STOCK MARKET WATCH, Monday April 9

[ozymandius]

Source: DU

Monday April 9, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 651 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2290 DAYS
WHERE'S OSAMA BIN-LADEN? 2000 DAYS
DAYS SINCE ENRON COLLAPSE = 1960
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON April 5, 2007

Dow... 12,560.20 +30.15 (+0.24%)
Nasdaq... 2,471.34 +12.65 (+0.51%)
S&P 500... 1,443.76 +4.39 (+0.30%)
Gold future... 679.40 +2.00 (+0.29%)
30-Year Bond 4.87% +0.02 (+0.47%)
10-Yr Bond... 4.67% +0.02 (+0.47%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: DU

[ozymandius]

1. Oil prices drop in Asian trading

SINGAPORE - Oil prices fell Monday amid relief over last week's release of British sailors detained by Iran, but concerns over the tight U.S. demand-supply balance and other geopolitical issues supported prices.

Light, sweet crude for May delivery fell 44 cents to $63.84 a barrel in midafternoon Asian electronic trading on the New York Mercantile Exchange.

Brent crude for May slipped 33 cents to $67.91 a barrel on London's ICE Futures Exchange.

-cut-

Last week's annual report by the U.S. Energy Information Administration showed a larger-than-expected increase in gasoline supplies but lower refinery output. Many refineries have suffered unplanned outages in recent weeks, which has weakened demand for crude and reduced gasoline production.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

2. Gas powers discuss cartel, but soothe consumer fears

DOHA (Reuters) - Leading gas powers discussed on Monday the idea of transforming their benign grouping into an OPEC-style cartel, but sought to reassure consumer nations that it was business as usual for now.

Host nation Qatar, home to the world's third largest gas reserves, rejected the idea of a cartel and insisted the Gas Exporting Countries Forum would work to keep producers and consumers happy.

"I hate the word cartel," Qatari Energy Minister Abdullah bin Hamad al-Attiyah told reporters as he went into the gas group's first ministerial meeting in two years.

He said the scheme would be discussed, saying the forum had an open agenda, but he emphasized cooperation between producers and consumers.

http://news.yahoo.com/s/nm/20070409/bs_nm/gas_producers_dc_1

[ozymandius]

3. U.S. gas prices jump 18 cents in 2 weeks

CAMARILLO, Calif. - The average cost of self-serve regular gasoline rose about 18 cents per gallon nationwide over the past two weeks, according to a survey released Sunday.

That translated to an average price of $2.78 a gallon, according to the latest Lundberg Survey of 7,000 gas stations across the country.

http://news.yahoo.com/s/ap/20070409/ap_on_bi_ge/gas_prices

[ozymandius]

4. Consumers borrow less freely in February

WASHINGTON - Consumers increased their borrowing in February at the slowest pace in four months.

The Federal Reserve reported Friday that consumer borrowing rose at an annual rate of just 1.5 percent in February. That was down from a 3.3 percent growth rate in January and marked the smallest increase since October.

The moderation in February was led by consumers borrowing less freely to finance cars, vacations, education and other so-called nonrevolving credit. Demand for such credit edged up at only a 0.4 percent pace. That was down sharply from a 4.2 percent growth rate in January.

Consumers didn't lay off on their credit cards, however.

Use of revolving credit, primarily credit cards, rose at a brisk pace of 3.4 percent in February. That was a big pickup from a 1.7 percent growth rate logged in January.

http://news.yahoo.com/s/ap/20070406/ap_on_bi_ge/consumer_credit_10

[ozymandius]

5. US STOCKS-Indexes set to rise on jobs data, M&A talk

NEW YORK, April 9 (Reuters) - U.S. stocks pointed to a higher market open on Monday as traders get the first opportunity to react to data showing stronger-than-expected job growth last month, putting to rest concerns about the economy.

In addition, several takeover deals were in the works, including a newspaper report that Dow Chemical Co. (DOW.N: Quote, Profile , Research) may be the target of the biggest leveraged buyout ever.

A consortium of Middle Eastern investors and American buyout firms, including Kohlberg Kravis Roberts, is preparing a $50 billion approach for the chemical company, according to the British tabloid, the Sunday Express. For details, see .

"Dow Chemical, wow!" said Arthur Hogan, chief market analyst, Jefferies & Co. "It reminds you how much money is on the private side. It makes a very positive statement about the economy and equity valuations. You don't have a firm like KKR taking that big a bet on something if they think we're going to have a global recession."

http://today.reuters.co.uk/news/articleinvesting.aspx?type=usMktRpt&storyID=2007-04-09T110816Z_01_N09268620_RTRIDST_0_MARKETS-STOCKS.XML

[Ghost Dog]

12. Markets holding fire on US jobs data

http://www.ft.com/cms/s/5a8ffcf6-e5f0-11db-9fcf-000b5df10621.html

It was the equivalent of being all dressed up with nowhere to go on Friday when, with many of the world’s financial markets shut for the Easter holidays, the US issued monthly payroll data for March showing much stronger jobs growth than expected, crushing hopes for an immediate cut in interest rates.

Some US markets opened for a few hours on Friday morning, but much of the rest of the world was, if not oblivious to the sharp change in sentiment, simply unable to do anything about it.

For most, Monday is the first day that financial markets will have to react to the news, three days after the US Bureau of Labor Statistics issued it. It is only the third time in the past 17 years that key payroll data have been issued on the traditional Good Friday holiday observed by markets in most of the Christian world.

