Stocks on the move
Real-time Equity news
U.S. stock market report
1626 ET 08Oct2009
Calls heat up in ETF that bets against bonds
Call activity picked up in the ProShares UltraShort 20+ Year Treasury fund after a poorly received 30-year bond sale. The exchange-traded fund rises when long-term Treasury bonds fall. U.S. Treasury debt prices fell with the 30-year bond losing over a full point, after weak demand in an auction of the securities. The TBT, an ETF designed to move twice the inverse of the iShares Barclays Capital 20+ Year Treasury Bond Fund, rose 2.18 percent to $44.03. Its options volume was double the average daily turnover with about 55,000 calls and 12,000 calls traded, according to Trade Alert. The October $44, $45, $46 calls and the $45 call set for December expiration grabbed the most interest, as some investors placed bullish trades as a way to place bearish bets on Treasury bonds, said WhatsTrading.com option strategist Frederic Ruffy.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1620 ET 08Oct2009
Wall Street rises as Alcoa spurs earnings optimism
U.S. stocks rose on Thursday after a surprising quarterly profit from Dow component Alcoa Inc got third-quarter earnings off to a strong start.
The Dow Jones industrial average gained 61.29 points, or 0.63 percent, to close at 9,786.87. The Standard & Poor's 500 Index added 7.90 points, or 0.75 percent, to 1,065.48. The Nasdaq Composite Index rose 13.60 points, or 0.64 percent, to 2,123.93.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1610 ET 08Oct2009
Homebuilders rally as Congress discusses tax credit
Homebuilder shares rallied on Thursday as lawmakers discussed but made no decisions over a possible expansion of an $8,000 tax credit that currently covers first-time home buyers.
Shares of KB Home shot up 5.7 percent to $16.05 and Lennar Corp added 9.2 percent to $14.39. The Dow Jones home construction index jumped 6.2 percent, its largest percentage advance in almost five months.
Investors have also bought many near-term bullish call options in several of the homebuilding companies, on speculation of the tax credit expansion, said William Lefkowitz, options strategist at vFinance Investments.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1551 ET 08Oct2009
S&P 500 revenue fallout needs more than cost cuts
The massive revenue fallout among S&P 500 companies cannot be met with aggressive cost cutting indefinitely, says Howard Silverblatt, senior index analyst at Standard & Poor's.
According to Silverblatt S&P 500 companies are estimated to see revenue fall by $1.52 trillion in the third quarter of this year compared to the same period last year.
That, he says, is almost as much as the $787 billion in stimulus spending and $829 billion in proposed health care costs combined.
'You can only cut so long - eventually you need to increase the top line in order to increase on the bottom line,' said Silverblatt.
Reuters Messaging: edward.krudy@reuters.com@reuters.net
1459 ET 08Oct2009
Fluor cuts 500 jobs after project cancellation
Fluor Corp has cut about 500 jobs, or 1.2 percent of its work force, after a client canceled an overseas project, a spokesman for the engineering and construction company said on Thursday.
The workers were employed at the company's Sugar Land, Texas, facility. No other details were provided.
The holding company has interests in areas as diverse as energy and the provision of services to the U.S. Federal Government.
The shares traded down 0.2 percent at $48.89 compared to a rise of 1 percent in the S&P 500. For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1459 ET 08Oct2009
Democrats want credit card reform effective sooner
Credit card issuers' recent actions prove that lawmakers should move up the effective date of new restrictions on card interest rates and fees, U.S. Representative Barney Frank said on Thursday.
Financial companies have taken advantage of a delayed implementation of credit card reforms by raising customers' rates, Frank said
Frank and fellow Democratic Representative Carolyn Maloney have introduced legislation that would push forward the implementation of the new credit card rules to Dec. 1, 2009, from Feb. 22, 2010.
The regulations were approved by Congress and signed into law earlier this year by President Barack Obama. The new rules will sharply restrict credit card issuers' powers to raise interest rates on existing card balances, charge some types of fees, and slap cardholders with unreasonable penalties.
For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
Stocks on the move
Real-time Equity news
U.S. stock market report
1634 ET 08Oct2009-S&P 500 stocks at 52
week highs continue to rise
Although the S&P 500 is off its intraday high of late September the number of stocks hitting 52-week highs is greater than it was back then, according to Bespoke Investment Group.
