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Conference calls are often impacted by market trends, geopolitical conditions, news coming from conferences and economic releases.
Al Loses His Way (By Philip Holmes) Stocks ended lower on Monday, with investors paying particularly close attention to the tribulations of Citigroup and aluminum maker Alcoa. The Dow Jones Industrial Average lost 125.45 points, to end the trading session at 8474.05. The Standard & Poor's 500 shed 20 points, to end at 870, while the Nasdaq Composite Index lost 32.8, for a 1538.7 finish. Less than a week after it said it would lay off around 13,000 workers, aluminum maker Alcoa reported a fourth-quarter loss from continuing operations of $929 million, or $1.16 per share. It was company's first loss in six years. Alcoa is suffering from a deflationary trend: the company said its woes trace to a 35% drop in aluminum prices during the quarter, as orders from big customers in the automotive, building and construction sectors are scarce in the current economic climate. Troubled banking giant Citigroup and Morgan Stanley are reportedly in talks to merge their brokerage units, with MS said to be paying $2 billion to $3 billion to buy a majority stake in Citi's Smith Barney unit. Investors were dazzled, but not enough to keep them from driving Citigroup shares down by 18%. The mood on the Street soured further still when Boeing released its plans to cut around 4,500 jobs, or around 6.7% of its commercial airplane workforce, in 2009. While the company still has a large backlog of orders, it has reported a sharp drop in new orders. New orders for 2008, at 662 aircraft, were around half what they had been in 2007, with 2009 looking to be bleaker still. Bad news, but at least Americans now have their patriotic marching orders for saving the economy: buy a 737. They're made of aluminum and if you hurry you may still have enough room to buy one on your Citi credit card.
The Investrend Earnings Calendar features Infosys (NASDAQ: INFY), expected at $0.55; Life Partners Hldgs (NASDAQ: LPHI), expected at $0.61; Linear Tech (NASDAQ: LLTC), expected at $0.34; Majesco Entertainment (NASDAQ: COOL), expected at $-0.01.
The Investrend Events Calendar showcases AB & BX at Commercial Mortgage Securities Association Investors Conference; CLB, CLR, NOV, GOK, TRMA at Pritchard Capital Partners LLC 6th Annual Energy Conference; Credit Suisse Group Homebuilding Conference; CVS, BIIB, GENZ, PFE, ELN, DNA, COV at JPMorgan Healthcare Conference; F, JCI at Deutsche Bank Securities Auto Analysts Conference; NFG, NGAS & PETD at BMO Capital Markets North American Unconventional Gas Conference; WEN, SONC, WWW, BKE, BWLD at Cowen and Company Consumer 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 nine advancers versus 41 decliners. Advancers were led by Advanced Med Optics (NYSE: EYE) up 142.94%, Hologic, Inc. (NASDAQ: HOLX) up 13.12%, Ultrashort Real Esta (NYSE: SRS) up 11.91%, Ultrashort Financial (NYSE: SKF) up 10.13%. Decliners followed Satyam Computer Serv (NYSE: SAY) down 84.39%, Level 3 Communications, Inc. (NASDAQ: LVLT) down 18.79%, Citigroup Inc (NYSE: C) down 17.04%, Seagate Technology (NYSE: STX) down 15.60%, Bk Of America Cp (NYSE: BAC) down 12.01%, Huntington Bancshares Incorpora (NASDAQ: HBAN) down 9.49%, Ultra Financials Pro (NYSE: UYG) down 9.29%, Fifth Third Bancorp (NASDAQ: FITB) down 8.28%, Companhia Vale Ads (NYSE: RIO) down 8.07%, Dryships Inc. (NASDAQ: DRYS) down 7.84%, Alcoa Inc (NYSE: AA) down 6.94%, Yahoo! Inc. (NASDAQ: YHOO) down 6.93%.
Vote in the Investrend Poll Question of the Day at Investrend Information (http://www.investrendinformation.com).
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Quote of the Day: "From birth to 18 a girl needs good parents. From 18 to 35, she needs good looks. From 35 to 55, good personality. From 55 on, she needs good cash. I'm saving my money." Sophie Tucker
Today is: Liberation Day in Togo.
Happy Birthday: Salmon Chase, Horatio Alger, Jr., Sophie Tucker, Robert Stack, Gwen Verdon, Charles Nelson Reilly, Richard Moll, Trevor Rabin, Julia Louis-Dreyfus, Patrick Dempsey, Orlando Bloom.
Today in History: Galileo Galilei discovered Callisto, fourth satellite of Jupiter, in 1610. James Oglethorpe and 130 colonists arrived in Charleston, South Carolina, in 1733. The accordion was patented by Anthony Faas in 1854. In 1942, Henry Ford patented a plastic automobile, which was 30% lighter than a regular car.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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