The dearth of trading during weekends and holidays is a reminder that, in spite of the rise of electronic trading and off-exchange trading networks that function 24 hours a day, the bulk of transactions still occur during official trading hours.

/...

Edit: Note major European markets are closed today. Russia stocks are up.

[AnneD]

20. Was that REAL JOBS....

or estimated jobs:eyes:

[Demeter]

25. Come On Now! There Are No REAL Jobs!

Surely you know that!

Papershuffling is not a real job, by the way.

[AnneD]

40. Well then, it's official.....

there is no work being done in Congress, the WH. Wall Street, and cooperate offices.

[ozymandius]

6. Buffett Pays Top Market Price for Burlington Northern Stake

April 9 (Bloomberg) -- Warren Buffett's Berkshire Hathaway Inc. bought a 10.9 percent stake in Burlington Northern Santa Fe Corp. to become the largest shareholder at a time when rail stocks were hovering close to their all-time highs.

Berkshire had accumulated 39 million shares of the second- largest U.S. railroad as of April 5, paying between $81.18 and $81.80 for the final 1.6 million, according to filings with the Securities and Exchange Commission.

Buffett, the world's second-richest man, made his investment name by transforming Berkshire from a failing textile manufacturer into a $168 billion holding company by buying stocks that were out of favor. He told investors in his annual letter in 2000 that what gets Berkshire's attention is ``a comfortable business at a comfortable price.''

This is not ``a typical investment'' for Buffett, said Donald Broughton, a senior analyst with A.G. Edwards & Sons Inc. in St. Louis. ``The industry is at peak operating margins and peak valuations.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=agPx4X5HB8Qs&refer=home

[ret5hd]

10. Hmmm...Buffet buys railroads...peak oil...rail transport

most efficient transport currently available.

Wonder if he's just getting ahead of the curve.

[AnneD]

21. I have never known Mr. Buffett

to be behind any curve. Just another shrewd move. I would watch him scope out alternative energy sources too. I'd look for the smart money to go green....

[ozymandius]

7. Citigroup To Buy Taiwanese Bank

HONG KONG -
Citigroup said Monday it has agreed to buy the Bank of Overseas Chinese, a mid-size, money-losing Taiwanese bank, as part of its campaign to expand in Asia.

With regulatory approval from the Taiwanese government, the world’s largest financial institution will proceed with an all-cash 14.1 billion New Taiwan dollar ($427.3 million) tender offer to buy the 13th largest bank in Taiwan at a per share price of NT$11.80 (36 cents).

-cut-

Citi has ambitious plans to expand across the region. It intends to double the size of its retail banking networks in Japan and China, and it tabled a bid in March for Japan’s third-largest brokerage, the scandal-plagued Nikko Cordial.

-cut-

The Taiwanese government has sought to encourage foreign acquisition of local banks to salvage an industry plagued by inefficiency and too many players, and made worse by a recent rash of consumer credit defaults that forced banks into $6.6 billion in write-offs in 2005.

http://www.forbes.com/markets/commodities/2007/04/09/citigroup-taiwan-booc-markets-equity-cx_jc_0409markets2.html

[ozymandius]

8. Asian Stocks Rise After U.S. Unemployment Drops; Toyota Gains

April 9 (Bloomberg) -- Asian stocks rose to a six-week high, led by Toyota Motor Corp., after a drop in the U.S. unemployment rate eased concern the region's exports will slow.

``The U.S. is the world's biggest market, so the healthier its economy, the better the business prospects for Asian exporters,'' said Liu Juming, who helps manage $1.7 billion at Ta Chong Investment Trust Corp. in Taipei.

Wuliangye Yibin Co., China's biggest spirits maker, paced Chinese stocks to a sixth straight record after the Xinhua News Agency said retail sales will grow. Doosan Heavy Industries & Construction Co. led gains in South Korean developers on a government report that showed their overseas contracts surged.

The Morgan Stanley Capital International Asia-Pacific Index added 0.6 percent to 147.07 at 7:31 p.m. in Tokyo, the highest since Feb. 27. Japan's Nikkei 225 Stock Average advanced 1.5 percent. All markets gained, except in Thailand. Benchmarks in South Korea, Singapore and China climbed to records.

http://www.bloomberg.com/apps/news?pid=20601087&sid=augXpVkhl46Y&refer=home

[Ghost Dog]

11. Japan economy seen firm despite slowing exports

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20070409:MTFH54424_2007-04-09_07-40-13_T275338&type=comktNews&rpc=44

TOKYO, April 9 (Reuters) - Japan's economic expansion may lose pace in the coming months largely due to a slowdown in exports, but a rebound in consumption and robust corporate capital outlays will underpin growth, economists say.

Price conditions, however, remain weak despite a tighter labour market, supporting the view that the Bank of Japan will be in no hurry to raise interest rates.

...

The world's second largest economy expanded by an annualised 5.5 percent in October-December, marking the fastest growth in three years. While the economy may go through a soft patch, economists expect it to grow around 2 percent in 2007.

Japan's current economic recovery, which is in the longest post-war growth cycle since early 2002, has recently been led by domestic demand such as persistently strong capital spending.

U.S. WORRIES Continued...

/...

[ozymandius]

9. G'morning Marketeers.

:donut: :donut: :donut:

I am stepping away from the computer for awhile. Back around lunchtime. Hope you enjoy the show!

:hi:

[UpInArms]

15. morning Ozy!