Traders looking for the onset of a new trend will usually want to see new highs rising when the market rises and falling when the market declines, said BIG.
'While part of the reason for the uptick in new highs stems from the fact that much of last Fall's collapse is more than a year behind us, more stocks are hitting new highs today than they were two weeks ago when the market was trading at higher levels,' the analysts wrote.
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1626 ET 08Oct2009
Calls heat up in ETF that bets against bonds
Call activity picked up in the ProShares UltraShort 20+ Year Treasury fund after a poorly received 30-year bond sale. The exchange-traded fund rises when long-term Treasury bonds fall. U.S. Treasury debt prices fell with the 30-year bond losing over a full point, after weak demand in an auction of the securities. The TBT, an ETF designed to move twice the inverse of the iShares Barclays Capital 20+ Year Treasury Bond Fund, rose 2.18 percent to $44.03. Its options volume was double the average daily turnover with about 55,000 calls and 12,000 calls traded, according to Trade Alert. The October $44, $45, $46 calls and the $45 call set for December expiration grabbed the most interest, as some investors placed bullish trades as a way to place bearish bets on Treasury bonds, said WhatsTrading.com option strategist Frederic Ruffy.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1620 ET 08Oct2009
Wall Street rises as Alcoa spurs earnings optimism
U.S. stocks rose on Thursday after a surprising quarterly profit from Dow component Alcoa Inc got third-quarter earnings off to a strong start.
The Dow Jones industrial average gained 61.29 points, or 0.63 percent, to close at 9,786.87. The Standard & Poor's 500 Index added 7.90 points, or 0.75 percent, to 1,065.48. The Nasdaq Composite Index rose 13.60 points, or 0.64 percent, to 2,123.93.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1610 ET 08Oct2009
Homebuilders rally as Congress discusses tax credit
Homebuilder shares rallied on Thursday as lawmakers discussed but made no decisions over a possible expansion of an $8,000 tax credit that currently covers first-time home buyers.
Shares of KB Home shot up 5.7 percent to $16.05 and Lennar Corp added 9.2 percent to $14.39. The Dow Jones home construction index jumped 6.2 percent, its largest percentage advance in almost five months.
Investors have also bought many near-term bullish call options in several of the homebuilding companies, on speculation of the tax credit expansion, said William Lefkowitz, options strategist at vFinance Investments.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1551 ET 08Oct2009
S&P 500 revenue fallout needs more than cost cuts
The massive revenue fallout among S&P 500 companies cannot be met with aggressive cost cutting indefinitely, says Howard Silverblatt, senior index analyst at Standard & Poor's.
According to Silverblatt S&P 500 companies are estimated to see revenue fall by $1.52 trillion in the third quarter of this year compared to the same period last year.
That, he says, is almost as much as the $787 billion in stimulus spending and $829 billion in proposed health care costs combined.
'You can only cut so long - eventually you need to increase the top line in order to increase on the bottom line,' said Silverblatt.
Reuters Messaging: edward.krudy@reuters.com@reuters.net
1459 ET 08Oct2009
Fluor cuts 500 jobs after project cancellation
Fluor Corp has cut about 500 jobs, or 1.2 percent of its work force, after a client canceled an overseas project, a spokesman for the engineering and construction company said on Thursday.
The workers were employed at the company's Sugar Land, Texas, facility. No other details were provided.
The holding company has interests in areas as diverse as energy and the provision of services to the U.S. Federal Government.
The shares traded down 0.2 percent at $48.89 compared to a rise of 1 percent in the S&P 500. For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1459 ET 08Oct2009
Democrats want credit card reform effective sooner
Credit card issuers' recent actions prove that lawmakers should move up the effective date of new restrictions on card interest rates and fees, U.S. Representative Barney Frank said on Thursday.
Financial companies have taken advantage of a delayed implementation of credit card reforms by raising customers' rates, Frank said
Frank and fellow Democratic Representative Carolyn Maloney have introduced legislation that would push forward the implementation of the new credit card rules to Dec. 1, 2009, from Feb. 22, 2010.
The regulations were approved by Congress and signed into law earlier this year by President Barack Obama. The new rules will sharply restrict credit card issuers' powers to raise interest rates on existing card balances, charge some types of fees, and slap cardholders with unreasonable penalties.
