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Stock futures fell sharply Thursday after Exxon Mobil Corp.'s earnings missed Wall Street expectations, another surge in oil prices tempered the optimism generated by the Federal Reserve's interest rate cut and a downgrade to Citigroup.
 
08:01 am : S&P futures vs fair value: -21.3. Nasdaq futures vs fair value: -26.5. Futures point to a sharply lower open due to a number of selling catalysts. The dollar is down after the Vice Chairman of China's National People's Congress signaled China might adjust its foreign currency reserves. Following the recent trend, the weakening dollar has caused oil and gold to rally. Finally, General Motors (GM) reported dismal third quarter earnings following a roughly $38 billion non-cash charge for a valuation allowance against its deferred tax assets.
 
[BRIEFING.COM] S&P futures vs fair value: +4.5. Nasdaq futures vs fair value: -6.5. Initial claims for the week ended November 3 came in at 317k, compared to the consensus estimate of 325k. The futures market's reaction was limited to the release.
 
9:00am ET
[BRIEFING.COM] S&P futures vs fair value: +4.4. Nasdaq futures vs fair value: -7.0. The major indices are still slated for a mixed opening. Data on sales of retail chains in October are mediocre. Wal-Mart (WMT) had a poor 0.7% increase, but Costco (COST) came in at a stronger than expected 9.0%.
 
[BRIEFING.COM] S&P futures vs fair value: -18.1. Nasdaq futures vs fair value: -41.0. Futures trade indicates that is going to be another tough day for large-cap tech stocks.
 
The catalysts for the negative bias include disappointing guidance from Qualcomm (QCOM) and news from Wachovia (WB) that it saw a $1.1 billion decline in the value of its collateralized debt obligations and expects to increase its provision for loan losses in the fourth quarter by $500 million to $600 million in excess of charge-offs. Meanwhile, Merck (MRK) has confirmed an agreement to resolve U.S. VIOXX product liability lawsuits. If certain conditions are met, the company will pay a fixed amount of $4.85 billion.
 
08:00 am : S&P futures vs fair value: +5.0. Nasdaq futures vs fair value: +12.5. Stocks are poised for a rebound, although futures are off their best levels of the morning. The primary catalyst for the positive disposition is the news that Abu Dhabi Investment Authority is investing $7.5 billion for a 4.9% stake in Citigroup (C), making it the bank's largest shareholder. Homebuilder Pulte Homes (PHM) reaffirmed its fourth quarter outlook while acknowledging the continued weakness in the housing market.
 
08:30 am : S&P futures vs fair value: +5.8. Nasdaq futures vs fair value: +9.5. Futures continue to point to a modestly higher open. Crude oil is down 2.0% to $95.75. The weakness in crude oil is reportedly due to speculation that OPEC will boost output.
 
08:02 am : S&P futures vs fair value: +8.0. Nasdaq futures vs fair value: +19.8. Both the S&P 500 and Nasdaq 100 futures are trading above fair value, suggesting stocks will start the day on a positive note. The strength in futures is notable considering it comes in the face of a warning from Wells Fargo (WFC) that it will take a special fourth quarter provision of $1.4 billion. Following the announcement, Deutsche Bank lowered its price target on shares of Wells Fargo to $32 from $36. Also, Freddie Mac (FRE) said last night that it cut its fourth quarter dividend by 50%, as it had previously warned, and that it is planning to sell $6 billion in preferred stock. On a positive note, comScore reports that online sales this past Monday, known as “Cyber Monday”, rose 21% to a record $733 million.
 
08:32 am : S&P futures vs fair value: +7.6. Nasdaq futures vs fair value: +22.0. Fed Vice Chairman Donald Kohn helps give futures a boost after he says the fed must be “flexible and pragmatic” in setting policy. Just hitting the wires, October durable orders drop 0.4%, economists expected the reading to slide by 0.1%. Futures reaction is limited to the release.
 