I will probably not have the opportunity to get back until late today - it will be up to everyone else to hold down the casino for me :D

:hi:

[Ghost Dog]

13. Euro May Rally to Record, Traders and Analysts Clash

http://www.bloomberg.com/apps/news?pid=20601085&sid=aEKNIUPaLRUI&refer=europe

April 9 (Bloomberg) -- The euro's rise has taken analysts by surprise and traders expect more gains as the region's economy grows and interest rates climb.

Investors in futures have $15.9 billion more in bets on the euro strengthening than on a decline, data from the Washington- based Commodity Futures Trading Commission show. Options traders are paying more for the right to buy euros than to sell the currency.

Traders sending the euro toward record highs are clashing with economists, who predicted in December that the currency would trade at $1.328 by the end of the first quarter and fall 1 percent to $1.305 this year, according to a Bloomberg News survey. They stuck to their calls in March, saying the euro would weaken to $1.31 by 2008.

``The euro's the safest bet,'' said Peter Lucas, who's been buying euro forwards as chief investment officer at Ashburton Ltd., which manages $1.7 billion in Jersey, in the Channel Islands. ``We let the market do the talking.''

Europe's single currency traded at $1.3379 at 7:58 a.m. in New York and at 159.59 yen. It rose to a two-year high of $1.3442 and a record 159.69 yen last week.

The euro is up 1.9 percent against the dollar and 3.7 percent versus the yen since European Central Bank President Jean-Claude Trichet followed a March 8 interest-rate increase by saying borrowing costs were still low enough to fuel expansion. The 13-nation European currency rose 0.2 percent to the dollar last week, following a 2.0 percent gain the past month. It reached a record $1.3666 on Dec. 30, 2004.

/...

[UpInArms]

14. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 83.008 Change -0.048 (-0.06%)

Dollar Rallies On Bullish Surprise In NFPs

http://www.dailyfx.com/story/currency/eur_news/Dollar_Rallies_On_Bullish_Surprise_1175888228427.html

Aside from the hour after the US labor Department printed March non-farm payrolls, volatility was virtually non-existent amongst the majors. As for actual price action, the sharp dollar rally was able to push a few pairs into new territory and pulling others back within conservative ranges.

Against the euro, the greenback was able to push its way back below 1.34 on a 60-point drop before withdrawing to a 10-point congestion band. In similar fashion, USDCHF saw its own 65-point rally back to the range top that has held down spot since the middle of March at 1.2230. The long-term triple top in GBPUSD received further confirmation with today’s dollar rally. The pair responded to the employment data with a 65-point tumble to a 1.9635-low. Finally falling back in line with the rest of the majors, USDJPY reported a move that ran a distance similar to the other majors. Since testing former resistance around 118.50 yesterday, the pair has found its way to 119.42.

When liquidity in the currency market is as thin as it was on Friday, it becomes very difficult to forecast the behavior of the already unpredictable dollar. This time around, those market participants still at their terminals had the unique opportunity to react to a surprising print from the market-moving non-farm payroll number. According to the Labor Department, employers took on 180,000 new workers nationwide last month, 50,000 more than the market consensus. What’s more, February’s initial print of 97,000 was revised higher to 113,000 – the 28th consecutive month in which revisions have been positive. Looking at the component data and various numbers for employment, it was easy to see the report was positive almost anyway you folded it. From the various sectors, the bulwark service group took on 137,000 new employees for the month, with a particularly impressive 36,000 added at retailers which was the biggest addition since July of 2005. Even the construction sector, which shed jobs on the slump in housing demand, added 56,000 people to the payroll as the weather improved from February’s cold snap.

Even the periphery indicators supported joined the optimism boost. The unemployment rate, expected to grow slightly to 4.6 percent, actually dropped to 4.4 percent to match its five year low. Adding the other key ingredient to spending, average hourly earnings matched expectations on both the monthly and yearly scales with a 0.3 percent and 4.0 percent pace respectively. While these marked a modest cooling from the previous month, the level will likely still provoke consumer-led inflation. While the employment data was obviously the most highly anticipated for the day, the few indicators weren’t the only ones to hit the wires Friday. Wholesale sales and inventory numbers did not confirm the tepid pace of activity for retailers in February. Sales made by factories and distributors jumped 1.2 percent for the month as investors cooled from January with a 0.5 percent pick up. Together, these two numbers suggest demand may once more stoke production as stores look to keep their shelves fully stocked.

...more...

Dollar Rally Has Impulsive Look

http://www.dailyfx.com/story/dailyfx_reports/daily_technicals/Dollar_Rally_Has_Impulsive_Look_1176120558485.html

EURUSD – The EURUSD is playing out as expected. “We are looking for a significant top due to the 7 wave rally from the November 2005 low at 1.1640. 7 waves is really just two 3 wave structures linked together by an X wave. This is known as a double zigzag and is a countertrend movement.” The terminal thrust from the triangle is complete and there are 5 waves down from 1.3439 to 1.3352. The bounce that has followed should give way to another impulsive decline towards the 3/26 low at 1.3254. The 61.8% of 1.3439-1.3352 at 1.3406 is resistance. Daily CCI is divergent with the recent high and has declined below 100.

<snip>

USDJPY – The USDJPY has continued to rally as expected but with 5 waves up from 116.37 and the specter of the 61.8% of 122.17-115.14 at 119.48 looming, the possibility of a period of softness / consolidation should be considered. 240 minute RSI has crossed above and below 70 as well. The 5 waves up could be the C wave and end of a correction or the beginning of a new uptrend. A break below 118.43 favors the former scenario.

