Re: DJIA up or down

by **Cals** Thu 18 Jul 2013, 05:51

U.S. Stocks Rise as Bernanke Says Data to Determine QE
By Alex Barinka & Nikolaj Gammeltoft - Jul 18, 2013 5:32 AM GMT+0800

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The Top Ten Stocks for July 17
U.S. stocks rose, after the Standard & Poor’s 500 Index snapped an eight-day rally yesterday, as Federal Reserve Chairman Ben S. Bernanke said the central bank’s asset purchases are not on a preset course.
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July 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke says the central bank’s asset purchases "are by no means on a preset course" and could be reduced more quickly or expanded as economic conditions warrant. Bernanke speaks before the House Financial Services Committee. (This is an excerpt. Source: Bloomberg)
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July 17 (Bloomberg) -- Robert Albertson, principal and chief strategist at Sandler O’Neill & Partners LP, talks about Bank of America Corp.'s second-quarter earnings, Federal Reserve policy and the outlook for the U.S. banking industry. He speaks with Tom Keene and Scarlet Fu on Bloomberg Television's "Surveillance."(Source: Bloomberg)

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Bank of America Corp. and Bank of New York Mellon Corp. gained more than 1.9 percent after earnings topped forecasts. Yahoo! Inc. advanced 10 percent as its profit beat estimates.American Express Co. (AXP) retreated 1.9 percent after analysts said a European Union proposal would cut profits. Caterpillar Inc. dropped 1.7 percent after short seller Jim Chanos said the company is being hurt by a slowdown in commodities demand.
The S&P 500 rose 0.3 percent to 1,680.91 at 4 p.m. in New York, after falling from a record high yesterday. The Dow Jones Industrial Average climbed 18.67 points, or 0.1 percent, to 15,470.52 today. Almost 5.7 billion shares traded hands on U.S. exchanges today, or 12 percent below the three-month average.
“The market is responding to the fact that the Fed is not going to create an arbitrary definition of when and how the QE program is going to end,” Stephen Wood, the New York-based chief market strategist who helps oversee about $174 billion at Russell Investments, said by phone. “They want to maintain flexibility in their policies.”
Bernanke said the central bank’s bond purchases, or quantitative easing, “are by no means on a preset course” and could be reduced more quickly or expanded as economic conditions warrant.
Watching Data
“We’re going to be responding to the data,” Bernanke said today to the House Financial Services Committee. “If the data are stronger than we expect, we’ll move more quickly” to reduce purchases. If data “don’t meet the kinds of expectations we have about where the economy’s going, then we would delay that process or potentially increase purchases for a time.”
Central bank stimulus has helped fuel a surge in stocks worldwide, with the benchmark U.S. index jumping 148 percent from its March 2009 low. Fed policy makers have been debating the timing and pace of any cuts in the central bank’s $85 billion in monthly bond purchases. Bernanke has said any reduction will be tied to sustained improvement in the labor market or an increase in inflation.
The U.S. economy maintained a “modest to moderate pace” of growth in recent weeks, the Fed said today in its Beige Book business survey.
“Residential real estate and construction activity increased at a moderate to strong pace in all reporting districts,” the Fed said in the survey, which is based on anecdotal reports from its 12 regional banks. “Manufacturing expanded in most districts since the previous report.”
Housing Starts
Data today showed U.S. housing starts unexpectedly fell in June to the lowest level in almost a year. Work began on 836,000 houses at an annualized rate last month, the least since August 2012 and down 9.9 percent from a revised 928,000 pace in May, figures from the Commerce Department showed today in Washington.
The Chicago Board Options Exchange Volatility Index, which measures the cost of protecting against swings on the S&P 500, dropped 4.4 percent to 13.78. The equity volatility gauge, which moves in the opposite direction as the S&P 500 about 80 percent of the time, reached a six-month high on June 20 and has fallen 33 percent since.
Nine out of 10 industries in the S&P 500 advanced, with phone, raw-material and financial companies increasing more than 0.5 percent.
Earnings Season
Some 21 companies, including EBay Inc. and International Business Machines Corp., were due to release results today. Per-share earnings topped estimates at about 71 percent of S&P 500 members that have reported for the quarter so far, data compiled by Bloomberg show.
IBM rose 1.7 percent at 5:25 p.m. New York time, as the computer-services company topped earnings estimates and raised its full-year forecast after the end of regular trading. Among other companies reporting after the market close, eBay tumbled 6.3 percent and Intel Corp. slid 3.4 percent as their revenue forecasts fell short of estimates.
Bank of America added 2.8 percent to $14.31 during regular trading. The second-biggest U.S. lender beat analysts’ estimates by posting a 63 percent gain in profit that was driven by lower provisions for bad credit and a drop in expenses.
Bank of New York Mellon climbed 1.9 percent to $30.92. The world’s largest custody bank said profit rose 79 percent as the stock-market rally boosted assets and fees for overseeing them.
Yahoo Gains
Yahoo rose 10 percent to $29.66, the highest level since February 2008. The company reported second-quarter earnings of 35 cents a share, beating analysts’ estimates. The company made $225 million in earnings in the quarter from its equity interest in both Alibaba Group Holding Ltd. and Yahoo Japan Corp., up from $180 million in the same period last year.
DuPont Co. jumped 5.3 percent, the most in the Dow, to $57.25 after the New York Times’sAndrew Ross Sorkin said Trian Fund Management LP’s Nelson Peltz amassed a “very big” stake in the largest U.S. chemicals company by market value. Sorkin spoke at the CNBC Institutional Investor Delivering Alpha Conference in New York.
Anne Tarbell, a spokeswoman for Trian, declined to comment on DuPont. Michael Hanretta, a spokesman for Wilmington, Delaware-based DuPont, didn’t immediately return a call seeking comment.
An index of U.S. airlines rose 3.7 percent to the highest since 2007 after Morgan Stanley said it expects “more beats than misses” for carriers’ second-quarter earnings. All 10 members in the index advanced.
Airlines Rally
United Continental Holdings Inc., the world’s largest carrier by passenger traffic, surged 8.1 percent to $33.69, climbing above its average price for the past 50 days. Delta Air Lines Inc. soared 3.3 percent to $19.92, the highest since November 2007.
St. Jude Medical Inc. advanced 5.2 percent to $51. The Minnesota-based maker of heart-rhythm devices surged after second-quarter revenue fell less than analysts had estimated.
U.S. Bancorp, the nation’s largest regional lender, fell 1.4 percent to $36.74 after the firm said it expects mortgage revenue to continue to decline this year. Second-quarter net income climbed 4.9 percent to $1.48 billion, or 76 cents per share, matching the average estimate of 34 analysts.
American Express (AXP) slipped 1.9 percent to $76.80. The European Commission will propose that interchange fees paid by retailers on card transactions should be capped at 0.2 percent for debit card payments and 0.3 percent for credit cards, according to draft plans obtained by Bloomberg.
Transaction Fees
The proposal would reduce New York-based American Express’s earnings-per-share by about 3.7 percent because the company gets 11 percent of its business from Europe, Morgan Stanley analysts said in a research note. Credit Suisse analysts said the plan would hurt American Express more than MasterCard Inc. or Visa Inc., which have already agreed to provisionally cap some fees.
American Express reported earnings after the close of regular trading, beating analyst estimates.
Mattel Inc., the largest U.S. toymaker, fell 6.8 percent to $43.16. Second-quarter profit fell short of analyst forecasts, as declining demand for the aging Barbie doll line and increased costs to expand the American Girl chain hurt results. Hasbro Inc. fell 2.4 percent to $46.03.
McDonald’s Corp. slid 0.8 percent to $100.10. Janney Montgomery Scott LLC downgraded the world’s largest restaurant chain to neutral from a buy rating, with a 12-month price target of $105 a share.
Caterpillar Slumps
Caterpillar dropped 1.7 percent to $86.67. The largest maker of construction and mining equipment “is tied to the wrong products at the wrong time in the cycle,” Chanos said today in a speech at the CNBC Institutional Investor Delivering Alpha Conference in New York.
Chanos, the president and founder of Kynikos Associates Ltd., said he’s shorting the stock and the company is “being aggressive with their acquisitional accounting.”
Jim Dugan, a spokesman for Caterpillar, declined to comment on Chanos’s statements.
American Tower Corp. fell 1.1 percent to $73.87 after short-seller Carson Block said the company is engaged in a “value-destroying investment binge” that will knock shares down 40 percent. Shares of the operator of cell-phone antennas have almost tripled since 2008.
The company has overstated the value of acquisitions in the U.S. and Brazil, and the shares are worth $44.57 a share, Block’s firm, Muddy Waters Research, wrote in a report published on its website today.
Matt Peterson, an American Tower spokesman, didn’t respond to messages seeking comment.
To contact the reporters on this story: Alex Barinka in New York at [You must be registered and logged in to see this link.]; Nikolaj Gammeltoft in New York at [You must be registered and logged in to see this link.]
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by **Cals** Fri 02 Aug 2013, 20:45

