Tag Archives: stocks

Dow Briefly Up 100 Points

Stocks traded higher today, helped by a risingoil prices, following the release of the Fed’s statement.

Federal Reserve  Chairwoman Janet Yellen said in a press conference following the statement release that policymakers have not concluded inflation has seen a significant, lasting uptick.

The Dow 30  briefly gained 100 points, with Chevron, Caterpillar and IBM among the top contributors to gains. Goldman Sachs was the greatest contributor to declines.

Coming Up Later This Week:

Thursday

Bank of England monetary policy announcement and minutes

Earnings: Tencent, Michaels Cos., Intl. Game Technology, Lands’ End, Adobe Systems

8:30 a.m.: Jobless claims

8:30 a.m.: Philly Fed business outlook survey

8:30 a.m.: Current account

10 a.m.: JOLTS

10 a.m.: Leading indicators

10:30 a.m.: Natural gas inventories

4:30 p.m.: Fed balance sheet/Money supply

Friday

Quadruple Witching

Earnings: Tiffany

9 a.m.: New York Fed President William Dudley speaks

10 a.m.: Consumer sentiment

10 a.m.: Atlanta Fed business inflation expectations

11 a.m.: Boston Fed President Eric Rosengren speaks

1 p.m.: Oil rig count

1:30 p.m.: St. Louis Fed President James Bullard

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Indexes Struggle For Gains, Oil Lower

THURSDAY – U.S. stocks traded in a range Thursday, after a better-than-expected durable goods report, as oil held mostly lower.

The Nasdaq composite gave up opening gains as declines in Apple and other major tech stocks weighed.

The S&P 500 struggled to hold initial gains as energy weighed on the index, while telecommunications and utilities led advancers.

WTI traded more than 1 percent lower near $31.70 a barrel in morning trade ET.

Coming Up This Week:

Thursday

Earnings: AB InBev, Bayer, Apache, Best Buy, Campbell Soup, Domino’s Pizza, Kohl’s, Chico’s FAS, Sears Holdings, SeaWorld, Baidu, Autodesk, Gap, Intuit, Kraft Heinz, Herbalife, Live Nation Ent., Noodles & Co., Weight Watchers
10:30 a.m.: Natural gas inventories
11 a.m.: Kansas City Fed Manufacturing Index
12 p.m. San Francisco Fed President John Williams
1 p.m. $28 billion seven-year notes
G-20 finance ministers meet in Shanghai

Friday

G-20 meets in Shanghai
Earnings: J.C. Penney, Foot Locker, Sotheby’s, Sempra Energy, AmericanTower, Centerpoint, Liberty Media, Telefonica, Rowan Cos
8:30 a.m. Real GDP Q4 (second reading); international trade
8:30 a.m.: Personal income, consumer spending
10 a.m. Consumer sentiment

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The Most Shorted NYSE Stocks

Chesapeake Energy Corp. (NYSE: CHK) saw its short interest drop less than 3% to around 224.80 million shares by the end of January. That was the third consecutive period of decline, and it was 34.4% of the company’s float. The days to cover remained about eight as the daily average volume pulled back.

The short interest in Freeport-McMoRan Inc. (NYSE: FCX) surged another 25% between the most recent settlement dates to more than 222.71 million shares. That followed a 15% gain in the previous period, and it was 19.6% of the miner’s float. It would take about three days to cover all short positions, as the average daily volume rose to a 52-week high.

Sprint Corp.’s (NYSE: S) short interest declined about 5% in the final weeks of the month, ending five consecutive periods with an expanding number of shares short. The most recent reading of around 212.78 million was 34.2% of the float. The days to cover dropped from more than 13 to about six as the daily average volume increased.

The number of Vale S.A. (NYSE: VALE) shares short dropped by some 19.66 million in the two weeks to almost 198.12 million. At the most recent average daily volume, it would take about seven days to cover all short positions, down from nine mid-month.

Petróleo Brasileiro S.A. (NYSE: PBR), better known as Petrobras, saw the number of its shares short shrink by 2.7% in the two weeks to almost 191.18 million. That was still the second highest level of short interest in the past year. The days to cover fell to about six as the average daily volume increased again.

A nearly 14% rise brought Alcoa Inc.’s (NYSE: AA) number of shares short to more than 187.78 million at the end of the two-week period. That was the fifth straight period of rising short interest, up to some 14.7% of Alcoa’s total float. The days to cover increased from three to about five.
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Knight Cap: Stocks Set to Slingshot Higher

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According to Knight Capital managing director Peter Kenny, concerns over Q4 earnings are wildly  overdone. Not only that, he sees stocks moving up to 5% higher from here until the next round of debt ceiling debates start kicking in next month.

Kenny says Q4 earnings will not be as “ugly as many people are projecting.” Given that some of those people are corporate CEOs, the burden of proof for supporting this statement falls to Kenny. His bullish thesis stems from the following:

  • The U.S. hit an earnings trough in the middle or back end of 2012
  • GDP estimates for 2013 are strong
  • There’s still money on the sidelines waiting to be poured into stocks either on dips or to chase stocks higher if that dip never happens

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Zirin: Equity Markets Still Look Attractive in 2013

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Hope springs eternal among most stock strategists and Jeremy Zirin, chief equity strategist at UBS Wealth Management, is no exception. Zirin expects moderate gains in stocks this year and says the market will “continue to grind higher as the economy starts to improve.”

There are increasing signs that the economy is improving. The four-week moving average for initial unemployment claims has fallen to its lowest level since March 2008 and the housing market continues to gain momentum. Home prices and new home sales recently posted their biggest gains in 2.5 years and builder confidence has risen to its highest level in more than 6.5 years.

Zirin forecasts GDP growth of 2% to 2.5% this year. Growth will accelerate as Washington adopts new fiscal policies, says Zirin.

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Stocks lifted by hopes of fiscal-cliff deal

U.S. stocks extended gains into a second session Tuesday, rising on signs of progress on Capitol Hill in reaching an accord to avoid steep spending cuts and tax increases next year.

“We’re seeing negotiations continue. Eventually they will come up with a deal, as I don’t think the sides are that far apart,” said David Kelly, chief market strategist at J.P. Morgan Funds.

Equities have risen on increased odds that the uncertainty presented by the so-called fiscal cliff would soon end, taking one of the risks to the economic forecast off the table, Kelly said.

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Tepper: Stocks Cheap Compared to ‘Rich’ Bonds

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U.S. stocks look cheap relative to the “rich” bond market, but the cost of no “fiscal cliff” deal in Washington could send equities down three percent, Appaloosa Management Founder David Tepper told CNBC in an exclusive interview on Monday.

But putting things in perspective, the hedge fund titan Tepper said on “Squawk Box” that he doesn’t see “very much downside” in the stock market.

“This market is a very good market. And once we can get over this hump, we could have Prince,” he said, making reference to the Prince song “Party Like It’s 1999.” The Dow rose about 25 percent that year.

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