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Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
(By Genevieve Hawkins) The eventual passing of the unprecedented $700 billion financial rescue package should have led to at least a modest celebration on Wall Street, but the news was instead treated as if the government had jumped from the frying pan into the fire. A 777 point drop on Monday alone foreshadowed a dismal negative 7.3% week for the Dow, while the S&P 500 fell 9.4% and the Nasdaq lost 10.8%. Now that the bailout is passed, the markets theoretically should return to some semblance of stability, but at this point everyone is wading into unknown territory, and investors dislike uncertainty. Barring any more negative surprises, the markets may be able to claw their way back from the bottom in the short term, but everything is unraveling at an accelerated pace. There will be some continued interest in details of the Treasury's bailout plan, and many investors will be watching Federal reserve chairman Ben Bernanke speak on prospects for the economy going forward on Tuesday. A weekly report on jobless figures and earnings from Yum Brands and Safeway may also be dissected for clues to the unfolding disaster. Continued market drops may require further intervention, however. With bank failures in Europe spreading an emergency rate cut may be used as a desperate measure to remove volatility.
The Investrend Earnings Calendar features IDT Corp. (NYSE: IDT), expected at $-0.33; Zila (NASDAQ: ZILAD), expected at $-0.28. The market will also be watching the Investrend Money Index Most Actives Wachovia Cp (NYSE: WB) up 58.82% and Natl City Cp (NYSE: NCC) up 11.78%.
The Investrend Economics Calendar lists Fed Chairman Bernanke speaks at NABE Conference, Treasury announces 10-year TIPS auction (11 a.m.), Treasury auctions 3- and 6-month bills (1 p.m.), Treasury releases STRIPS data (3 p.m.).
The Investrend Events Calendar showcases ADAM, ALXA, SOMX, IDRA, PARD at JMP Securities LLC Healthcare Focus Conf; CACH, CNTY, FUQI, GES, GIGM, GIII at Brean Murray, Carret & Co., Inc Consumer One on One Conf; FWLT, SPN, MDR, MTRX, DVR at Johnson & Rice Energy Infrastructure Conf; NI, WGL, CNP, PNY, ATG, D, NJR at American Gas Association Executive Conf; SSN, EXXI, SM, UPL, LINE, SFY at Independent Petroleum Association of America - OGIS San Francisco Conf.
The Investrend Money Index is an indicator of the depth of market direction or indirection. While not always including the same stocks, the NYSE/NASDAQ 50 Most Actives indicate the direction in which the mass of money is flowing. Last session's trading showed 19 advancers versus 31 decliners. Advancers were led by Wachovia Cp (NYSE: WB) up 58.82%, Natl City Cp (NYSE: NCC) up 11.78%, Sovereign Bancorp (NYSE: SOV) up 11.24%, Adv Micro Devices (NYSE: AMD) up 9.42%. Decliners followed Citigroup Inc (NYSE: C) down 18.44%, Freddie Mac (NYSE: FRE) down 17.22%, Fannie Mae (NYSE: FNM) down 14.10%, Atmel Corp (NASDAQ: ATML) down 9.55%, Flextronics Intl (NASDAQ: FLEX) down 8.24%, Jp Morgan Chase Co (NYSE: JPM) down 7.92%, Ford Motor Co (NYSE: F) down 6.90%.
Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).
Investrend Website of the Day: http://www.thorheyerdahl.org/
Quote of the Day: "We must respect the other person's religion, but only in the sense and to the extent that we respect his theory that his wife is beautiful and his children smart." H. L. Mencken
Today is: National Child Health Day, German-American Day.
Happy Birthday: King Wenceslaus III, Matteo Ricci, Jenny Lind, George Westinghouse, Helen Wills Moody, Thor Heyerdahl, Britt Ekland.
Today in History: Jacopo Peri's Euridice, the earliest surviving opera, premiered in 1600 in Florence. The Great fire of Newcastle and Gateshead was ignited a little after midnight in 1854, leading to 53 deaths and hundreds of injured. The Naval War College of the United States Navy was founded in Newport, Rhode Island, in 1884. The Jazz Singer, the first prominent talking movie, debuted in 1927. Bill Sianis and his pet billy goat were ejected from Wrigley Field during Game 4 of the 1945 World Series. LSD was declared illegal in 1966 in the United States. New Premier Hua Guofeng ordered the arrest in 1976 of the Gang of Four and their associates, putting an end to the Cultural Revolution in the People's Republic of China. American singers Faith Hill and Tim McGraw married in 1996 after touring on their Spontaneous Combustion Tour.
[FirstAlert" was created by Gayle Essary, founder of Investrend Communications, Inc., parent of Investrend Information (http://www.investrendinformation.com). The opinions expressed in FirstAlert" do not necessarily reflect the opinions of Investrend.]
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
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