Payrolls Rose 162,000 in July; U.S Jobless Rate Falls
By Shobhana Chandra - Aug 2, 2013 8:30 PM GMT+0800

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The slower pace of hiring suggests some employers are confident they’re able to meet demand with current staffing levels as the economy begins to emerge from a first-half slowdown. At the same time, improving consumer confidence and auto sales have encouraged other companies such as Amazon.com Inc. and Ford Motor Co. to take on more workers.
Employers added fewer workers than anticipated in July even as the U.S. jobless rate dropped to 7.4 percent, indicating uneven progress in the labor market.
The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 185,000 gain. Workers spent fewer hours on the job and hourly earnings fell for the first time since October.
The slower pace of hiring suggests some employers are confident they’re able to meet demand with current staffing levels as the economy begins to emerge from a first-half slowdown. At the same time, improving consumer confidence and auto sales have encouraged other companies such as Amazon.com Inc. (AMZN) and Ford Motor Co. (F) to take on more workers.
“It is still a difficult job market,” Ryan Sweet, a senior economist at Moody’s Analytics Inc. inWest Chester, Pennsylvania, said before the report. “The impact on employment from the sequestration is still to work its way through the economy.” At the same time, “conditions are falling into place for stronger growth going forward. As long as demand grows, businesses will need to increase production and hiring.”
Retailers added almost 47,000 workers in July, the most in eight months. Employment in education and health services showed the smallest gain in a year. Construction employment fell and manufacturing rose for the first time in five months.
Bloomberg survey estimates for total payrolls ranged from increases of 23,000 to 225,000. Revisions to prior reports subtracted a total of 26,000 jobs from overall payrolls in the previous two months.
Private Employment
Private employment, which exclude government agencies, rose by 161,000 after a revised gain of 196,000. They were projected to rise by 195,000, the survey showed.
The unemployment rate was forecast to drop to 7.5 percent from 7.6 percent, according to the Bloomberg survey median.
The labor participation rate dropped to 63.4 percent from 63.5 percent.
Average hourly earnings fell 0.1 percent to $23.98 in July from the prior month, and were up 1.9 percent over the past 12 months.
The average work week for all workers fell to 34.4 hours from 34.5 hours.
Improving prospects for the economy in the second half of the year may sustain the job market. Economists surveyed by Bloomberg from July 5 to July 10 project growth will average 2.5 percent during the period, according to the median.
First Half
Gross domestic product, the value of all goods and services produced, grew at a 1.7 percent annualized rate in the April through June period after a 1.1 percent advance in the prior three months, Commerce Department data showed on July 31.
Amazon.com, the world’s biggest Web retailer, announced in July it is adding more than 5,000 full-time jobs at U.S. warehouses to meet demand. The Seattle-based company also is hiring 2,000 customer-service staff, including part-time and seasonal workers.
Ford, the second-largest U.S. automaker, reported second-quarter per-share profit excluding some items that beat the average estimate of analysts surveyed by Bloomberg. The Dearborn, Michigan-based company said it’ll hire 3,000 salaried employees this year, 800 more than originally planned.
“The automotive sector of our economy has now contributed greatly to overall growth during this expansion,” Ellen Hughes-Cromwick, chief economist at Ford, said on a conference call yesterday. “Job and income gains are positive and interest rates remained relatively low.”
Auto Sales
Households continue to keep spending on big-ticket items such as automobiles. Cars and light trucks sold at a 15.6 million annualized rate in July and 15.9 million the prior month, the strongest back-to-back readings since late 2007, according to figures yesterday from Ward’s Automotive Group.
Sustained gains in employment help explain recent increases in consumer sentiment. The Bloomberg Consumer Comfort Index rose last week to the strongest reading since January 2008.
The Institute for Supply Management’s factory index, released yesterday, showed manufacturing expanded in July at the fastest pace in more than two years, sparked by surges in orders and production that signal companies are growing more optimistic about the economic outlook.
The Fed may begin tapering the pace of its asset purchases in September, according to a growing number of economists surveyed by Bloomberg from July 18 to July 22.
“Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated,” policy makers said in their statement this week at the conclusion of a two-day meeting in Washington. The Federal Open Market Committee also said it will maintain its $85 billion in monthly bond buying. “Economic growth will pick up from its recent pace and the unemployment rate will gradually decline.”
To contact the reporter on this story: Shobhana Chandra in Washington at[You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Christopher Wellisz at [You must be registered and logged in to see this link.]

