Stocks started higher but the Dow just slipped into the red. Advancers lead decliners 2-1 & NAZ is up 7. Banks also waffled as the S&P 500 FINANCIALS INDEX started higher but slipped back to break even
The Treasury will expand its TARP program to include life insurers that are banks or own a thrift. Major names included are: Prudential Financial (PRU), Hartford Financial Services Group (HIG) & Lincoln National (LNC). Each is up about 2½.
Insurers rise on report gov't may extend TARP- AP
Pulte Homes (PHM) is buying Centex (CTX) for $1.3B in stock to create the country's largest home builder. Both stocks are about 10, PHM is down 50¢ while CTX is up 2. Pulte believes the combined business will allow it to return to profitability faster.
Pulte Homes agrees to buy Centex in $1.3B deal- AP
US mortgage applications rose 4.7% last week. Even though the mortgage rate ticked up 12 basis points to 4.73%, it remains at historic low levels. Mortgages are used for purchasing & refinancing.
U.S. mortgage applications up- Reuters
As part of the bailout program for the autos, the gov will guarantee that GM & Chrysler suppliers will be paid, for a fee of 2-3%. Auto suppliers are typically penny stocks, but rose a little on the news.
•GM Says $5 Billion Treasury Program to Aid Auto Suppliers Has Been Reached
Markets are absorbing the ugly news from Alcoa (AA) pretty well, market friendly news stories today are helping. They like gov efforts to help companies get thru the credit crisis mess.
Showing posts with label Treasury Department. Show all posts
Showing posts with label Treasury Department. Show all posts
Wednesday, April 8, 2009
Monday, February 2, 2009
Dow down on indecisive day
Dow was trading under water all day. After sinking around midday, a PM rebound brought it back to only a 64 loss, decliners led advancers by 30% & NAZ managed a nice gain of 18 (better than 1%). The biggest changes in the Dow were Verizon (VZ), up 1, & Boeing (BA), down 1+.
S&P 500 FINANCIALS INDEX was up pennies although Bank of America, still in the Dow, was down 9% to only 6.
The Alerian MLP Index waffled around the 200 line, managed a small gain so it could hold 200. However many MLPs were down. Other high yield securities were mixed in this indecisive trading. The VIX was up .71 into the 45s.
Macy's (M), one of the largest retailers, is cutting across the board. 7000 workers plus salaries, bonuses, stores & DIVIDENDS (down to only a nickel per qtr) were cut as they said same-store sales will be down 6-8% in 2009. Stock is down 36¢ to 8.59. This story will be repeated & repeated, the biggest are not exempt. The next news item was Morgan Stanley (MS), up 3%, after reporting its lowest profit in 13 years & cutting almost 2K jobs.
•Macy's Will Fire 7,000 Employees, Cut Dividend to 5 Cents, Buy Back Bonds
•Morgan Stanley Said to Be Planning Up to 1,800 Job Cuts After Profit Drop
Moves in oil are primarily linked to the outlook for the global economies, as a result, down. It's on defense & a sub 40 contract, like the last one, is likely.
The senate is expected to vote on the stimulus package tonight. They are likely to pass a bill but it will be different than the house bill. That means a lot of haggling to blend the bills. Also the Treasury Dept will come up with a new plan to straighten out the mess the current one created. Maybe they'll do better this time!
S&P 500 FINANCIALS INDEX was up pennies although Bank of America, still in the Dow, was down 9% to only 6.
The Alerian MLP Index waffled around the 200 line, managed a small gain so it could hold 200. However many MLPs were down. Other high yield securities were mixed in this indecisive trading. The VIX was up .71 into the 45s.
Macy's (M), one of the largest retailers, is cutting across the board. 7000 workers plus salaries, bonuses, stores & DIVIDENDS (down to only a nickel per qtr) were cut as they said same-store sales will be down 6-8% in 2009. Stock is down 36¢ to 8.59. This story will be repeated & repeated, the biggest are not exempt. The next news item was Morgan Stanley (MS), up 3%, after reporting its lowest profit in 13 years & cutting almost 2K jobs.
•Macy's Will Fire 7,000 Employees, Cut Dividend to 5 Cents, Buy Back Bonds
•Morgan Stanley Said to Be Planning Up to 1,800 Job Cuts After Profit Drop
Moves in oil are primarily linked to the outlook for the global economies, as a result, down. It's on defense & a sub 40 contract, like the last one, is likely.
| CLH09.NYM | ..Crude Oil Mar 09 | ..40.46 | ... 1.22 .......(2.9%) |
The senate is expected to vote on the stimulus package tonight. They are likely to pass a bill but it will be different than the house bill. That means a lot of haggling to blend the bills. Also the Treasury Dept will come up with a new plan to straighten out the mess the current one created. Maybe they'll do better this time!
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