123jump.com Staff
30 Nov, -0001
New York City
In the morning trading housing stocks are under pressure. Commerce Department report suggests that while singel family housing starts in May were up 4.7% above April but building permits in May were 4.6% below the revised April rate of seasonally adjusted annual rate but still higher than 2 million units.
123jump.com Staff
30 Nov, -0001
New York City
Investors' enthusiasm on decline in CPI and rise in industrial production was short lived. Treasury reported that net foreign purchase of U.S. assets was $47.4 billion much less than anticipated $70 billion. Oil closing above $55 dollar, strength in dollar and in metals market put market on the edge except in the last 40 minutes of trading.
123jump.com Staff
30 Nov, -0001
New York City
Cosumer Price Index dips by 0.1% on the decline in oil prices by 3.4% in the month of May. Industrial Production increase as businesses build inventories. Markets sell-off as tech, health care, casinos sell-off but home builders jump.
123jump.com Staff
30 Nov, -0001
New York City
The decline in May CPI was largely related to decline in oil prices. However the index for housing was unchanged which many of us find it difficult to accept as housing prices continue to rise double digits across the country.
123jump.com Staff
30 Nov, -0001
New York City
Mixed economic data kept investors guessing for more data but retail stocks were the choice of the day. Retailers, consumer stapes, health care and casino stocks rallied. GM and Mylan rallied as both companies put shareholders interest first. GM is reported to be in talks with union to lower health-care costs and Mylan declares $1.25 billion buy-back and doubles the quarterly dividend.
123jump.com Staff
30 Nov, -0001
New York City
Fall in energy prices were reflected in Producers Price Index and Retail sales for the month of May. In annual terms the wholesale prices were up 3.5% lower than 4.8% reported in April. In the coming months food and energy price movements are key. Shipments of materials such as glass, steel and aluminum declined in the month of May.
123jump.com Staff
30 Nov, -0001
New York City
Retail sales for May jumped 6.4% compared to a year ago and were lower by 0.5% compared to April but the decline was lower-than-expected. GM stock rallied on the market expectations that health-care cost contaiment talks with labor union may be resolved sooner than anticipated.
123jump.com Staff
30 Nov, -0001
New York City
Then there is trade deficit. In a long running U.S. trade deficit, April deficit of $57 billion was the fourth largest deficit on record on jump in oil imports and 14% rise in imports from China. U.S. registered deficit with China, Japan, Mexico, Canada and EU. Americans love to import more and more as April import jumped 4.1% and export rose 3%. Separately China released $9 billion trade surplus, last night and crossed Japan as the third largest exporter in the world.
123jump.com Staff
30 Nov, -0001
New York City
April trade deficit at $57 billion, 12% higher than March, but a billion lower than the estimates led dollar higher in the morning trading in NY. Intel revised its Q2 revenue projection and raised gross margins, however tech market sold off. Ralph Lauren stock trades higher on earnings release. Auto sector trades higher on GM led rally.
123jump.com Staff
30 Nov, -0001
New York City
Americans continue to import at a record pace. At the current rate of deficit, U.S. deficit is expected to hit close to $700 billion by the year end 2005. Oil is reflecting 1/3 of trade deficit and deficit with China continues to grow.
123jump.com Staff
30 Nov, -0001
New York City
Fed Chairman's optimistic view on the economy and possiblity of measeured rate increase led markets to a mild rally. Investors viewed National Semi earnins in a positive manner leading a broad rally in the semi conductor sotcks. Luby's Richemont, H&R Block, Navistar were up in the session. The shares of copper and other mining stocks were lower. Oil rallied 3%.
123jump.com Staff
30 Nov, -0001
New York City
European and Asian markets trade lower in anticipation of U.S. economic review from Fed Chairman. Oil had rebounded on the worries of gasoline supply in the comnig months. UPS shares are trading lower on downgrade, Intel and other semiconductors are also on the decline in the morning trading. H&R Block is up 10% on earnings news.
123jump.com Staff
30 Nov, -0001
New York City
White House lowers the annual GDP forecast for the year from 3.5% to 3.4% and raises the monthly job creation to 178 K from 175 K. 10-year note fell to 3.93% as coprporate new issue supplies hit the bond market. Kirkorian's tender offer for GM manages to raise stake to 7.2% but misses the 8% target. IAC/interactive sells its stake in VivendiUniversal for $3.4 B.
123jump.com Staff
30 Nov, -0001
New York City
Oil is back in the news. Oil rallied 54 cents on the lower U.S. crude inventory. Texas Instuments revised its earnings and revenue forecast. Energy stocks, tech stock, financials are trading higher but trucking stocks are trading lower.
123jump.com Staff
30 Nov, -0001
New York City
Early trading is dominated by Texas Instuments news of revised earnings and revenue for the quarter. Oil declines by 50 cents but energy stock still rise. IAC/Interactive is in deal to sell its stake in VivendiUniversal for $3.4 billion.
