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Daily Market Commentary for October 23, 2009
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Microsoft Updates
Investors were looking forward to seeing
Microsoft Updates today to see how the software giant is recovering. Microsoft
reported earnings of $0.40 per share, overall shares are down $0.48 from last
year but did beat economists' expectations of $0.32 a share. Sales fell 14% to
$12.9 billion, marking the third consecutive quarter in which sales fell from
year-ago levels, analysts were expecting a revenue of $12.3 billion, accounting
for some of the sale decline was a deferral of $1.5 billion in revenue from
Vista sales to provide customers with upgrade coupons for Windows 7 . Microsoft
released it's new operating system called, windows 7 yesterday, although they
aren't expecting a large increase in sales from 7 in 2009, the company does
expect it to boost sales in 2010. PC market has been affected by the lessening
demand for PC's, many people aren't buying things unless they absolutely need
them and computers just don't qualify under that. In June Microsoft launched
it's new search engine Bing, and also made an agreement with Yahoo to share
partnership starting in 2010, even though Google still beats them in the online
advertising market, Microsoft still considers Bing a success. Shares of
Microsoft rose $2.51, or 9.4% to $29.10, when the news was released. Stocks were
mixed today after the Dow posted triple digit gains yesterday it fell 103 points
today, the Nasdaq Composite Index fell 10 points and the Standard & Poor's 500
Index fell 13 points. Bond prices fell, the yield on the benchmark 10-year
Treasury note rose to 3.49 from 3.41 Thursday, crude oil fell $0.69 to $80.50,
gold fell $2.20 to $1,056.40.
Comments from Federal Reserve Chairman Ben Bernanke: Makes No Comment On
Economy, but did say "financial conditions have improved considerably; All
Systemically Important Financial Firms Need Oversight; Compensation Must Have
Right Incentives, Reflect Risk; Fed Is Exploring Value Of Convertible Debt; Fed
Working To Promote Higher Bank Capital Standards; Need Resolution Mechanism For
Large Failing Firms; Financial Turmoil Is 'Abating'; 'Financial Conditions Have
Improved Considerably'; Congress Must Act On Financial Reform Effort and needs
to create a resolution mechanism for large failing financial firms; favors "a
more subtle approach" to dealing with very large financial firms, short of
simply breaking them up; bank supervisors will not hesitate to stop banks from
engaging in activities they do no appear to be prepared to do; mechanism should
impose losses on shareholders and creditors of failing firms, he said, and
resolution costs should be paid via an assessment on the financial industry, not
by the taxpayers; Congress should ensure "all systemically important financial
institutions are subject to a robust regime for consolidated supervision," even
applying to financial firms that don't own a bank but whose failure could cause
problems for the broader financial system.; Fed is working on a series of
efforts to ensure financial institutions have enough capital and of the right
quality. The Fed is also targeting risk management practices and liquidity
management and is working to make sure financial institution compensation will
"provide appropriate performance and risk-taking incentives."; Fed is working
to create standards that are countercyclical and that promote the retention of
capital during times of stress; debt securities that can be converted to equity
during stress are under consideration; pay should be at all levels in a banking
organization linked to performance and it should create the right incentives;
excessive risk taking can pose a threat to safety and soundness; consolidated
supervision of the financial system is critical given the complexity of many
financial firms and coordination between supervisors is key; reiterated his
support for a financial oversight council made up of "principal" regulators;
stress tests of major banks earlier this year has provided a valuable boost to
confidence in the economy. "I think there's a lot of debate that still needs to
be had" about what to do with large complex firms whose failure could cause
significant financial stress, Bernanke said. "We can address these issues in a
way that doesn't destroy the economic value of large complex multifunction firms
through other mechanisms," such as appropriate capital requirements and higher
capital standards for systemically important firms. "If we eliminate the
artificial incentives for size and complexity, if we take away the incentives
for too-big-to-fail," Bernanke said, "the true economic benefits and costs will
be weighed by firms" and this will lead the firms to size themselves
appropriately. "We cannot lose sight of the need to reorient our supervisory
approach and to strengthen our regulatory and legal framework to help prevent a
recurrence of the events of the past two years," Bernanke said. "Regulators and
supervisors can do a great deal, but comprehensive financial reform requires
action by the Congress," the central bank chief said. "Legislative action is
needed to create new mechanisms for oversight of the financial system as a
whole," he said. Bernanke's comments came from the text of the speech to be
delivered before the event. Much of what the central banker said was a
reiteration of his views on what needs to be done as the process of financial
reform moves forward.