Briefing.com
Nasdaq Comp tests resistance (TECHX) 2647 +66 : The index/market has surged through a number of short term resistances with the Nasdaq Comp up more than 100 points off yesterday's low. Resistance from The Technical Take in the 2650/2652 area (20 day exp/congest) has been tested (session high 2650) in recent action. The next level above is at 2660/2667 which marks the 38% retracement of the entire Oct/Nov decline and congest. Intraday supports, if we see some consolidation of the early surge, are at 2640/2638 and 2633/2631
 
Briefing.com
The Dow surpasses the 300 point mark as stocks extend their gains. Assuming the stock market is able to hold on to today's gains, the end of trading will mark the S&P's first back-to-back gain this month.
Reuters reports Dallas Federal Reserve Bank President Richard Fisher says he doesn't think the Fed is done getting inflation to a level where he is comfortable. His comments have not taken any wind out of the rally, which was sparked after Fed Vice Chairman Kohn's statements were interpreted as an indication of more rate cuts.
 
08:00 am : S&P futures vs fair value: -3.5. Nasdaq futures vs fair value: -7.8. Futures point to a lower open. Some profit taking following the stock market’s huge run the last two days is behind the weakness. Oil prices spiked (+2.8% to $93.17) after an explosion in Minnesota shut down four pipelines. Follow up reports indicated two pipelines have been reopened, causing oil prices to ease a bit. In corporate news, E*Trade (ETFC) has announced that affiliates of Citadel Investment Group are providing a $2.5 billion cash infusion and that its CEO is stepping down. Sears Holdings (SHLD) posted a third quarter profit of $0.01 per share. It's unclear if that number is comparable to the consensus estimate, but regardless, it marks a 99% decline from the year-ago period.
 
08:30 am : S&P futures vs fair value: +13.9. Nasdaq futures vs fair value: +15.0. Futures gain some ground, and then have a fairly muted reaction following an economic release. Just reported, October personal income came in at +0.2%, spending was +0.3%, and the Core PCE was +1.9% year-over-year. Economists expected income, spending and Core PCE to come in at +0.4%, +0.3% and +1.8%, respectively.
 
08:00 am : S&P futures vs fair value: +8.0. Nasdaq futures vs fair value: +11.0. Futures point to a higher start despite Fannie Mae (FNM) cutting its dividend and OPEC deciding to not raise output. The higher open is being supported by the prevailing view the Fed will cut interest rates again, supported by an article in the WSJ that didn’t question if the Fed will cut rates again, but by how much. Separately, positive analyst calls on Dow components United Technologies (UTX) and Intel (INTC), a report that the subprime mortgage rescue plan could involve freezing teaser rates for as long as five years, and a smattering of better than expected earnings news from certain retailers are also contributing to the positive bias.
 
Briefing.com: The stock indices have held a firmer bias throughout the day but intraday action has followed the whipsaw trade in Financials. This sector provided leadership in opening action and again after the first hour gap pullback but the headline that MBI is somewhat likely to exhibit a capital shortfall triggered another break in Finance with the stock indices pulling back to initial intraday supports (retracements or intraday moving averages) at 1476 S&P 500, 13390 Dow and 2658 Nasdaq Comp. An inability to work back to and through the early afternoon highs (13450, 1486 and 2671) during the current upswing (as XLF bounces) leaves the door open to additional declines this afternoon. Secondary supports are at 13365/13355 Dow, 1475/1474 S&P 500 and 2651/2649 Nasdaq Comp.
 
AP
Five-Year Mortgage Rate Freeze Looms
Wednesday December 5, 2:47 pm ET
By Martin Crutsinger and Alan Zibel, Associated Press Writers Bush Mortgage Plan Will Freeze Certain Subprime Interest Rates for 5 Years
WASHINGTON (AP) -- Congressional aides say the Bush administration has hammered out an agreement with industry to freeze interest rates for certain subprime mortgages for five years in an effort to combat a soaring tide of foreclosures.

http://biz.yahoo.com/ap/071205/mortgage_crisis.html
 
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