It was a fairly uneventful day in the market today. Anadarko Petrolium(ACP) and USBankcorp(USB) both issued secondary share offerings. The market was down most of the day until a rally around 1:30 led by the financials. The DOW moved the most but all indexes sold off in the last half hour. The S&P hit 914 before closing at 908, while the Nasdaq was weak all day, closing at 17.15, down (-0.88%).
| Dow | 8,469.11 | +50.34 (0.60%) |
| S&P 500 | 908.34 | -0.90 (-0.10%) |
| Nasdaq | 1,715.92 | -15.32 (-0.88%) |
Crude oil closed at a 6 month high today at $58.85 and did breach the $60.00 level earlier in the day. Gold was up $10.00 for a gain of 1.14 percent.
CNBC reported there will be many more of these stock offerings because companies need to raise capital. Usually, and I say that hesitantly, this dilutes the share price, therefore the price goes down. Make sure you do your due diligence before investing.
Stocks of interest:
Great Atlantic and Pacific Tea Company(GAP) shares slid $2.48 to $4.21 cents, a loss of %37.07.If you haven't heard of them by this name, you might know them by A&P, a grocery store. They reported earnings this morning and said losses were due to increased store-closing and pension-related costs.
Ford Motor Company(F)closed at $5.01 or a loss of -1.07 (-17.60%)due to the stock offering today.
General Motors(GM)closed today at 1.15, down -0.29 (-20.14%). It will eventually be at ZERO.
Clear Channel Outdoor Holdings, Inc.(CCO)the radio and media player lost 4.20
-0.84 (-16.67%). Clear Channel is the provider of Rush Limbaugh's show. Rush better step up his game.
Today's gainers by sector:
Market doesn't move as much when not led by financials.
Today's heatmap:
Earnings reports due out tomorrow morning before the market opens:
Don't forget the economic numbers tomorrow as well:
Wednesday AM:
7:00 MBA Purchase Applications;
8:30 AM Retail Sales
8:30 Import/Export Prices
10:00 AM Business Inventories
10:30 EIA Petroleum Status
The retail sales numbers will be watched very closely. Consumers disposable spending is key to this economy. No matter the numbers they will paint it as "less worse than expected" but I'm not buying. Income tax returns. See how many times they mention that.
CNBC cheerleading grade for the day -
Solid A
As usual, the cheerleaders were doing their best to make the market go up today. Bob Pisoni was the all star spinner today. He declared this the "new Bull market." Very few interviews were Bears, and the ones that were got cut off. Kudlow was his normal self, bashing the government but slobbering over this government fueled rally. Just stick a cork in it Larry.
Happy Trading
Don't forget the economic numbers tomorrow as well:
Wednesday AM:
7:00 MBA Purchase Applications;
8:30 AM Retail Sales
8:30 Import/Export Prices
10:00 AM Business Inventories
10:30 EIA Petroleum Status
The retail sales numbers will be watched very closely. Consumers disposable spending is key to this economy. No matter the numbers they will paint it as "less worse than expected" but I'm not buying. Income tax returns. See how many times they mention that.
