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DOW
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Pinnacle
Master |
28-Nov-2007 21:22
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Stock rebound may have legsFutures point to higher open as bank merger hopes, lower oil outweigh more mortgage losses and forecasts of weak housing sales.U.S. stocks may continue their rebound Wednesday, although investors will have to weigh new details about the mortgage meltdown and related housing slump.
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Pinnacle
Master |
28-Nov-2007 21:19
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Futures up slightly as oil steadies Stock index futures were up slightly on Wednesday as crude oil stayed below the $95 mark, potentially taking the pressure off consumers during the holiday shopping season. Retail stocks could get a lift after data showed U.S. shoppers spent a record $733 million on "Cyber Monday," up 21 percent from the same day a year ago, according to market research firm comScore. The number of online buyers rose 38 percent, but the average amount spent per buyer slipped 12 percent due to big discounts offered by retailers. Stocks got a boost on Tuesday from a $3 drop in oil prices. Crude was last down 7 cents at $94.35 a barrel in electronic trading. "You're getting a back-up in oil prices and energy's been one of the few positive sectors, but that would be good for the rest of the market," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey, Stocks' rebound was also powered by a major investment in Citigroup (C.N: Quote, Profile, Research), which helped revive financial shares, but after-hours news in the sector could put a damper on the recovery. Shares of Wells Fargo & Co (WFC.N: Quote, Profile, Research) dropped 1.6 percent to $29.35 after the bell on Tuesday after the fifth-largest U.S. bank announced it would take a $1.4 billion charge in the fourth quarter for mortgage losses. Further dragging on financials, Freddie Mac (FRE.N: Quote, Profile, Research), the second-biggest provider of money for U.S. home loans, said late on Tuesday it cut its dividend by 50 percent and said it will sell $6 billion of preferred stock to buoy capital levels. Freddie shares fell 2.3 percent to $25.15 after the closing bell. S&P 500 futures were up 4.6 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 40 points, and Nasdaq 100 futures added 10.25 points. On Tuesday, the Dow Jones industrial average (.DJI: Quote, Profile, Research) rose 215.00 points, or 1.69 percent, to 12,958.44. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) gained 21.01 points, or 1.49 percent, to 1,428.23. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) added 39.81 points, or 1.57 percent, to 2,580.80. Economic data on tap for Wednesday includes October durable goods orders, set for release at 8:30 a.m. and existing home sales at 10 a.m. |
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Pinnacle
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28-Nov-2007 17:34
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This may be the reason STI closed below water today. Better days are coming, but not so soon...
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DnApeh
Master |
28-Nov-2007 12:45
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Looks like piercing pattern to me. Better days ahead? | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pinnacle
Master |
28-Nov-2007 10:12
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Citigroup, Subprime Borrower Time will tell if Abu Dhabi's investment in Citigroup proves as lucrative as the last time a large Middle East-based investor plunked down a bundle to rescue the flagging company, back in 1992, when Saudi Prince Alaweed bin Talal laid down a ton of coin to become the largest stakeholder in the firm . Either way, for the next few years, the Abu Dhabi Investment Authority is taking a stake at the kind of rates that the most credit-strapped subprime borrower would love to see right around now ? 