Market Soapbox 04/04/07
WEN, sideways, DJIA +20 on below average volume with midlin internals. All UP cept DJUA, DJTA, RUT.
Bonds up 10yr yield -1 bps 4.65, $ down vs 118.635y & vs 1.3373E, WTI crude down $64.38, gold up 1% $677.4
A funny thing happened on the way to the Forum....
Best Buy, the biggest consumer electronics retailer in the US, said on Wednesday that Q4 earnings rose 18.5% on strong television sales and gift card redemptions (reverse channel stuffing as the revenue is recorded when the cards are used.)
Meanwhile.... we don't need no stinkin unions, right??
CompUSA is getting liquidated and last week, Circuit City announced plans to close 600 stores, and cut 3,400 jobs, replacing the $11 an hour workers with $7 workers to reduce costs.
Today, Circuit City posted a loss in Q4, as it reported weak sales of flat-panel televisions. The Q4 loss pushed the company into the red for the year. In fiscal 2007, Circuit City lost $13.7M, falling from a $147.4M profit in 2006.
In the last year, Circuit City -24%, Best Buy -14%... A 2.2% surge from the Nasdaq's #1 stock and the third most heavily weighted stock on the S&P 500; Microsoft , kept the indices afloat today with the SP500 running into resistance at 1440.
Tomorrow, with markets closed FRI for Easter, lets see if investors stay put for the 3 day weekend. We are either headed for SP500 1455 or falling to 1425.
Bonds up 10yr yield -1 bps 4.65, $ down vs 118.635y & vs 1.3373E, WTI crude down $64.38, gold up 1% $677.4
A funny thing happened on the way to the Forum....
Best Buy, the biggest consumer electronics retailer in the US, said on Wednesday that Q4 earnings rose 18.5% on strong television sales and gift card redemptions (reverse channel stuffing as the revenue is recorded when the cards are used.)
Meanwhile.... we don't need no stinkin unions, right??
CompUSA is getting liquidated and last week, Circuit City announced plans to close 600 stores, and cut 3,400 jobs, replacing the $11 an hour workers with $7 workers to reduce costs.
Today, Circuit City posted a loss in Q4, as it reported weak sales of flat-panel televisions. The Q4 loss pushed the company into the red for the year. In fiscal 2007, Circuit City lost $13.7M, falling from a $147.4M profit in 2006.
In the last year, Circuit City -24%, Best Buy -14%... A 2.2% surge from the Nasdaq's #1 stock and the third most heavily weighted stock on the S&P 500; Microsoft , kept the indices afloat today with the SP500 running into resistance at 1440.
Tomorrow, with markets closed FRI for Easter, lets see if investors stay put for the 3 day weekend. We are either headed for SP500 1455 or falling to 1425.
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