Wall Street Addict

Blue-chip stocks pared losses on Wednesday after energy stocks, including Exxon Mobil Corp. (NYSE:XOM - News), turned positive on data showing a surprise drop in weekly U.S. gasoline supplies.
The Nasdaq rose, helped by Oracle Corp. (NasdaqGS:ORCL - News) after the world's third-largest software company reported a higher quarterly profit.
The Dow Jones industrial average (DJI:^DJI - News) was down 34.79 points, or 0.26 percent, at 13,302.87. The Standard & Poor's 500 Index (^SPX - News) was down 1.59 points, or 0.11 percent, at 1,491.30. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was up 4.24 points, or 0.16 percent, at 2,578.40.
Published by Reuters

Labels: ^DJI, ^IXIC, ^SPX, ORCL, XOM

Crude oil and gasoline prices rose Wednesday after a government report showed gasoline inventories unexpectedly shrinking last week.
Heating oil prices also increased after a surprising decline in distillate stocks.
Light, sweet crude for August delivery on the New York Mercantile Exchange gained 31 cents to $68.08 a barrel in morning trading. The contract had fallen $1.41 on Tuesday.
Brent crude futures edged up a penny to $70.18 on London's ICE Futures exchange.
Gasoline futures rose less than a half-cent to $2.2515 a barrel.
The Energy Department reported Wednesday that gasoline inventories dropped 700,000 barrels in the week ended June 22, contrary to the 1.1 million gain that had been expected by analysts polled by Dow Jones Newswires. Total gasoline stocks are well below the lower end of average for this time of year.
Crude oil supplies rose by 1.6 million barrels to 350.9 million barrels last week, above the average estimate of a 1 million barrel increase. Inventories are well above the upper end of average.
Distillate stocks which include heating oil and diesel fuel, decreased by 2.3 million barrels and remain in the middle of average for this time of year. Analysts expected an increase of 200,000 barrels.
Refinery utilization rebounded 1.8 percentage points to 89.4 percent following a decline of 1.6 percent in the previous week. Analysts had expected a smaller gain of 0.8 percentage points to 88.4 percent.
However, the report noted that gasoline production remained nearly flat compared to the previous week.
The weekly petroleum supply snapshot has been watched closely during a spring and early summer in which an unusually high number of refinery outages have led to high oil and gasoline futures prices and record U.S. gasoline prices at the pump.
July heating oil futures on Nymex increased 1.55 cent to $2.0088 a gallon, while natural gas for July delivery inched up 0.8 cent to $6.885 per 1,000 cubic feet.
Published by AP

Labels: Gasoline, Oil, USO

Apple Inc. (NasdaqGS:AAPL - News) and AT&T Inc. (NYSE:T - News) said they will launch three service plans for iPhone, which is scheduled to be launched on June 29, starting at $59.99 per month.
The plans include unlimited data, visual voicemail, 200 SMS text messages, roll-over minutes and unlimited mobile-to-mobile calling, the companies said in a joint statement.

Labels: AAPL, iPhone, T

Oil prices fell Tuesday amid expectations that U.S. fuel inventory data will again show a rise in crude and gasoline stocks.
A decision by Nigerian unions to call off a strike and an announcement by Royal Dutch Shell that it would resume crude exports next month from the Forcados terminal -- shut down more than a year ago due to militant attacks -- also put pressure on prices.
Light, sweet crude for August delivery on the New York Mercantile Exchange fell 49 cents to $68.69 a barrel by afternoon in Europe.
Brent crude for August delivery fell 47 cents to $70.75 a barrel on the ICE Futures exchange in London.
Despite the expected increases in supplies and refinery rates, there are lingering concerns the refining industry will not be able to produce enough gasoline to meet U.S. summer driving demand, which peaks between the July 4 holiday and Labor Day in early September.
Crude stocks are expected to have risen by 1 million barrels last week. Distillate stocks, which include heating oil and diesel fuel, are forecast to have increased by 200,000 barrels last week, the Dow Jones Newswires survey showed.
Heating oil futures for July fell by more than 2 cents to $2.0221 a gallon and natural gas prices edged upward to $6.946 per 1,000 cubic feet.