11%. There was some fanfare about two weeks ago when Citigroup sold debt at around 6.125%, but the folks in Abu Dhabi get an even better interest rate for two years on the equity stake, at which time the convertible securities begin to convert to shares of stock. "Citibank has essentially become a sub-prime borrower ? only without the advantages of teaser rates!" writes Barry Ritholtz of Ritholtz Capital Partners, on his blog. Writing in Minyanville.com this morning, Mark Bloudek says the $7.5 billion infusion really comes to around $5.7 billion, as Citi will have to pay about $1.8 billion in interest payments over the next two years (although the bank gets the advantage of having $7.5 billion in capital now). Because the shares have a mandatory conversion, though, this is essentially an equity sale, Mr. Bloudek says. The shares are convertible between $31.83 and $37.24 a share starting in 2010, so that requires a meager 3% or so gain on the shares for Abu Dhabi Investment Authority to make money on the investment by then (of course, they'll earn the 11% interest before that). The interest paid implicitly values Citi's shares in the mid-20s, Mr. Bloudek says. With this infusion, Citi will be able to boost its Tier 1 Capital Ratio (a measure of how much cash the bank has on hand, basically) to its goal of 7.5%, amid concerns that the company would have to cut its dividend or sell assets. Whether this is enough is another matter, however, as Ian Welsh of the Agonist blog writes, saying "this won't be the last infusion they need." And therein lies the risk for Abu Dhabi, which, according to Doug McIntyre of 24/7 Wall Street , is "taking a huge risk that most of the write-offs at Citi are behind it and that it will not be forced to raise even more capital within the next few months." (To wit: Bank of America was smelling like a rose when it took a $2 billion stake in Countrywide, getting shares convertible at $18. Countrywide now trades at $8.75.) Morgan Stanley analysts remained cautious in commentary this morning, reserving excitement because of "deteriorating fundamentals, high probability of further dilutive capital raising, and low probability of material asset sales in the medium term." In early November, Meredith Whitney of CIBC World Markets downgraded shares, saying the firm needed to raise capital, cut its dividend, and sell some assets. Consider one of those three accomplished, she says today in a note. "Now that it has raised $7.5 billion in equity, we wait for C to sell assets and cut its dividend," she writes. |
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Pinnacle
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28-Nov-2007 09:38
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JPMorgan estimates US$260b in CDO market losses. JPMorgan estimates that overall losses from collateralisd debt obligations (CDOs) tied to risky sub-prime mortgages may climb to US$260 billion, according to Chris Flanagan, head of US assetbacked securities. JPMorgan estimates that structuring banks are exposed to US$216 billion of supersenior risk, while guarantors have exposure to about US$90 billion. 'In upcoming months, the focus will be the extent of mortgage-related losses and who owns these losses,' the report said. Bank CDO write-downs may climb to US$77 billion, while write-downs for guarantors may be US$30 billion, according to JPMorgan. |
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Pinnacle
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28-Nov-2007 09:33
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No x'mas present from Fed. This may causes not-so-merry x'mas globally. Fed officials lean toward no 'holiday' rate cut. Two Federal Reserve Bank officials hinted strongly on Tuesday that they would not support an interest rate cut in December, contending that the Fed has provided enough insurance against financial turmoil and would risk opening the door to higher inflation. The comments from Chicago Fed President Charles Evans and Philadelphia Fed President Charles Plosser put the central bank at odds with financial markets that are anticipating a series of rate cuts over the next few months. Many Fed watchers see further easing as a necessity given the almost daily widening of turmoil in global credit markets - conditions that have worsened even since the most recent Fed policy meeting in late October. |
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Pinnacle
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28-Nov-2007 08:36
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Citigroup-Abu Dhabi deal: A sign of the timesSovereign wealth funds are looking to park more of their $2 trillion with U.S. companies.Citigroup's newfound $7.5 billion cash infusion from Abu Dhabi's state investment fund may not cure all that ails the embattled bank, but it heralds the growing influence of sovereign wealth funds.
