Once again, we get more selling in the last hour, as traders obviously did not want to own stocks over the weekend.
Dow -240 to 10913
Nas -65 to 2415
S&P -29 to 1131
Gold was the only group that was positive. Silver sold off.
Good riddance to Q3. Hopefully, things will improve in October.
Friday, September 30, 2011
The Fall of a Great American Company...
Eastman Kodak (EK -49.1%) nosedives on a report the company is hiring restructuring lawyers. Two days ago, Fitch cut its rating on Kodak's debt to a level suggesting a default is probable.
Eastman Kodak was in the Dow Jones Industrial Average from 1930 to April 1, 2004. Obviously Kodak's demise was the development of digital photos and cameras.
Today it is down 0.89 to 0.79 a share. Check out the long term chart:
Eastman Kodak was in the Dow Jones Industrial Average from 1930 to April 1, 2004. Obviously Kodak's demise was the development of digital photos and cameras.
Today it is down 0.89 to 0.79 a share. Check out the long term chart:
At 3:00 pm....
Stocks are still weak, as volume is really drying up. I just went thru the charts of stocks that are making new lows, and it is ugly. Basically, anything to do with China - hitting new lows...any of the shipping stocks - hitting new lows...any Agriculture related or steel related stocks - hitting new lows. I'll try to post some of these charts over the weekend so you can see what they look like.
Right now:
Dow -128
Nas -37
S&P -15 to 1144
The last three days we have seen strong moves in the last hour of trading...let's see what happens today as we reach the end of a somewhat miserable and very volatile 3rd quarter.
Right now:
Dow -128
Nas -37
S&P -15 to 1144
The last three days we have seen strong moves in the last hour of trading...let's see what happens today as we reach the end of a somewhat miserable and very volatile 3rd quarter.
SunPower continues to fall...
Shares of SunPower (SPWRA) fall another 7.4% and hit a 52-week low. The firm appears a leader in the emerging market for high-efficiency cells (I, II), but Morningstar has doubts: "In our view, SunPower uses solar technology that is likely to remain too costly compared to its peers. As a result, we expect the mediocre results of the last couple of years to continue for the foreseeable future."
Universal Display signs deal with Pioneer...
Universal Display (PANL) gains 3.6% after announcing a licensing deal with Pioneer for the use of its OLED technology in lighting products. Like a similar deal announced with Panasonic, the agreement calls for royalties on product sales. Universal Display's shares surged last month on a licensing deal with Samsung for OLED display products.
At 1:00 pm...
Stocks are still lower, but we have at least seen some flashes of buying out there. However, it looks as if most traders have already left for the weekend...so we may not get much change between now and the close.
Dow -105
Nas -34
S&P -14 to 1145
Gold going higher, Silver heading lower.
Dow -105
Nas -34
S&P -14 to 1145
Gold going higher, Silver heading lower.
SEC investigates rate decision leak...
A SEC report says a large credit rating agency "appeared to allow" a pending rate decision to be tipped off to certain people before the rating change was publicly announced. The statement contained in an annual inspection of ratings agency mandated by Dodd-Frank doesn't name S&P, but follows up an investigation of the ratings agency launched last month.
Of course they are talking about S&P...
Of course they are talking about S&P...
Gold and Silver revisited....
Let's check out how gold and silver have been trading. Below are the charts on the futures of both.
Gold currently sits at $1624 an ounce. Silver is currently at $30.38.
You can see from the charts that both are taking a breather from the selling. However, both are close to another breakdown.
Gold has support at $1600 and Silver at around $30.
Gold currently sits at $1624 an ounce. Silver is currently at $30.38.
You can see from the charts that both are taking a breather from the selling. However, both are close to another breakdown.
Gold has support at $1600 and Silver at around $30.
Stocks weak...
At 10:45 am, stocks are weak again...on very slow trading.