Labels: RDS-B, USO

Bear Stearns may have to bail out a second hedge fund that made bad bets on securities backed by subprime mortgages, according to a Morgan Stanley analyst. Bear's hedge fund troubles have already sent its stock down 9 percent since mid-June, and investors fear it's situation will worsen if the subprime mortgage market declines further. U.S. trading was volatile Monday as investors worried about the possibility of market fallout should the two Bear Stearns hedge funds collapse, although U.S. stock index futures edged higher this morning. Homebuilder Lennar reported a $244 million quarterly loss, and said the housing market could still get worse. Published by Harold Maass

Labels: BSC, Subprime Mortgages

Wall Street rose moderately in early trading Tuesday ahead of a report expected to show that new home sales fell in May from the previous month.
In addition, the Conference Board will issue its June consumer confidence index, and investors are expecting the report to indicate a decline.
Investors, who on Monday sent shares lower amid continued nervousness about the subprime lending market, are waiting for a number of economic reports due out this week. However, trading is expected to be erratic ahead of Thursday's Federal Reserve rate decision, where central bankers are widely expected to keep the benchmark rate steady at 5.25 percent.
In the first minutes of trading, the Dow Jones industrial average rose 29.10, or 0.22 percent, to 13,381.15.
Wall Street appeared unfazed by the Standard & Poor's home price index for April, which declined for the 17th consecutive month to the lowest level since 1991.
Published by SeekingAlpha

Labels: Consumer Confidence Index, Federal Reserve, Home Sales, Wall Street

Wall Street rose for the second straight session Thursday after data showed that wholesale inflation, excluding energy and food costs, is rising at a controlled pace.
The market was unfazed by the Labor Department's report that its headline producer price index rose 0.9 percent in May due to surging gasoline prices -- above April's reading and higher than economists predicted. Investors instead were pleased the core PPI, which strips out often-volatile food and energy costs, posted a small 0.2 percent rise, as expected, after a flat reading in April.
If core inflation is under control, the Federal Reserve is less likely to lift interest rates, a worry that began dogging the market last week, when the yield on the benchmark 10-year Treasury note passed 5 percent for the first time since last summer.

Wall Street investment banks Goldman Sachs Group Inc. and Bear Stearns Cos. on Thursday said fiscal second-quarter profit was squeezed by the nation's mounting home-loan defaults.
Both investment banks, among the world's largest underwriters of bonds that back mortgage loans, said the shakeout in the subprime sector continued to erode performance. The industry has suffered this year as delinquencies on U.S. loans to homebuyers with poor credit have risen to a four-year high.

Bear Stearns said its profit slid 10 percent, while Goldman mustered only a 1 percent increase. Top executives at both investment houses indicated subprime woes aren't spilling into other areas of the mortgage industry, but that the worst may still lay ahead.

Labels: Goldman Sachs Group Inc., GS

Here are 7 options to watch for today. This list comes directly from the TradingMarkets Options Indicators page. The list is created using OptionVue options analysis software.
Most Underpriced Calls: These are the most under priced calls of all stocks in our database. While the Equities Explosion List finds groups of calls for individual equities that are under priced, this list finds the most under priced individual calls. Thus, the options listed here will tend to be more severely under priced.
USANA Health Sciences July 45 Calls (NasdaqGS:USNA - News). USNA's PowerRating is 4.
Most Underpriced Puts: These are the most under priced puts of all stocks in our database. While the Equities Explosion List finds groups of puts for individual equities that are under priced, this list finds the most under priced individual puts. Thus, the options listed here will tend to be more severely under priced.
Frontline Ltd. Aug 45 Puts (NYSE:FRO - News). FRO's PowerRating is 7.
Most Overpriced Calls: These are the most overpriced calls of all stocks in our database. While the Equities Implosion List finds groups of calls for individual equities that are overpriced, this list finds the most overpriced individual calls. Thus, the options listed here will tend to be more severely overpriced.
Google Inc. Aug 560 Calls (NasdaqGS:GOOG - News). GOOG's PowerRating is 5.
Most Overpriced Puts: These are the most overpriced puts of all stocks in our database. While the Equities Implosion List finds groups of puts for individual equities that are overpriced, this list finds the most overpriced individual puts. Thus, the options listed here will tend to be more severely overpriced.
Research In Motion June 145 Puts (NasdaqGS:RIMM - News). RIMM's PowerRating is 7.
Stocks with Abnormal Call Volume: These are stocks which showed unusual call option volume not easily explained by arbitrage operations. The appearance of a stock on the Call Volume Alerts list suggests a possible takeover, extraordinarily good earnings report, or other news which may favorably affect the stock.
Advanced Micro Devices (NYSE:AMD - News). AMD's PowerRating is 5.
Stocks with Abnormal Put Volume: These are stocks which showed unusual put option volume not easily explained by arbitrage operations. The appearance of a stock on the Put Volume Alerts list suggests an extraordinarily negative earnings report, or other news which may negatively affect the stock.
American Electric Power (NYSE:AEP - News) . AEP's PowerRating is 6.
Abnormal Put/Call $ Volume: These stocks have the highest dollar put volume in relation to their call volume. These high ratios are indicative of extreme bearish sentiment in the underlying stock.
Bunge Ltd. (NYSE:BG - News). BG's PowerRating is 7.
PowerRatings are courtesy of TradingMarkets.com