by **kppl** Thu 15 Aug 2013, 17:58

AAPL to watch....going back to 700 usd per share???

by **kppl** Thu 15 Aug 2013, 23:38

Dont you just love these kind of news.....
Oh the economy is recovering.....wait....QE will be removed....let's sell!

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DJ -171 at time of this post....
DJ fut -162
S&P fut -17.75

by **Bursa berserker** Fri 16 Aug 2013, 00:04

alamak dj drop

by **Cals** Thu 22 Aug 2013, 05:21

U.S. Stocks Fall as Fed Minutes Show Support for Tapering
By Lu Wang & Alex Barinka - 2013-08-21T20:30:12Z

U.S. stocks fell, giving the Dow Jones Industrial Average its longest slump in 13 months, as minutes of the Federal Reserve’s July meeting showed officials support stimulus cuts this year if the economy improves.
Staples Inc. (SPLS) plunged 15 percent after declines in its retail and international business sparked in a reduction in its earnings forecast. Target Corp. slid 3.6 percent as profit fell 13 percent amid consumers’ caution in the face of higher taxes and unsteady employment. Lowe’s Cos. jumped 3.9 percent after the second-largest U.S. home-improvement retailer raised its full-year projection amid a housing recovery.

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Traders work on the floor of the New York Stock Exchange. Photographer: Scott Eells/Bloomberg
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4:29

Aug. 21 (Bloomberg) -- Martin Sass, founder and chief executive officer of M.D. Sass Investors Services Inc., talks about the outlook for the U.S. economy and some of his stock recommendations. He speaks with Betty Liu, Alix Steel and Julie Hyman on Bloomberg Television's "In the Loop." (Source: Bloomberg)
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4:51

Aug. 21 (Bloomberg) -- Gina Martin Adams, an equity strategist at Wells Fargo Securities LLC, talks about Federal Reserve policy, the outlook for residential real estate and the U.S. labor market. She speaks with Tom Keene, Alix Steel and Sara Eisen on Bloomberg Television's "Surveillance." (Source: Bloomberg)
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3:03

Aug. 21 (Bloomberg) -- Federal Reserve officials were "broadly comfortable" with Chairman Ben S. Bernanke’s plan to start reducing bond buying later this year if the economy improves, with a few saying tapering might be needed soon, according to minutes of the Federal Open Market Committee’s July 30-31 meeting released today in Washington. Peter Cook reports on Bloomberg Television's "Money Moves." (Source: Bloomberg)
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3:35

Aug. 21 (Bloomberg) -- Bloomberg’s Adam Johnson, Sara Eisen and Matt Miller report on today’s ten most important stocks including Diamond Foods, Lowe's and Toll Brothers. (Source: Bloomberg)