Dow -105
Nas -35
S&P -16 to 1145
Not liking this downward trend we are in. First we broke below 1300 on the S&P at the end of July and have never even thought about getting back up there. We are now stuck in a trading range between 1100 and 1225. If we break below 1100 on the downside, that would certainly cause another round of panic selling where we would switch to full protection mode.
On the upside, we really need to see a move back above 1250 before we would commit new money.
Here is the S&P 500 chart:
Dow -105
Nas -35
S&P -16 to 1145
Not liking this downward trend we are in. First we broke below 1300 on the S&P at the end of July and have never even thought about getting back up there. We are now stuck in a trading range between 1100 and 1225. If we break below 1100 on the downside, that would certainly cause another round of panic selling where we would switch to full protection mode.
On the upside, we really need to see a move back above 1250 before we would commit new money.
Here is the S&P 500 chart:
Global Investors Support Buffet Rule....
A Bloomberg poll reveals a majority of global investors support the so-called Buffett Rule proposed by President Obama to tax the income of those earning over $1M a year. Support for the millionaire's tax was highest in Europe, while in the U.S. it only saw 40% approval. "The U.S. does not have a tax rate problem - we have a spending and entitlement problem," noted one investor polled.
As far as I know, Millionaire's ARE paying taxes...in fact they are in the highest tax bracket...currently 35%.
As far as I know, Millionaire's ARE paying taxes...in fact they are in the highest tax bracket...currently 35%.
It's Great to be the CEO...
Meg Whitman (HPQ) agrees to take a yearly base salary of $1, but don't cry for her: She gets options to buy 1.9M shares over eight years; her 2012 target bonus is $2.4M. But H-P investors may be crying over Leo Apotheker's $7.2M severance, $3.5M in restricted stock, and a $2.4M "pay for results" bonus for his 11 months as CEO - during which H-P's market value shrunk by $38B.
What???
Boeing Co. (BA). Federal authorities on Thursday charged 37 current or former Boeing employees with selling or trying to buy painkillers and anti-anxiety drugs at a suburban Philadelphia plant that makes military aircraft.
Wow...
Wow...
Amazon vs. Apple...
Amazon takes center stage again for technology investors. The rock-bottom price of the new Kindle Fire tablet computer is raising questions about Amazon.com’s ability to keep up with demand and the device's effect on the company's already razor-thin profit margins, analysts told Reuters.
My guess is the guys who are questioning the low price of the Kindle Fire are Apple shareholders.
To me, it's just like the price of laptop computers. You can go buy an Acer computer for under $500. The same capability computer (memory-wise) from Apple is around $1,200. Sure, the Apple Mac-book pro looks nicer and has a bunch of extra (unnecessary) features, but c'mon $1200??? At some point, a lackluster economy wiil force consumers (even the cool ones) to tone down their spending habits.
My guess is the guys who are questioning the low price of the Kindle Fire are Apple shareholders.
To me, it's just like the price of laptop computers. You can go buy an Acer computer for under $500. The same capability computer (memory-wise) from Apple is around $1,200. Sure, the Apple Mac-book pro looks nicer and has a bunch of extra (unnecessary) features, but c'mon $1200??? At some point, a lackluster economy wiil force consumers (even the cool ones) to tone down their spending habits.
Good Morning...
Stock index futures point to a weaker open for Wall Street on Friday, the final trading day of the third quarter,
The reading for the September University of Michigan Consumer Sentiment survey, out at 9.55am, is seen at 57.8, a repeat of the preliminary September figure.
In company news, McGraw-Hill Companies is in advanced talks to merge its S&P Indices business with CME Group Dow Jones Indexes, a source familiar with the situation told Reuters on Thursday.
The reading for the September University of Michigan Consumer Sentiment survey, out at 9.55am, is seen at 57.8, a repeat of the preliminary September figure.
In company news, McGraw-Hill Companies is in advanced talks to merge its S&P Indices business with CME Group Dow Jones Indexes, a source familiar with the situation told Reuters on Thursday.
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