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Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
DOWn Again (By Philip Holmes) Investors feared that the good times couldn't last, and they were right. Stocks plunged on Monday, in the process nearly wiping out the gains made over a rally that lasted five days. The Dow Jones industrial average plunged by 679.95 points to end the trading session at 8,149.09. The S&P 500 index lost 80.03 points, for 841.35, while the Nasdaq composite index dropped 137.50 points, or nearly 9%, to end at 1,398.07. Was the rally based in denial? Perhaps, given all the bad news of late. About the only big "perceptual" shift to occur on Monday was the official word that the U.S. economy has been in recession for a year. That bit of "does the word 'duh' mean anything to you" news came courtesy of the National Bureau of Economic Research's business cycle dating committee. Elsewhere in the news, the Institute of Supply Management led us know that U.S. manufacturers have pulled back output at the steepest rate in 26 years in November. But was this a big revelation as well? BusinessWeek tells us that, "Traders cited speculation of more rate cuts by the Federal Reserve and possibly government purchases of Treasuries in order to keep yields down and support lending," as a possible reason for the selloff. Again, was this news, and does anyone still believe that Fed funds cuts will have any effect whatsoever on lending? BW cites S&P Marketscope in giving us the word that "U.S. retail data from the first weekend of the holiday shopping season were mixed and "not really impressive." Once again, we break into a chorus of "duh." One phenomenon that apparently confounds the experts is the unbelievably high investor demand for Treasury bonds of late. BW reports the benchmark 10-year Treasury note was trading at a price of 106-22/32 for a yield of 2.974% on November 26. On September 2, it was priced at 102-06/32, with a yield 3.73%. Holy flight to safety, Batman. BW says that the experts worry that Treasury bond plays offer no relief from inflation in the long run. Sure, the ineffectiveness of simulative gestures by the Fed and Treasury so far have bred fears of deflation, not inflation. But that's nothing to bet the farm on. Such high demand for Treasuries could not happen without a voracious appetite for the notes from overseas, particularly foreign central banks. So, it's not just skittish U.S. investors flying to safety. This prompts BW's sources to wonder whether investors in Treasuries are anticipating years of deflation, the kind of thing that keeps Ben Bernanke up at night.
The Investrend Earnings Calendar features Bank of Nova Scotia (NYSE: BNS), expected at $0.74; Beacon Roofing Supply (NASDAQ: BECN), expected at $0.42; Landauer (NYSE: LDR), expected at $0.58; Omnivision Tech. (NASDAQ: OVTI), expected at $0.18.
The Investrend Economics Calendar lists Weekly Chain Store Sales (8:55 a.m.), Auto Sales for November.
The Investrend Events Calendar showcases BIOS, TKM, BMRN, GILD at Piper Jaffray Healthcare Conference; BP CVX XOM HAL NE Merrill Lynch Energy Conference; CBY INTC PEP KO Green Power Corporate Water Footprinting Conference; DDUP ETN ORCL SYMC Gartner Data Center Conference; EPCT PVCT ENMD NYSSA Biotech and Specialty Pharma Conference; Green Power Solar Innovation & Investment Conference; INTU BRCM DELL AMAT NVDA TXN Credit Suisse Annual Technology Conference; NRG, ES Caylon Nuclear Conference; PX RPM CE NCX C Chemicals Conference; PXD DFG NAVG ZION FBR Investor Conference; UAUA DAL ALK CAL Credit Suisse Global Airline Conference.
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 one advancer versus 49 decliners. The lone advancer was Pt Ultrshrt Sp500 Ps (NYSE: SDS) up 17.22%. Decliners followed Ultra Financials Pro (NYSE: UYG) down 31.13%, Fannie Mae (NYSE: FNM) down 27.59%, Sprint Nextel Corp (NYSE: S) down 24.37%, Dryships Inc. (NASDAQ: DRYS) down 23.71%, Wachovia Corp (New) (NYSE: WB) down 23.49%, Merrill Lynch & Co Inc (NYSE: MER) down 23.37%, Morgan Stanley (NYSE: MS) down 23.05%, Freddie Mac (NYSE: FRE) down 22.88%, Citigroup Inc (NYSE: C) down 22.20%, Bank Of America Corp. (NYSE: BAC) down 20.92%, E*Trade Financial Corporation (NASDAQ: ETFC) down 19.26%, Wells Fargo & Co. (New) (NYSE: WFC) down 18.97%, American International Group In (NYSE: AIG) down 17.91%, Jpmorgan Chase & Co. (NYSE: JPM) down 17.50%, Ultra S&P500 Proshrs (NYSE: SSO) down 17.29%, Goldman Sachs Group, Inc. (NYSE: GS) down 16.75%, Charles Schwab Corporation (The (NASDAQ: SCHW) down 15.17%, Proshares Ultra Qqq (NYSE: QLD) down 14.86%, Hudson City Bancorp, Inc. (NASDAQ: HCBK) down 14.01%, General Motors Corp (NYSE: GM) down 12.40%, The Directv Group, Inc. (NYSE: DTV) down 11.90%, Starbucks Corporation (NASDAQ: SBUX) down 10.97%, Comcast Corporation (NASDAQ: CMCSA) down 10.90%, Qualcomm Incorporated (NASDAQ: QCOM) down 10.75%, Dell Inc. (NASDAQ: DELL) down 10.03%, General Electric Co (NYSE: GE | Quote | Chart | News | PowerRating) down 9.73%, Cisco Systems, Inc. (NASDAQ: CSCO) down 9.55%, Intel Corporation (NASDAQ: INTC) down 8.99%, Nvidia Corporation (NASDAQ: NVDA) down 8.57%, On Semiconductor Corporation (NASDAQ: ONNN) down 8.22%, Microsoft Corporation (NASDAQ: MSFT) down 7.96%, Symantec Corporation (NASDAQ: SYMC) down 7.81%, Broadcom Corporation (NASDAQ: BRCM) down 7.77%, Powershares Exchange-Traded Fun (NASDAQ: QQQQ) down 7.52%, Ishares Tr Ftse Indx (NYSE: FXI) down 7.48%, Applied Materials, Inc. (NASDAQ: AMAT) down 7.31%, Exxon Mobil Corp. (NYSE: XOM) down 7.29%, Pfizer Inc (NYSE: PFE) down 7.00%, Ebay Inc. (NASDAQ: EBAY) down 6.85%, Yahoo! Inc. (NASDAQ: YHOO) down 6.69%, Research In Motion Limited (NASDAQ: RIMM) down 6.29%.
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Quote of the Day: "Painting is the art of hollowing a surface." Georges Seurat
Today is: National Fritters Day.
Happy Birthday: Charles Ringling, Ray Walston, Alexander M. Haig, Jr., Edwin Meese, Gianni Versace, Lucy Liu, Monica Seles, Britney Spears.
Today in History: US President James K. Polk announced to Congress in 1845 that the United States should aggressively expand into the West. Napoleon III became Emperor of France in 1852. In a New York City theater, British author Charles Dickens gave his first public reading in the United States in 1867. Following 19 years of Ford Model T production, the Ford Motor Company unveiled the Ford Model A as its new automobile in 1927. La Guardia Airport opened for business in New York City in 1939. Manhattan Project: A team led by Enrico Fermi initiated the first self-sustaining nuclear chain reaction in 1942. The United States Environmental Protection Agency began operations in 1970. At the University of Utah, Barney Clark, became the first person to receive a permanent artificial heart in 1982. NASA launched the Space Shuttle Endeavour on a mission to repair the Hubble Space Telescope in 1993. Enron filed for Chapter 11 bankruptcy in 2001.
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