Market News

[nnuut]

How about the Slosh Report? It's in Billions folks!!:worried:
http://www.gmtfo.com/reporeader/OMOps.aspx

 

[Frixxxx]

For what it's worth, the Fed say no change to rates:
http://www.reuters.com/article/businessNews/idUSN1627924320080916?feedType=RSS&feedName=businessNews

 

[fabijo]

Ah hello . . . Last Friday my stock portfolio was valued at $8,234,928.22. Today it's worth $3.29. Does anyone have any ideas where I should invest it, so I can recoup my losses?

 

[Birchtree]

Sure, buy RT. You might also think about SNS or LUB. The first rule of investing is that it takes money to make money - and you can't loose money if one doesn't have any.

 

[fabijo]

http://www.federalreserve.gov/newsevents/press/other/20080916a.htm

The Federal Reserve Board on Tuesday, with the full support of the Treasury Department, authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG) under Section 13(3) of the Federal Reserve Act.

...

The U.S. government will receive a 79.9 percent equity interest in AIG and has the right to veto the payment of dividends to common and preferred shareholders.

 

[weatherweenie]

08:05 am : S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -6.80. Futures suggest a modestly lower open. To prevent an AIG (AIG) bankruptcy filing, the Federal Reserve agreed to provide a $85 billion two-year loan in exchange for a 79.9% stake in the insurance giant. The Fed felt a disorderly failure of AIG could add to already significant levels of financial market fragility. Morgan Stanley (MS) reported third quarter that beat on the top and bottom lines. The company earned $1.32 per share, which topped expectations by $0.54. In deal news, Sandisk (SNDK) rejected a $26 per share offer from Samsung, despite the offer representing a 93% premium over SNDK's closing price on Sept. 4, the day before media reported the possible takeover.

 

[weatherweenie]

WASHINGTON (MarketWatch) - Home building tumbled again in August, with the number of new building permits for single-family homes dropping to a 26-year low, the Commerce Department estimated Wednesday. Starts of new homes fell 6.2% to a seasonally adjusted annual rate of 895,000, the lowest in 17 years, and much weaker than the 955,000 rate expected by economists surveyed by MarketWatch. Starts of single-family homes fell 1.9% to a 17-year low of 630,000 annualized units. Building permits for single- and multiple-family dwellings fell 8.9% to a 26-year low of 854,000 annualized units, with permits for single-family homes dropping 5.1% to 554,000, also a 26-year low.

 

[weatherweenie]

08:33 am : S&P futures vs fair value: -15.60. Nasdaq futures vs fair value: -17.30. Futures weaken and then have a mostly muted response as two economic releases hit the wires. The number of August housing starts slipped 59,000 to 895,000 on an seasonally adjusted annual rate, compared to the consensus estimate of 950,000. Building permits fell 83,000 to 854,000, versus the 928,000 consensus. The current account balance was -$183.1 billion in the second quarter, compared to the expected reading of -$180 billion. The New York Times reported earlier this morning that Barclays (BCS) boughtLehman Brothers' (LEH) core capital markets business for $1.75 billion, which was far less than Lehman had hoped for. Crude prices are rebounding to a gain of 3.5% at $94.37 per barrel after two session's of steep losses.

 

[weatherweenie]

09:00 am : S&P futures vs fair value: -21.00. Nasdaq futures vs fair value: -21.50. Futures point to a sharply lower start for the stock market. The overnight dollar Libor rate -- the amount of interest banks charge other banks to lend dollars overnight -- improved to 5.03% from yesterday's level of 6.44% as the Fed and other central banks pumped liquidity in the system. Still, the level remains well above the 2.00% fed funds target rate -- the overnight Libor rate was 2.14% before the Lehman Brothers (LEH) bankruptcy. In news outside of the financial sector, General Mills (GIS) topped expectations on the both the top and bottom lines, as did software maker Adobe Systems (ADBE). Nortel (NT) gave a preliminary third quarter view of $2.3 billion in revenue, which falls short of the $2.7 billion consensus. Nortel expects customers to cut back on spending.

 

[Silverbird]

SEC Stiffens Short-Selling Rules Amid Market Turmoil (Update1)

By Jesse Westbrook and Edgar Ortega
Sept. 17 (Bloomberg) -- The U.S. Securities and Exchange Commission stiffened rules against manipulative short-selling after a market rout pushed American International Group Inc. to the brink of collapse and triggered Lehman Brothers Holdings Inc.'s bankruptcy.