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The Standard & Poor’s 500 Index (SPX) lost 0.6 percent to 1,642.80 at 4 p.m. in New York, the lowest since July 8. The Dow dropped 105.44 points, or 0.7 percent, to 14,897.55. The measure retreated for a sixth day, the longest losing streak since July 2012. About 5.6 billion shares changed hands on U.S. exchanges today, 11 percent below the three-month average.
“The Fed minutes continue to show this clear uncertainty as to when the monetary tightening will begin,” Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank in San Francisco, said in a phone interview. His firm oversees $170 billion. “It will be a seminal moment when they move from the easing they’ve been in for years toward some incremental tightening steps. The minutes are quite clear in the sense that the Fed doesn’t know that we are there yet where the process can begin.”
Mixed Reaction
The S&P 500 fluctuated after the Fed released its minutes at 2 p.m. in Washington, with the gauge at one point erasing losses of as much as 0.8 percent. Growing concern that the Fed would reduce stimulus this year contributed to the index’s 3.4 percent drop from a record close on Aug. 2 through yesterday. Fed monetary support helped propel the benchmark gauge upmore than 150 percent from its bear-market low in 2009.
The Federal Open Market Committee’s minutes from the July 30-31 gathering released today showed officials were “broadly comfortable” with Chairman Ben S. Bernanke’s plan to start reducing bond buying later this year, with a few saying tapering might be needed soon.
FOMC participants continued to expect economic growth to pick up in the second half of 2013 and “strengthen further.” After the July meeting, policy makers affirmed a pledge to continue stimulus until seeing signs “the outlook for the labor market has improved substantially.” July hiring data, released after the meeting, showed the smallest jobs gain in four months and the lowest jobless rate in more than four years.
Economic Data
Data tomorrow is expected to show that initial jobless claims rose last week, according to estimates compiled by Bloomberg. A report today indicated that sales of previously owned U.S. homes climbed more than forecast in July to the fastest pace since November 2009 as more buyers entered the market.
Speculation about the stimulus has whipsawed stocks since May, when Bernanke first indicated cuts could start this year. The benchmark index tumbled 5.8 percent from a record high on May 21 through June 24. It then rebounded as much as 8.7 percent to the latest closing record of 1,709.67.
“Everybody is edgy right now,” Mark Lehmann, president of JMP Securities LLC in San Francisco, said in a phone interview. “People are not convinced about what to do, so you’re susceptible” to big intraday market swings like today, he said.
The Chicago Board Options Exchange Volatility Index, or VIX (VIX), jumped 6.9 percent to 15.94 today, the highest since July 3. The equity volatility gauge erased an earlier gain of 11 percent, falling as much as 1.6 percent before reversing.
Earnings, Dividends
Investors have also been keeping an eye on corporate earnings, which have helped the S&P 500 rally 16 percent this year through yesterday. Of the 474 companies in the S&P 500 that have reported results this period, 72 percent have posted profit that surpassed estimates, data compiled by Bloomberg show.
All 10 S&P 500 main industries fell today. Utility and phone stocks dropped the most, sliding 1.2 percent, as yields on 10-year Treasury notes traded near the highest level in two years, cutting demand for dividends.
Utility companies offer a dividend yield of 4.1 percent, ranking the highest among 10 industries after telephone stocks. The two groups slumped more than 7.6 percent in the past three months, the most in the index.
Staples tumbled 15 percent, the most in more than two years, to $14.27. The world’s largest office-supplies chain, which suffers from waning consumer demand for products such as ink and toner and computer accessories, cut its outlook after second-quarter results were weakerthan it expected.
Target, PetSmart
Target dropped 3.6 percent to $65.50, the lowest since March 1. The second-largest U.S. discount retailer joins Wal-Mart Stores Inc. and Macy’s Inc. in reporting results that showed the bumpy economy and increased Social Security taxes are making consumers reluctant to spend beyond necessities.
PetSmart Inc. (PETM) dropped 5.3 percent to $71. The pet-store chain forecast earnings of 83 cents to 87 cents a share in the third quarter. Analysts, on average, estimated 87 cents, according to a Bloomberg survey.
American Eagle Outfitters Inc. plunged 9.9 percent to $14.76. The clothing retailer’s second-quarter sales fell short of analyst estimates.
Goldman Sachs Group Inc. fell 1.5 percent to $157.11. A programming error caused the firm to send unintentional stock options orders in the first minutes of trading, pushing prices on dozens of contracts to a dollar each, according to a person briefed on the matter yesterday and data compiled by Bloomberg.
Goldman Trades
Any losses for Goldman Sachs, the fifth-largest U.S. bank by assets, won’t be known until exchanges determine which contracts should be canceled, said the person, who requested anonymity because the information is private.
Lowe’s (LOW) rose 4.3 percent to $45.97. The second-largest U.S. home-improvement retailer posted second-quarter profit that topped analysts’ estimates and raised its forecast for the year as the housing recovery fuels spending on remodeling.
Garmin Ltd. (GRMN) climbed 5.6 percent to $40.59 for the biggest gain in the S&P 500. The largest maker of navigation devices was boosted to neutral from sell at Goldman Sachs.
Incyte Corp. surged 35 percent to $36.45, the highest since November 2000. The drugmaker said a Phase 2 study indicated its Jakafi inhibitor showed a benefit for treating patients with pancreatic cancer.
To contact the reporters on this story: Lu Wang in New York at [You must be registered and logged in to see this link.]; Alex Barinka in New York at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Lynn Thomasson at[You must be registered and logged in to see this link.]

by **Cals** Fri 23 Aug 2013, 04:03

Nasdaq Halts Trading in Stocks, Options Amid ‘Issue’
By Sam Mamudi - 2013-08-22T18:51:24Z

Computer breakdowns shook American equity markets again today as malfunctioning software that feeds data between exchanges prompted Nasdaq Stock Market to halt trading in thousands of stocks and options.