Labels: AEP, AMD, BG, FRO, GOOG, RIMM, Stock Options, USNA

Here are 7 trading ideas for today. These lists come directly from the TradingMarkets Stock Indicators page and are based upon our latest quantitative research.
Bullish
5+ Consecutive Down Days: These are stocks that have closed down for five or more consecutive days and are trading above their 200-day moving average. Our research shows that stocks trading above their 200-day moving average that close down for five or more days have shown positive returns, on average, 1-day, 2-days and 1-week later. Historically, these stocks have provided traders with a significant edge. Historically, these stocks have provided traders with a significant edge.
Sigma-Aldrich (NasdaqGS:SIAL - News) & UAP Holding Corporation (NasdaqGS:UAPH - News). SIAL's PowerRating is 6, and UAPH's PowerRating is 7.
5+ Consecutive Lower Lows: These are stocks that have made a lower low for five or more consecutive days and are trading above their 200-day moving average. Our research shows that stocks trading above their 200-day moving average that make lower lows for five or more days have shown positive returns, on average, 1-day, 2-days and 1-week later. Historically, these stocks have provided traders with a significant edge.
CVS (NYSE:CVS - News). CVS's PowerRating is 6.
2-Period RSI Below 2: These are stocks that have a 2-period RSI reading below 2 and are trading above their 200-day moving average. Our research shows that stocks trading above their 200-day moving with a 2-period RSI reading below 2 have shown positive returns, on average, 1-day, 2-days and 1-week later. Historically, these stocks have provided traders with a significant edge.
Hartford Financial Services (NYSE:HIG - News) & PG&E Corporation (NYSE:PCG - News). HIG's PowerRating is 7, and PCG's PowerRating is 5.
Bearish
5+ Consecutive Up Days: These are stocks that have made a higher high for five or more consecutive days and are trading below their 200-day moving average. Our research shows that stocks trading below their 200-day moving average that make higher highs for five or more days have shown negative returns, on average, 1-day, 2-days and 1-week later. Historically, these stocks have provided traders with a significant edge.
Martek Biosciences (NasdaqGS:MATK - News). MATK's PowerRating is 3.
5+ Consecutive Higher Highs: These are stocks that have made a higher high for five or more consecutive days and are trading below their 200-day moving average. Our research shows that stocks trading below their 200-day moving average that make higher highs for five or more days have shown negative returns, on average, 1-day, 2-days and 1-week later. Historically, these stocks have provided traders with a significant edge.
Veeco Instruments (NasdaqGS:VECO - News). VECO's PowerRating is 4.
PowerRatings (for Traders) are courtesy of TradingMarkets.com

Labels: CVS, HIG, Hot Stocks, MATK, PCG, SIAL, UAPH, VECO

Stock index futures indicated a weaker start for Wall Street on Tuesday after Federal Reserve Chairman Ben Bernanke said inflation risks remain to the upside, suggesting equity investors shouldn't look forward to a rate cut any time soon.
Futures added to losses following Bernanke's remarks. The Fed chief said the economy is set to grow at a sluggish pace in coming months but warned there were risks elevated levels of inflation, excluding food and energy, may not recede.
Among the latest in deals was a buyout of telephone equipment company Avaya Inc. (NYSE:AV - News) by private equity firms TPG Capital and Silver Lake for $8.2 billion, sending Avaya shares up about 2.3 percent to $17.10 before the opening bell.
S&P 500 futures were down 5 points, below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.
Dow Jones industrial average futures fell 38 points, and Nasdaq 100 futures were down 6 points.
The Institute for Supply Management's nonmanufacturing index for May is scheduled for release at 10 a.m. The indicator is a key measure of the health of the vast U.S. services sector, which accounts for 80 percent of the economic activity. Economists forecast the index dipped to 55.3 in May from 56 in April.
Shares of Bed Bath & Beyond Inc. (NasdaqGS:BBBY - News) fell before the opening bell after the home goods retailer warned late on Monday that it sees first-quarter profit below Wall Street forecasts.
Bed Bath & Beyond shares fell 5.9 percent to $38.10 in electronic composite trading.
Published by Reuters