The SEC adopted two regulations today forcing traders and brokers to close out short sales on all stocks, amid concern investors are driving down prices by flooding markets with sell orders. A third rule makes it a securities fraud when sellers deceive brokers about delivering borrowed shares to buyers......
http://www.bloomberg.com/apps/news?pid=20601087&sid=atc9nbq59jIw&refer=home

 

[Silverbird]

Treasury 3-Month Bill Rates Drop to Lowest Since at Least 1954

By Sandra Hernandez
Sept. 17 (Bloomberg) -- U.S. Treasury three-month bill rates dropped to the lowest since at least 1954 as a loss of confidence in credit markets prompted investors to abandon higher-yielding assets for the safety of the shortest-term government securities.
Investors pushed the rate as low as 0.233 percent on concern that credit market losses will widen after the bankruptcy of Lehman Brothers Holdings Inc. and the federal takeover of American International Group Inc. The rate banks charge each other for short-term loans relative to Treasury bills rose to the highest since the stock market crash of 1987.....
http://www.bloomberg.com/apps/news?pid=20601087&sid=auO79aKmWnp8&refer=home

 

[DoughBoy]

Blastoff!

 

[weatherweenie]

Anyone else skeptical of the rally the futures forecast?
BRIEFING.COM] S&P futures vs fair value: +19.10. Nasdaq futures vs fair value: +24.80. Stock futures have a strong lead over fair value, indicating an upward start to the trading session. ConAgra (CAG) bested the consensus earnings per share estimate for its latest quarter, pulling in $0.27 per share. Analysts were looking for $0.24 per share. FedEx (FDX) posted in-line earnings results, bringing in $1.23. The firm offered upside guidance as a complement to the results. Following yesterday's trading action, sources indicated savings and loan outfit Washington Mutual (WM) is looking for a suitor, while investment bank Morgan Stanley (MS) may attempt to merge with another bank

 

[weatherweenie]

Fed, ECB pump billions into money markets
Thursday September 18, 7:58 am ET
By Matt Moore, AP Business Writer Federal Reserve, other central banks to pump billions more dollars into money markets

FRANKFURT, Germany (AP) -- The world's major central banks banded together on Thursday to inject as much as $180 billion into money markets in a bid to stave off the growing global financial crisis. The Federal Reserve joined with the European Central Bank, the Bank of England, the Bank of Japan and the Swiss National Bank to pump more short-term dollar liquidity into the financial system.

http://biz.yahoo.com/ap/080918/eu_central_banks.html

 

[weatherweenie]

Jobless Claims Rise 10,000 to 455,000

 

[weatherweenie]

8:02am ET
[BRIEFING.COM] S&P futures vs fair value: -7.60. Nasdaq futures vs fair value: -11.30. Futures suggest a lower start following Friday's sharp gains. Treasury Secretary Paulson wants to spend up to $700 billion to buy bad mortgage-related debt from financial institutions. Last night, the Federal Reserve agreed to convert Goldman Sachs (GS) and Morgan Stanley (MS) into bank holding companies, according to reports. The move will allow Goldman and Morgan to take on more deposits, but will place them under additional regulatory oversight from the Federal Reserve.

 

[weatherweenie]

08:59 am : S&P futures vs fair value: -15.20. Nasdaq futures vs fair value: -12.30. Nasdaq futures climb to session highs after Microsoft announced an additional $40 billion share repurchase program and raised its quarterly dividend by 18% to $0.13 per share. MSFT is up 5.3% in premarket trading. Morgan Stanley (MS) is up 14% after Tokyo-based Mitsubishi UFJ Financial Group said it plans to buy between 10% and 20% of MS common stock, according to Reuters

 

[Frixxxx]

08:59 am : S&P futures vs fair value: -15.20. Nasdaq futures vs fair value: -12.30. Nasdaq futures climb to session highs after Microsoft announced an additional $40 billion share repurchase program and raised its quarterly dividend by 18% to $0.13 per share. MSFT is up 5.3% in premarket trading. Morgan Stanley (MS) is up 14% after Tokyo-based Mitsubishi UFJ Financial Group said it plans to buy between 10% and 20% of MS common stock, according to Reuters

Microsoft buying back, Nike buying back, HP buying back....hmmmm consolidation will run rampant with the stock prices..... Even the companies know it's time to buy cheap right now...

 

[James48843]

Still pretty much of a "dog chow" day.

I hate days like this.

 

[Birchtree]

I'm going to go sit on my porch for the next hour and listen to the rain...nothing better to do.