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Posted on Wednesday, September 29th, 2010 at 2:52 pm.

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The U.S. government and AIG are working out a deal that would allow the Treasury Department to gradually exit it’s majority stake  in the insurer, according to several published reports. And in other news AOL  added another blog to its portfolio on Tuesday, when it bought technology blog  tech crunch.

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Posted on Wednesday, September 29th, 2010 at 2:45 pm.

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Gold prices keep pushing  higher on Tuesday, gold hit another record high. Gold closed at 1308.30 an ounce.  This topped Monday’s all time high of $1298.60.  Even amoung concerns about the economy gold drifts higher and higher.

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Posted on Tuesday, September 28th, 2010 at 2:13 pm.

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NEW YORK (CNNMoney.com) — U.S. stocks fell early Tuesday, as investors digested a report showing home prices rising for the fifth straight month but the growth rate slowing.  Dow Jones industrial average  dropped 39 points, or 0.4%, the S&P 500 fell 4 points, or 0.4%, and the Nasdaq  slid 15 points, or 0.6%.  U.S. stocks ended the day lower Monday, as investors pulled back after pushing Wall Street to four-month highs last week. Trading was choppy and analysts say stocks are in for a volatile week.  Mid-term elections are just five weeks away, Congress is debating whether to extend the Bush tax cuts and the Federal Reserve has said it’s prepared to stimulate the economy if needed. With all that swirling about, investors are taking their daily cues strictly from the latest headlines rather than looking at broad, long-term trends, said Zahid Siddique, an associate portfolio manager at Gabelli Equity Trust.  Investors will be also watching for a reading on consumer confidence and a Census report on poverty levels at the state and local level, later Tuesday morning.  “Investors have currently become data dependent,” he said. “We see some uncertainty over the markets over the next three to four weeks. The near term is all about data, which we think will come in mixed and is also going to keep investors on the sidelines.”   ECOMONY:The Case-Shiller 20-city home price index showed home priceces inched up 0.6% in July compared with June, according to the S&P/Case-Shiller 20-city home price index. On a year-over-year basis, prices rose 3.2% compared with July 2009. Experts polled by Briefing.com had forecast a year-over-year rise of 3.3%.

The Consumer Confidence Index comes out at 10 a.m. ET, and is expected to show consumer morale fell to 52.9 in September, down from 53.5 in August. The index is hovering painfully low, falling far below 90 — a level that typically indicates a stable economy.  WORLD MARKETS:”European stocks gained in mid-day trading. Britain’s FTSE 100 edged up 0.1%, France’s CAC 40 rose 0.3%, and Germany’s DAX added 0.3%.  European stocks had tumbled 1% in the early going, after a Spanish newspaper pointed out that Moody’s deadline for reviewing its investment grade — AAA credit rating for Spain — runs out this week. The country could be facing a downgrade due to its sovereign debt troubles.  Asian markets ended the session in negative territory. Japan’s Nikkei and the Hang Seng in Hong Kong each lost at least 1%. The Shanghai Composite fell 0.6%.

COMPANIES: BlackBerry maker Research in Motion  on Monday unveiled the Playbook tablet, its answer to Apple’siPad.   

Shares of RIM slipped more than 1% Tuesday, and the stock is down nearly 30% this year due to concerns that the company is falling behind Apple, as well as smartphone makers using Google’s Android operating system.  Shares of Walgreens  surged more than 8% in pre-market trading after the drugstore chain reported its fiscal fourth quarter revenue rose 7.4% to a record $16.9 billion, driven by strong prescription drug sales. The company’s quarterly earnings were $470 million, or 49 cents per diluted share, up 7.8% from the year-ago quarter.  Currencies and Commodities: The dollar fell against the euro and the Japanese yen, but rose versus and British pound.  Gold futures for December delivery slid $3.50 to $1,295.10 an ounce.  The price of crude oil for November delivery fell 41 cents to $76.11 per barrel.  Bonds:Prices for U.S. Treasurys fell, with the yield on the 10-year note rising to 2.54% from 2.53% late Monday. Bond prices and yields move in opposite directions.  The government is auctioning $158 billion in newly printed Treasurys this week, including $35 billion in 5-year notes Tuesday. 

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Posted on Monday, September 27th, 2010 at 2:09 pm.