<snip>

GBPUSD – We are still looking for a deeper decline to challenge at least the area of prior 4th wave support at 1.9545. The reason for our bearish view is the appearance of the completion of 5 waves up from 1.9182. The break below trendline support on Friday instills confidence in this view. 1.9668 is very short term resistance. The weekly chart hints at a more significant reversal. Last week’s candle was a shooting star and a triple top is evident with the December 2006, January, and April highs.

...more...

[54anickel]

53. Late peek at the buck - quite the evening drop going on - whazzup wit dat?

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 82.851 Change -0.250 (-0.30%)

Settle Time 15:00 Open 83.090

Previous Close 83.056 High 83.126

Low 82.837 2007-04-09 21:54:26, 30 min delay

52wk High 89.86 52wk High Date 2006-04-13

52wk Low 82.24 52wk Low Date 2006-12-05

Miss you all sumptin awful...:hi:

[AnneD]

16. Morning Marketeers....

:donut: and lurkers. What an interesting Easter we had. One usually doesn't think of what coat to go with what Easter dress but that is the way it was.

We are super busy with our in service and I will be teaching CPR so this will be it for a while.

Have a great day at the slot machines.:hi:


Happy hunting and watch out for the bears.

[mojavekid]

17. The Daily Pfennig 4/9/07: Creating Lots of Jobs?

http://www.kitcocasey.com/displayArticle.php?id=1322

The dollar received a lot of love in the thin markets on Friday, after a strong showing in the Jobs Jamboree... The Bureau of Labor Statistics said that we created 180K jobs during March... And that the jobless rate fell .1%... The markets took the report hook, line and sinker... The dollar rallied, along with stocks, while bonds got sold.

While the 180K jobs created look good on the outside... You know that I would look further into the numbers to see where the devil is in the details, right? Of course! Well... First of all, the Manufacturing Sector took another hit and lost 16K jobs in March... OK... So, where did the 196K jobs come from?

Well... A simple check of the BLS website tells us that of the 180K so-called jobs created... 128K were added via the birth/death model... What I call "ghost jobs"...

My trusty calculator tells me that the 128K is 71% of the total... No wonder the media keeps asking the question... Why isn't the economy growing when the jobs market seems so tight? BECAUSE IT ISN'T! I truly wish someone in the media would get their heads out of the "feel good sand" and talk about this discrepancy!

Anyway... The markets ate it up, too... And as I forecast on Friday, if the total number of jobs were greater than the 130K expected... The dollar would receive some love.

Of course, I said the report would be disappointing... And on the outside it wasn't... But on the inside... Well... You decide.


more at link...

[mojavekid]

18. Grandich: The Year of the Pig: The March to the Slaughterhouse Continues

http://www.kitco.com/ind/grandich/apr092007.html

I was becoming so bearish that I was contemplating shorting the U.S. stock market. I was hoping for one last big rally on the perception the Fed would be cutting (or already had cut) interest rates. Ideally, this would occur as the DJIA went through 13,000 while TOUT-TV (CNBC) took out their party hats, balloons and noisemakers.

We witnessed how the “Don’t Worry, Be Happy” crowd on Wall Street is prepared to be the pied piper to the lost sheep when the Fed statement was perceived to have changed towards a more accommodating stance. While this rally can still occur, the number of bearish fundamentals continues to increase, which makes it even harder not to pull the trigger now.

Among the numerous bearish factors that greatly concern me:

· Subprime fiasco – I was certainly far from being alone in writing extensively about this long before it “burst” onto the scene. I can’t help but chuckle (even though millions of Americans are being hit hard) when I hear and see politicians calling for someone’s hide for failing in oversight. Why the laughter?

On February 26, 2004, the then chairman of the Federal Reserve, Allen Greenspan said, “American consumers might benefit if lenders provide greater mortgage product alternatives to the traditional fixed rate mortgage. To the degree that households are driven by fears of payment shocks but willing to manage their own interest-rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home.”

Helloooooooo! If the Number One Man of Finance is feeding the flame, not dousing it, who can fully blame all the other parties now caught up in the fire? Let’s also not forget that while he encouraged more risk, he was also the author of the dramatically lower interest rates that made credit that much easier.

more at link...

[AnneD]

22. A very sobering article....

All the rah rah on TV is starting to look ridiculous. Grandich makes some compelling points. We will soon have to place our bets because the roulette wheel is spinning and the ball is about to drop.

[mojavekid]

50. Hi AnneD,

I agree with you, a sober assessment indeed. Peter Grandich is a contrarian, and they all have been speaking in such unison lately, that I think, like Mr. Grandich, they look hard at the contrary side of their own argument now. They are spot on, in my opinion.

Much of the bad news on housing for me has come from news or thru friends and acquaintances from out of state. Lately, I have spoken with friends here (Los Angeles) and heard some very sad stories first hand. It will take a while for the fall-out to hit So. Cal. but it will, and when it does, the damage will be complete.

Heartbreaking.

-mojavekid

[AnneD]

52. I was writing a reply recently...

I googled RE Bubble and the foreclosures. What I noticed was not the articles per se, but the regions. All the stories were the same, forclosures are up. But what was scary were all the regions impacted. It is so widespread and growing. And you are right the negative voices are getting louder and are in unison.

[mojavekid]

19. OC Register: Late property taxes a growing woe

http://www.ocregister.com/ocregister/money/article_1645773.php

It's mid-April. Time to pay the tax bill.

