Daily Market Commentary for May 14, 2008 from Millennium-Traders.Com
Todays top stock pick for the trading session was Deere & Company (NYSE: DE) with a posted loss on the trading day of just shy of 9 points. Even though second quarter profits rose by 22 percent, Deere warned that rising cost of raw materials may cut into their earnings in coming periods. (read more)
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) gain of 65.14 points on the day to end the session at 12,897.32
NYSE (New York Stock Exchange) gain of 26.99 points to end the session at 9,437.45
NASDAQ gain of 1.58 points for a close at 2,496.70
S&P 500 gain of 5.41 points for a close at 1,408.45
FTSE All-World ex-U.S. gain of 0.99 points to close at 254.05
FTSE RAFI 1000 gain of 34.79 points to close at 5,676.68
BEL 20 gain of 4.26 points to close at 3,831.66
CAC 40 gain of 56.57 points to close at 5,055.24
FTSE100 gain of 4.1 points to close at 6,216.0
NIKKEI 225 triple digit gain of 164.90 points to close at 14,118.6
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,826; declined stocks 1,281; unchanged stocks 139; stocks hitting new highs 129; stocks hitting new lows 25. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: CME Group, Incorporated (NYSE: CME) gained 17.35 points on the trading day, high on the trading day $475.00, low on the trading day $457.01, for a closing price at $475.00; Mosaic Company (NYSE: MOS) shed 0.06 points on the trading day, high on the trading day $130.12, low on the trading day $124.11, for a closing price at $125.16; Macy's, Incorporated (NYSE: M) gained 0.87 points on the trading day, high on the trading day $26.10, low on the trading day $24.06, for a closing price at $24.93; Deere & Company (NYSE: DE) shed 8.94 points on the trading day, high on the trading day $85.50, low on the trading day $80.75, for a closing price at $81.25; ReneSola Limited (NYSE: SOL) gained 0.63 points on the trading day, high on the trading day $24.50, low on the trading day $21.77, for a closing price at $22.30; China Architectural Engineering, Incorporated (NYSE: RCH) gained 2.32 points on the trading day, high on the trading day $9.06, low on the trading day $7.10, for a closing price at $8.26; Jack in the Box Incorporated (NYSE: JBX) shed 2.90 points on the trading day, high on the trading day $26.46, low on the trading day $24.31, for a closing price at $24.87; US Shipping Partners Limited Partnership (NYSE: USS) shed 0.73 points on the trading day, high on the trading day $8.24, low on the trading day $7.01, for a closing price at $7.02; Visa Incorporated (NYSE: V) shed 0.15 points on the trading day, high on the trading day $84.35, low on the trading day $81.45, for a closing price at $82.23; Cash America International, Incorporated (NYSE: CSH) shed 2.65 points on the trading day, high on the trading day $40.43, low on the trading day $36.53, for a closing price at $36.80; Bunge Limited (NYSE: BG) shed 1.34 points on the trading day, high on the trading day $119.43, low on the trading day $113.75, for a closing price at $115.39; Transocean, Incorporated (NYSE: RIG) shed 01.83 points on the trading day, high on the trading day $152.44, low on the trading day $146.79, for a closing price at $147.20; CF Industries Holdings, Incorporated (NYSE: CF) shed 0.77 points on the trading day, high on the trading day $141.67, low on the trading day $135.62, for a closing price at $136.27; Fluor Corporation (NYSE: FLR) shed 5.56 points on the trading day, high on the trading day $192.00, low on the trading day $184.50, for a closing price at $185.47; Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) gained 1.23 points on the trading day, high on the trading day $203.74, low on the trading day $195.68, for a closing price at $198.80; Monsanto Company (NYSE: MON) gained 2.24 points on the trading day, high on the trading day $125.00, low on the trading day $119.68, for a closing price at $122.63.