For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Real-time Equity news
U.S. stock market report
1626 ET 08Oct2009
Calls heat up in ETF that bets against bonds
Call activity picked up in the ProShares UltraShort 20+ Year Treasury fund after a poorly received 30-year bond sale. The exchange-traded fund rises when long-term Treasury bonds fall. U.S. Treasury debt prices fell with the 30-year bond losing over a full point, after weak demand in an auction of the securities. The TBT, an ETF designed to move twice the inverse of the iShares Barclays Capital 20+ Year Treasury Bond Fund, rose 2.18 percent to $44.03. Its options volume was double the average daily turnover with about 55,000 calls and 12,000 calls traded, according to Trade Alert. The October $44, $45, $46 calls and the $45 call set for December expiration grabbed the most interest, as some investors placed bullish trades as a way to place bearish bets on Treasury bonds, said WhatsTrading.com option strategist Frederic Ruffy.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1620 ET 08Oct2009
Wall Street rises as Alcoa spurs earnings optimism
U.S. stocks rose on Thursday after a surprising quarterly profit from Dow component Alcoa Inc got third-quarter earnings off to a strong start.
The Dow Jones industrial average gained 61.29 points, or 0.63 percent, to close at 9,786.87. The Standard & Poor's 500 Index added 7.90 points, or 0.75 percent, to 1,065.48. The Nasdaq Composite Index rose 13.60 points, or 0.64 percent, to 2,123.93.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1610 ET 08Oct2009
Homebuilders rally as Congress discusses tax credit
Homebuilder shares rallied on Thursday as lawmakers discussed but made no decisions over a possible expansion of an $8,000 tax credit that currently covers first-time home buyers.
Shares of KB Home shot up 5.7 percent to $16.05 and Lennar Corp added 9.2 percent to $14.39. The Dow Jones home construction index jumped 6.2 percent, its largest percentage advance in almost five months.
Investors have also bought many near-term bullish call options in several of the homebuilding companies, on speculation of the tax credit expansion, said William Lefkowitz, options strategist at vFinance Investments.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1551 ET 08Oct2009
S&P 500 revenue fallout needs more than cost cuts
The massive revenue fallout among S&P 500 companies cannot be met with aggressive cost cutting indefinitely, says Howard Silverblatt, senior index analyst at Standard & Poor's.
According to Silverblatt S&P 500 companies are estimated to see revenue fall by $1.52 trillion in the third quarter of this year compared to the same period last year.
That, he says, is almost as much as the $787 billion in stimulus spending and $829 billion in proposed health care costs combined.
'You can only cut so long - eventually you need to increase the top line in order to increase on the bottom line,' said Silverblatt.
Reuters Messaging: edward.krudy@reuters.com@reuters.net
1459 ET 08Oct2009
Fluor cuts 500 jobs after project cancellation
Fluor Corp has cut about 500 jobs, or 1.2 percent of its work force, after a client canceled an overseas project, a spokesman for the engineering and construction company said on Thursday.
The workers were employed at the company's Sugar Land, Texas, facility. No other details were provided.
The holding company has interests in areas as diverse as energy and the provision of services to the U.S. Federal Government.
The shares traded down 0.2 percent at $48.89 compared to a rise of 1 percent in the S&P 500. For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1459 ET 08Oct2009
Democrats want credit card reform effective sooner
Credit card issuers' recent actions prove that lawmakers should move up the effective date of new restrictions on card interest rates and fees, U.S. Representative Barney Frank said on Thursday.
Financial companies have taken advantage of a delayed implementation of credit card reforms by raising customers' rates, Frank said
Frank and fellow Democratic Representative Carolyn Maloney have introduced legislation that would push forward the implementation of the new credit card rules to Dec. 1, 2009, from Feb. 22, 2010.
The regulations were approved by Congress and signed into law earlier this year by President Barack Obama. The new rules will sharply restrict credit card issuers' powers to raise interest rates on existing card balances, charge some types of fees, and slap cardholders with unreasonable penalties.
For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
Stocks on the move
Real-time Equity news
U.S. stock market report
1634 ET 08Oct2009-S&P 500 stocks at 52
week highs continue to rise
Although the S&P 500 is off its intraday high of late September the number of stocks hitting 52-week highs is greater than it was back then, according to Bespoke Investment Group.
Traders looking for the onset of a new trend will usually want to see new highs rising when the market rises and falling when the market declines, said BIG.