April 10 – this Tuesday, for those without a calendar handy – is a day every O.C. property owner should know: Deadline for the second installment of the 2006-2007 property bills.

(And, yeah, there's some income tax paperwork due on the 16th of the month, too!)

So please pay your property tax bill.

Why? Not because I think county government needs the money.

It's because the tax collector's late fees make a subprime mortgage lender look generous: a 10 percent penalty plus 18 percent a year interest charges on the tardy amount.

Public service message aside, these property tax deadlines provide a window into how Orange Countians are faring with their house payments. Property taxes are a significant chunk of change for many households, most notably the more recent homebuyers.

And, sadly, a growing amount of tax bills are late. This is not what you call a favorable economic trend.

more at link...

[AnneD]

23. This is one of the tertiary affects of the RE bust......

City funds dry up, services get cut, hiring freezes take place then employees are laid off, quality of life diminishes, and it is extremely HARD to jump start an economy then. Even when things do recover, it takes a long time to feel like things have recovered.

[mojavekid]

51. 400% increase,

Is the increase a family member has experienced in his property taxes. He is (was, will be, soon to be again) a builder of custom homes, traded-up in the good times, but is now doing mostly remodel work....His Property tax went from under $3,000 to $11,000. a year. No thanks!


-mojavekid

[AnneD]

24. Expiring Web tax law has both sides ill at ease

WASHINGTON — With the federal income tax deadline quickly approaching, millions of Americans are scrambling to complete their returns.

But there's another tax deadline looming: On Nov. 21, the federal moratorium on taxes on Internet access as well as limitations on sales taxes will lapse unless Congress acts to make it permanent.

At stake are billions of dollars consumers could be forced to pay to surf the Internet, buy merchandise and maybe even send e-mail.

While states hope to keep their taxing options open, a strong coalition of members of Congress, the Bush administration, the online industry and others are mobilizing to make sure the Internet remains a tax-free zone.

"We need to keep Internet access tax-free," Commerce Secretary Carlos Gutierrez said recently at the Consumer Electronics Show in Las Vegas. The administration, he said, would support legislation making the moratorium permanent.



http://www.chron.com/disp/story.mpl/business/4695256.html

Good luck on that. Once they make a tax, it seldom if ever gets repealed. They just now repealed the luxury tax for the Spanish American War. :eyes:

[citizen snips]

26. Dow Chemical Shares Rise on Buyout Talk

NEW YORK (AP) -- Shares of Dow Chemical Co. rose more than 6 percent Monday after a British newspaper reported a group of Middle Eastern investors and U.S. buyout firms was preparing a bid for the huge chemicals and plastics maker.

The Sunday Express, a British tabloid, reported over the weekend that the group has secured financing backing for a $50 billion bid for the Midland, Mich.-based chemicals company. That would be the biggest leveraged buyout ever.

The Express reported the investment team, which includes private equity firm Kohlberg Kravis Roberts & Co., is preparing a bid of $52 to $58 per share. At the low end, that would be a 17 percent premium over Dow Chemical's closing stock price of $44.47 on Thursday on the New York Stock Exchange. The market was closed on Good Friday.

Dow Chemical's stock jumped $2.70 to $47.17 in morning trading on the New York Stock Exchange after rising to a new 52-week high of $47.60 earlier in the session.

more...
http://biz.yahoo.com/ap/070409/dow_chemical_shares.html?.v=8

[citizen snips]

27. Sector Snap: Coal Miners

NEW YORK (AP) -- Shares of coal miners continued rising Monday as investors anticipated the impact of a strike, a blizzard, and stricter guidelines for mining in Central Appalachia on higher coal prices.

Last week, Foundation Coal Holdings Inc. said it would close a mine in Keensburg, Ill., because it's unprofitable. Workers at the mine were on strike.

A blizzard last month held up coal shipments from the Powder River Basin.

Last week, the chief executive of Arch Coal Inc. hinted his company is looking to buy other coal miners.

more...
http://biz.yahoo.com/ap/070409/coal_miners_sector_snap.html?.v=1

[citizen snips]

28. Sector Snap: Railroads Up on Buffett Buy

NEW YORK (AP) -- Shares of railroad operators shot to new highs on Monday after Warren Buffett -- the "Oracle of Omaha" -- became the largest shareholder in Burlington Northern Santa Fe Corp.

Shares of Burlington Northern, which said Thursday after the markets closed that its first-quarter profit would arrive in line with Wall Street estimates, jumped $7.36, or 8.9 percent, to $90.08. Earlier in the session, the stock traded at a new 52-week high of $97.39.

Shares of Union Pacific Corp., the nation's largest railroad and Burlington Northern's rival in the West, gained $5.53, or 5.4 percent, to $108.73. They also set a new 52-week high before midday, reaching $111.24. Both stocks trade on the New York Stock Exchange.

Also on the NYSE, shares of eastern railroad CSX Corp. advanced $1.11, or 2.7 percent, to $42.07. Shares set a new 52-week high of $43.78 earlier in the session. Norfolk Southern Corp. added $2.03, or 4 percent, at $53.01

more...
http://biz.yahoo.com/ap/070409/railroads_sector_snap.html?.v=2

[citizen snips]

29. Halliburton Pulls Out of Iran

HOUSTON (AP) -- Oil field services provider Halliburton Co. on Monday said it has finished with all its contractual commitments in Iran and is pulling out of the country.

Halliburton announced in January 2005 that it would only honor existing contracts and would wind down its operations in the country.