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Pedestrians pass in front of the Nasdaq MarketSite in New York, on Aug. 22, 2013. Photographer: Scott Eells/Bloomberg
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0:59

Aug. 22 (Bloomberg) -- Computer errors shook American equity markets again this week as malfunctioning software that feeds data between exchanges prompted Nasdaq Stock Market to halt trading in stocks and options. (Source: Bloomberg)

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Pedestrians are reflected in a window at the Nasdaq MarketSite in New York. Photographer: Scott Eells/Bloomberg

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The Nasdaq MarketSite in New York. Photographer: Scott Eells/Bloomberg

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Nasdaq said trading for all its listed stocks will resume by about 3:25 p.m. following a 15-minute quote-only period, according to a statement on its website.
Nasdaq said earlier that trading in shares it lists had been stopped amid issues at its Securities Information Processor, the feed that disseminates quotes and prices. The second-biggest stock market operator in the U.S. halted transactions in what it calls Tape C, which comprises all Nasdaq-listed securities.
Buying and selling in many of the country’s most heavily traded shares from Apple Inc. to Intel Corp. and Facebook Inc. ground to a virtual halt as brokers were unable to execute customer orders. The Nasdaq 100 equity index stopped moving shortly after noon, according to data compiled by Bloomberg. The Dow Jones Industrial Average, which has Microsoft Corp. and Cisco Systems Inc., continued to update.
The disruption, just two days after options markets were roiled by mistaken trades sent by Goldman Sachs Group Inc., is the latest in a series of computer malfunctions that have raised questions about the reliability of electronic markets. Nasdaq faced criticism last year when its computers mishandled the public debut of Facebook, causing hundreds of millions of dollars in losses for its member firms.
‘Headache’
“This is just another one of those headaches that are going on with this electronic stuff,” Frank Ingarra, head trader at Greenwich, Connecticut-based NorthCoast Asset Management LLC, said in a phone interview. “That’s why it is important that you have multiple venues.”
The action froze stocks both on Nasdaq’s platforms and dozens of other markets around the country that trade securities it lists. Companies from Bats Global Markets Inc. in Lenexa, Kansas, to Jersey City, New Jersey-based Direct Edge Holdings published notices saying they were adopting Nasdaq’s halt.
Even though the action was specific to stocks Nasdaq hosts, it depressed volume marketwide.
Securities on Nasdaq have a combined market capitalization of more than $5 trillion, based on the value of the 2,446-member Nasdaq Composite Index. For securities that list on the New York Stock Exchange, it was “business as usual,” according to Sara Rich, a spokeswoman.
Trading Breakdowns
The breakdown is one of a growing number of trading failures that have coincided with the expanding complexity of global financial markets. U.S. equity trading, which began with on Wall Street more than two centuries ago and was dominated by the New York Stock Exchange, has become dispersed among more than 50 computerized platforms accessible around the world.
“It has essentially halted” trading, Ian Winer, director of equity trading at Wedbush Securities Inc., said in an interview. “We cannot execute customer orders in any Nasdaq security so we are basically in a wait-and-see mode from Nasdaq.”
Signs of strain appeared earlier when NYSE’s Arca canceled orders for Nasdaq shares and other exchanges routed orders away from the electronic platform through a procedure known as self-help. Just before 12:30 p.m., shares of Yahoo! Inc. briefly plunged more than a dollar over about a dozen trades. Intel surged 20 cents or more in a handful of transactions.
‘Close Contact’
“We are monitoring the situation and are in close contact with the exchanges,” SEC spokesmanJohn Nester said.
Options markets were bombarded with erroneous orders two days ago when an internal computer at Goldman Sachs malfunctioned. Options officials at Nasdaq as well as NYSE Amex and CBOE Holdings spent almost a day reviewing orders for cancellation..
In May, Nasdaq agreed to pay $10 million to settle Securities and Exchange Commission charges related to the initial public offering of Facebook. Regulators cited it for its “poor systems and decision-making” during the IPO in May 2012 that was delayed when software the collects orders fell into a loop. Nasdaq agreed to the settlement without admitting or denying the SEC’s findings.
Facebook Fine
The SEC penalty was imposed because Nasdaq failed in its obligation to ensure that systems, processes and contingency planning are robust and adequate to manage an IPO without disruption to the market, the agency said.
Legislation that created the Securities and Exchange Commission in 1934 also deemed the main venues self-regulatory organizations, or SROs, overseeing their member firms and trading. Critics said the Facebook mishap shows how changes in the structure of markets have made old regulations obsolete and that firms such as Nasdaq should be regulated by any other for-profit company.
Exchanges have close to absolute immunity for actions taken as part of their regulatory duties. The doctrine arose when exchanges were not-for-profit organizations owned by their member firms. The shield protects them from lawsuits related to the exercise of powers delegated by the SEC and prevents financial losses that could jeopardize institutions seen as vital to the U.S. economy.
To contact the reporter on this story: Sam Mamudi in New York at [You must be registered and logged in to see this link.]
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36 COMMENTS

by **kppl** Mon 26 Aug 2013, 23:08

rebound admit the wait on tapering today on bad data....

Highlights
Manufacturing remains weak with aircraft orders swinging sharply down to drag down the headline number. But other durables orders were weak also. New factory orders for durables in July dropped a huge 7.3 percent after jumping 3.9 percent the month before. Analysts forecast a 4.0 percent drop for July. The transportation component fell a monthly 19.4 percent, following a spike of 11.7 percent in June. Excluding transportation, durables orders dipped 0.6 percent after a rise of 0.1 percent in June. Market expectations were for a 0.3 percent increase in orders excluding transportation.

Within transportation, motor vehicles rose 0.5 percent, nondefense aircraft plunged 52.3 percent, and defense aircraft decreased 2.2 percent. Outside of transportation, gains were seen in fabricated metals and "other" durables. Declines occurred in computers & electronics and electrical equipment. Primary metals and machinery were flat.

Nondefense capital goods orders excluding aircraft fell 3.3 percent, following a 1.3 percent rise in June. Shipments for this series declined 1.5 percent, following a decrease of 0.8 percent the month before.