Economic data released today:
Existing Home Sales:
U.S. September Existing Home Sales rose 9.4% to 5.57 Million Rate; U.S.
September Existing Home Sales Consensus 5.38 Million Rate; U.S. Inventory Of
Unsold U.S. Homes at 7.8 months supply; U.S. September Median Existing Home
Price fell 8.5% on year to $174,900.
At the NYSE closing bell on the New York Stock Exchange, here is how the major
world indices and major U.S. stock indices ended the trading session on the
world markets as well as the emerging markets including the stock market closing
bell price:
DOW (Dow
Jones Industrial Average) shed 103.69 points, EOD 9,977.62
NYSE (New York Stock
Exchange) shed 116.12, EOD 7,066.79
National Association of Securities Dealers Automated Quotations (NASDAQ)
shed 10.87 points, EOD 2,154.42
S&P 500 (SPX) shed 13.46 points, EOD 1,079.45
BEL 20 (BEL20) gain 5.28 points, EOD 2,547.34
CAC 40 (CAC40) shed 7.63 points, EOD 3,808.24
FTSE100 (UKX100) gain 35.21 points, EOD 5,242.57
NIKKEI 225 (NIK/O) gain 15.82, EOD 10,282.99
New York Stock Exchange (NYSE) stock market indicators for the trading session
today:
Advanced stock prices 728 declined stock prices 2,342, unchanged stock
prices 101, stock prices hitting new highs 183 and stock prices hitting new lows
7. NYSE quotes for volatile stocks and market trends, as well as stock quotes,
stock prices and stock symbols of Day Trading Stock Picks on the New York Stock
Exchange stock market for Day Trading online and active Day Trading for those
who are or would like to be Day Trading for a living: BNI shed 5.50, HOD 82.13,
LOD 78.32, EOD 79.12; POT shed 2.49, HOD 102.84, LOD 99.90, EOD 100.47; CME gain
2.43, HOD 324.44, LOD 316.09, EOD 319.95; RTP shed 3.32, HOD 200.36, LOD 194.24,
EOD 194.94.
National Association of Securities Dealers Automated Quotations (NASDAQ)
stock market indicators for the trading session today:
Advanced stock prices 638, declined stock prices 2,075, unchanged
stock prices 110, stock prices hitting new highs 105 and stock prices hitting
new lows 15. NASDAQ quotes, volatile stocks and market trends, as well as stock
quotes, stock prices and stock symbols of Day Trading Stock Picks on the NASDAQ
stock market for Day Trading online and active Day Trading for those who are or
would like to be Day Trading for a living:
AMZN gain 25.47, HOD 119.65, LOD 110.62, EOD 118.92; SYNA gain 0.94, HOD 26.18,
LOD 24.18, EOD 24.60; HGSI shed 0.79, HOD 20.43, LOD 19.45, EOD 19.62; AAPL shed
1.26, HOD 205.80, LOD 203.23, EOD 203.94; SPWRA shed 4.95, HOD 30.35, LOD 28.11,
EOD 28.35; BIDU gain 19.71, HOD 437.50, LOD 418.50, EOD 435.31; ISRG gain 3.84,
HOD 265.00, LOD 254.00, EOD 262.96; FSLR shed 3.69, HOD 154.92, LOD 151.72, EOD
152.39; NFLX gain 5.26, HOD 57.50, LOD 49.73, EOD 54.89; WOOF shed 2.48, HOD
25.39, LOD 24.04, EOD 24.96; TROW gain 5.16, HOD 55.48, LOD 50.21, EOD 54.27;
NTGR gain 0.53, HOD 20.03, LOD 18.44, EOD 18.79; ALGN gain 2.32, HOD 18.85, LOD
17.53, EOD 17.70; IBKR shed 2.72, HOD 18.24, LOD 16.65, EOD 16.84.
