally range from OK to not so good. Meaningful sales gains are hard to find in these reports. But Dow is up 345 since the start of earnings season, when Alcoa (AA) reported, which qualifies as a respectable gain.
Dow Jones Industrials
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