News on the NASDAQ today: advanced stocks 1,478; declined stocks 1,426; unchanged stocks 152; stocks hitting new highs 61; stocks hitting new lows 73. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Whole Foods Market Incorporated (NasdaqGS: WFMI) shed 4.68 points on the trading day, high on the trading day $30.21, low on the trading day $28.85, for a closing price at $28.96; Insulet Corporation (NasdaqGS: PODD) shed 1.82 points on the trading day, high on the trading day $19.70, low on the trading day $17.13, for a closing price at $18.00; American Science & Engineering Incorporated (NasdaqGS: ASEI) shed 0.61 points on the trading day, high on the trading day $49.43, low on the trading day $42.10, for a closing price at $48.45; DryShips, Incorporated (NasdaqGS: DRYS) gained 0.84 points on the trading day, high on the trading day $103.63, low on the trading day $98.74, for a closing price at $99.04; First Solar, Incorporated (NasdaqGS: FSLR) gained 3.96 points on the trading day, high on the trading day $317.00, low on the trading day $303.70, for a closing price at $307.94; Apple Incorporated (NasdaqGS: AAPL) shed 3.70 points on the trading day, high on the trading day $192.24, low on the trading day $185.57, for a closing price at $186.26; Baidu.com, Incorporated (NasdaqGS: BIDU) shed 7.23 points on the trading day, high on the trading day $374.95, low on the trading day $360.00, for a closing price at $361.17; Canadian Solar Incorporated (NasdaqGS: CSIQ) gained 3.22 points on the trading day, high on the trading day $45.99, low on the trading day $40.44, for a closing price at $44.00; Google Incorporated (NasdaqGS: GOOG) shed 6.70 points on the trading day, high on the trading day $591.19, low on the trading day $575.25, for a closing price at $576.30.
News on the American Stock Exchange (AMEX) today: advanced stocks 708; declined stocks 471; unchanged stocks 100; stocks hitting new highs 44; stocks hitting new lows 28.
Department Of Energy: U.S. Crude Oil Stockpiles increased by 0.2 Million Barrels to 325.8 Million Barrels; Gasoline Stockpiles decreased by 1.7 Million Barrels to 210.2 Million Barrels; U.S. Distillate Stockpiles increased by 1.4 Million Barrels to 107.1 Million Barrels; U.S. Refineries ran at capacity of 86.6% versus capacity of 85.0% a week ago; U.S. Crude Oil Stockpiles increased by 200,000 Barrels in the week compared to expectations of an increase by 1.8 Million; U.S. Gasoline Stockpiles decreased by 1.7 Million Barrels in the week compared to expectations of a decrease by 100,000; U.S. Distillate Stockpiles increased by 1.4 Million Barrels in the week compared to expectations of an increase by 600,000; U.S. Refineries ran at capacity of 86.6% compared to expectations of an increase by 0.7 percent at 85.7%.
Mortgage Applications rose a seasonally adjusted 2.9% last week according to the Mortgage Brokers Association apparently spurred by increased interest from homeowners seeking out refinancings. MBA survey covers about half of all U.S. retail residential mortgage applications. MBA announced applications for the week ended May 9 were down 1.1% compared with the same week in 2007 on an unadjusted basis. Applications filed for mortgages to purchase homes dipped a seasonally adjusted 0.7% on a week-to-week basis, while refinancing applications rose 6.5%. The four-week moving average for all mortgages as tracked by MBA was down a seasonally adjusted 2.7%. Refinancing applications made up 48.7% of all applications last week, up from 47.1% the previous week. Adjustable-rate mortgages accounted for 8.3% of filings, up from 6.8%. Average interest rates for 30 year and 15 year fixed-rate mortgages last week were 5.82% and 5.38% respectively, down from the previous week's 5.91% and 5.49%. Rates on one-year ARMs averaged 6.6%, down from 6.77%.
U.S. April Consumer Prices rose 0.2% compared to consensus of an increase by 0.2%; U.S. April CPI Excluding-Food and Energy rose 0.1% compared to consensus of an increase by 0.2%; U.S. April CPI Unrounded rose 0.207%; U.S. April CPI Core rose 0.104%; U.S. April CPI Energy Prices Unchanged; U.S. April CPI Food Prices rose 0.9%; U.S. Real Average Weekly Earnings fell 0.5% in April; U.S. Food Price rise was highest since 1990.
Federal Reserve Member Randall S. Kroszner: Basel II to make Banking Industry more resilient and urges 'thoughtful' adoption of Basel II rules.
Former Federal Reserve Chief Paul Volcker: Pressures in markets 'not unique'; no 'quick and facile answers' to current crisis; markets have become complex, opaque; Invest Banks should be regulated like Commercial Banks; Fed response may be expected if future market stress; Fed has extended 'safety net' to some institutions; U.S. Dollar depreciation can't 'get out of hand'; some Dollar depreciation was needed; sees some resemblance to early '70s, not late '70s; may be more inflation than CPI Data are saying.
