Gapping up
SIMG +22.4%, NOK +12%, DEPO +8.7%, PZZA +6.6%, GNW +6.5%, FTR +5.1%,
TPLM +4.7%, ALL +4.1%, DGI +3.7%, WWWW +3.2%, BUD +3.1%, EA +2.7%,
PXD +1.8%, BP -0.6%,
Gapping down
CECO -19.3%, MGRC -17.3%, DRIV -13.7%, PPO -12.5%, TRLG -12.3%,
ARRY -11.7%, TTMI -10.4%, DWA -7.6%, CNW -7.4%, MAPP -5.4%, IDIX -5.2%,
SREV -4.7%, SAVE -4%, FIRE -4%, CBT -3.7%, BMC -3.3%, NICE -3.3%, TTWO -2.6%,
TCO -2%, VNTV -2%
Comments »“MasterCard Inc.’s second-quarter profit increased 15% as cardholder transactions and payments volume continued to grow, though revenue slightly missed expectations.
The Purchase, N.Y.-based company said it earned $700 million, or $5.55 per share, up from $608 million, or $4.76 per share, a year earlier. The results included a previously disclosed $20 million pretax charge for a pending multi-billion settlement of merchant lawsuits MasterCard, Visa Inc. and numerous banks entered into last month.
Excluding the charge, MasterCard posted a profit of $713 million, or $5.65, beating analysts’ estimates.”
Comments »“A private survey shows U.S. businesses kept hiring at a modest pace in July, suggesting the job market could be improving after three sluggish months.
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Payroll provider ADP said Wednesday that businesses added 163,000 jobs last month. That’s slightly below a revised total of 172,000 jobs it reported for June.
The report only covers hiring in the private sector and excludes government job growth. The Labor Department will offer a more complete picture of July hiring on Friday.”
Comments »“BofA just updated one of their favorite market indicators, and it’s looking very bullish for stocks.
Savita Subramanian, who heads the bank’s quant and equity strategy, says the indicator is flashing the biggest contrarian buy signal they’ve seen in 27 years of data:
After triggering a Buy signal in May, our measure of Wall Street bullishness on stocks has continued to decline, marking the tenth time in the past year that the indicator has fallen. This month’s 5.5ppt decline pushed the indicator down to 43.9, the lowest level in the history of our data going back to 1985, suggesting that sell side strategists are now more bearish on equities than they were at any point in the last 27 years. Given the contrarian nature of this indicator, we are encouraged by Wall Street’s lack of optimism and the fact that strategists are recommending that investors significantly underweight equities vs. a traditional long-term average benchmark weighting of 60-65%.”
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“Money-market fund companies have doubled lobbying efforts to convince regulators and lawmakers that they aren’t a threat to the financial system. The money may have been well-spent.
The 10 biggest money-fund managers and the Investment Company Institute trade group reported combined lobbying spending of $16 million in the first half of 2012 and $31.6 million last year in disclosures that reference money-market mutual funds, according to a review of documents by Bloomberg News. That compares with $16.7 million in all of 2010.”
Comments »Self motivated investors are firing money managers and managing their own families wealth.
Comments »“U.K. manufacturing shrank the most in more than three years in July as export orders slumped, indicating the economy’s recession continued to deepen at the start of the third quarter.
A factory-output gauge fell to 45.4 from a revised 48.4 in June, London-based Markit Economics said today. The reading was weaker than any of the 30 forecasts in a Bloomberg News survey. The decline was led by weaker demand in the euro area, where a separate index showedmanufacturing shrank for a 12th month.”
Comments »Monti is trying to rally support among EU members to do what ever it takes….
Comments »“Societe Generale SA (GLE), France’s second- largest bank, posted a bigger-than-expected 42 percent drop in second-quarter profit after taking writedowns on its Russian unit and U.S. asset manager TCW Group.
Net income fell to 433 million euros ($533 million) from 747 million euros a year earlier, the Paris-based bank said by e-mail today. That was short of the 695 million-euro average estimate of nine analysts surveyed by Bloomberg. The bank took a 250 million-euro writedown on its Rosbank division in Russia and a 200 million-euro markdown on Los Angeles-based TCW.”
Comments »“China’s new home prices posted the biggest gain in more than a year, signaling a turning pointfor the nation’s property market, according to SouFun Holdings Ltd. (SFUN), the country’s biggest real estate website owner.
Home prices last month rose 0.3 percent from June to 8,717 yuan ($1,369) per square meter (10.76 square feet), SouFun said in a statement today, based on its survey of 100 cities. That was the second monthly gain and the biggest rise since June 2011.”
Comments »“China’s manufacturing teetered on the edge of contraction in July and South Korea’s exports and inflation declined, indicating that stimulus efforts have yet to bear fruit.
The Purchasing Managers’ Index in China unexpectedly fell to 50.1 in July, the weakest in eight months, from 50.2 in June, a government report showed today. Fifty marks the dividing line between expansion and contraction. South Korea’s exports slid by more than double the amount forecast by analysts and inflation moderated to a 12-year low.”
Comments »The Aussie dollar continued to rally on prospects of a central bank put and that Australia will not have to cut rates.
Comments »“The dollar swung between advances and declines against the euro as investors awaited policy decisions from the Federal Reserve and European Central Bank amid mounting evidence that economies around the world are slowing.
The euro pared its gain versus the yen after Bundesbank President Jens Weidmann said that the ECB shouldn’t exceed its mandate. European policy makers announce their next interest- rate decision tomorrow, the first since President Mario Draghi pledged to do whatever it takes to defend the single currency. The pound slid after a report showed U.K. manufacturing shrank the most in more than three years in July, while the yuan fell as a separate report showed Chinese output slowed.”
Comments »A big moment is coming up in the housing recovery.
According to the latest Case-Shiller report, home prices were only down 0.66% in May, and as you can see they’re very close to being up year-over-year.
