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Monthly Archives: November 2011

FLASH: Banks Are Getting Hit Hard

mkt caps over $1bill

No. Ticker % Change Market Cap Sector
1 CME -6.54 17,100,000,000 FINANCIAL
2 MS -5.59 30,700,000,000 FINANCIAL
3 LFC -5.28 82,320,000,000 FINANCIAL
4 MCO -4.38 7,700,000,000 FINANCIAL
5 BSBR -3.96 31,600,000,000 FINANCIAL
6 KCG -3.52 1,150,000,000 FINANCIAL
7 DFS -3.49 13,690,000,000 FINANCIAL
8 JEF -3.45 2,430,000,000 FINANCIAL
9 NMR -3.41 11,830,000,000 FINANCIAL
10 KKR -3.30 2,840,000,000 FINANCIAL
11 ETFC -3.21 2,470,000,000 FINANCIAL
12 GNW -3.18 3,240,000,000 FINANCIAL
13 GS -3.08 49,110,000,000 FINANCIAL
14 CIM -2.84 2,900,000,000 FINANCIAL
15 HBC -2.81 140,730,000,000 FINANCIAL
16 ORI -2.79 2,110,000,000 FINANCIAL
17 RRD -2.77 2,980,000,000 FINANCIAL
18 COF -2.72 19,920,000,000 FINANCIAL
19 C -2.69 81,920,000,000 FINANCIAL
20 EQR -2.66 17,430,000,000 FINANCIAL
21 AMTD -2.59 9,550,000,000 FINANCIAL
22 NDAQ -2.55 4,720,000,000 FINANCIAL
23 MMC -2.53 16,580,000,000 FINANCIAL
24 AXP -2.50 58,020,000,000 FINANCIAL
25 ICE -2.48 9,230,000,000 FINANCIAL

