Traders bailed out of stocks ahead of the long weekend, spooked by the no-new-jobs report. Cries for QE3 mount, but no risk-on trade ever took root. Banks were hit hard on news of FHFA suits over mortgage fraud. And Europe continues to percolate. Gold surged nearly $50, and Treasury yields plunged to historic closing lows. Only seven S&P stocks posted gains.
Kind of disappointing that we fell back below key level of 1200 on the S&P 500. Hopefully it was just reluctancy to hold over the long weekend and not the start of a new move back down.
Dow -253 to 11240
Nas -65 to 2480
S&P -30 to 1174
Monday is a Holiday. Have a nice long weekend!!!
Friday, September 2, 2011
Dish may lauch streaming movie service...
Dish Network (DISH -2.4%) bounces off lows on reports that the company plans to launch a Blockbuster streaming service similar to rival Netflix (NFLX -8.3%), the timing designed to coincide with upcoming Netflix price hikes. The offering may include movies from Starz (LSTZA -1.5%), which halted negotiations with Netflix to renew its online viewing deal.
This ought to help those CD rates...
New records are set in the Treasury bond market: 10-year yield settles at a record low close of 1.996%, 5-year sees record low close of 0.87%.
Netflix and Starz deal may not be dead...
BTIG's Richard Greenfield expects Netflix (NFLX -9.1%) and Starz (LSTZA -1.2%) to come back to the negotiating table and eventually sign a deal: "Why does Netflix want to let someone else have access to Starz’s unique movie content, and can anyone really pay Starz as much as Netflix... Stay tuned, we expect there is more to this story..."
At 3 pm....
In the last hour, the market has taken a turn lower. It looks like program selling as basically every group is lower.
Dow -258
Nas -72
S&P -31
Dow -258
Nas -72
S&P -31
Noon update....
Stocks are slowly climbing back from an earlier 240 point drop on the Dow:
Dow -180
Nas -42
S&P -21
Gold is up $47 to to 1875
Oil is down to $87 a barrell
A few of the stocks we have been watching are up again:
MAKO Surgical (MAKO) is up 1.14 to 37.61
Hansen Natural (HANS) is up 1.26 to 85.36
Interdigital (IDCC) up 0.25 to 69.56
Jazz Pharmaceutical (JAZZ) is up 0.70 to 42.46
Dow -180
Nas -42
S&P -21
Gold is up $47 to to 1875
Oil is down to $87 a barrell
A few of the stocks we have been watching are up again:
MAKO Surgical (MAKO) is up 1.14 to 37.61
Hansen Natural (HANS) is up 1.26 to 85.36
Interdigital (IDCC) up 0.25 to 69.56
Jazz Pharmaceutical (JAZZ) is up 0.70 to 42.46
Nobody wants RIMM's tablet...
Research In Motion (RIMM). Big box retailer Best Buy (BBY) has slashed up to $150 off the U.S. price tag for RIM’s PlayBook tablet computer for the Labor Day weekend.
Fed wants to know BAC's plans...
Bank of America Corp. (BAC). The U.S. Federal Reserve has asked the bank to show what measures it could take if business conditions worsen, the WSJ said, citing people familiar with the situation.
Stock Buybacks...
These are just a few of the companies that have announced stock buyback programs...
Lowe’s Companies, Inc. (NYSE: LOW) authorized for up to $5 billion over the next two to three years and its market capitalization is roughly $25 billion.
CVS Caremark Corporation (NYSE: CVS) announced a plan of up to $4 billion on top of a prior plan, and its market cap is close to $48 billion.
Celgene Corporation (NASDAQ: CELG) announced a buyback of up to $2 billion against a market cap of close to $27 billion.
Intuit Inc. (NASDAQ: INTU) announced a share buyback of up to $2 billion against a market cap of almost $13 billion at the time.
Discovery Communications, Inc. (NASDAQ: DISCA) approved a new $1 billion share buyback plan early in the month and its market cap was $15 billion.
Harris Corporation (NYSE: HRS) said early in August that a plan of up to $1 billion in shares and its market capitalization was a mere $4.4 billion.
Lockheed Martin Corporation (NYSE: LMT) announced a buyback in August of up to $1 billion on top of a prior buyback plan; its market cap is $24 billion.
AmerisourceBergen Corporation (NYSE: ABC) completed a prior $500 million plan and authorized a new plan of up to $750 million against a $9.9 billion market cap.
Alpha Natural Resources, Inc. (NYSE: ANR) added $600 million to a prior buyback plan against a market cap of about $7 billion.
Avnet Inc. (NYSE: AVT) announced a buyback plan of up to $500 million versus a market cap of $4.1 billion.
Southwest Airlines Co. (NYSE: LUV) approved a buyback plan of up to $500 million against a market cap of $6.6 billion.
St. Jude Medical Inc. (NYSE: STJ) announced in early August that it would repurchase up to $500 million versus a market cap of $13.8 billion.
