Market Soapbox 04/23/07
MON, DJIA -43 on below average volume with midlin internals. All DOWN cept DJUA, NDX, MID, XOI.
Bonds up, 10 yr yield -2 bps 4.65, $ up vs 1.3575E & down vs 118.64Y, WTI crude up 2.8% $65.89, gold down $694.2
GM's Lutz said there has been some spillover of subprime mortgage misfortunes into the auto business.
Relax, the Fed heads and Treasury "yes man" Paulson claim there will be no spillover. Uh-uh...sure thing...
Afterhours: Amgen met expectations but gave low end forward guidance.
Juniper Networks (JNPR) net revenue +11% Yoy, but earnings down 12% Yoy. JNPR down 1% afterhours...
Chipster Altera (ALTR) Q1 sales -4% & net income -25% sequentially.
"slowing conditions in the communications market and continuing customer inventory corrections muted our sales in Q1"
ALTR stock up 3.25% afterhours on the "good?" news...
Texas Instruments revenue -8% sequentially, -4% Yoy, "revenue was impacted by an inventory correction in the semiconductor market."
I should say so... new orders dropping $400 M or 11% and inventories balloning 13% Yoy, resulting in EPS getting crushed 21%.
Intelligent investors boosted TXN afterhours 7%... it can't get any worse? Can it? Oh yeah...
Friday: "Without options inspired short covering we smell a pullback from 13K coming Tues... SOXX... looking like its time to sell Semi's, again."
Without short covering, a slight cooling for a parabolic market, DJIA coming within 16 pts of 13K; Semi's selling off taking SOXX from 495 to 484.
Perhaps more cooling to come near term? At least in the SOXX... Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
Bonds up, 10 yr yield -2 bps 4.65, $ up vs 1.3575E & down vs 118.64Y, WTI crude up 2.8% $65.89, gold down $694.2
GM's Lutz said there has been some spillover of subprime mortgage misfortunes into the auto business.
Relax, the Fed heads and Treasury "yes man" Paulson claim there will be no spillover. Uh-uh...sure thing...
Afterhours: Amgen met expectations but gave low end forward guidance.
Juniper Networks (JNPR) net revenue +11% Yoy, but earnings down 12% Yoy. JNPR down 1% afterhours...
Chipster Altera (ALTR) Q1 sales -4% & net income -25% sequentially.
"slowing conditions in the communications market and continuing customer inventory corrections muted our sales in Q1"
ALTR stock up 3.25% afterhours on the "good?" news...
Texas Instruments revenue -8% sequentially, -4% Yoy, "revenue was impacted by an inventory correction in the semiconductor market."
I should say so... new orders dropping $400 M or 11% and inventories balloning 13% Yoy, resulting in EPS getting crushed 21%.
Intelligent investors boosted TXN afterhours 7%... it can't get any worse? Can it? Oh yeah...
Friday: "Without options inspired short covering we smell a pullback from 13K coming Tues... SOXX... looking like its time to sell Semi's, again."
Without short covering, a slight cooling for a parabolic market, DJIA coming within 16 pts of 13K; Semi's selling off taking SOXX from 495 to 484.
Perhaps more cooling to come near term? At least in the SOXX... Often wrong, but never in doubt, this is the Nattering Naybob and your not!!!
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