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Today’s Winners and Losers

Oil Equip & Serv               6305.54   139.78    2.90    9.67    0.41   12.85 
Commercial Vehicl & Trucks    11050.26   110.57    1.70   11.09    8.46    5.87 
Home Improv Retailers          6542.28    94.28    0.78   11.11   17.22   17.61 
Exploration & Production       7613.26    74.26    1.45   12.19    6.14   17.28 
Home Construction              2326.39    69.98    3.85   17.24   15.90   -1.32 
Tobacco                        4558.52    69.18    2.16    4.81    8.32   21.79 
Heavy Construction             4274.89    67.01    4.14    3.54    2.81    0.21 
Nondurable Household Prod      5535.03    23.70    1.12   -1.82    2.84    1.43 
Soft Drinks                    3893.71    20.82    1.78    1.79    1.14    7.23 
Computer Serv                  7121.83    18.74    1.32   -0.61    9.47   26.53 
Telecom Equip                  5897.51    18.70    1.22    7.59   13.19    4.94 
Build Materials & Fixtures     2424.06    18.04    2.49    8.44   11.01    6.45 
Integrated Oil & Gas           5403.85    15.98   -0.37    2.95    7.13   17.96 
Specialty Chemicals            5798.88    15.48    0.39    5.24    1.60    9.07 
Forestry & Paper               1558.03    15.45    1.02    6.53    8.94    8.78 
Industrial Machinery           4729.32    15.11    1.63    7.61   10.30    6.86 
Personal Prod                  4558.29    14.49    0.50   -1.13    5.54   13.60 
Paper                          1221.56    12.10    0.95    6.89    8.41    7.89 
Publishing                     2252.75    10.31    2.23    2.19    8.02    4.18 
Containers & Packaging         2533.38     8.52    0.24    2.54    2.00    5.83 
Diversified Industrials        2561.13     7.20    0.70    1.57    3.78    4.01 
Coal                           3764.90     6.95    0.06    2.61  -12.21  -21.45 
Tires                           434.84     6.58    2.47   15.07    6.29   22.99 
Pipelines                      6669.56     6.49    1.15   17.29   18.41   46.89 
Real Estate Invest Trusts      1996.17     5.91    1.39    5.79   -0.61    6.19 
Waste & Disposal Serv          1259.17     5.46    0.91   -2.59    3.95    5.12 
Electr Components & Equip      2339.27     4.95    1.44    4.48    9.02    2.75 
Banks -SS                      1978.76     3.48    0.78    0.91   -1.06  -18.71 
Life Insurance                 3045.80     3.26    0.13    4.21    4.66  -10.47 
Internet                       2137.31     2.80    0.69    4.26   14.89    3.08 
Business Support Serv           989.96     2.67    1.26    1.44    6.84   14.48 
Food Prod                      2904.68     1.71    0.74   -0.99    1.17   16.54 
Full Line Insurance             322.46     1.02    0.04   -1.09   -6.52  -19.48 
Travel & Tourism               2615.77     0.97    2.09    7.69    6.32   25.01 
Mortgage Finance                167.58     0.07    1.33    0.53   -1.32  -16.82 
Electronic Equip               3466.12    -0.86    1.12    8.51    9.23    4.93 
Real Estate Invest & Serv      2109.97    -0.90    0.57    6.06   -6.61  -10.46 
Computer Hardware              8515.98    -1.03    2.09   -3.57    0.79   12.33 
Transportation Serv            2464.00    -1.19    0.42    6.96   10.23   14.46 
Food Retailers & Wholesalers   1803.90    -1.67    0.52    3.98    5.14    4.50 
Pharmaceuticals                2317.31    -1.75    0.12    1.86    5.87   10.83 
Media Agencies                 3787.59    -1.79    0.67    7.18    6.92   -6.68 
Auto Parts                     2345.73    -2.12   -0.30   -1.21    0.68   -0.34 
Gas Distribution               2013.33    -3.04    0.54    5.96    9.77   19.04 
Electricity                    1836.13    -3.16    0.07    2.34    5.91   11.27 
Hotels                         2648.29    -3.41    0.50    4.75   10.06   -7.80 
Medical Supplies               6787.92    -5.17    0.28    0.65    0.30    6.82 
Fixed Line Telecom             1094.17    -5.72   -0.22   -0.49    1.59    3.90 
Electronic Office Equip         890.98    -6.45   -0.57    2.20   -1.03  -23.45 
Iron & Steel                   2500.41    -6.63    1.73   13.39    4.97   -2.52 
Durable Household Prod         1654.15    -6.65    0.10    8.07    4.92    0.19 
Distillers & Vintners          4868.32    -7.02    0.71    2.82    9.31    7.29 
Multiutilities                 1397.93    -7.49   -0.36    2.25    9.15   12.85 
Biotechnology                  3612.11    -7.85   -0.47   -1.46    4.17    4.79 
Marine Transportation          1419.01    -8.08    0.99    5.42    8.60  -11.35 
Reinsurance                    5992.87    -8.56    0.00    2.79    5.65   -4.69 
General Mining                 2669.95    -8.69    1.03   -3.48  -21.75   -2.76 
Industrial Suppliers           3979.04    -9.61    0.45   14.77   22.35   36.45 
Mobile Telecom                 1256.40    -9.79    0.68    0.99   -3.22   -6.52 
Airlines                        542.86   -11.17   -2.90   -9.55   -4.45  -37.25 
Broadline Retailers            4057.09   -11.63   -1.06   -1.65   11.05   15.93 
Commodity Chemicals            2337.39   -12.76   -0.81    3.41    0.19    3.93 
Software                       7876.95   -15.50    0.84    1.64   11.35   10.91 
Specialty Retailers            3016.37   -15.97   -0.38    2.60    7.54    9.08 
Clothing & Accessories         2943.17   -16.18   -0.62    2.01   14.35   31.91 
Automobiles                    1791.45   -17.00   -1.18   -4.21   -3.49  -27.55 
Prop & Casualty Insurance      3652.89   -17.07   -0.29    7.27    7.32    4.65 
Furnishings                    2724.28   -17.49    0.40    5.10   12.15   23.00 
Gambling                       6443.54   -18.31    0.46    1.08   -0.79    2.58 
Water                          4925.44   -19.40    0.04    2.83    3.83   13.87 
Gold Mining                    2440.38   -19.79   -0.27    5.51   14.07   21.38 
Medical Equip                  5452.41   -22.07    0.73    1.05    0.57    7.54 
Financial Admin                4189.82   -24.73    0.33    1.88    6.48   10.48 
Broadcasting & Entertainment   3751.28   -24.94    0.13   -0.66    3.84    9.02 
Trucking                       3359.74   -26.18    0.31   -0.53    5.22    1.21 
Specialized Consumer Serv      3592.22   -27.45   -0.33   -3.16    1.37    5.97 
Aluminum                       1327.11   -28.56   -2.08   -0.56  -15.83  -20.77 
Apparel Retailers              3791.60   -29.26   -0.42    2.83   11.88   17.88 
Toys                           3661.62   -29.46   -0.94    0.39   12.70   13.20 
Insurance Brokers              2783.71   -32.23   -0.43    5.92    4.82   18.00 
Asset Managers                 5227.87   -33.62   -0.15    7.12    2.46  -13.13 
Drug Retailers                 6192.51   -33.93   -0.24    6.49    3.66   19.68 
Recreational Serv              2257.90   -34.92   -1.90   -0.81    3.76  -14.38 
Defense                        4483.40   -38.52    0.08    3.93    7.65    2.49 
Delivery Serv                  7638.76   -39.85    0.33    3.70    5.57   -1.23 
Specialty Finance              3639.92   -40.13   -0.57    2.57    3.40   -1.85 
Farming & Fishing              5549.65   -46.74   -0.56   -0.24    7.00   24.11 
Brewers                        4365.06   -63.88   -0.79   -1.61   -6.18  -12.55 
Restaurants & Bars             9138.95   -65.12   -0.08    4.57    8.12   22.42 
Consumer Electronics           8143.55   -68.44   -0.04    4.37   10.40   -9.52 
Health Care Providers          4727.92   -71.52   -1.71    5.99    4.56   14.25 
Consumer Finance               5497.46   -78.52   -0.34    3.47    6.05   23.95 
Invest Serv                    2989.21   -79.35   -2.28   -1.03   -7.65  -28.01 
Nonferrous Metals              6222.28   -83.00   -1.40    4.92  -12.40  -20.19 
Footwear                       7293.64  -123.13   -1.50   -1.24    8.00   21.66