Durables orders are almost always volatile on the transportation component. But stripping out transportation, this sector is still soft in July. News is mixed for August based on regional surveys-some slowing and some improving.

by **Cals** Thu 29 Aug 2013, 01:22

U.S. Stocks Rise as Energy Shares Gain Amid Syria Concern
By Nick Taborek & Namitha Jagadeesh - Aug 29, 2013 12:08 AM GMT+0800

U.S. stocks rose, after the Standard & Poor’s 500 Index dropped to an eight-week low yesterday, as energy shares rallied on higher oil prices amid growing speculation there will be a military strike against Syria.
Chevron Corp. and Exxon Mobil Corp. jumped more than 2.2 percent. TiVo (TIVO) Inc. climbed 5.2 percent after the maker of digital-video recorders posted a profit. Joy Global Inc. lost 3.8 percent as the mining equipment maker said orders for new equipment are declining. PulteGroup Inc. and D.R. Horton Inc. declined at least 1.3 percent as pending sales of existing homes unexpectedly fell in July.
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5:24

Aug. 28 (Bloomberg) -- Liz Ann Sonders, chief investment strategist at Charles Schwab Corp., talks about U.S. markets. She speaks with Tom Keene, Sara Eisen, Sam Grobart and Alix Steel on Bloomberg Television's "Surveillance." (Source: Bloomberg)
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9:41

Aug. 28 (Bloomberg) -- Byron Wien, vice chairman of Blackstone Group LP's advisory services unit, talks about market risks, the outlook for bonds, and corporate finance. Wien, speaking with Tom Keene, Sara Eisen and Alix Steel on Bloomberg Television's "Surveillance," also discusses the U.S. economy and strategy. (Source: Bloomberg)

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The S&P 500 rose 0.5 percent to 1,638.34 at 12:05 p.m. in New York. The Dow Jones Industrial Average added 57.29 points, or 0.4 percent, to 14,833.42. Trading in S&P 500 stocks was 8 percent below the 30-day average at this time of day.
“This is an environment where people are really focused on one variable which is going to dominate all others, and that, today, is Syria,” Lawrence Creatura, a Rochester, New York-based fund manager at Federated Investors Inc., which oversees about $380 billion, said in a phone interview. “The reflex is to sell during times of sudden unexpected conflict and. Weakness derived from temporary events can often times be a great buying opportunity.”
The S&P 500 slid 1.6 percent yesterday to the lowest level since July 3 amid concern the U.S. will take action against Syria. The U.S. and its allies are moving closer to a military strike in response to an alleged chemical weapons attack near Damascus last week. President Barack Obama plans to release an intelligence assessment this week and U.K. Prime Minister David Cameron said Britain will put forward a draft resolution at the United Nations today authorizing action to protect civilians.
NATO Allies
Obama officials are in consultations with NATO allies including the U.K., France, Germany, and Turkey as well as Arab nations to determine which countries would participate in a military strike on Syria, said an administration official, speaking on the condition of anonymity to discuss war planning efforts.
The S&P 500 has lost 4.2 percent from a record high on Aug. 2 amid growing speculation the Federal Reserve will reduce its monthly bond buying. Minutes of the central bank’s July meeting released Aug. 21 showed policy makers supported stimulus cuts this year if the economy improves. Fed stimulus helped pushthe S&P 500 up as much as 153 percent from its March 2009 low, as better-than-estimated corporate earnings also fueled gains.
Home Data
Data today showed fewer Americans signed contracts in July to buy previously owned homes. The index of pending home sales dropped 1.3 percent, the most this year, after a 0.4 percent decrease in June, according to figures from the National Association of Realtors. Economists forecast no change in the gauge from the month before, according to a median estimate in a Bloomberg survey.
An S&P index of homebuilders fell 1.1 percent. PulteGroup lost 1.3 percent to $15.40 while D.R. Horton declined 1.8 percent to $17.66.
The Chicago Board Options Exchange Volatility Index (VIX), or VIX, fell 3.3 percent to 16.21. The equity volatility gauge has surged 37 percent since a five-month low on Aug. 5.
Eight out of 10 main industry groups in the S&P 500 rose, with energy companies jumping 2 percent to pace advances. Chevron advanced 2.6 percent to $121.85. Exxon Mobil rallied 2.2 percent to $88.74. Marathon Oil Corp. increased 3.3 percent to $34.48.
TiVo, Avago
TiVo advanced 5.2 percent to $11.54 after reporting second-quarter net income of $268.9 million, including legal settlements, compared with a $27 million loss a year earlier. Chief Executive Officer Tom Rogers said in an interview the company will be profitable for the remainder of the fiscal year ending January and through the following year.
Avago Technologies Ltd. surged 4.7 percent to $38.27. The supplier of components for wireless communications reported third-quarter revenue of $664 million, exceeding the $617.25 million average forecast of analysts surveyed by Bloomberg.
Zale Corp. rose 20 percent to $10.78. The jewelery retailer reported fourth-quarter revenue that beat analyst estimates as same-store sales jumped 5.6 percent.
Express Inc. (EXPR) gained 5.9 percent to $20.97. The specialty retailer said same-store sales rose 6 percent in the second quarter, beating analysts’ estimates, and raised its profit forecast.
Joy Global lost 3.8 percent to $49.37. The mining equipment producer’s CEO, Mike Sutherlin, said the market “has become even more challenging,” as customers’ declining cash flows are resulting in “significantly” reduced capital expenditures. Caterpillar Inc. slid 0.5 percent to $82.25.
Taser International Inc. (TASR) fell 4.4 percent to $11.33, after rising 38 percent in the past 11 trading days. The maker of stun guns declined after JPMorgan analysts downgraded the shares to neutral from overweight.
To contact the reporters on this story: Nick Taborek in New York at [You must be registered and logged in to see this link.]; Namitha Jagadeesh in London at [You must be registered and logged in to see this link.]
To contact the editors responsible for this story: Andrew Rummer at [You must be registered and logged in to see this link.]; Lynn Thomasson at [You must be registered and logged in to see this link.][/font]

