Daily Market Commentary for April 29, 2008 from Millennium-Traders.Com
Mastercard Incorporated (NYSE: MA). Earnings reported today shows profits
more than doubled during Q1-2008 outside the USA. A year ago, earnings
came in at $214.9 million and this year, topped $446 million from January
through March. (read more
http://www.millennium-traders.com/news/newscommentary.aspx)
At the closing bell on the Stock Exchange, here is how the major world
indices and major U.S. indices ended the session on the U.S. Markets:
DOW (Dow Jones Industrial Average) loss of 39.65 points on the day to end
the session at 12,832.10
NYSE (New York Stock Exchange) loss of 563.70 points to end the session at
9,285.91
NASDAQ gain of 1.70 points for a close at 2,426.10
S&P 500 loss of 5.43 points for a close at 1,390.94
FTSE All-World ex-U.S. loss of 1.83 points to close at 250.22
FTSE RAFI 1000 loss of 13.91 points to close at 5,632.59
BEL 20 loss of 33.03 points on the day to end the session at 3,908.30
CAC 40 loss of 35.65 points on the day to end the session at 4,977.10
FTSE100 loss of 1 point on the day to end the session at 6,089.40
NIKKEI 225 loss of 0.03 points on the day to end the session at 13,894.37
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,282;
declined stocks 1,863; unchanged stocks 106; stocks hitting new highs N/A;
stocks hitting new lows N/A.
Daily Trading Range and end of day trading results for volatile NYSE
stocks traded by active Day Traders today:
Gildan Activewear Incorporated (NYSE: GIL) shed 10.99 points on the
trading day, high on the trading day $26.84, low on the trading day
$23.75, for a closing price at $24.93;
NEWMARKET Corporation (NYSE: NEU) shed 5.24 points on the trading day,
high on the trading day $69.12 low on the trading day $63.05, for a
closing price at $63.93;
Hartford Financial Services Group Incorporated (NYSE: HIG) gained 0.56
points on the trading day, high on the trading day $74.13, low on the
trading day $70.78 , for a closing price at $72.37;
Petroleo Brasileiro (NYSE: PBR) shed 5.97 points on the trading day, high
on the trading day $121.35, low on the trading day $116.36, for a closing
price at $116.79;
Flowserve Corporation (NYSE: FLS) gained 9.61 points on the trading day,
high on the trading day $126.43, low on the trading day $121.84, for a
closing price at $124.15;
Mastercard Incorporated (NYSE: MA) gained 31.48 points on the trading day,
high on the trading day $278.72, low on the trading day $258.00, for a
closing price at $273.98;
RTI International Metals Incorporated (NYSE: RTI) shed 5.80 points on the
trading day, high on the trading day $46.53, low on the trading day $40.81
, for a closing price at $42.08;
Visa Incorporated (NYSE: V) gained 5.25 points on the trading day, high on
the trading day $80.88, low on the trading day $71.00, for a closing price
at $80.88;
Covance Incorporated (NYSE: CVD) shed 1.42 points on the trading day, high
on the trading day $85.23, low on the trading day $78.60, for a closing
price at $84.94;
Genentech Incorporated (NYSE: DNA) shed 5.23 points on the trading day,
high on the trading day $70.37, low on the trading day $67.73, for a
closing price at $67.93;
Energizer Holdings Incorporated (NYSE: ENR) shed 10.60 points on the
trading day, high on the trading day $78.28, low on the trading day
$71.25, for a closing price at $76.83;
Fresh Del Monte Produce Incorporated (NYSE: FDP) shed 5.23 points on the
trading day, high on the trading day $39.52, low on the trading day
$31.58, for a closing price at $33.61;
AGCO Corporation (NYSE: AG) shed 7.82 points on the trading day, high on
the trading day $70.60, low on the trading day $60.51, for a closing price
at $60.96;
EnCana Corporation (NYSE: ECA) shed 3.35 points on the trading day, high
on the trading day $81.97, low on the trading day $78.77, for a closing
price at $79.08;
Lindsay Corporation (NYSE: LNN) shed 8.16 points on the trading day, high
on the trading day $113.49, low on the trading day $103.22, for a closing
price at $103.38;
Mosaic Corporation (NYSE: MOS) shed 5.62 points on the trading day, high
on the trading day $121.55, low on the trading day $116.58 , for a closing
price at $118.06;
CF Industries Holdings, Incorporated (NYSE: CF) shed 8.58 points on the
trading day, high on the trading day $136.80, low on the trading day
$130.52, for a closing price at $131.17;
Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) shed 12.01
points on the trading day, high on the trading day $190.00, low on the
trading day $179.82, for a closing price at $181.49;
Monsanto Corporation (NYSE: MON) shed 11.06 points on the trading day,
high on the trading day $121.33, low on the trading day $110.41, for a
closing price at $110.93.
News on the NASDAQ today: advanced stocks 1,201; declined stocks 1,678;
unchanged stocks 170; stocks hitting new highs 29; stocks hitting new lows
68.