The company's statement comes as Iran announced Monday it has begun enriching uranium, expanding a nuclear program that has raised the ire of Western nations and resulted in U.N. sanctions.

The U.S. and its allies have accused Iran of intending to produce nuclear weapons with the enriched uranium, which can be used as fuel for a nuclear reactor or as material for a nuclear warhead. Iran has denied the charge, saying its program is peaceful is nature.

more...
http://biz.yahoo.com/ap/070409/halliburton_iran_operations.html?.v=1

[citizen snips]

30. Amgen Shares Down As Price Target Cut

NEW YORK (AP) -- Shares of biotechnology company Amgen Inc. are cheaply priced following a two-month slide, a Stifel Nicolaus analyst said Monday, but warned the stock may remain volatile.

Analyst Edward H. Nash rated Amgen shares at "Buy," but slashed his price target by nearly 29 percent to $65 per share from $91. That price target still implies growth of 11.4 percent over the stock's closing price Thursday of $58.33.

Nash said Amgen is trading below its value on bad news, including trial results that showed its drug Vectibix increased the spread of colon cancer when paired with chemotherapy and Genentech Inc.'s Avastin as an early stage treatment, and a Securities and Exchange Commission probe into its Aranesp anemia drug.

The stock price fell to an annual low on March 29, but some of those issues remain, Nash said. He also lowered his revenue estimates for Amgen drugs, as prescriptions for its drugs, including Aranesp and Epogen, are down.

more...
http://biz.yahoo.com/ap/070409/apfn_amgen_ahead_of_the_bell.html?.v=1

[citizen snips]

31. Wynn Up on Raised 1Q Earnings Estimate

NEW YORK (AP) -- Shares of Wynn Resorts Ltd. rose Monday after an analyst raised his first-quarter earnings estimate due in part to continued success in Macau, China's booming island resort.

Joseph Greff, an analyst with Bear Stearns, boosted his first-quarter earnings forecast by 9 cents to 61 cents per share.

In a client note, Greff said Wynn's Macau property, which opened in September, is continuing to grow its market share as well as experience strong table and slot volumes.

The company is continuing to expand Wynn Macau's gaming capacity as well as work on Encore in Las Vegas. The Encore property will be fully integrated with Wynn Las Vegas, adding 2,034 rooms and 72,000 square feet of casino space. Encore, which now has 54,000 square feet of casino space, is expected to open in early 2009.

more...
http://biz.yahoo.com/ap/070409/wynn_resorts_mover.html?.v=1

[citizen snips]

32. Sector Snap: Airline Stocks Mixed

NEW YORK (AP) -- Airline stocks were mixed Monday, as a Credit Suisse downgrade of Alaska Air Group Inc. dragged on the sector but cheaper crude eased fuel-price pressures.

The Amex Airline Index fell a tenth of 1 percent in midday trading, with six of 11 component stocks down. Most percentage swings were slight, less than 1 percent.

Bolstering shares was a barrel of oil dropping 75 cents to $63.53 on the New York Mercantile Exchange. Airlines are highly sensitive to oil prices, since jet fuel is among their top costs.

Shares of Alaska Air Group Inc. slumped, after Credit Suisse downgraded it amid concerns of increased competition in Los Angeles. The Seattle-based company's stock lost $1.43, or 3.7 percent, at $37.15 on the New York Stock Exchange.

more...
http://biz.yahoo.com/ap/070409/airlines_sector_snap.html?.v=1

[citizen snips]

33. Gap Shares Rise Ahead of March Results

NEW YORK (AP) -- Shares of Gap Stores Inc. rose on Monday, as analysts said they expect the beleaguered retailer to post positive March same-store sales, compared with a weak results a year ago.

Last March, Gap, which operates Gap, Old Navy and Banana Republic stores, reported same-store sales, or sales in stores open at least one year, fell 13 percent.

Same-store sales are a key measure of a retailer's health because they measure growth at established stores rather than growth from store expansion.

"Against an easy comparison to last year, we believe comps may come in positive for all three Gap brands this month," wrote Wachovia analyst John D. Morris in a note on Monday. "According to our checks, strength at GapKids is helping to offset continued weakness at the core Gap business, which likely continued to run down in March. Meanwhile, we believe comps at Old Navy were spurred by sales of dresses."

more...
http://biz.yahoo.com/ap/070409/gap_stores_mover.html?.v=1

[citizen snips]

34. Sector Snap: Semiconductors

NEW YORK (AP) -- The biggest semiconductor stocks traded a bit higher Monday, as investors seemed to focus more on Advanced Micro Devices Inc.'s plans for cost cuts and hiring limits than the chip maker's warning it will miss Wall Street's sales expectations for the first quarter.

AMD's shares jumped 66 cents, or 5.1 percent, to $13.52 in midday trading on the New York Stock Exchange. The stock had hit a 52-week low last Thursday.

The company blamed lower prices and slumping sales for its expected sales shortfall, but said it wants to cut capital expenses, discretionary expenses and limiting hiring to critical positions.

Shares of rival Intel Corp., the world's biggest chip maker, rose 62 cents, or 3.1 percent, to $20.20 on the Nasdaq Stock Market, having changed hands between $16.75 and $22.50 in the past year.

more...
http://biz.yahoo.com/ap/070409/semiconductors_sector_snap.html?.v=1

[citizen snips]

35. Alaska Air Group Shares Skid

NEW YORK (AP) -- Shares of Alaska Air Group Inc., parent of Alaska Airlines and Horizon Air, slumped Monday after a Credit Suisse downgraded it amid concerns of increased competition in Los Angeles.