Interpublic Group of Companies, Inc. (NYSE: IPG) expanded its buyback plan with up to $450 million more against a market cap of about $4.15 billion.
Forest Laboratories Inc. (NYSE: FRX) agreed to repurchase another $350 million of common stock from Morgan Stanley (NYSE: MS), just over 3% of the company’s value at the time versus a $9.55 billion market cap.
Cliffs Natural Resources Inc. (NYSE: CLF): up to 4 million shares, close to $300 million at the time, versus a market cap of nearly $11 billion.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH): up to $300 million on top of a prior plan versus a $19 billion market cap.
KBR, Inc. (NYSE: KBR) close to $300 million (10 million shares) versus a market cap of about $4.5 billion.
Newell Rubbermaid Inc. (NYSE: NWL): up to $300 million and the market cap was about $3.8 billion.
Valeant Pharmaceuticals International, Inc. (NYSE: VRX): up to $300 on top of a prior plan versus a market cap of $13+ billion.
Akamai Technologies Inc. (NASDAQ: AKAM): up to $250 million more in an existing buyback program (new total was up to $400 million) against a market cap of $4.1 billion.
AOL Inc. (NYSE: AOL): up to $250 million versus a market cap of almost $1.3 billion.
Dolby Laboratories, Inc. (NYSE: DLB): up to an additional $250 million versus a market cap of about $3.6 billion.
Urban Outfitters, Inc. (NASDAQ: URBN) was close to $250 million more (10 million shares) in addition to a prior plan versus a market cap of $4.1 billion.
Lowe’s Companies, Inc. (NYSE: LOW) authorized for up to $5 billion over the next two to three years and its market capitalization is roughly $25 billion.
CVS Caremark Corporation (NYSE: CVS) announced a plan of up to $4 billion on top of a prior plan, and its market cap is close to $48 billion.
Celgene Corporation (NASDAQ: CELG) announced a buyback of up to $2 billion against a market cap of close to $27 billion.
Intuit Inc. (NASDAQ: INTU) announced a share buyback of up to $2 billion against a market cap of almost $13 billion at the time.
Discovery Communications, Inc. (NASDAQ: DISCA) approved a new $1 billion share buyback plan early in the month and its market cap was $15 billion.
Harris Corporation (NYSE: HRS) said early in August that a plan of up to $1 billion in shares and its market capitalization was a mere $4.4 billion.
Lockheed Martin Corporation (NYSE: LMT) announced a buyback in August of up to $1 billion on top of a prior buyback plan; its market cap is $24 billion.
AmerisourceBergen Corporation (NYSE: ABC) completed a prior $500 million plan and authorized a new plan of up to $750 million against a $9.9 billion market cap.
Alpha Natural Resources, Inc. (NYSE: ANR) added $600 million to a prior buyback plan against a market cap of about $7 billion.
Avnet Inc. (NYSE: AVT) announced a buyback plan of up to $500 million versus a market cap of $4.1 billion.
Southwest Airlines Co. (NYSE: LUV) approved a buyback plan of up to $500 million against a market cap of $6.6 billion.
St. Jude Medical Inc. (NYSE: STJ) announced in early August that it would repurchase up to $500 million versus a market cap of $13.8 billion.
Interpublic Group of Companies, Inc. (NYSE: IPG) expanded its buyback plan with up to $450 million more against a market cap of about $4.15 billion.
Forest Laboratories Inc. (NYSE: FRX) agreed to repurchase another $350 million of common stock from Morgan Stanley (NYSE: MS), just over 3% of the company’s value at the time versus a $9.55 billion market cap.
Cliffs Natural Resources Inc. (NYSE: CLF): up to 4 million shares, close to $300 million at the time, versus a market cap of nearly $11 billion.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH): up to $300 million on top of a prior plan versus a $19 billion market cap.
KBR, Inc. (NYSE: KBR) close to $300 million (10 million shares) versus a market cap of about $4.5 billion.
Newell Rubbermaid Inc. (NYSE: NWL): up to $300 million and the market cap was about $3.8 billion.
Valeant Pharmaceuticals International, Inc. (NYSE: VRX): up to $300 on top of a prior plan versus a market cap of $13+ billion.
Akamai Technologies Inc. (NASDAQ: AKAM): up to $250 million more in an existing buyback program (new total was up to $400 million) against a market cap of $4.1 billion.
AOL Inc. (NYSE: AOL): up to $250 million versus a market cap of almost $1.3 billion.
Dolby Laboratories, Inc. (NYSE: DLB): up to an additional $250 million versus a market cap of about $3.6 billion.
Urban Outfitters, Inc. (NASDAQ: URBN) was close to $250 million more (10 million shares) in addition to a prior plan versus a market cap of $4.1 billion.
At 10:00 am.....
The market is selling off after the lame employment numbers....
Dow -209
Nas -41
S&P -22 to 1182
Let's see if we can get the S&P back above 1200 before the close.
Dow -209
Nas -41
S&P -22 to 1182
Let's see if we can get the S&P back above 1200 before the close.