Trading range and end of day trading results for volatile NASDAQ stocks
traded by active Day Traders today:
First Solar, Incorporated (NasdaqGS: FSLR) shed 0.60 points on the trading
day, high on the trading day $285.99, low on the trading day $277.50, for
a
closing price at $284.92;
Apple Incorporated (NasdaqGS: AAPL) gained 2.81 points on the trading day,
high on the trading day $175.66, low on the trading day $170.25, closing
price $175.05;
Baidu.com, Incorporated (NasdaqGS: BIDU) gained 13.45 points on the
trading day, high on the trading day $374.87, low on the trading day
$357.02, closing price $373.81;
Google Incorporated (NasdaqGS: GOOG) gained 6.35 points on the trading
day, high on the trading day $563.40, low on the trading day $550.01,
closing price $558.47.
News on the American Stock Exchange (AMEX) today: advanced stocks 399;
declined stocks 753; unchanged stocks 98; stocks hitting new highs N/A;
stocks hitting new lows N/A.
Redbook: U.S. Retail Sales fell 1.5% during first 3 weeks of April versus
March.
U.S. Conference Board April Consumer Confidence came in at 62.3 versus
March reading at 65.9; Conference Board April Present Situation Index came
in at 80.7 versus March reading at 90.6; Conference Board April
Expectations Index came in at 50.1 versus March reading at 49.4.
Statement for the Treasury Borrowing Advisory Committee of the Securities
Industry and Financial Markets Association Washington, DC - Economic
growth slowed considerably in the first part of 2008, with consumer and
business spending affected by the housing downturn, credit market
disruption, and the impact of high energy prices. These headwinds are
expected to be offset in part by the stimulus payments and investment
incentives enacted in February as part of the Economic Stimulus Act of
2008. Even so, the U.S. economy is likely to grow at a rate below trend
and the labor market to remain soft throughout the year. Real GDP grew at
an annual rate of just 0.6 percent in the fourth quarter of 2007, and data
released so far indicate that growth remained quite sluggish in the first
quarter of 2008. The advance estimate of first quarter GDP will be
released on April 30. Household spending has been affected by a weaker job
market, declining wealth from housing and equity markets, and rising
energy
costs. Real personal consumption expenditures were flat in February after
having risen only slightly in January. Together with lackluster retail
sales in March, it appears likely that consumer spending slowed
considerably in the first quarter from the 2.3 percent annual rate posted
in the fourth quarter. Labor market conditions deteriorated in the first
quarter after the job market had broadly slowed in the second half of
2007. The unemployment rate reached a 2-1/2-year high of 5.1 percent in
March, after averaging 4.6 percent over 2007. Nonfarm payrolls fell by
about 77,000 per month on average in the first quarter; the first
quarterly decline in payrolls since August 2003. Housing market indicators
point to another large decline in real residential investment in the first
quarter, following a drop of 25 percent at an annual rate in the fourth
quarter of 2007. Housing starts fell to a 17-year low in March, with
starts of single-family homes down by 63 percent from the January 2006
peak. Sales of new single-family homes also fell to a 17-year low in
March and existing single-family home sales in March were near the lowest
point in the past 10 years. Prices for purchased homes edged up slightly
in February according to figures from the Office of Federal Housing
Enterprise Oversight (OFHEO), but remained 2.4 percent lower than a year
earlier. Other measures such as the Case-Shiller indices indicate as well
that home prices are declining in most major U.S. cities. Widespread
weakness in the housing data reflects the fact that the U.S. is undergoing
a necessary housing correction following years of what were, in
retrospect,
unsustainable house price increases. Housing appears likely to subtract a
full percentage point or more from growth in 2008 after taking off nearly
as much in 2006 and 2007. Inventories of unsold homes are at historically
high levels, building permits remain well below starts, and homebuilder
optimism is close to an all-time low. Mortgage delinquencies and
foreclosures are projected to rise further in 2008; the additional
foreclosures will slow the process of working through the inventory
overhang and in turn put additional downward pressure on home prices.
Business investment growth appears to have slowed in the first quarter of
2008 from the 6 percent pace in the fourth quarter of last year.
Shipments of nondefense capital goods excluding aircraft, a key input into
equipment and software spending in the national income and product
accounts
rose 1.2 percent in March, partly retracing February's 1.6 percent
decline.
Private nonresidential construction declined for three consecutive months
through February. Tighter credit conditions are likely to affect business
spending going forward. Export growth remains a bright spot in the
outlook.