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Today’s Most Active Put/Call Option Trades

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AMGN       12/17/11          65.0000        8000            0.0400      up 0.0100 
EXXI       12/17/11          27.0000        6000            5.5500      up 0.5500 
EXXI       12/17/11          34.0000        6000            0.9500      up 0.0000 
AAPL       11/19/11         390.0000        5482            2.2500      dn 1.1000 
YOKU       11/19/11          20.0000        4250            2.0400      up 0.6400 
BAC        12/17/11           9.0000        3759            0.0100      up 0.0000 
HAL        12/17/11          42.0000        3748            1.3200      up 0.3300 
AAPL       11/19/11         400.0000        3130            0.2000      dn 0.3400 
AAPL       11/19/11         395.0000        2948            0.7200      dn 0.7400 
BAC        12/17/11           8.0000        2792            0.0200      dn 0.0100 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
AMR        5/19/12           1.5000       10096            0.5600      up 0.1400 
AMGN       12/17/11          65.0000        8000            8.7000      up 0.2000 
YHOO       1/21/12          12.5000        4885            0.2700      up 0.0200 
FOSL       11/19/11          90.0000        4721            0.3000      dn 1.1500 
RIG        11/19/11          50.0000        4468            0.7000      dn 1.5600 
MSFT       1/21/12          24.0000        2862            0.3900      dn 0.0100 
AAPL       11/19/11         385.0000        2580            2.0000      dn 0.4500 
AAPL       11/19/11         390.0000        2496            4.2000      dn 0.3000 
INTC       11/19/11          25.0000        2429            0.1000      dn 0.0200 
BAC        11/19/11           6.0000        2274            0.1000      up 0.0200 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
1348988    2006003        3354991

