As more news surfaced about possible solution to the EURO Debt crisis, stocks started climbing. Nice moves in Banks, Oils, and commodity stocks led the way.
Dow +162
Nas +12
S&P +12 to 1242
I'll get back to regular posting tomorrow.. Sorry but I have to work some times, you know.
Wednesday, October 26, 2011
S&P warns of another US Debt Downgrade...
S&P chairman John Chambers reportedly warns that the U.S. would be harmed if the congressional super committee doesn't come to a satisfactory solution on reducing the U.S. deficit, without specifically mentioning a ratings action. Bank of America earlier forecast a U.S. credit downgrade in the absence of a credible deficit reduction plan.
Panera blows out earnings...
Panera (PNRA) rockets up 14.4% after nailing a Q3 earnings triple play and grabbing lofty price target increases from Oppenheimer and Piper Jaffray to $150 and $156, respectively. CEO Bill Moreton says in a CC that the firm's MyPanera rewards program has been a runaway success with 8M registered users. "This is a tremendously powerful tool for us that we're just scratching the surface with."
PNRA is currently up 18 to 133.70 (a new all-time high)
PNRA is currently up 18 to 133.70 (a new all-time high)
Amazon losing money trying to keep up with Apple...
Amazon.com (AMZN) released its earnings last night, and the results suggest that the company is spending a lot of money developing and marketing its new Kindle Fire tablet. Amazon is looking to compete with Apple ‘s iPad.
The company reported net income of $63 million, or $0.14 per share. A year ago, the company earned $231 million, or $0.51 per share. This quarters earnings missed analysts’ expectations of $0.24 per share.
Amazon forecast that its operating results in the next quarter would range from a loss of $200 million to a profit of $250 million.
AMZN is currently down 29.40 to 197.74
The company reported net income of $63 million, or $0.14 per share. A year ago, the company earned $231 million, or $0.51 per share. This quarters earnings missed analysts’ expectations of $0.24 per share.
Amazon forecast that its operating results in the next quarter would range from a loss of $200 million to a profit of $250 million.
AMZN is currently down 29.40 to 197.74
Market takes off in the afternoon...
Stocks are rising this afternoon as details from the European summit to resolve the debt crisis began to emerge.
The euro zone aims to leverage its 440 billion euro bailout fund, the European Financial Stability Facility, or EFSF, "several fold," but finance ministers will only agree the details of how that will be done in November, according to a draft statement obtained by Reuters to be issued after the summit on Wednesday.
"The market has begun to discount any meaningful announcement coming from today's meeting -- that should be helpful for the markets as the bar is set pretty low," said Joseph Tanious, market strategist at J.P. Morgan Funds in New York.
"That said, the devil is always in the details. Are we going to get some clarity around the bank recapitalization? Are we going to get some clarity around leveraging the EFSF and some clarity around Greece? We need to see the degree of which details are going to be released in the statement."
The euro zone aims to leverage its 440 billion euro bailout fund, the European Financial Stability Facility, or EFSF, "several fold," but finance ministers will only agree the details of how that will be done in November, according to a draft statement obtained by Reuters to be issued after the summit on Wednesday.
"The market has begun to discount any meaningful announcement coming from today's meeting -- that should be helpful for the markets as the bar is set pretty low," said Joseph Tanious, market strategist at J.P. Morgan Funds in New York.
"That said, the devil is always in the details. Are we going to get some clarity around the bank recapitalization? Are we going to get some clarity around leveraging the EFSF and some clarity around Greece? We need to see the degree of which details are going to be released in the statement."
Stocks open higher...
Been out at a meeting...
Stocks are mixed at lunchtime as traders try to digest the news coming out of Europe. Basically, Germany has made a proposal that has been well received as a temporary fix. Our markets initially popped higher, and have since settled back down.
Dow +21
Nas -20
S&P -2
Gold is continuing to move higher. It looks like that trade is working no matter what happens in Europe.
Stocks are mixed at lunchtime as traders try to digest the news coming out of Europe. Basically, Germany has made a proposal that has been well received as a temporary fix. Our markets initially popped higher, and have since settled back down.
Dow +21
Nas -20
S&P -2
Gold is continuing to move higher. It looks like that trade is working no matter what happens in Europe.
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