Skip to comments.Daily finance & investment thread (2-22-13 edition)
Posted on 02/22/2013 5:57:13 AM PST by dennisw
Daily finance & investment thread
Trying to focus on the markets for today and each day and the economic news
A number of people have talked about such a thread. Lets see how it goes. This is where you can impart some investment wisdom to your fellow freepers. You can vent about the big one that got away. You can chime in how Obama is out to wreck American capitalism.
If you see another FR economic thread you like and want to link to it here, please do
Post your favorite economic site links. Your favorite precious metals blogs and sites
Apmex.com is a solid place with good reputaion to buy precious metals Kitco is a good site for charts and other precious metals information
Ping list -- on or off let me know here or via freep-mail. If I missed you then Fpreep-mail me
Martin Zweig, famed Wall Street investment guru, dead at 70
NYSE mornings update:
Ahead of the Bell: Dow futures are trading up 66 points and S&P futures are trading up 7 points as the equity market looks to bounce back following two consecutive days of losses triggered by minutes from the Federal Reserve’s January meeting released earlier in the week, which suggested stimulus measures may end earlier than anticipated. Market sentiment was lifted this morning on better than expected data out of Germany and Hewlett Packards Q4 results, which exceeded expectations. The German Ifo business climate indicator for February rose to 107.4, its best one-month rise in more than two years.
On the economic calendar today, there are no major reports due out.
The dollar is up against the euro and down against the Japanese yen and British pound. Gold is trading at $1,580. Crude oil is currently trading at $93 a barrel.
Yesterday, stocks slipped as investors eyed less than stellar economic reports and as continued concern over the Federal Reserves possible shortened timetable for the bond buying program weighed on sentiment.
Happy Friday and have a great day.
DJIA down 46.92 pts/-0.34%/ 13,880.62
S&P down 9.53 pts/-0.63%/ 1,502.42
Nasdaq down 32.92 pts/-1.04%/ 3,131.49
Dow Futures up 66.00 pts/+0.48%
S&P Futures up 7.50 pts/+0.50%
Nasdaq Fut up 11.50 pts/+0.42%
CAC 40 +2.01%
NIKKEI 225 +0.68%
HANG SENG -0.54%
Overseas: World stock markets are up today on better than expected economic data out of Germany.
Reports indicate private equity firm, KKR & Co LP has submitted an offer of $75 per share for Gardner Denver (GDI), valuing the industrial machinery maker at close to $3.7 billion.
According to sources, General Motors (GM) Co said it would invest $7.3 billion in its South Korean unit over the next five years.
Citigroup (C) announced that it has overhauled an executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability.
Texas Instruments Inc raised its quarterly dividend by a third and said it will buy back an additional $5 billion in stock.
Gold: up $1.40 to $1,580.00
Oil: up 0.32 to $93.16
EUR/USD 1.3176 -0.0014
USD/JPY 93.2805 +0.2955
GBP/USD 1.5302 +0.0050
Volatility Index (VIX): As of the close of business Thursday, February 21, the VIX is up 0.54 at 15.22
Companies Reporting Quarterly Earnings:
Gardner Denver reports Q4 adjusted EPS $1.49, vs. Est. $1.33 and reports Q4 revenue $589.7M, vs. Est. $558.08M.
Barnes Group reports Q4 EPS 54c, vs. Est. 51c and reports Q4 revenue $327.38M, vs. Est. $326.2M.
Abercrombie & Fitch reports Q4 EPS $2.21, vs. Est. $1.96 and reports Q4 revenue $1.47B, vs. Est. $1.49B
Todays Opening and Closing Bells:
The Charles Schwab Corporation Visits the NYSE. Kelli Keough and Joseph Vietri will ring the opening bell.
The American Heart Association Celebrates American Heart Month at the New York Stock Exchange. New York City American Heart Association Board of Directors, Key Volunteers, and Executives to will ring the closing bell
I will continue to watch gold and silver stock prices. Yesterday I thought maybe we had found a bottom and were rebounding. This morning does not confirm that though. As always, I will be watching oil prices as well.
The last two days have not been kind. The first rule of making money is not to lose it. My stocks were already trimmed so I resorted to buying 3X short stocks. This time I bought TZA. As my other stocks went down, TZA went up to balance them out. A neat but dangerous trick. TZA is very volatile and you have to be nimble and sell when it starts to plunge (as it is prone to do). Good trading.
Used to watch him on Louis Rukeyser’s show.