Commodities Markets
Energy Sector: Light Crude (NYM) shed $1.58 on the day to close at $124.22 a barrel ($US per bbl.); Heating Oil (NYM) shed $0.08 on the day to close at $3.62 a gallon ($US per gal.); Natural Gas (NYM) gained $0.18 on the day to close at $11.60 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) shed $0.02 on the day to close at $3.18 a gallon ($US per gal.).
Metals Markets: Gold (CMX) shed $3.10 to close at $866.50 ($US per Troy oz.); Silver (CMX) shed $0.22 to close at $16.61 ($US per Troy oz.); Platinum (NYM) shed $34.30 to close at $2,039.10 ($US per Troy oz.) and Copper (CMX) shed $0.05 to close at $3.68 ($US per lb.).
Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) gained 0.70 to close at 77.45; Pork Bellies (CME) gained 1.13 to close at 81.55; Live Cattle (CME) gained 0.25 to close at 100.23; Feeder Cattle (CME) gained 0.10 to close at 112.75.
Other Commodities (cents per bu.): Corn (CBT) shed 11.00 to close the session at 596.25 and Soybeans (CBT) closed the session at 1,379.50.
Bonds were higher across the board today: 2 year bond shed 2/32 to close at 99 8/32 with a Yield of 2.51, Yield Change +0.04; 5 year bond shed 4/32 to close at 99 21/32 with a Yield of 3.19, Yield Change +0.02; 10 year bond gained 6/32 to close at 99 26/32 with a Yield of 3.91, Yield Change -0.01; the 30 year bond gained 15/32 to close at 96 5/32 on the day with a Yield of 4.61, Yield Change -0.03.
The e-mini Dow $5 ended the commodity session today at 12,877 with a gain of 51 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 Market Report from Millennium-Traders, free access to visitors on our website.
Subscribe to our free Weekly MarketNews for a review of the past weeks trading action plus, view upcoming economic data for the week ahead.
Review archives of the News & Commentary plus, our FREE Monthly Trading Lesson posted on our website.
Thanks for reading
Millennium-Traders.Com
Todays top stock pick for the trading session was Deere & Company (NYSE: DE) with a posted loss on the trading day of just shy of 9 points. Even though second quarter profits rose by 22 percent, Deere warned that rising cost of raw materials may cut into their earnings in coming periods. (read more)
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) gain of 65.14 points on the day to end the session at 12,897.32
NYSE (New York Stock Exchange) gain of 26.99 points to end the session at 9,437.45
NASDAQ gain of 1.58 points for a close at 2,496.70
S&P 500 gain of 5.41 points for a close at 1,408.45
FTSE All-World ex-U.S. gain of 0.99 points to close at 254.05
FTSE RAFI 1000 gain of 34.79 points to close at 5,676.68
BEL 20 gain of 4.26 points to close at 3,831.66
CAC 40 gain of 56.57 points to close at 5,055.24
FTSE100 gain of 4.1 points to close at 6,216.0
NIKKEI 225 triple digit gain of 164.90 points to close at 14,118.6
News on the New York Stock Exchange (NYSE) today: advanced stocks 1,826; declined stocks 1,281; unchanged stocks 139; stocks hitting new highs 129; stocks hitting new lows 25. Daily Trading Range and end of day trading results for volatile stocks on the NYSE traded by active Day Traders today: CME Group, Incorporated (NYSE: CME) gained 17.35 points on the trading day, high on the trading day $475.00, low on the trading day $457.01, for a closing price at $475.00; Mosaic Company (NYSE: MOS) shed 0.06 points on the trading day, high on the trading day $130.12, low on the trading day $124.11, for a closing price at $125.16; Macy's, Incorporated (NYSE: M) gained 0.87 points on the trading day, high on the trading day $26.10, low on the trading day $24.06, for a closing price at $24.93; Deere & Company (NYSE: DE) shed 8.94 points on the trading day, high on the trading day $85.50, low on the trading day $80.75, for a closing price at $81.25; ReneSola Limited (NYSE: SOL) gained 0.63 points on the trading day, high on the trading day $24.50, low on the trading day $21.77, for a closing price at $22.30; China Architectural Engineering, Incorporated (NYSE: RCH) gained 2.32 points on the trading day, high on the trading day $9.06, low on the trading day $7.10, for a closing price at $8.26; Jack in the Box Incorporated (NYSE: JBX) shed 2.90 points on the trading day, high on the trading day $26.46, low on the trading day $24.31, for a closing price at $24.87; US