'While part of the reason for the uptick in new highs stems from the fact that much of last Fall's collapse is more than a year behind us, more stocks are hitting new highs today than they were two weeks ago when the market was trading at higher levels,' the analysts wrote.
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1626 ET 08Oct2009
Calls heat up in ETF that bets against bonds
Call activity picked up in the ProShares UltraShort 20+ Year Treasury fund after a poorly received 30-year bond sale. The exchange-traded fund rises when long-term Treasury bonds fall. U.S. Treasury debt prices fell with the 30-year bond losing over a full point, after weak demand in an auction of the securities. The TBT, an ETF designed to move twice the inverse of the iShares Barclays Capital 20+ Year Treasury Bond Fund, rose 2.18 percent to $44.03. Its options volume was double the average daily turnover with about 55,000 calls and 12,000 calls traded, according to Trade Alert. The October $44, $45, $46 calls and the $45 call set for December expiration grabbed the most interest, as some investors placed bullish trades as a way to place bearish bets on Treasury bonds, said WhatsTrading.com option strategist Frederic Ruffy.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1620 ET 08Oct2009
Wall Street rises as Alcoa spurs earnings optimism
U.S. stocks rose on Thursday after a surprising quarterly profit from Dow component Alcoa Inc got third-quarter earnings off to a strong start.
The Dow Jones industrial average gained 61.29 points, or 0.63 percent, to close at 9,786.87. The Standard & Poor's 500 Index added 7.90 points, or 0.75 percent, to 1,065.48. The Nasdaq Composite Index rose 13.60 points, or 0.64 percent, to 2,123.93.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1610 ET 08Oct2009
Homebuilders rally as Congress discusses tax credit
Homebuilder shares rallied on Thursday as lawmakers discussed but made no decisions over a possible expansion of an $8,000 tax credit that currently covers first-time home buyers.
Shares of KB Home shot up 5.7 percent to $16.05 and Lennar Corp added 9.2 percent to $14.39. The Dow Jones home construction index jumped 6.2 percent, its largest percentage advance in almost five months.
Investors have also bought many near-term bullish call options in several of the homebuilding companies, on speculation of the tax credit expansion, said William Lefkowitz, options strategist at vFinance Investments.
Reuters Messaging: rodrigo.campos.reuters.com@reuters.net
1551 ET 08Oct2009
S&P 500 revenue fallout needs more than cost cuts
The massive revenue fallout among S&P 500 companies cannot be met with aggressive cost cutting indefinitely, says Howard Silverblatt, senior index analyst at Standard & Poor's.
According to Silverblatt S&P 500 companies are estimated to see revenue fall by $1.52 trillion in the third quarter of this year compared to the same period last year.
That, he says, is almost as much as the $787 billion in stimulus spending and $829 billion in proposed health care costs combined.
'You can only cut so long - eventually you need to increase the top line in order to increase on the bottom line,' said Silverblatt.
Reuters Messaging: edward.krudy@reuters.com@reuters.net
1459 ET 08Oct2009
Fluor cuts 500 jobs after project cancellation
Fluor Corp has cut about 500 jobs, or 1.2 percent of its work force, after a client canceled an overseas project, a spokesman for the engineering and construction company said on Thursday.
The workers were employed at the company's Sugar Land, Texas, facility. No other details were provided.
The holding company has interests in areas as diverse as energy and the provision of services to the U.S. Federal Government.
The shares traded down 0.2 percent at $48.89 compared to a rise of 1 percent in the S&P 500. For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net
1459 ET 08Oct2009
Democrats want credit card reform effective sooner
Credit card issuers' recent actions prove that lawmakers should move up the effective date of new restrictions on card interest rates and fees, U.S. Representative Barney Frank said on Thursday.
Financial companies have taken advantage of a delayed implementation of credit card reforms by raising customers' rates, Frank said
Frank and fellow Democratic Representative Carolyn Maloney have introduced legislation that would push forward the implementation of the new credit card rules to Dec. 1, 2009, from Feb. 22, 2010.
The regulations were approved by Congress and signed into law earlier this year by President Barack Obama. The new rules will sharply restrict credit card issuers' powers to raise interest rates on existing card balances, charge some types of fees, and slap cardholders with unreasonable penalties.
For more, see
Reuters Messaging: Edward.Krudy.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.