"There are only so many Treasury securities or government bonds out there they can buy, so they are looking to diversify," said Bryson. This year alone, sovereign wealth funds have gobbled up pieces of a number of U.S. firms. In May, China Investment Corp. purchased a nearly 10 percent stake of the private equity firm Blackstone Group (Charts). In August, Istithmar, a financing arm of the United Arab Emirates, agreed to buy the department store operator Barneys for $942 million. And earlier this month, Mubadala Development Co., a separate investment arm of the government of Abu Dhabi, acquired a $622 million stake in the chipmaker AMD (Charts, Fortune 500). Economists argue that investments by sovereign funds are important to the U.S. economy, providing capital to firms such as Citigroup (Charts, Fortune 500) and supporting the dollar. At the same time, the funds have have faced plenty of criticism. World leaders at the October G7 meeting, worried that the funds may try to wield their investments as a diplomatic tool, called for greater transparency about investments. Lawmakers in Washington have been equally cautious, despite a recent push by both the White House and some members of Congress to court foreign investors after last year's widely-publicized failure of Dubai Ports World to manage six U.S. ports. The Citigroup-Abu Dhabi deal got a different reception on Tuesday. In a televised interview, Sen. Charles Schumer (D-N.Y.) said the investment would make the Wall Street firm "stronger." "We just want to make sure other countries are as open to us investment as we are to them," Schumer said. Going forward, sovereign wealth funds will most likely try to avoid scrutiny altogether by acquiring small stakes and forgoing management control, similar to the Citigroup-Abu Dhabi deal, said Edwin Truman, senior fellow at the Peterson Institute for International Economics. "Sovereign wealth funds have learned from their experiences," said Truman. |
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Pinnacle
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28-Nov-2007 08:32
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US STOCKS-Banks, oil spark rebound, but Wells Fargo off late U.S. stocks rose on Tuesday after Abu Dhabi's $7.5 billion purchase of a stake in Citigroup Inc (C.N: Quote, Profile, Research) spurred a rebound in financial stocks and a drop in oil prices boosted shares of big manufacturers. The $7.5 billion investment gives the No. 1 U.S. bank fresh capital as it wrestles with fallout from the subprime mortgage crisis and showed that investors were starting to see value among beaten-down bank stocks. A more-than-$3 slide in oil prices also underpinned the market, helping shares of retailers and big manufacturers such as General Electric (GE.N: Quote, Profile, Research). The diversified manufacturer was the top contributor to the S&P 500's rise. The market is buoyed by news of "the cash infusion into Citigroup," said David Sowerby, market strategist for Loomis Sayles in Detroit. Besides Citigroup's stock, other rising shares in the financial services sector included JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) and Bank of America Corp (BAC.N: Quote, Profile, Research). The S&P financial stocks index (.GSPF: Quote, Profile, Research) rose 2.6 percent. "Secondly, I believe that institutional investors are seeing more opportunities in the market to be more aggressive buyers, particularly when you look at extremely low yields in the Treasury market," Sowerby added. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was up 215.00 points, or 1.69 percent, at 12,958.44. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was up 21.01 points, or 1.49 percent, at 1,428.23. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 39.81 points, or 1.57 percent, at 2,580.80. CITIGROUP JUMPS Abu Dhabi Investment Authority, considered the world's largest sovereign wealth fund, is buying a 4.9 percent stake in Citigroup, whose stock finished up 1.5 percent at $30.26 on the New York Stock Exchange. For details, see [ID:nN27486222]. Shares of JPMorgan, the No. 3 U.S. bank, ended up 4.7 percent at $42.35 and shares of Bank of America, the No. 2 U.S. bank, climbed 2.5 percent to $42.94, both on the NYSE. After the closing bell, shares of Wells Fargo & Co (WFC.N: Quote, Profile, Research) dropped more than 2 percent to $29.19 after the fifth-largest U.S. bank said it would take a $1.4 billion charge in the fourth-quarter due to mortgage losses. [ID:nWEN2714] Wells Fargo shares had risen 1.2 percent to close on the NYSE at $29.83. Shares of Freddie Mac (FRE.N: Quote, Profile, Research) also fell in after-hours trading after the No. 2 U.S. home financing provider said it would slash its divident by 50 percent and would raise $6 billion through the sale of preferred stock. [ID:nWNAS3253] OIL BOOST During the regular session, GE shares finished up 2 percent up at $37.45 on the NYSE. The drop in oil prices helped calm worries about the impact of higher energy costs on businesses, as well