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By Hibah Yousuf, staff reporterSeptember 27, 2010

NEW YORK (CNNMoney.com) — The summer has come to an end, and so has the market slump that came with it. With little on tap to challenge the recent rally, stocks are on track to close September with the biggest monthly gains in over a year.  Though September is typically down month on Wall Street and the economic recovery remains sluggish, investors have taken cues from recent upbeat economic news to propel major indexes sharply higher during the month after a sell-off in August.  “We’ve been seeing modestly favorable economic numbers lately, which has allowed markets to keep moving up,” said Stephen Carl, head equity trader at Williams Capital Group.  So far, the Dow has rallied 8.4%, which would be the best monthly gain since July 2009, when the blue-chip index added 8.6%. The latest lift also puts the Dow on track for its best September since 1939, when it rose 13.5%.  The S&P has rallied 9.5%, the largest increase since April 2009, and the Nasdaq has surged 12.6%, the biggest jump since October 2002.   Last week, stocks rose more than 2% after the major indexes broke above key technical levels early in the week. That encouraged investors to keep the momentum going, and stocks ended with a rally to fresh four-month highs.  Though the economy is still not out of the woods, analysts don’t foresee a pullback in stocks in the week ahead.  “We’ve got a frilly light week ahead in economic data until the last couple of days, and as long those readings come in near expectations, the markets will be able to sustain the recent gains,” said Michael Sheldon, chief market strategist at RDM Financial Group.

And even if poor economic news triggers some volatility and puts pressure on stocks, Sheldon said the recent momentum should be enough for investors to close September and the third quarter on a positive note.

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Posted on Friday, September 24th, 2010 at 1:58 pm.

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By Donna Kardos

NEW YORK (MarketWatch) — U.S. stocks rose broadly Friday, putting the market on pace for its fourth-straight weekly gain following improved readings on U.S. capital spending by businesses and German business sentiment.  The Dow Jones Industrial Average climbed 153 points, or 1.4%, to 10815, in early trading. All 30 of the measure’s components were higher, led by a 2.8% jump in Hewlett-Packard, a 2.8% rise in Alcoa and a 2.2% gain in Caterpillar. The Dow is now up 1.8% for the week, on track to extend its winning streak to a fourth week.  The Nasdaq Composite advanced 1.4% to 2360. The Standard & Poor’s 500 index rose 1.4% to 1141, with all its sectors in positive territory. The financial and consumer-discretionary sectors had the biggest gains.  The rally came despite a bigger-than-expected decline in demand for U.S. manufactured durable goods in August, which had been weighed down by steep drops in airplanes and cars. However, investors were encouraged by gains in machinery, computers and fabricated-metal products, as well as an upward revision to July’s durable-goods data. Also, a barometer of capital spending by businesses rose; orders for non-defense capital goods, excluding aircraft, increased by 4.1%.  Meanwhile, the Ifo index in Germany, a gauge of business sentiment, unexpectedly rose in September. That helped ease near-term worries over a possible growth slowdown in Europe’s biggest economy.  The euro climbed against the dollar in response, rising to $1.3447. The U.S. Dollar Index, tracking the U.S. currency against a basket of six others, fell 0.7%. Treasurys also moved lower, lifting the yield on the 10-year to 2.60%. Crude-oil futures advanced above $75 a barrel and gold futures rose to a fresh record high about $1300 an ounce.  Among stocks in focus, Nike jumped 4.2% after the athletic-shoe maker posted a surprise 9% increase in fiscal first-quarter earnings as it benefited from a continued improvement in demand for its athletic apparel and less costly discounting.  KB Home gained 3.7%. The homebuilder’s fiscal third-quarter loss narrowed significantly on sharply lower write-downs, while orders declined again following the expiration of a federal tax credit. Deliveries rose 3.6%, the second-straight quarter of year-on-year growth following 14-straight quarters of declines. The average selling price of a home also rose.

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Posted on Thursday, September 23rd, 2010 at 1:56 pm.

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Posted on Wednesday, September 22nd, 2010 at 1:27 pm.

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By Matt Egan/FoxNews:    Cereal maker General Mills  reported on Wednesday a stronger-than-expected 12% rise in fiscal first-quarter profits and stood by its full-year growth targets.  The maker of Cheerios and Wheaties said it earned $472.1 million, or 70 cents a share, in the quarter ended Aug. 29, compared with a profit of $420.6 million, or 62 cents a share, in the year-earlier period. Excluding one-time items, it earned 64 cents a share, topping estimates by a penny.  Revenue rose 1.5% to $3.53 billion, narrowly missing the Street’s view of $3.57 billion. Retail unit net sales increased by 2% to $2.45 billion, while international business sales grew slightly to $660 million. Gross margins came in at 43.1%.  “We’re pleased to see continued growth in volume and net sales across our worldwide  business. Consumer demand for our established brands remains strong, and new products are making good contributions to our sales results,” CEO Ken Powell said in a statement. “This top line resilience, coupled with our continuing focus on holistic margin management, has us off to a solid start in 2011.”   Looking ahead, General Mills stood by its fiscal 2011 EPS targets of $2.46 to $2.48. Wall Street analysts had been projecting 2011 EPS of $2.48. General Mills also said it sees near-term results in line with  with year-ago levels.  “The global operating environment is still quite challenging, but our food businesses are resilient and continue to demonstrate high-quality growth,” Powell said.  It’s unclear how the markets will react to the mixed results and reaffirmed outlook as shares of General Mills were inactive in Wednesday’s premarkets. The stock has been virtually flat this year, rising 0.75%.

