Wednesday, March 11, 2015

Markets drift lower on worries about refinancing Greek debt

Dow dropped 27, advancers over decliners 5-4 & NAZ was off 9.  The MLP index fell 7+ to the 422s (near the low end of its trading range in recent months) & the REIT index went up a fraction in the 325s.  Junk bond funds were mixed & Treasuries climbed higher.  Oil was off only pennies & gold keeps sloshing around the mid 1100s.

AMJ (Alerian MLP Index tracking fund)

stock chart

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CLJ15.NYM....Crude Oil Apr 15....48.21 Down ...0.08 (0.2%)

Live 24 hours gold chart [Kitco Inc.]

The International Monetary Fund's executive board today approved a $17.5B 4-year loan package for Ukraine, citing progress on an economic reform plan that will be supported with additional resources from other countries.  "The program is ambitious and involves risks, notably those stemming from the conflict in the east of the country," IMF Managing Director Christine Lagarde said.  She said that the Ukrainian gov has taken steps toward talks with holders of its public sector debt with a view to improving "medium-term sustainability."

IMF approves $17.5 billion loan package for Ukraine

General Mills has placed its Green Giant frozen & canned vegetable unit up for sale.  GIS has hired Rothschild to handle a sale process, which is expected to come this summer.  The stock lost a few pennies.  If you would like to learn more about GIS, click on this link:

Report: General Mills Puts Green Giant Up for Sale

General Mills (GIS)

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Customers looking to download apps and songs ran into trouble at Apple’s online stores today.  The systems-status page said iTunes, iBooks, & the app stores for iOS & Mac were knocked out of commission for all users.  Other services, like Apple Pay & the company’s website store, were operating as usual.  The front pages of Apple’s app stores showed no signs of trouble.  Trying to download a free game from the App Store in the US, a message said iTunes wasn’t able to process purchases.  Downloading a free song from iTunes was a challenge: hitting the “get” button briefly initiated and then stopped the download, but there was no messaging to indicate a problem.  A similar response came when trying a download from iBooks.  The stock fell 2.27 to the 122s.  If you would like to learn more about AAPL, click on this link:

Apple’s app stores are knocked out of commission

Apple (AAPL)

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There was selling in the last hour, taking the markets into the red.  However the advance/decline line was modestly favorable.  This is part of the usual ups & downs when nothing dramatic is happening (other than Greece being desperate to extend its loans).  The MLP index has seen a lot of selling in the last 4 months.  With low oil prices, MLPs will remain out of favor for investors.

Dow Jones Industrials


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