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by **kppl** Tue 03 Sep 2013, 02:06

time for mini rebound.... Hmm...

by **Cals** Thu 05 Sep 2013, 01:11

U.S. Stocks Rise Before Syria Vote, Economic Reports
By Lu Wang & Alex Barinka - Sep 5, 2013 12:17 AM GMT+0800

Play

Obama on Syria: I Didn't Set a Red Line

U.S. stocks rose, led by technology companies and automakers, as investors watched a Senate vote on action against Syria while awaiting economic data for clues on the Federal Reserve’s next move.
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A trader works on the floor of the New York Stock Exchange. Photographer: Jin Lee/Bloomberg
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1:30

Sept. 3 (Bloomberg) -- U.S. House Speaker John Boehner, a Republican from Ohio, talks about his support for President Barack Obama's plans for military action against Syria for using chemical weapons against its own people. Boehner spoke at the White House following a meeting this morning with Obama.

Micron (MU) Technology Inc. and SanDisk Corp jumped more than 2.1 percent after a fire forced rival SK Hynix Inc. to suspend operations at a factory in China. Apple Inc. advanced 2.2 percent after Cantor Fitzgerald LP initiated coverage of the shares with a buy rating and amid speculation that the company may team up with China Mobile Ltd. Ford Motor Co. and General Motors Co. rallied after sales beat forecasts. Microsoft Corp. fell as Morgan Stanley lowered its rating of the software maker.
The Standard & Poor’s 500 Index rose 0.9 percent to 1,653.75 at 12:17 p.m. in New York, headed for the biggest advance since Aug. 1. The Dow Jones Industrial Average added 116.03 points, or 0.8 percent, to 14,949.99. Trading in S&P 500 stocks was 20 percent above the 30-day average at this time of day.
“Managers actually are fairly bullish on the environment,” Arvin Soh, a New York-based portfolio manager with GAM, said by phone. His firm has more than $120 billion under management. “The view has been, ‘yes we have some serious issues with Syria, but at the end of the day, growth is improving.’”
The S&P 500 rose 0.4 percent yesterday, paring gains of as much as 1.1 percent, after Republican House Speaker John Boehner said he supports President Barack Obama’s call for military action against Syria.
Use of Force
The Senate Foreign Relations Committee will vote today on a resolution that supports the use of force by the U.S. military in Syria with a 90-day limit and explicitly doesn’t authorize use of ground troops in combat. The Senate Democratic leadership supports the resolution, according to an aide who asked not to be identified.
Fed officials have been scrutinizing data to determine the timing and pace of any reduction in its $85 billion in monthly bond buying. The central bank, which has said it may pare stimulus if the U.S. economy improves in line with its forecasts, will hold its next policy meeting on Sept. 17-18.
The central bank will publish its Beige Book survey of economic conditions in 12 Fed districts at 2 p.m. Washington time. Figures due Sept. 6 may show U.S. payrolls increased in August and the jobless rate held at 7.4 percent. A report from Automatic Data Processing Inc. tomorrow is expected to indicate that companies hired fewer workers than in July. A manufacturing gauge published yesterday reached a two-year high.
Employment Watch
“The employment number is going to help drive the Fed,” Jim Landreth, a portfolio manager with 300 North Capital LLC in Pasadena, California, said by phone. His firm oversees $640 million. “The Fed is going to be careful. They don’t want rates to spike up again because housing has been one of the fundamental underpinnings of this recovery this year.”
The S&P 500 has lost 3.2 percent from a record on Aug. 2 amid speculation the Fed will decide at that meeting to slow its bond buying. There have been signs that the housing recovery has begun to slow as yields on 10-year Treasury notes rose to a two-year high last month. The stimulus helped push the benchmark equity gauge up more than 150 percent from its March 2009 low.
S&P 500 futures turned lower today after Citigroup Inc. downgraded U.S. equities to underweight, saying valuations are “not as attractive as other parts of the world.” The firm upgraded the U.K. and emerging markets. These areas “appear the cheapest major regions across the world,” Tobias Levkovich, Citigroup’s chief U.S. equity strategist, said in a note today.
Emerging markets have a trailing price-to-equity ratio of 11.8 and the U.K. has a multiple of 13.3, the firm said. The benchmark gauge for U.S. equities trades at 15.7 times profit, according to data compiled by Bloomberg.
Volatility Gauge
The Chicago Board Options Exchange Volatility Index (VIX), or VIX, slipped 4.8 percent to $15.81 today. The equity volatility gauge is down 12 percent this year.
Nine of 10 S&P 500 main industries advanced. Financial, consumer-discretionary, and technology companies rallied at least 1 percent.
Micron jumped 3.9 percent to $14.55 while SanDisk advanced 2.1 percent to $56.46. SK Hynix, the world’s second-largest maker of computer-memory chips, is ascertaining if there are any casualties and investigating the cause of the fire, which occurred at a plant in Wuxi, China.
Apple advanced 2.2 percent to $499.09. Cantor’s 12-month share-price estimate was $777 (AAPL), 59 percent higher than yesterday’s close of $488.58. The world’s biggest technology company announced a Sept. 10 event at which it will unveil new models of the iPhone. The next day, it will host an event in Beijing, spurring speculation that Apple may announce an agreement with China Mobile, according to Reuters.
China Opportunity
Apple may sell more than 5 million iPhones to China Mobile in the December quarter, with the potential subscriber base at the Chinese wireless carrier reaching 38.7 million next year, Brian Marshall, an analyst with International Strategy & Investment Group, estimated in a note yesterday.
Automakers rallied 2.6 percent, the most among 24 S&P 500 industry groups. GM and Ford reported U.S. sales gains for August that exceeded estimates as analysts projected the best month for industry demand in six years. Ford climbed 3.3 percent to $16.88 after posting a 12 percent increase in deliveries of cars and light trucks. GM gained 3.5 percent to $35.35 as sales climbed 15 percent.
The KBW Bank Index advanced 1 percent, as all its 24 members gained. JPMorgan Chase & Co. rose 1.7 percent to $52.01 and Regions Financial Corp. increased 2.2 percent to $9.56.
J.C. Penney
J.C. Penney & Co. gained 7.5 percent to $13.67 after Glenview Capital Management LLC raised its stake in the department-store chain to 9.1 percent.
Ciena Corp. jumped 12 percent to $23.15. The provider of fiber-optic networking gear for carriers such as AT&T Inc., rose the most in almost three months after posting profit and sales that beat analysts’ estimates.
Dollar General (DG) Corp. added 4.9 percent to a record $56.52. The discount retailer reported second-quarter adjusted profit of 77 cents per share, beating the 74 cents estimated by analysts in a Bloomberg survey.
E*Trade Financial Corp. rallied 8.8 percent, the most in the S&P 500, to $15.82. The online brokerage said a subsidiary will pay a $100 million dividend to the parent company and plans to make similar payments every quarter.
Microsoft Downgrade
Microsoft lost 2 percent to $31.23. Morgan Stanley downgraded the world’s biggest software maker to equal weight, a rating comparable to neutral, from overweight, which is similar to buy. The company’s 5.44 billion-euro ($7.2-billion) deal to with Nokia Oyj’s devices unit brings execution risks and increased expenditure, the brokerage wrote in a note.
LinkedIn Corp. fell 1.7 percent to $240.88. The owner of the world’s biggest professional-networking website said in a filing it plans to sell 4.17 million shares of its Class A stock. LinkedIn estimated it will raise $1 billion from the sale, based on a closing price of $240.04 on Aug. 30.
SAIC (SAI) Inc. tumbled 5.4 percent to $14.34, the biggest drop in the S&P 500. The company, which provides scientific services for government agencies related to national security, posted second-quarter revenue that missed analysts’ estimates and cut its annual sales forecast.
To contact the reporter on this story: Lu Wang in New York at [You must be registered and logged in to see this link.]; Alex Barinka in New York at [You must be registered and logged in to see this link.]
To contact the editor responsible for this story: Lynn Thomasson at[You must be registered and logged in to see this link.]