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Posted on Tuesday, September 21st, 2010 at 3:30 pm.

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NEW YORK (CNNMoney.com) — A U.S. stock rally continued to pick up speed through Monday afternoon, with all three major indexes closing at four-month highs after a key group of economists called an official end to the recession.  The Dow Jones industrial average gained 146 points, or 1.4%, to end at 10,753, its highest close since mid-May. The tech-heavy Nasdaq rallied 40 points, or 1.7%, to finish at 2,355.  The S&P 500  added 17 points, or 1.5%, to close at 1,142. The index crossed 1,130, a key technical level watched closely by analysts, early in the session and continued to surge in the afternoon to cross the next short-term technical level of 1,140.   “The S&P has tried to sit above the 1,130 level in June, August and last week but failed, so the fact that it has broken up above that point and is staying there is considered a positive sign for the bulls and forcing traders to come back in,” said Donald Selkin, chief market strategist at National Securities.  Trading has been choppy on Wall Street recently as investors look for solid signs pointing to a sustained recovery.  Buying picked up steam Monday after the National Bureau of Economic Research, the independent body of economists in charge of dating when recessions begin and end, announced that the 18-month Great Recession  officially ended  in June 2009.  “I think it was known that the recession ended then, but maybe the official announcement gives people some needed assurance,” said Selkin.  Meanwhile, investors also took in a housing report showing homebuilder confidence is stuck at an 18-month low.

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Posted on Tuesday, September 21st, 2010 at 3:13 pm.

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NEW YORK (CNNMoney.com) — When the Federal Reserve’s policy-making committee meets Tuesday, there will be no mystery as to what they will do. Nothing.  But what will the Fed say? That’s where things get interesting.  In the past few weeks, fears of a double-dip recession have ebbed. August retail sales were  better than expected.  The number of people filing for unemployment claims has fallen for  two weeks in a row.  The trade deficit for July was much narrower than forecasts. That’s crucial since a ballooning trade gap in June was the primary reason why the nation’s gross domestic product in the second quarter was revised lower.  Still, the economy is not healthy. The latest bits of manufacturing data have been disappointing. The housing market may not have hit bottom yet. Builder Beazer Homes USA  lowered its forecast for new home orders on Wednesday.  And even with jobless claims falling, companies don’t seem to be comfortable enough to start hiring again. Some are still getting rid of workers. FedEx  said Thursday it was  cutting 1700 jobs.  For these reasons, the Fed is likely to stress — as it has since March 2009 — that it expects to keep interest rates “exceptionally low” for “an extended period of time.” (Rates have been near 0% since December 2008.)  It may also talk more about its commitment to purchase long-term bonds as it sees fit. In its  last meeting, the Fed said it would reinvest the principal from mortgage-backed securities it holds into long-term Treasurys.  But it stopped short of announcing a new plan to buy bonds, a practice known as quantitative easing.

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Posted on Monday, September 20th, 2010 at 2:19 pm.

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By:   John Melloy
Executive Producer, Fast Money
 

Mark Zuckerberg should defriend any investment bankers immediately if he knows what’s good for him.  Initial public offerings are receiving their chilliest reception on record, both in terms of one-day return and the offer price relative to the initial filing range, according to Dealogic, which has tracked the data for the last decade.  The average return on the first trading day for new U.S. companies is 5.3 percent, on track for the lowest since at least 2000, the Dot-com peak when IPOs soared on average by 60 percent during their first trading day. Additionally, almost half of the initial offerings this year have priced below their initial filing range, according to Dealogic, the highest percentage on record.  Traders blamed the poor performance on the absence of the retail investor in the market, sponsors pressuring banks to come to market with the highest valuation they can and a volatile, sideways stock market.  “With banking generally under pressure from a revenue standpoint and more competitive, the venture capital firms are pushing banks on valuation, making it less attractive to investors,” said Stephen Weiss of Short Hills Capital.  The S&P 500 is little changed this year after surging from its 12-year low reached in March of 2009. During that surge, however, the retail investors actually pulled money out of equities and put it into bonds, still reeling from yet another burst bubble.  “IPO’s having a difficult year is not surprising when you consider that many investors have turned away from equities in favor of other asset classes,” said Jim Iuorio of TJM Institutional Services. “This is another manifestation of investor mistrust and risk aversion.”  The top 1-day performer was MakeMyTrip’s $81 million offering, according to the note. The online travel agency based in India jumped 89 percent on its first day of trading last month and has continued higher since.