as on consumers. Shares of Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research) finished up 1.8 percent at $45.83, and were among the top contributors to the Dow's advance. Shares of Staples (SPLS.O: Quote, Profile, Research) jumped 10.6 percent to $21.85 on the Nasdaq after the office supply retailer reported quarterly profit that topped analysts' estimates. [ID:nN27461929]. The S&P retail index (.RLX: Quote, Profile, Research) climbed 1.8 percent. Altria Group Inc (MO.N: Quote, Profile, Research), parent of the Philip Morris tobacco companies, was another standout on the Dow, rising 2.7 percent to $73.35. Companies that make consumer staples, such as cigarettes, fast food and soft drinks, are seen as better investments in the face of a slowing economy. Technology shares also rebounded, led by sector bellwethers, including iPod and iPhone maker Apple Inc (AAPL.O: Quote, Profile, Research), whose stock gained 1.3 percent to $174.81, and chip maker Intel Corp (INTC.O: Quote, Profile, Research), whose stock gained 3.0 percent to $25.11 on the Nasdaq. CONSUMER WORRY The market advanced despite economic reports and comments from key officials pointing to uncertainty about the outlook, including a decline in consumer confidence to a two-year low. The Conference Board said its index fell to its lowest in two years on concerns about rising gas prices and financial market volatility. In addition, U.S. existing single-family home prices, as measured by the S&P/Case-Shiller index on Tuesday, suffered the largest quarterly decline in the index's 21-year history. [ID:nN27484027] Federal Reserve Bank of Philadelphia President Charles Plosser said that uncertainty about the economy was increasing. Allan Hubbard, a top White House economic adviser, also said risks of a recession have risen. [ID:nN27492513] Trading was moderate on the NYSE, with about 1.65 billion shares changing hands, below last year's estimated daily average of 1.84 billion. On Nasdaq, about 2.24 billion shares changed hands, above last year's daily average of 2.02 billion. Advancing stocks outpaced decliner by a ratio of about 9 to 5 on the NYSE and by 5 to 4 on the Nasdaq. On Monday, major U.S. stock indexes slid 10 percent or more below 52-week highs set last month as investors worried about the impact of the credit crisis. |
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loyfam88
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28-Nov-2007 08:29
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Dow is like yoyo drop 200, + 200 so I am wondering if tmr will drop another 200 again. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pinnacle
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28-Nov-2007 08:29
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STOCKS NEWS ASIA-Markets seen firmer after U.S. rise Asian stocks are set to open firmer on Wednesday after those listed on Wall Street <.BKAS> jumped 3 percent as a $7.5 billion capital injection for Citigroup helped lift confidence in battered financial shares. Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, is buying a 4.9 percent stake in Citigroup Citigroup shares rose 1.5 percent, while other bank stocks such as India's HDFC Bank The rebound in stocks helped push the blue-chip Dow <.DJI> and tech-laden Nasdaq Composite Index <.IXIC> both up about 1.6 percent. On Tuesday, MSCI's measure of Asia Pacific stocks excluding Japan <.MIAPJ0000PUS> settled 1.0 percent lower, halving losses on the back of the Citigroup stake news. |
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cashiertan
Elite |
28-Nov-2007 05:19
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was watching the dow lived via yahoo, 5 mins charts, where i refresh every 5 mins. what a volatile day in low volme trading. lots of swing and rally and massive dips and reversal and no sideway at all!. however, glad to say i am able to spot the movement quite quite well, can capture ard 70% of the movement and reversal. was thinking if i can trade e-mini sure make alot via long and short lol. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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cashiertan
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28-Nov-2007 05:12
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reading the news really very depressing. especially next month or so when more foreclosures comes out. trillion dollar will be lost. real dollar not just property value drop. the 1997 housing depression in spore also not as jialat as most of us can use cpf to pay but americans no cpf leh, they sure have to forclosure one. the only solutions is for the govt to take the housing loans and give cheap interest to those serious house owners and not those speculators. thats why i dun like fa, damn bleak anyway back to TA, dow overbought n volume is lower than yest selldown those those money flow out not back yet. expect dow to drop maybe ard 100+ points before lunch. after lunch hard to say. |
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Manikamaniko.
