Real-time equity news
U.S. stock market report
1726 ET 25June2010
US earnings, economic diaries for June 28
The only S&P 500 company scheduled to report quarterly results on Monday is Micron Tech.
Economic indicators on tap for Monday include May personal consumption and income data, PCE data and the Midwest manufacturing number for May.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1459 ET 25June2010-BP shares hit 14-year
low on cleanup concerns
U.S.-traded shares of BP Plc hit a 14-year-low after falling 6.1 percent to $26.99 on concerns of the soaring cleanup costs for its oil spill in the Gulf of Mexico.
An approaching low-pressure system over the western Caribbean Sea gathered strength and threatened to hamper BP's efforts to cap the well as the company approached a key stage to double its capacity for siphoning oil from the gushing deep-sea oil leak.
For details, see
Reuters Messaging: matt.lynley.reuters.com@reuters.net
1424 ET 25June2010
Heavy call buying activity seen on Noble Corp
Heavy call buying activity in offshore drilling contractor Noble Corp suggests some investors are expecting the stock to rally ahead of July expiration, said Caitlin Duffy, options strategist at Interactive Brokers Group. The stock was currently up 3.1 percent at $29.35. 'Investors are initiating bullish stances on the stock today although Noble was downgraded to 'underperform' from 'outperform' with a 12-month target share price of $32 at Credit Agricole Securities this morning, and yesterday was cut to 'equal-weight' from 'overweight' with a 12-month target price of $41.00 at Stephens & Co,' Duffy said. She said optimistic individuals picked up at least 10,100 calls at the July $30 strike for an average premium of 97 cents apiece in order to prepare for continued appreciation in the price of the underlying stock. Investors long the calls are positioned to make money if Noble's shares rally 7.15 percent over the current price to trade above the average break-even point at $30.97 by July expiration. The surge in demand for options on the offshore drilling contractor lifted the overall reading of options implied volatility 11.4 percent to 50.49 percent.
Reuters Messaging: angela.moon.reuters.com@reuters.net
1415 ET 25June2010
Banks, Oracle boost Wall Street
U.S. stocks rose in afternoon trade as a rally in bank shares and a focus on positive results from Oracle buoyed a market that struggled for direction after mixed economic data. Financial shares gained after lawmakers agreed on an overhaul of regulations in an all-night session, but the bill must still be approved by both chambers of Congress before it can be signed into law. For details, see.
JPMorgan Chase & Co, up 3 percent at $39.15, contributed the most to the Dow's advance. The KBW bank index jumped 3.1 percent.
The Dow Jones industrial average was down 139.59 points, or 1.36 percent, at 10,158.85. The Standard & Poor's 500 Index was down 17.50 points, or 1.60 percent, at 1,074.54. The Nasdaq Composite Index was down 34.56 points, or 1.53 percent, at 2,219.67.
Reuters Messaging: angela.moon.reuters.com@reuters.net
1116 ET 25June2010
Credit Suisse notes Russell trend
As investors brace for the final reconstitution by Russell Investment Group of its indexes at the close of trading on Friday, Credit Suisse has noted a trend from the new rule changes to the methodology for this year.
The firm said the Russell 1000, which is comprised of the largest 1,000 stocks in the Russell 3000, is seeing the majority of the action, with the inclusion of Berkshire Hathaway Inc and 23 other new stocks while the Russell 2000 has sees lower turnover than last year.
Credit Suisse said one-way turnover in the Russell 1000 is about 3.8 percent versus the 1.9 percent last year, with turnover in the the Russell 2000 about 9.5 percent, down from 12.4 percent last year.
Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.
U.S. stock market report
1726 ET 25June2010
US earnings, economic diaries for June 28
The only S&P 500 company scheduled to report quarterly results on Monday is Micron Tech.
Economic indicators on tap for Monday include May personal consumption and income data, PCE data and the Midwest manufacturing number for May.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1459 ET 25June2010-BP shares hit 14-year
low on cleanup concerns
U.S.-traded shares of BP Plc hit a 14-year-low after falling 6.1 percent to $26.99 on concerns of the soaring cleanup costs for its oil spill in the Gulf of Mexico.
An approaching low-pressure system over the western Caribbean Sea gathered strength and threatened to hamper BP's efforts to cap the well as the company approached a key stage to double its capacity for siphoning oil from the gushing deep-sea oil leak.
For details, see
Reuters Messaging: matt.lynley.reuters.com@reuters.net
1424 ET 25June2010
Heavy call buying activity seen on Noble Corp
Heavy call buying activity in offshore drilling contractor Noble Corp suggests some investors are expecting the stock to rally ahead of July expiration, said Caitlin Duffy, options strategist at Interactive Brokers Group. The stock was currently up 3.1 percent at $29.35. 'Investors are initiating bullish stances on the stock today although Noble was downgraded to 'underperform' from 'outperform' with a 12-month target share price of $32 at Credit Agricole Securities this morning, and yesterday was cut to 'equal-weight' from 'overweight' with a 12-month target price of $41.00 at Stephens & Co,' Duffy said. She said optimistic individuals picked up at least 10,100 calls at the July $30 strike for an average premium of 97 cents apiece in order to prepare for continued appreciation in the price of the underlying stock. Investors long the calls are positioned to make money if Noble's shares rally 7.15 percent over the current price to trade above the average break-even point at $30.97 by July expiration. The surge in demand for options on the offshore drilling contractor lifted the overall reading of options implied volatility 11.4 percent to 50.49 percent.
Reuters Messaging: angela.moon.reuters.com@reuters.net
1415 ET 25June2010
Banks, Oracle boost Wall Street
U.S. stocks rose in afternoon trade as a rally in bank shares and a focus on positive results from Oracle buoyed a market that struggled for direction after mixed economic data. Financial shares gained after lawmakers agreed on an overhaul of regulations in an all-night session, but the bill must still be approved by both chambers of Congress before it can be signed into law. For details, see.
JPMorgan Chase & Co, up 3 percent at $39.15, contributed the most to the Dow's advance. The KBW bank index jumped 3.1 percent.
The Dow Jones industrial average was down 139.59 points, or 1.36 percent, at 10,158.85. The Standard & Poor's 500 Index was down 17.50 points, or 1.60 percent, at 1,074.54. The Nasdaq Composite Index was down 34.56 points, or 1.53 percent, at 2,219.67.
Reuters Messaging: angela.moon.reuters.com@reuters.net
1116 ET 25June2010
Credit Suisse notes Russell trend
As investors brace for the final reconstitution by Russell Investment Group of its indexes at the close of trading on Friday, Credit Suisse has noted a trend from the new rule changes to the methodology for this year.
The firm said the Russell 1000, which is comprised of the largest 1,000 stocks in the Russell 3000, is seeing the majority of the action, with the inclusion of Berkshire Hathaway Inc and 23 other new stocks while the Russell 2000 has sees lower turnover than last year.
Credit Suisse said one-way turnover in the Russell 1000 is about 3.8 percent versus the 1.9 percent last year, with turnover in the the Russell 2000 about 9.5 percent, down from 12.4 percent last year.
Reuters Messaging: Charles.mikolajczak.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. 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.