Shipping Partners Limited Partnership (NYSE: USS) shed 0.73 points on the trading day, high on the trading day $8.24, low on the trading day $7.01, for a closing price at $7.02; Visa Incorporated (NYSE: V) shed 0.15 points on the trading day, high on the trading day $84.35, low on the trading day $81.45, for a closing price at $82.23; Cash America International, Incorporated (NYSE: CSH) shed 2.65 points on the trading day, high on the trading day $40.43, low on the trading day $36.53, for a closing price at $36.80; Bunge Limited (NYSE: BG) shed 1.34 points on the trading day, high on the trading day $119.43, low on the trading day $113.75, for a closing price at $115.39; Transocean, Incorporated (NYSE: RIG) shed 01.83 points on the trading day, high on the trading day $152.44, low on the trading day $146.79, for a closing price at $147.20; CF Industries Holdings, Incorporated (NYSE: CF) shed 0.77 points on the trading day, high on the trading day $141.67, low on the trading day $135.62, for a closing price at $136.27; Fluor Corporation (NYSE: FLR) shed 5.56 points on the trading day, high on the trading day $192.00, low on the trading day $184.50, for a closing price at $185.47; Potash Corporation of Saskatchewan, Incorporated (NYSE: POT) gained 1.23 points on the trading day, high on the trading day $203.74, low on the trading day $195.68, for a closing price at $198.80; Monsanto Company (NYSE: MON) gained 2.24 points on the trading day, high on the trading day $125.00, low on the trading day $119.68, for a closing price at $122.63.
News on the NASDAQ today: advanced stocks 1,478; declined stocks 1,426; unchanged stocks 152; stocks hitting new highs 61; stocks hitting new lows 73. Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: Whole Foods Market Incorporated (NasdaqGS: WFMI) shed 4.68 points on the trading day, high on the trading day $30.21, low on the trading day $28.85, for a closing price at $28.96; Insulet Corporation (NasdaqGS: PODD) shed 1.82 points on the trading day, high on the trading day $19.70, low on the trading day $17.13, for a closing price at $18.00; American Science & Engineering Incorporated (NasdaqGS: ASEI) shed 0.61 points on the trading day, high on the trading day $49.43, low on the trading day $42.10, for a closing price at $48.45; DryShips, Incorporated (NasdaqGS: DRYS) gained 0.84 points on the trading day, high on the trading day $103.63, low on the trading day $98.74, for a closing price at $99.04; First Solar, Incorporated (NasdaqGS: FSLR) gained 3.96 points on the trading day, high on the trading day $317.00, low on the trading day $303.70, for a closing price at $307.94; Apple Incorporated (NasdaqGS: AAPL) shed 3.70 points on the trading day, high on the trading day $192.24, low on the trading day $185.57, for a closing price at $186.26; Baidu.com, Incorporated (NasdaqGS: BIDU) shed 7.23 points on the trading day, high on the trading day $374.95, low on the trading day $360.00, for a closing price at $361.17; Canadian Solar Incorporated (NasdaqGS: CSIQ) gained 3.22 points on the trading day, high on the trading day $45.99, low on the trading day $40.44, for a closing price at $44.00; Google Incorporated (NasdaqGS: GOOG) shed 6.70 points on the trading day, high on the trading day $591.19, low on the trading day $575.25, for a closing price at $576.30.
News on the American Stock Exchange (AMEX) today: advanced stocks 708; declined stocks 471; unchanged stocks 100; stocks hitting new highs 44; stocks hitting new lows 28.
Department Of Energy: U.S. Crude Oil Stockpiles increased by 0.2 Million Barrels to 325.8 Million Barrels; Gasoline Stockpiles decreased by 1.7 Million Barrels to 210.2 Million Barrels; U.S. Distillate Stockpiles increased by 1.4 Million Barrels to 107.1 Million Barrels; U.S. Refineries ran at capacity of 86.6% versus capacity of 85.0% a week ago; U.S. Crude Oil Stockpiles increased by 200,000 Barrels in the week compared to expectations of an increase by 1.8 Million; U.S. Gasoline Stockpiles decreased by 1.7 Million Barrels in the week compared to expectations of a decrease by 100,000; U.S. Distillate Stockpiles increased by 1.4 Million Barrels in the week compared to expectations of an increase by 600,000; U.S. Refineries ran at capacity of 86.6% compared to expectations of an increase by 0.7 percent at 85.7%.