by **kppl** Wed 11 Sep 2013, 14:25

A good read
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by **kppl** Wed 11 Sep 2013, 14:29

kppl wrote:time for mini rebound....

Cant believe i wrote this and did nothing Headbang

by **kppl** Wed 11 Sep 2013, 14:50

Looking at dj and snp chart, if this rebound does not make new high....then more down in stored i guess....

by **kppl** Thu 12 Sep 2013, 09:58

Dow Jones industrial average drops HP, Bank of America; Nike, Visa added

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by **kppl** Sat 14 Sep 2013, 21:44

kppl wrote:Looking at dj and snp chart, if this rebound does not make new high....then more down in stored i guess....

Need to keep watch coming week....new high or another low Hmm...

Saved up my day trade limits for next week.

Wall Street Week Ahead: Fed may taper without causing market tantrum
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by **kppl** Thu 19 Sep 2013, 02:12

No taper!

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by **peanut** Thu 19 Sep 2013, 02:19

kppl wrote:No taper!

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by **peanut** Thu 19 Sep 2013, 02:30

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by **kppl** Thu 19 Sep 2013, 08:37

Highlights
The below are some of the comments by Fed Chairman Ben Bernanke's press conference after today's Fed decision.

To say the labor market has improved, is not the same as saying that it is satisfactory. The unemployment rate is down partly due to a decline in the participation rate.

Inflation is below the Fed's long-term goal of 2 percent.

Downside risks to growth have eased.

Increases in policy rates may not occur until the unemployment rate is substantially below 6.5 percent.

The Fed could move on asset purchases later this year but depends on progress in the economy.

The unemployment rate is not necessarily a great measure of the labor market-Fed will be looking at overall improvement in the labor market.

Bernanke chose to not answer questions about his tenure as chairman but indicated that there would be more information somewhat soon.

He noted that the Fed has been overly optimistic about out year growth. Potential growth has been slowed by changes in productivity.

Unemployment has fallen more than expected.

Regarding whether a QE change would take place only at FOMC meetings with a press conference, Bernanke indicated that arrangements could be made for press questions for announcements without a scheduled press conference.

The FOMC's assessment of the data since June did not justify a change in asset purchases. Market expectations are not the driving force for policy decisions but what is best for the economy.

The possible government shutdown and debt limit issue did play some role in deciding to not taper. Bernanke sees it important for the Administration and Congress to work out fiscal issues.

Regarding improving the financial system, Bernanke sees that there has been progress since the 2008 crisis-supervision is tougher with stress tests and banks are better capitalized. There is orderly liquidation authority now. But there is more to be done-notably for derivatives.

Criterion for cutting back on asset purchases is substantial improvement in the labor market.

Two policies are in play-asset purchases and extraordinarily low rates-and Bernanke stated that low rates is the more impactful of the two.

Bernanke described today's decision as a "precautionary step" for the economy. He is comfortable that the Fed can raise interest rates at the appropriate time.

The FOMC has regularly reviewed the guidance language. The FOMC cannot take changes in guidance lightly.

On a broad question, Bernanke said that there are too many people in poverty and there are issues of income distribution. The issue is complicated but the Fed focuses on low unemployment and low inflation. The Fed has a limited set of tools.