Real exports were up 8.4 percent during the four quarters of 2007, the
second straight year of more than 8 percent growth. Data for early 2008
suggest that export growth remains strong. Real imports rose by 1 percent
over the four quarters of 2007. Nominal data through February suggest
that
import growth accelerated in the first part of 2008, with much of the
increase reflecting the rising value of petroleum imports. The wider
trade deficit through February means that net exports are likely to add
less to first-quarter real GDP growth than was the case in the second half
of 2007, when trade contributed more than 1 percentage point to real GDP
growth. Headline inflation has picked up with energy and food prices, but
measures of core inflation remain contained. Overall consumer price
inflation reached 4 percent in the twelve months ending in March, up from
2.8 percent a year earlier. Energy prices started to climb rapidly last
fall, with the front-month futures price of light sweet crude oil topping
the $100 per barrel mark for the first time in February and averaging
above $117 per barrel in late April. Food prices are up 4.5 percent over
the year ending in March, up from food price inflation of 3.3 percent a
year ago. Despite the pickup in headline inflation, core inflation
remains within the narrow range that has prevailed over the past four
years. The core consumer price index, which excludes food and energy
prices, rose 2.4 percent over the year ended in March, compared to 2.5
percent a year ago. Rising inflation eroded the 3.6 percent increase in
nominal average hourly earnings and meant that real wage growth turned
negative in late 2007, with real wages down by 0.6 percent through the 12
months ending in March. Economic growth appears to have remained sluggish
in the second quarter to date, with the labor market deteriorating
further. Initial claims for unemployment insurance have continued to
rise, with the four-week average of new claims up to around 370,000 in mid
April from an average of 351,000 in the first quarter. Consumer sentiment
fell to a 26-year low in April, and homebuilder confidence remained near a
record low. Regional measures of manufacturing activity point to broadly
flat factory activity in April. The Economic Stimulus Act of 2008 will
provide an important boost to GDP in the second half of the year: more
than $150 billion in payments to individuals and business tax relief this
year, with the first payments going to consumers this week. These
stimulus payments are expected to provide significant support to household
and business spending in the middle of the year. Other policy actions of
the Administration have been aimed at helping individual homeowners
affected by the housing market downturn. These include measures to help
increased numbers of families to refinance their mortgages into fixed-rate
products guaranteed by the Federal Housing Administration (FHA); since
August, FHA has helped more than 170,000 homeowners refinance. The
Administration has also worked with the HOPE NOW Alliance on measures
being taken by private lenders to prevent avoidable foreclosures in cases
where borrowers have the desire and financial wherewithal to afford their
home in a more suitable mortgage product. These efforts have produced
meaningful results: HOPE NOW announced in April that about 1.2 million
struggling homeowners have received either a loan modification or
repayment plan since July 2007 to help them stay in their homes.
Preventing avoidable foreclosures limits further increases in the
inventory of unsold homes, which would otherwise extend the housing
correction. Legislative action on FHA modernization and GSE reform would
assist additional homeowners and strengthen the financial sector and thus
the overall U.S. economy. In sum, the economy faces strong headwinds, as
the housing correction, high energy prices, and strains in financial
markets will continue to weigh on growth through 2008. Tax rebates and
investment incentives in the Economic Stimulus Act of 2008 will support
consumer and business spending in the middle of the year. A resumption of
strong and sustainable growth, however, requires that the U.S. economy
work
through the corrections in housing and credit markets.
Commodities Markets
Energy Sector:
Light Crude (NYM) shed $3.12 on the day to close at $115.63 a barrel ($US
per bbl.); Heating Oil (NYM) shed $0.05 on the day to close at $3.23 a
gallon ($US per gal.); Natural Gas (NYM) shed $0.49 on the day to close at
$10.84 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) shed $0.09 on
the day to close at $2.94 a gallon ($US per gal.).
Metals Markets:
Gold (CMX) shed $18.70 to close at $876.80 ($US per Troy oz.); Silver
(CMX) shed $0.48 to close at $16.64 ($US per Troy oz.); Platinum (NYM)
shed $38.50 to close at $1,940.10 ($US per Troy oz.) and Copper (CMX) shed
$0.05 to close at $3.88 ($US per lb.).
Livestock and Meat Markets (cents per lb.):
Lean Hogs (CME) shed 2.90 to close at 72.55; Pork Bellies (CME) gained 0.8
to close at 75.10; Live Cattle (CME) shed 0.98 to close at 92.78; Feeder
Cattle (CME) shed 0.95 to close at 108.23.
Other Commodities (cents per bu.):
Corn (CBT) shed 9.00 to close the session at 604.50 and Soybeans (CBT)
shed 4.00 to close the session at 1,293.50.
Bonds were higher across the board today:
2 year bond had no change to close at 99 18/32 with a Yield of 2.34, Yield
Change 0.00; 5 year bond gained 4/32 to close at 100 4/32 with a Yield of
3.80, Yield Change -0.03; 10 year bond gained 6/32 to close at 97 16/32
with a Yield of 3.80, Yield Change -0.02; the 30 year bond gained 13/32 to
close at 97 12/32 on the day with a Yield of 4.53, Yield Change -0.03.
The e-mini Dow $5 ended the commodity session today at 12,826 with a loss
of 53 points on the trading session. Futures Traders should review
workshops available at the CBOT (Chicago Board of Trade). Educational
in-person seminars schedules available on the CBOT (Chicago Board of
Trade) website.
Monitor scheduled economic data every market morning by viewing the Daily
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