Market News

[weatherweenie]

09:00 am : S&P futures vs fair value: -15.00. Nasdaq futures vs fair value: -24.50. A downward start is in the making as futures continue to trade below fair value. Fed Chairman Bernanke stated in a prepared speech regarding coordination among central banks that financial turmoil was the product of a global credit boom, and monetary policy actions have not resolved the ongoing strains in financial markets. He also stated that continuing volatility of markets and recent indicators of economic performance confirm that challenges remain.

 

[weatherweenie]

Retail sales fall by record amount in October
Friday November 14, 8:54 am ET
By Martin Crutsinger, AP Economics Writer Financial crisis and weak economy push retail sales down by record amount in October

WASHINGTON (AP) -- Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending. The Commerce Department said Friday that retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November 2001 in the wake of the terrorist attacks that year.

http://biz.yahoo.com/ap/081114/economy.html

 

[weatherweenie]

08:02 am : S&P futures vs fair value: -17.60. Nasdaq futures vs fair value: -30.50. Futures suggest a lower start to the trading day. Japan officially fell into a recession for the first time since 2001, joining the Eurozone. The Nikkei managed to gain 0.7%. Separately, The G-20 agreed to continue to use fiscal measures to help stimulated domestic demand, help developing economies gain access to credit, among other initiatives. The G-20 also said there will be more international cooperation among regulators and banks will meet stricter standards. For the next 12 months the G-20 countries will not implement any new trade barriers. In corporate news, there is continued talk about possible government aid for General Motors (GM), Ford (F) and Chrysler. Lowe's (LOW) posted better-than-expected third quarter earnings, but gave downside fourth quarter earnings guidance.

 

[Show-me]

Target is the next big report, their guidance will set the tone.

 

[weatherweenie]

NEW YORK (Reuters) - Citigroup Inc (NYSE:C - News) plans to cut 50,000 people from its workforce, CNBC television said on Monday, as souring economies and global credit conditions cause the U.S. bank with the farthest reach worldwide to retrench.

http://biz.yahoo.com/rb/081117/business_us_citigroup.html

 

[Show-me]

Merry Christmas shoppers!

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: -17.40. Nasdaq futures vs fair value: -32.80. Stocks futures continue to point to a negative open. The November New York empire manufacturing index, a regional manufacturing survey, declined to -25.4 from its October level of -24.6. Economists expected a reading of -26.0. Citigroup (C) said it will cut 20% of its workforce from peak levels down to roughly 300,000, according the company's presentation slides. Citigroup had roughly 350,000 employees as of Sept. 30. Citi also plans to reduce expenses by 20% from peak levels. In earnings news, Target (TGT) earned $0.49 per share in the third quarter, matching estimates. The retailer is temporarily suspending its buyback program.

 

[weatherweenie]

08:32 am : S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -1.60. Futures have a mostly muted response to a mixed inflation reading. October PPI fell 2.8% month-over-month, which was larger than the expected decline of 1.9%. Core PPI, which excludes food and energy costs, rose 0.4%, compared to the expected increase of 0.1%. This leaves PPI up 5.2% year-over-year and core PPI up 4.4% year-over-year.

 

[weatherweenie]

08:02 am : S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -7.30. Futures suggest a lower open and are approaching session lows ahead of the new residential construction and CPI reports at 8:30 AM ET. After the close yesterday, GM (GM), Ford (F) and Chrysler testified before the Senate Banking Committee in an attempt to secure government loans for the struggling automakers. On a related note, Toyota (TM) said it will cut output by by stopping all production at its North American factories for two days next month, according to Reuters. Boeing (BA) is adding as much as 10 weeks to its original delivery date for all jetliners in its backlog as it recovers from its machinists strike, according to the Wall Street Journal's sources. Citigroup (C) is liquidating a hedge fund, which managed $4.2 billion at its peak, after it lost 53% of its value, the Financial Times reports. Best Buy (BBY) had its credit rating downgraded to BBB- from BBB at Standard & Poor's, citing the its belief that Best Buy will be more challenged than previously expected due to the weak economic environment.

 

[Mike vB]

S&P futures vs fair value: ####.
Nasdaq futures vs fair value: ####


Sorry for the NooB question, but what are these number telling me?

Better is a higher number? Or lower?