Labels: AV, BBBY, Ben Bernanke

At least three analyst downgrades weighed on shares of Openwave Systems Inc. in early trading Tuesday, after its board rejected a partial tender offer from a shareholder wanting to buy 49 percent of the company's outstanding shares.
Shares of Openwave dropped $1.74, or 16.8 percent, to $8.63 in premarket electronic trading, from their $10.37 finish in Monday's regular trading session.
Openwave rejected the offer from Harbinger Capital Partners -- one of the company's largest shareholders -- and said it wasn't adequate. The offer valued Openwave at $8.30 per share. Bed Bath & Beyond Inc. also fell in the early session, after the home furnishings retailer warned that fiscal first-quarter earnings may miss Wall Street's expectations. Shares gave up $2.67, or 6.6 percent, to $37.80, from their $40.47 Monday close.
American Woodmark Corp., which makes kitchen cabinets and vanities, blamed a sluggish homebuilding market for its sharp decline in fiscal fourth-quarter profit and sales. Shares declined $2.02, or 5.3 percent, to $35.90, from their close at $37.92 on Monday.
Meanwhile, FuelCell Energy Inc. shares rose 20 cents, or 3 percent, to $7.58 premarket. Shares of FuelCell ended at $7.38 on Monday.
News continued to flow from a major cancer meeting in Chicago, where Canadian biotechnology company Oncolytics Biotech Inc. said cancer treatment candidate Reolysin showed positive results in an early stage study. In premarket trading, the stock rose 33 cents, or 15.9 percent, to $2.41, from their $2.08 close Monday.
Source: AP

Labels: AMWD, BBBY, FCEL, ONCY, OPWV

Chinese stocks rebounded in volatile trading Tuesday following their sharpest one-day drop in three months as strong buying by institutions offset selling by retail investors.
The benchmark Shanghai Composite Index gained 2.6 percent to 3,767.10 after a rollercoaster session that saw the index plunge as much as 7.2 percent earlier in the day. It fell 8.3 percent on Monday -- the benchmark's sharpest decline since an 8.8-percent drop Feb. 27 triggered a global market sell-off.
The Shenzhen Composite Index for China's smaller second market rose 2.5 percent to 1,066.05.
Prices rebounded as investors returned to snap up bargains, analysts said.
"It is still a bull market. After five days of declines, I think it's time for the market to bounce back," said Chen Huiqin, an analyst at Nanjing-based Huatai Securities Co.
The Shanghai index had fallen three of the last five days.
European share markets gained in early trading and Asia markets also were generally higher, with Japan's benchmark index climbing 0.5 percent and Hong Kong shares also up 0.5 percent.
Source: AP

Labels: China, Japan, Shanghai Composite, Shenzhen Composite

Federal Reserve Chairman Ben Bernanke predicted Tuesday the economy will rebound from an anemic performance at the start of the year even if the housing slump continues.
Economic growth in the first three months of this year nearly stalled, logging just a 0.6 percent pace. It was the worst quarterly showing in more than four years.
However, Bernanke said he believes some of the forces that figured prominently in that poor performance -- including a bloated trade deficit, cutbacks by businesses in inventory investment and weak federal defense spending -- "seem likely to be at least partially reversed in the near term." Even with Bernanke's hopeful outlook, the Fed chief did make clear once again that the painful residential real-estate bust, which started last year, "appears likely to remain a drag on economic growth for somewhat longer than previously expected," he said. But, thus far, the problems in the housing market haven't spread through the broader economy in a significant way, Bernanke said. "We have not seen major spillovers from housing onto other sectors of the economy," he observed.
On the inflation front, Bernanke said that underlying inflation, which excludes food and energy prices, still remains "somewhat elevated" despite some improvements. Bernanke again clung to the Fed's forecast that underlying inflation seems likely to moderate gradually over time. Still, he said, there is a big risk to the economy is if this forecast doesn't materialize.
Source: AP

Labels: Ben Bernanke, Economy, Energy Prices, Inflation, Real Estate

Stocks pointed toward a lower opening Tuesday as Wall Street cautiously awaited data on the nation's service sector.
Investors will be examining the Institute for Supply Management's May index on non-manufacturing industries, scheduled to be released at 10 a.m. EDT. According to the median estimate of economists surveyed by Thomson Financial, the market expects the index to hold steady at 56.0, the same reading as in April.
A reading above 50 indicates expansion in the service sector, a diverse group of industries that represents about 80 percent of U.S. economic activity and includes retailing, banking, construction and agriculture. Investors are hoping the report will indicate that the service sector is still expanding. Growth that is too robust could stoke worries about the Federal Reserve raising interest rates later in the year, however. On Friday, the ISM's manufacturing index came in above expectations.
Meanwhile, Fed Chairman Ben Bernanke's speech by satellite to the International Monetary Fund in South Africa Tuesday gave investors little incentive to buy. He said in prepared comments that the economy will recover from its recent feeble performance, despite a housing slump that "appears likely to remain a drag on economic growth for somewhat longer than previously expected."
Bernanke's forecast of rebounding growth, as well as a reiteration that inflation remains "somewhat elevated," made it appear unlikely the Fed will lower rates anytime soon.
Source: AP

Labels: Ben Bernanke, Economy, Stocks, Wall Street