Mortgage Applications rose a seasonally adjusted 2.9% last week according to the Mortgage Brokers Association apparently spurred by increased interest from homeowners seeking out refinancings. MBA survey covers about half of all U.S. retail residential mortgage applications. MBA announced applications for the week ended May 9 were down 1.1% compared with the same week in 2007 on an unadjusted basis. Applications filed for mortgages to purchase homes dipped a seasonally adjusted 0.7% on a week-to-week basis, while refinancing applications rose 6.5%. The four-week moving average for all mortgages as tracked by MBA was down a seasonally adjusted 2.7%. Refinancing applications made up 48.7% of all applications last week, up from 47.1% the previous week. Adjustable-rate mortgages accounted for 8.3% of filings, up from 6.8%. Average interest rates for 30 year and 15 year fixed-rate mortgages last week were 5.82% and 5.38% respectively, down from the previous week's 5.91% and 5.49%. Rates on one-year ARMs averaged 6.6%, down from 6.77%.
U.S. April Consumer Prices rose 0.2% compared to consensus of an increase by 0.2%; U.S. April CPI Excluding-Food and Energy rose 0.1% compared to consensus of an increase by 0.2%; U.S. April CPI Unrounded rose 0.207%; U.S. April CPI Core rose 0.104%; U.S. April CPI Energy Prices Unchanged; U.S. April CPI Food Prices rose 0.9%; U.S. Real Average Weekly Earnings fell 0.5% in April; U.S. Food Price rise was highest since 1990.
Federal Reserve Member Randall S. Kroszner: Basel II to make Banking Industry more resilient and urges 'thoughtful' adoption of Basel II rules.
Former Federal Reserve Chief Paul Volcker: Pressures in markets 'not unique'; no 'quick and facile answers' to current crisis; markets have become complex, opaque; Invest Banks should be regulated like Commercial Banks; Fed response may be expected if future market stress; Fed has extended 'safety net' to some institutions; U.S. Dollar depreciation can't 'get out of hand'; some Dollar depreciation was needed; sees some resemblance to early '70s, not late '70s; may be more inflation than CPI Data are saying.
Commodities Markets
Energy Sector: Light Crude (NYM) shed $1.58 on the day to close at $124.22 a barrel ($US per bbl.); Heating Oil (NYM) shed $0.08 on the day to close at $3.62 a gallon ($US per gal.); Natural Gas (NYM) gained $0.18 on the day to close at $11.60 per million BTU ($US per mmbtu.); Unleaded Gas (NYM) shed $0.02 on the day to close at $3.18 a gallon ($US per gal.).
Metals Markets: Gold (CMX) shed $3.10 to close at $866.50 ($US per Troy oz.); Silver (CMX) shed $0.22 to close at $16.61 ($US per Troy oz.); Platinum (NYM) shed $34.30 to close at $2,039.10 ($US per Troy oz.) and Copper (CMX) shed $0.05 to close at $3.68 ($US per lb.).
Livestock and Meat Markets (cents per lb.): Lean Hogs (CME) gained 0.70 to close at 77.45; Pork Bellies (CME) gained 1.13 to close at 81.55; Live Cattle (CME) gained 0.25 to close at 100.23; Feeder Cattle (CME) gained 0.10 to close at 112.75.
Other Commodities (cents per bu.): Corn (CBT) shed 11.00 to close the session at 596.25 and Soybeans (CBT) closed the session at 1,379.50.
Bonds were higher across the board today: 2 year bond shed 2/32 to close at 99 8/32 with a Yield of 2.51, Yield Change +0.04; 5 year bond shed 4/32 to close at 99 21/32 with a Yield of 3.19, Yield Change +0.02; 10 year bond gained 6/32 to close at 99 26/32 with a Yield of 3.91, Yield Change -0.01; the 30 year bond gained 15/32 to close at 96 5/32 on the day with a Yield of 4.61, Yield Change -0.03.
The e-mini Dow $5 ended the commodity session today at 12,877 with a gain of 51 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 Market Report from Millennium-Traders, free access to visitors on our website.
Subscribe to our free Weekly MarketNews for a review of the past weeks trading action plus, view upcoming economic data for the week ahead.
Review archives of the News & Commentary plus, our FREE Monthly Trading Lesson posted on our website.
Thanks for reading
Millennium-Traders.Com