The Seattle-based company's stock lost $1.59, or 4.1 percent, to $36.99 in midday trading on the New York Stock Exchange. Shares have ranged between $33.60 and $45.85 over the past year.

Credit Suisse analyst Daniel McKenzie downgraded Alaska Air Group to "Neutral" from "Outperform" and cut his target price to $49 from $58 in a research report. He wrote that Delta Air Lines Inc. is aggressively building capacity in Los Angeles, affecting 50 percent of the markets Alaska Air Group flies to from Los Angeles International Airport.

Delta is the fourth-largest carrier at the airport, and Alaska is the fifth, according to the analyst. From Los Angeles, Alaska flies to Anchorage, Washington, D.C. and several Mexican destinations, among others.

more...
http://biz.yahoo.com/ap/070409/alaska_air_group_mover.html?.v=1

[citizen snips]

36. Sector Snap: Staffing Firms Rise

NEW YORK (AP) -- A number of staffing companies rose Monday after government jobs data showed increased hiring during March, suggesting the economy may be in better shape than previously thought.

The Labor Department reported Friday that the U.S. unemployment rate dropped in March to a five-year low of 4.4 percent, as employers added 180,000 jobs.

Baird analyst Mark Marcon said a stronger labor market is a near-term positive for executive search firms, such as Heidrick & Struggles International Inc. and Korn/Ferry International Inc.

The news also is good for companies that recruit skilled workers who are paid more for their services, including Monster Worldwide Inc., Robert Half International Inc., Kforce Inc. and MPS Group Inc., Marcon said.

more...
http://biz.yahoo.com/ap/070409/staffing_sector_snap.html?.v=1

[citizen snips]

37. VeriSign Rises on Price Increases

NEW YORK (AP) -- Shares of VeriSign Inc. climbed Monday, the first trading day after the keeper of Internet addresses ending in ".com" and ".net" said it plans to raise fees charged to register those names.

Analysts chimed in by lifting estimates for the company's 2008 financial performance. The higher prices go into effect Oct. 15.

Shares of Verisign advanced 47 cents to $26.10 on the Nasdaq Stock Market. The stock previously traded between $15.95 and $26.78 and is up 3.2 percent in the same period.

The company on Thursday after the bell said annual charge for ".com" will increase 7 percent to $6.42, and the ".net" fee will go up 10 percent to $3.85. The increases for two of the most popular domain name suffixes could translate into a $29 million boost for the company.

more...
http://biz.yahoo.com/ap/070409/verisign_mover.html?.v=1

[citizen snips]

38. Treasury Bond Prices Mostly Unchanged

NEW YORK (AP) -- After getting battered by the unexpectedly strong March jobs report on Friday, Treasury bond prices were mostly unchanged Monday as investors await key economic reports and Federal Reserve speeches later this week.

The only advances were found in longer-dated securities. But even there, the increases weren't large, and were coming on a day with no major economic reports to set the tone for trading. That left investors to deal with the hangover of Friday's selling, along with getting themselves in position ahead of a wave of Federal Reserve comments and economic reports this week.

At 12 p.m. EDT, the 10-year Treasury note was up 31 cents per $1,000 in face value, or 1/32 point, from its level at 11 a.m. Friday. Its yield, which moves in the opposite direction, was unchanged at 4.75 percent.

The bond markets closed at 11 a.m. EDT on Friday, in observance of Good Friday and ahead of the Easter weekend.

more...
http://biz.yahoo.com/ap/070409/bonds.html?.v=3

[citizen snips]

39. Analyst Sees Better Prospects for Dell

NEW YORK (AP) -- While Dell Inc.'s short-term prospects remain "murky," the computer maker's midterm outlook is beginning to turn more positive for the first time in two years, a Pacific Crest analyst wrote Monday in a note to investors.

The analyst, Brent Bracelin, upgraded Dell to "Outperform" from "Sector Perform," citing the company's new leadership, supply chain realignments and improving operating margins among the reasons. His target price is $30.

The Round Rock, Texas-based company's shares climbed 27 cents to $23.78 in afternoon trading on the Nasdaq Stock Market.

Dell has been struggling with slowing growth, disappointing earnings, shareholder lawsuits and a federal accounting probe, while rival Hewlett-Packard Co. has been gaining market share.

more...
http://biz.yahoo.com/ap/070409/dell_upgrade.html?.v=1

[AnneD]

41. Matt....

Every time I see those sector snaps...I think of the Legally Blond 'bend and snap'. I can't figure out if it is a grey moment or an Alzheimer's-because I'm not blond. I smile every time I see your snaps. Thanks for the unintended humour. vv and >>

[citizen snips]

42. LOL

:hi:

[citizen snips]

43. Grains Mixed, Soybeans Fall

CHICAGO (AP) -- Grain futures were mixed while soybeans declined Monday on the Chicago Board of Trade.

Wheat for May delivery rose 2 1/2 cents to $4.47 1/2 a bushel; May corn fell 2 1/2 cents to $3.63 1/2 a bushel; May oats rose 1 1/2 cent to $2.78 a bushel; May soybeans fell 11 1/2 cents to $7.49 a bushel.

Beef futures increased and pork futures finished mixed on the Chicago Mercantile Exchange.