-CALLS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
DELL       1/21/12          15.0000        1719            1.0900      dn 0.3500 
BAC        1/21/12          12.5000         737            0.0100      up 0.0000 
BAC        12/17/11           7.0000         735            0.1200      dn 0.0200 
AAPL       11/19/11         390.0000         697            2.5000      dn 0.8500 
TGT        11/19/11          55.0000         640            0.2500      dn 0.1000 
RIMM       11/19/11          20.0000         622            0.2800      up 0.0500 
LDK        12/17/11           3.5000         585            0.2000      dn 0.0600 
BAC        11/19/11           6.0000         567            0.1300      dn 0.1000 
BAC        12/17/11           8.0000         557            0.0300      dn 0.0100 
FAZ        11/19/11          41.0000         531            2.1500      up 0.1700 

 -PUTS- 
OPTION    EXP.DATE       STRIKE PRC.     VOLUME        LAST S/PRC.    NET CHANGE 
YHOO       1/21/12          12.5000        1168            0.2700      up 0.0200 
LDK        12/17/11           2.0000        1053            0.2600      up 0.1600 
LNKD       11/19/11          70.0000         639            1.2500      up 0.5000 
BAC        11/19/11           6.0000         486            0.0900      up 0.0100 
LNKD       11/19/11          75.0000         389            4.0000      up 1.9500 
BAC        12/17/11           5.0000         361            0.1200      up 0.0000 
GLD        11/19/11         170.0000         351            0.4800      dn 0.0500 
BAC        12/17/11           6.0000         319            0.4100      up 0.0400 
DELL       1/21/12          14.0000         266            0.5000      dn 0.0100 
AAPL       11/19/11         390.0000         251            4.2000      dn 0.3000 

 -VOLUME- 
 CALLS      PUTS           TOTAL 
70121    103277        173398

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Cushing, OK oil glut is being addressed

This affects the refinery space immensely. Game changer, potentially.

Read here:

Jenga! ConocoPhillips just knocked a big hole in the delicate logistical edifice on which the biggest anomaly in the oil world has been balancing.

In oil markets, 2011 has been the year of the great Brent spread. The North Sea crude oil benchmark has been trading at an unusually high premium to U.S. West Texas Intermediate oil for much of the year after many years of rough parity or trading at a slight discount.

On one side, the Libyan conflict pulled up demand for Brent. On the other — as discussed in this “Heard on the Street” column from February — logistical constraints have kept an increasing amount of oil bottled up in the Midwest. As Cushing, OK is where the WTI contract is settled physically, this glut has kept WTI prices depressed, widening the spread. Having started the year trading at a premium of $3.37 a barrel to WTI, Brent’s lead hit a peak of almost $27 on September 6th.

Now one of those bottlenecks on WTI is likely to be eased. Conoco is selling its 50% stake in the Seaway pipeline to Canada’s Enbridge Inc. Conoco kept the pipeline running northwards, i.e. bringing oil from the Gulf coast to Cushing. This kept oil bottled up in the Midwest, meaning Conoco’s refineries there had access to cheaper raw material, allowing them to generate big profits. Now that Conoco is splitting itself, it has no need for Seaway. And Enbridge, as a pipeline operator, has no incentive to keep the pipeline flowing north. By the second quarter of 2012, it expects Seaway to be transporting 150,000 barrels per day from Cushing to the Gulf coast, alleviating the WTI glut.

As of now, Brent’s premium to WTI has collapsed another $2.37 this morning, and is now down under $11 a barrel. As more pipelines get built over the next several years — including, perhaps, a rerouted Keystone XL — the great 2011 spread will be but a fond memory in oil refiners’ minds.

– Liam Denning

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