Diamonds and Dogs
Friday, December 19th, 2008Friday, December 19th, 2008
In midmorning trading, the Dow Jones industrial average rose 175.86, or 2.04 percent, to 8,780.85. The Standard & Poor's 500 index rose 17.89, or 2.02 percent, to 903.17, while the Nasdaq composite index rose 37.08, or 2.39 percent, to 1,589.45.
Another life line to automakers! The billions to troubled U.S. auto industry give stocks a lift after prices rallied today. The carmakers have already gotten billions in government funding to be extended to $13.4 billion in loans, with another $4 billion likely available in February. This will help preserve many jobs and supports the continued operation. Auto-rescue, Auto-rescue, Auto-rescue&
These are the worst markets in years!
Weyerhaeuser Company (WY) one of the world's largest forest products companies who engages in growing, harvesting and selling timber, shares fell more than 5 percent.
WY shares were down $1.95 at $35.18 in morning trading on the New York Stock Exchange. They have fallen 48 percent so far this year and are expecting difficult conditions to be continued through 2009.
Thursday, December 18th, 2008
The world's #1 shoemaker has a shoe in! Nike Inc. (NKE), the famous athletic shoe and Apparel Company, shares rose $2.87, or 5.67 percent, to $53.51 this afternoon following a second-quarter earnings report that beat Wall Street expectations. The company said that its profit grew 9 percent in its fiscal 2nd quarter on strong overseas sales. Net income rose to $391 million, or 80 cents per share.
"Extremely disappointing, but not a surprise" says Alex Smith, CEO at Pier 1 Imports Inc (PIR). The decorative home furnishings retailer's stock had plummeted 6.59% to 40 cents per share, down from 43 cents per share at close yesterday. The company's third-quarter net loss for fiscal year 2009 this week as comparable-store sales fell 17.8%. Have to agree with Alex ~ Disappointing!!
Wednesday, December 17th, 2008
Restructuring alert for Macy's (M) to take effect January 5th! It's all about regaining investor confidence for the retail company. The news drove shares of Macy's to jump more than 18%, to $9.74, during afternoon trading after it announced changes to its credit agreement. Voila! Financial flexibility.
Apple (AAPL), the computer and consumer-electronics maker, founder Steve Jobs won't give the keynote speech at the annual trade show (MacWorld Expo). AAPL shares continued to be under pressure, slid nearly 7 percent at $89.16. "Byte" into that Apple&
Tuesday, December 16th, 2008
Financial markets remain quite strained and credit conditions tight.
Best Buy Co Inc (BBY) is among big movers. BBY, the largest specialty retailer of consumer electronics in North America, rose $3.44 to $27.22. Shares of BBY climbed more than 15% after profit fell 77% in the third quarter and said it plans to trim capital spending and staff. Better-than-expected!
Altria Group Inc (MO), the parent company of Philip Morris USA and largest U.S. Tobacco Company fell $4.47 to $14.53. MO's net income in the quarter decreased 67% to $867 million because of higher costs associated with its spin-off of its Phillip Morris International segment in March 2008. Here's what Jim Cramer had to say: "I don't understand this one. It was upgraded and the dividend yield is the highest it's been. It's so cheap. I urge people to buy it."
Monday, December 15th, 2008
Financial flexibility! MGM Mirage's properties will no longer include Treasure Island as it was sold to billionaire Phil Ruffin (Ruffin Acquisition LLC) for $775 million. MGM Mirage has owned the Treasure Island since May 2000. MGM Mirage shares rose 81 cents to close at $11.50. MGM Mirage will be able to finish and open its largest development on schedule, the $9.2 billion City Center Hotel & Casino Complex on the Las Vegas Strip.
Notable decliners in the U.S. stock market today.
Housing stocks were lower today after Fitch Ratings downgraded the ratings of several home builders including KB Home (KBH). KBH dropped 92 cents to close at $13.37. Housing activity will be even more challenging than previously anticipated throughout 2009.
Huntsman (HUN) shares lost about half their value today, plunging 49.06% to close at $2.98. The chemical firm settled its merger dispute with Apollo Management's Hexion Specialty Chemicals for payments of about $1 billion.