June live cattle rose .38 cent to 96.70 cents a pound; May feeder cattle rose .90 cent to $1.1275 a pound; May lean hogs rose .15 cent to 75.37 cents a pound; May pork bellies fell .18 cent to 99.87 cents a pound.

http://biz.yahoo.com/ap/070409/board_of_trade.html?.v=3

[citizen snips]

44. Telecom Stocks Inch Down, Vonage Tumbles

NEW YORK (AP) -- Large telecom stocks saw slight declines Monday, while shares of Vonage Holdings Corp. tumbled amid legal setbacks for the Internet phone company in its patent battle with Verizon Communications Inc.

On Friday, Vonage was barred from signing up new customers as a penalty for infringing on Verizon's patents, but an appeals court later granted it a temporary stay, allowing the company to continue to add customers until the court rules on its appeal. Vonage's shares, which have declined steadily since the company went public last May, hit a record low Monday amid uncertainty surrounding its prospects. Markets were closed Friday.

Here is how some key telecom stocks did Monday:

AT&T Inc., up 6 cents at $39.33

Sprint Nextel Corp., down 33 cents at $19.27

more...
http://biz.yahoo.com/ap/070409/sector_glance_telecom.html?.v=1

[citizen snips]

45. Fast Food Stocks Rise

NEW YORK (AP) -- Fast food stocks gained Monday after McDonald's Corp. announced they would allow unions to form in its 750 restaurants in China. Both McDonald's and Yum Brands Inc., which owns Taco Bell, Kentucky Fried Chicken and Pizza Hut, have been under fire lately after a Chinese newspaper alleged the companies were paying employees less than minimum wage and denying some full-time benefits for workers.

Here is how some key fast food stocks did on Monday:

McDonald's Corp. added 71 cents to close at $46.49 on the New York Stock Exchange.

Burger King Corp. gained 12 cents to end at $22.54 on the NYSE.

Wendy's International Inc. rose 13 cents to finish at $31.87 on the Big Board

more...
http://biz.yahoo.com/ap/070409/sector_glance_fast_food.html?.v=1

[citizen snips]

46. Sector Snap: Biotech Stocks Hold Steady

NEW YORK (AP) -- Biotechnology stocks, weighed down by mixed movement by several bellwethers, remained flat Monday as the sector prepares for the unveiling of first-quarter results this week.

The American Stock Exchange's biotechnology index, which tracks some of the largest companies in the sector, fell 2.6 points, or less than a half-percentage point, in afternoon trading. Meanwhile, the Nasdaq Stock Market's biotechnology index gained 1.9 points, also less than a half-percentage point.

There were several big gainers during the session, consisting mostly of small- and midcap companies. Nuvelo Inc., which makes cardiovascular and cancer drugs, jumped $1.91, or 52 percent, to $5.65 on the Nasdaq. The stock has traded between $3.04 and $20.98 over the last 52 weeks.

The company is still benefiting from positive news at the end of March that the Food and Drug Administration fast-tracked its developing colon cancer compound rNAPc2. Nuvelo is also preparing to present data from a preclinical study of NU206 on Saturday.

more...
http://biz.yahoo.com/ap/070409/sector_snap_biotechnology.html?.v=1

[citizen snips]

47. S&P 500 Leaders & Laggards

NEW YORK (AP) -- Burlington Northern Santa Fe Corp. helped lift the Standard & Poor's 500 Index higher Monday, after Berkshire Hathaway, Warren Buffet's investment holding company, became the largest shareholder in the railroad operator.

The S&P 500 was up 0.85 to finish at 1,444.61.

Shares of Burlington Northern rose $5.36, or 6.5 percent, to close at $88.08 on the New York Stock Exchange.

Dow Chemical Co. also finished higher amid news that a group of Middle Eastern investors and U.S. buyout firms is preparing a hefty bid for the chemicals and plastics maker.

more...
http://biz.yahoo.com/ap/070409/s_p_500_laggards.html?.v=1

[citizen snips]

48. DJIA Leaders & Laggards: Intel Rises

NEW YORK (AP) -- Intel Corp. recorded the biggest gain Monday on the Dow Jones industrial average after a rival issued a quarterly sales warning.

The 30-stock index rose 8.94 to close at 12,569.14.

Intel shares rose 52 cents, or 2.7 percent, to close at $20.10 on the Nasdaq Stock Market after Advanced Micro Devices Inc. said lower prices and weaker sales would cause it to miss its first-quarter revenue forecast.

McDonald's Corp. rose after China's state labor union said it expects the fast food chain and Yum Brands Inc.'s KFC to establish stores in southern China this year.

more...
http://biz.yahoo.com/ap/070409/djia_laggards.html?.v=1

[citizen snips]

49. Nasdaq 100 Leaders & Laggards

NEW YORK (AP) -- The Nasdaq 100 edged lower Monday, as Liberty Media Interactive reversed Thursday's gains.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, gave up 4.75 points to 1,808.19. The broader Nasdaq composite also shed 2.16 points to 2,469.18.

Liberty -- a tracking stock for some of Liberty Media Corp.'s assets including QVC and Provide Commerce -- gave up 78 cents, or 3.2 percent, to $24.02.

Apollo Group Inc., a Phoenix-based for-profit education provider, lost $1.14, or 2.6 percent, to $43.25.

more...
http://biz.yahoo.com/ap/070409/nasdaq_100_laggards.html?.v=1

[ProudDad]

54. I'm curious...

Why does this thread seem to always get a "flame war" thingie?


(As for me, as the Stock Market goes up, the misery index goes up. To me the market is a Ponzi scheme run by the rich in order to fleece the masses...)