Today's upgrades and downgrades...
These are some of this Friday’s top analyst upgrades, downgrades, and initiations seen having an impact from Wall Street research calls.
American Capital Agency Corp. (NASDAQ: AGNC) Cut to Neutral at BofA/ML.
Annaly Capital Management, Inc. (NYSE: NLY) Cut to Neutral at BofA/ML.
Cabela’s, Inc. (NYSE: CAB) named as Bull of the Day at Zacks.
Canadian Pacific Railway Limited (NYSE: CP) Cut to Neutral at Credit Suisse.
Chimera Investment Corporation (NYSE: CIM) Cut to Neutral at BofA/ML.
Education Management Corporation (NASDAQ: EDMC) Raised to Equal-Weight at Morgan Stanley.
FedEx Corporation (NYSE: FDX) Cut to Neutral at Credit Suisse.
First Solar Inc. (NASDAQ: FSLR) Reiterated Buy with $140 target at Argus.
Goldman Sachs Group. Inc. (NYSE: GS) Maintained Outperform but cut estimates by Credit Suisse.
Hatteras Financial Corp (NYSE: HTS) Cut to Neutral at BofA/ML.
Invesco Mortgage Capital Inc. (NYSE: IVR) Cut to Neutral at BofA/ML.
Jos. A Bank Clothiers Inc. (NASDAQ: JOSB) Called the value stock of the day at Zacks.
Liquidity Services, Inc. (NASDAQ: LQDT) Raised to Outperform at Oppenheimer.
McDermott International (NYSE: MDR) named as Bear of the Day at Zacks.
Old Dominion Freight Line Inc. (NASDAQ: ODFL) Raised to Outperform at Credit Suisse.
Research in Motion Ltd. (NASDAQ: RIMM) Maintained Neutral but raised target to $37 from $25 at BofA/ML.
Saks Inc. (NYSE: SKS) Maintained Buy with $14 target at Argus.
Toronto Dominion Bank (NYSE: TD) Raised to Outperform at Credit Suisse.
United Parcel Service, Inc. (NYSE: UPS) Raised to Outperform at Credit Suisse.
American Capital Agency Corp. (NASDAQ: AGNC) Cut to Neutral at BofA/ML.
Annaly Capital Management, Inc. (NYSE: NLY) Cut to Neutral at BofA/ML.
Cabela’s, Inc. (NYSE: CAB) named as Bull of the Day at Zacks.
Canadian Pacific Railway Limited (NYSE: CP) Cut to Neutral at Credit Suisse.
Chimera Investment Corporation (NYSE: CIM) Cut to Neutral at BofA/ML.
Education Management Corporation (NASDAQ: EDMC) Raised to Equal-Weight at Morgan Stanley.
FedEx Corporation (NYSE: FDX) Cut to Neutral at Credit Suisse.
First Solar Inc. (NASDAQ: FSLR) Reiterated Buy with $140 target at Argus.
Goldman Sachs Group. Inc. (NYSE: GS) Maintained Outperform but cut estimates by Credit Suisse.
Hatteras Financial Corp (NYSE: HTS) Cut to Neutral at BofA/ML.
Invesco Mortgage Capital Inc. (NYSE: IVR) Cut to Neutral at BofA/ML.
Jos. A Bank Clothiers Inc. (NASDAQ: JOSB) Called the value stock of the day at Zacks.
Liquidity Services, Inc. (NASDAQ: LQDT) Raised to Outperform at Oppenheimer.
McDermott International (NYSE: MDR) named as Bear of the Day at Zacks.
Old Dominion Freight Line Inc. (NASDAQ: ODFL) Raised to Outperform at Credit Suisse.
Research in Motion Ltd. (NASDAQ: RIMM) Maintained Neutral but raised target to $37 from $25 at BofA/ML.
Saks Inc. (NYSE: SKS) Maintained Buy with $14 target at Argus.
Toronto Dominion Bank (NYSE: TD) Raised to Outperform at Credit Suisse.
United Parcel Service, Inc. (NYSE: UPS) Raised to Outperform at Credit Suisse.
This is funny to me....
U.S. securities regulators have taken the unprecedented step of asking high-frequency trading firms to hand over the details of their trading strategies, and in some cases, their secret computer codes.
The clowns running the SEC are so far behind the curve.
Jobs report not good...
Aug. Nonfarm Payrolls: Unchanged vs. +75K expected, +85K prior (revised from +117K). Unemployment remains at 9.1%, as expected. June growth was also revised to +20K from +46K.
The report shows a dramatic slowdown in private-sector hiring to be the main culprit. While public-sector job cuts fell to 17K in August from 70K in July, growth in private sector payrolls plummeted to 17K in August from 156K in July.
The report shows a dramatic slowdown in private-sector hiring to be the main culprit. While public-sector job cuts fell to 17K in August from 70K in July, growth in private sector payrolls plummeted to 17K in August from 156K in July.
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