Market trends on the American Stock Exchange (AMEX) and stock market indicators
for the trading session today:
Advanced stock prices 199, declined stock prices 312, unchanged stock
prices 48, stock prices hitting new highs 22 and stock prices hitting new lows
2.
Chicago Board of Trade Futures Market for the day, at time of this posting:
E-mini S&P 500 (ES) Dec 09: EOD 1075.50; Change -15.25
E-mini NASDAQ-100 (NQ) Dec 09: EOD 1,751.75; Change -10.75
E-mini DOW $5 (YM) Dec 09: EOD 9,920; Change -118
E-mini S&P MidCap 400 (MF) Dec 09: EOD 699.30; Change -10.30
Nikkei 225 (Yen) Dec 09: EOD 10,230; Change -105
World Currencies for the Forex Market, for Forex Trading by active Forex
Traders, at time of this posting:
Euro 0.6669 U.S. Dollars 1.4995
Japanese Yen 92.0500 to U.S. Dollars 0.0109
British Pound 0.6133 to U.S. Dollars 1.6305
Canadian Dollar 1.0514 to U.S. Dollars 0.9511
Swiss Franc 1.0094 to U.S. Dollars 0.9907
COMMODITY MARKETS:
Energy Sector - Nymex:
Light Crude (November 09) shed $0.69, EOD $80.50 per barrel ($US per barrel)
Heating Oil (November 09) shed $0.02, EOD $2.10 a gallon ($US per
gallon)
Natural Gas (November 09) shed $0.13, EOD $5.48 per million BTU ($US per mmbtu.)
Unleaded Gas (November 09) no change $0.00, EOD $2.04 a gallon ($US per
gallon)
Metals Markets - Comex:
Gold (December 09) shed $2.20, EOD $1,056.40 ($US per Troy ounce)
Silver (December 09) gain $0.18, EOD $17.72 ($US per Troy ounce)
Platinum (January 09) shed $0.40, EOD $1,369.50 ($US per Troy ounce)
Copper (December 09) gain $0.04, EOD $3.03 ($US per pound)
Livestock and Meat Markets - Chicago Mercantile Exchange (cents per lb.):
Lean Hogs (December 09) shed $0.70, EOD $53.03
Pork Bellies (February 10) gain $2.48, EOD $85.98
Live Cattle (December 09) gain $0.03, EOD $87.40
Feeder Cattle (November 09) shed $0.88, EOD $95.80
Other Commodities - Chicago Board of Trade (cents per bushel):
Corn (December 09) shed $5.75, EOD $396.00
Soybeans (November 09) gain $0.50, EOD $1,007.50
BOND MARKET:
2 year EOD 99 31/32, change -4/32, Yield 1.00, Yield change 0.07
5 year EOD 99 21/32, change -13/32, Yield 2.44, Yield change 0.09
10 year EOD 101 2/32, change -19/32, Yield 3.49, Yield change 0.07
30 year EOD 103 14/32, change -28/32, Yield 4.29, change 0.05
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Top of the page | |
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Total for Year |
Last Week |
$130,685.00 |
$9,967.00 |
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Total for Year |
Last Week |
$32,847.50 |
$1,585.00 |
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Total for Year |
Last Week |
$123,550.00 |
$16,250.00 |
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Total for Year |
Last Week |
$106,480.00 |
$9,830.00 |
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Total for Year |
Last Week |
$0.00 |
$0.00 |
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