 

[weatherweenie]

[BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -3.30. Futures get a slight boost as two economic reports hit the wires. October CPI fell 1.0% month-over-month, which was a larger-than-expected decrease compared to consensus estimate of -0.8%. Core CPI, which excludes food and energy, fell 0.1%, versus the expected increase of 0.1%. On a year-over-year basis, CPI is up 3.7% and core CPI is up 2.2%. Separately, there were 791,000 housing starts in October on a seasonally adjusted annual basis, which was better than the expected reading of 780,000. There were 708,000 building permits, which fell well short of the consensus estimate of 774,000.

 

[weatherweenie]

S&P futures vs fair value: ####.
Nasdaq futures vs fair value: ####


Sorry for the NooB question, but what are these number telling me?

Better is a higher number? Or lower?

It's an indication of whether the market(s) will open higher or lower. Positive number indicates a higher open.

The important thing is where the markets close.

 

[weatherweenie]

WASHINGTON (AP) -- Consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount.
The Labor Department said Wednesday that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947. The drop was twice as large as the 0.5 percent decline analysts expected.

http://biz.yahoo.com/ap/081119/economy.html

 

[weatherweenie]

08:32 am : S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -10.80. Stock futures have taken a dip following disappointing weekly claims data. Initial jobless claims for the week ended November 15 totaled 542,000. Economists projected claims would total 505,000. Claims for the prior week were revised slightly lower to 515,000, marking the first time initial claims have been at or above 500,000 for two consecutive weeks since 2001. Further reflecting labor market weakness, continuing claims totaled 4.01 million, which is up from the 3.90 million continuing claims registered last week. The consensus called for continuing claims of 3.90 million this week

 

[weatherweenie]

Citigroup's stock (NYSE:C - News) is trading around the $5 mark-a 13-year low-and the banking giant's troubles may be just beginning.


Most institutional investors and pension funds are barred from owning stocks below $5. So if Citigroup's stock maintains below that level--it briefly dropped under $5 during Thursday trading--it could trigger a wave of selling that would send the share price even lower.



http://finance.yahoo.com/news/Citigroups-Move-Below-5-Could-cnbc-13634423.html

 

[weatherweenie]

08:30 am : S&P futures vs fair value: +18.30. Nasdaq futures vs fair value: +22.30. Stock futures indicate a strong start to the session. Layoffs in the financial sector continue to mount; Bank of New York Mellon (BK) is reducing its workforce by approximately 4%, eliminating 1,800 positions. Auto makers are also trimming expenses, responding to weak auto sales; Honda Motor (HMC) is cutting production at some of its global factories. Meanwhile, U.S. auto makers continue hoping for a quick and speedy government-sponsored plan to help them stave off potential bankruptcy.

 

[weatherweenie]

08:06 am : S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +21.30. Futures suggest the stock market will extend Friday's rally. The big news this morning is that Citigroup (C) will be receiving government guarantees, liquidity access and capital. As part of the plan, Citi will get $20 billion in exchange for preferred stock and the Treasury and FDIC will guarantee against the possibility of unusually large losses up to $306 billion in troubled assets in exchange for $7 billion in Citi preferred stock. Citi had already received a $25 billion investment from the Treasury following the first round of TARP purchases. Citi is up 26% in premarket trading. Separately, oil prices are up 3.6% to $51.71 per barrel as the dollar falls 1.5% against a basket of currencies.

 

[BULLonPARADE]

We are all confident in a decent rally today, but to put it plain and simple, what are we expecting tomorrow for those of us attempting to make up some of last week? I've read every piece of data I can find so I guess I'm looking for "gut" feeling.....ahem, I mean educated finacial planning.

 

[amoeba]

We are all confident in a decent rally today, but to put it plain and simple, what are we expecting tomorrow for those of us attempting to make up some of last week? I've read every piece of data I can find so I guess I'm looking for "gut" feeling.....ahem, I mean educated finacial planning.

Did you read the IFT's on the "tracker" on this website? If that's any indication, the answer is that everybody and their brother is selling early into this "rally"; I thought it would hold out to 900 S&P, but maybe not.

You don't really think that this latest bailout of Citibank marks the bottom of the market, do you?

 

[BULLonPARADE]

You don't really think that this latest bailout of Citibank marks the bottom of the market, do you?

Bottom? Uh....no. Not by a long shot. I was just wondering the setiment of this short term rally stretching into the rest of the week. I made up quite a bit of loss, decided not to get greedy and sold waiting to see what happens with the big three next month.