LONDON (SHARECAST) - -NY Fed (Dudley) denies it has created a bubble in bond yields
-Bernanke says Fed not responsible for boosting rival currencies
-EU tightens sanctions on Iran
-S&P 500 bull case intact while over 1,400 points-Charles Stanley
-RBS technician sees potential for US equity weakness in 2013-Bbg
Dow Jones Industrial: 0.71%
Nasdaq Comp.: 0.46%
S&P 500: 0.66%
US markets are holding higher on the back of better than expected US retail sales figures out this afternoon.
That after last week’s losses and despite warnings from the likes of the Bank of Israel’s governor, Stanley Fisher, regarding the downside risks to global growth forecasts.
Citigroup rises after resultsBanking colossus Citigroup saw revenue from fixed income securities trading surge by just under two-thirds year-on-year in the third quarter, putting a positive sheen on the company's results.
American phone company Sprint Nextel shot up in pre-market trade in New York after Softbank confirmed that it will acquire a 70% share in the company for $20.1bn, but is now off its highs of the day.
The deal will be the largest acquisition ever made by a Japanese company.
According to a statement by Softbank, the operation will take place with a direct purchase of $8bn of Sprint’s treasury stock, while the remaining $12.1bn will be acquired via market transactions.
Softbank says both boards of directors have approved the deal and that they expect the transaction to close in mid-2013.
Wireless broadband firm Clearwire, in which Sprint owns a strategic stake, is rocketing higher in sympathy.
Advanced Micro Devices, a distant second to Intel in the US computer chip manufacturing market, is rumoured to be slashing around one-fifth of its workforce.
Blackrock and CarMax are rising on the back of positive comments on the companies’ share prices in the latest edition of Barron’s.
From a sector stand-point the best performance is now to be seen in the following industrial groups: Home construction (2.71%), Home improvement retailers (1.95%) and Pharmaceuticals (1.94%).
Retail sales data boosts GDP tracking estimates
US retail sales, excluding automobiles, rose 1.1% in September, comfortably beating the consensus expectation of a 0.6% rise. The previous month's reading has been revised down to a rise of 0.8% from a preliminary estimate of 1.0%.
The above data (and revisions) have pushed Barclays Research’s tracking estimate for growth in third quarter gross domestic product higher, by 0.2 percentage points, to 2%.
In other economic news, the Empire State Manufacturing Index for October remained in negative territory for the third month in a row, at -6.2, though this was an improvement from September's reading of -10.2.
Business inventories climbed by 0.6% month-on-month in August (Consensus: 0.5%).
Bonds and crude futures fall
10 year US Treasuries are now down by 5/32 dollars, with yields at the 1.68% mark.
Front month West Texas crude futures are now falling by 0.74% to the 91.17 dollar level on the NYMEX. S&P 500 - Risers
Alpha Natural Res (ANR) $8.39 +6.45%
Citigroup Inc. (C) $36.29 +4.43%
American Tower Corp (Reit) (AMT) $75.26 +4.28%
Bristol-Myers Squibb (BMY) $34.41 +3.99%
Eli Lilly and Company (LLY) $52.38 +3.83%
Crown Castle International (CCI) $67.02 +3.67%
PulteGroup Inc. (PHM) $16.18 +3.65%
Cablevision Systems Corp. (CVC) $17.49 +3.43%
Weyerhaeuser Co. (WY) $27.15 +3.39%
Abbott Laboratories (ABT) $71.60 +3.35%
S&P 500 - Fallers
Metropcs Communications Inc. (PCS) $11.40 -4.08%
Harris Corp. (HRS) $46.92 -3.93%
Hasbro Inc (HAS) $37.90 -3.56%
BMC Software Inc. (BMC) $41.57 -2.30%
CONSOL Energy Inc. (CNX) $34.51 -1.81%
Wells Fargo & Co. (WFC) $33.68 -1.66%
Apollo Group Inc. (APOL) $28.17 -1.64%
Capital One Financial Corp. (COF) $57.27 -1.61%
Range Resources Corp. (RRC) $70.66 -1.49%
Abercrombie & Fitch Co. (ANF) $32.50 -1.40%
Dow Jones I.A - Risers
Bank of America Corp. (BAC) $9.31 +2.08%
Merck & Co. Inc. (MRK) $46.47 +1.86%
JP Morgan Chase & Co. (JPM) $42.37 +1.80%
Home Depot Inc. (HD) $60.60 +1.75%
Intel Corp. (INTC) $21.81 +1.53%
Wal-Mart Stores Inc. (WMT) $76.95 +1.50%
Pfizer Inc. (PFE) $25.46 +1.34%
Microsoft Corp. (MSFT) $29.58 +1.30%
Johnson & Johnson (JNJ) $68.82 +1.25%
Travelers Company Inc. (TRV) $69.47 +1.09%
Dow Jones I.A - Fallers
AT&T Inc. (T) $35.27 -1.01%
Hewlett-Packard Co. (HPQ) $14.32 -0.59%
American Express Co. (AXP) $57.62 -0.47%
Coca-Cola Co. (KO) $38.19 -0.12%
Walt Disney Co. (DIS) $50.57 -0.04%
Caterpillar Inc. (CAT) $82.79 -0.03%
Nasdaq 100 - Risers
Virgin Media Inc. (VMED) $31.70 +3.24%
Texas Instruments Inc (TXN) $28.13 +3.12%
Sandisk Corp. (SNDK) $43.53 +2.96%
Intuitive Surgical Inc. (ISRG) $507.66 +2.64%
Fossil Inc. (FOSL) $84.45 +2.08%
Amgen Inc. (AMGN) $85.69 +2.01%
Comcast Corp. (CMCSA) $36.40 +1.75%
Monster Beverage Corp (MNST) $58.05 +1.70%
Autodesk Inc. (ADSK) $31.71 +1.63%
Baidu Inc. (BIDU) $113.01 +1.61%
Nasdaq 100 - Fallers
BMC Software Inc. (BMC) $41.57 -2.30%
Apollo Group Inc. (APOL) $28.17 -1.64%
Google Inc. (GOOG) $735.15 -1.29%
Mattel Inc. (MAT) $35.55 -1.28%
eBay Inc. (EBAY) $47.25 -1.25%
Citrix Systems Inc. (CTXS) $66.98 -1.06%
Bed Bath & Beyond Inc. (BBBY) $60.81 -1.04%
Vertex Pharmaceuticals Inc. (VRTX) $53.06 -0.87%
Yahoo! Inc. (YHOO) $15.74 -0.85%
Celgene Corp. (CELG) $77.94 -0.61%
AB
|