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28-Nov-2007 04:29
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Agree with you... |
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cashiertan
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28-Nov-2007 00:50
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too much too fast with not really high volume means wont last. either it close lower or if close too high will means tomolo will be red. STI means to sell on rally tomolo. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Pinnacle
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27-Nov-2007 22:52
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US STOCKS-Market opens up on Abu Dhabi's Citi stake U.S. stocks opened higher on Tuesday after Citigroup Inc (C.N: Quote, Profile, Research) got a $7.5 billion capital injection from Abu Dhabi, providing some relief to concerns about whether banks can withstand the mortgage market crisis. The Dow Jones industrial average (.DJI: Quote, Profile, Research) was up 76.49 points, or 0.60 percent, at 12,819.93. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) was up 5.44 points, or 0.39 percent, at 1,412.66. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) was up 19.96 points, or 0.79 percent, at 2,560.95. |
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Pinnacle
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27-Nov-2007 22:17
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Cash for Citi, lower oil could lift Wall StreetAfter falling into a correction, stocks point higher on $7.5B injection of capital into Citigroup by Abu Dhabi, hopes for oil production increase.U.S. stocks appeared poised for recovery Tuesday after sinking into a correction the previous session, as investors watched oil prices fall and weighed news that a Middle East government was investing $7.5 billion in embattled Citigroup.
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Pinnacle
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27-Nov-2007 21:40
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Futures rise on Abu Dhabi stake in CitigroupStock index futures jumped on Tuesday, indicating Wall Street would rebound from the previous day's drop, after Citigroup Inc. got a $7.5 billion injection from Abu Dhabi, bolstering confidence that major banks can withstand the mortgage market crisis. The Citigroup (C.N: Quote, Profile, Research) news may prove a catalyst to help stocks claw out of their November slump, a slide that has dragged major indexes 10 percent or more below 52-week highs set in October. The decline meets the technical definition of a market correction, Wall Street's first in more than four years. Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, is purchasing a 4.9 percent stake of Citi, the largest U.S. bank. "The investment by the Abu Dhabi government shows confidence and provides liquidity for Citi, which is at the center of all this financial mayhem," said Peter Dunay, investment strategist at Leeb Capital Management in New York. "Hopefully it will add a sense of stability and add the liquidity that the banks are looking for without relying too much more on the Fed." Data on home prices, due at 9 a.m. EST and consumer confidence, set for release at 10 a.m. EST, could shed light on the prospects for holiday sales. Stocks got a lift early on Monday from data showing a strong kickoff to the holiday season, but worry about high energy prices and falling home prices has cast a shadow over retailers. S&P 500 futures were up 13.2 points, above fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 90 points, and Nasdaq 100 futures 15.75 points. On Monday, the Dow Jones industrial average (.DJI: Quote, Profile, Research) ended down 237.44 points, or 1.83 percent, at 12,743.44. The Standard & Poor's 500 Index (.SPX: Quote, Profile, Research) fell 33.48 points, or 2.32 percent, at 1,407.22. The Nasdaq Composite Index (.IXIC: Quote, Profile, Research) lost 55.61 points, or 2.14 percent, at 2,540.99. Among companies reporting quarterly results on Tuesday are retailers Staples (SPLS.O: Quote, Profile, Research), Talbots (TLB.N: Quote, Profile, Research) and American Eagle Outfitters (AEO.N: Quote, Profile, Research). |
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Pinnacle
Master |
27-Nov-2007 18:16
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Let's hope that tonight will be turning point. The futures indexes are still pretty good now.
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cashiertan
Elite |
27-Nov-2007 16:00
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DOW is at 5 years weekly up trend support line. once break i dunnoe what to say. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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