Market Soapbox 04/10/07
TUE, DJIA +5 on low volume with pretty internals. All UP cept DJTA. Bonds up 10 yr yield -2 bps 4.72, $ down vs 119.11y & vs 1.3434E, WTI crude up $61.89, gold up $681.50.
The DJIA attempting to extend a 7 day winning streak, something that hasn't happened in 4 years, while the Nasdaq 6 day winning streak was snapped yesterday.
Its a wacky business...
last Wend. DJIA +20, as a 2.2% surge from the Nasdaq's #1 stock and the third most heavily weighted stock on the SP500; Microsoft , kept the indices afloat
Yesterday, DJTA up 2% after Berkshire Hathaway disclosed that it took a 10.9% stake in Burlington Northern Santa Fe.
Also, AMD missed and gave lowered forward guidance, stock up +5% on BAD NEWS and plans to NOT spend $500M in capital expenditures...
Intel went along for AMD's ride up (on bad news), jumping 2.7%, this single move kept the DJIA in the green for a 7th day…
Today, a 1.6% advance in Citigroup (C), accounted for more than six Dow points, keeping the price weighted index above the waterline for an 8th day.
Wanna guess what type of news pumped up Citigroup? They announced major restructuring and layoffs for 26,000 or 8% of the workforce.
Keeping with the theme... Alcoa (AA) the Q1 leader on the DJIA +13%, reported after the bell...
Aluminum prices rose 44% in the past two years, and Alcoa stock gained just 18%, fueling speculation that the company may be a takeover target.
Q1 profit jumped 8.9%, sales rose 11%, net income up 9.2%, some analyst quotes:
"the world is consuming more aluminum... inventories are coming down and prices have gone up... Alcoa has a strong pipeline of growth projects."
Sounds rosy to me... but something malodorous wafted our way from the PR...
Alcoa is closing metal plants from Europe to North America and may shed as many as 6,700 jobs after units failed to meet profit targets. Sniff, sniff...
Passover ends today, options expire next Fri 20th, options unwind starts tomorrow, this Fri 13th GE reports...
SP500 almost hit 1449... Fee, Fi, Fo, Fum, we smell con-soli-da-tion... just our opinion, we could be wrong.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
The DJIA attempting to extend a 7 day winning streak, something that hasn't happened in 4 years, while the Nasdaq 6 day winning streak was snapped yesterday.
Its a wacky business...
last Wend. DJIA +20, as a 2.2% surge from the Nasdaq's #1 stock and the third most heavily weighted stock on the SP500; Microsoft , kept the indices afloat
Yesterday, DJTA up 2% after Berkshire Hathaway disclosed that it took a 10.9% stake in Burlington Northern Santa Fe.
Also, AMD missed and gave lowered forward guidance, stock up +5% on BAD NEWS and plans to NOT spend $500M in capital expenditures...
Intel went along for AMD's ride up (on bad news), jumping 2.7%, this single move kept the DJIA in the green for a 7th day…
Today, a 1.6% advance in Citigroup (C), accounted for more than six Dow points, keeping the price weighted index above the waterline for an 8th day.
Wanna guess what type of news pumped up Citigroup? They announced major restructuring and layoffs for 26,000 or 8% of the workforce.
Keeping with the theme... Alcoa (AA) the Q1 leader on the DJIA +13%, reported after the bell...
Aluminum prices rose 44% in the past two years, and Alcoa stock gained just 18%, fueling speculation that the company may be a takeover target.
Q1 profit jumped 8.9%, sales rose 11%, net income up 9.2%, some analyst quotes:
"the world is consuming more aluminum... inventories are coming down and prices have gone up... Alcoa has a strong pipeline of growth projects."
Sounds rosy to me... but something malodorous wafted our way from the PR...
Alcoa is closing metal plants from Europe to North America and may shed as many as 6,700 jobs after units failed to meet profit targets. Sniff, sniff...
Passover ends today, options expire next Fri 20th, options unwind starts tomorrow, this Fri 13th GE reports...
SP500 almost hit 1449... Fee, Fi, Fo, Fum, we smell con-soli-da-tion... just our opinion, we could be wrong.
Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
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