Thursday, September 17, 2009

Market update 09/17/09 - Free Stock Market Analysis

Here is the latest trading and free market analysis info on the markets and more...

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September 17, 2009 -- 16:30 ET
Moving the Market:
Oracle posts in-line earnings and issues in-line outlook, while FedEx reaffirms quarterly earnings and forecast. Housing starts for August meet expectations, while latest weekly jobless claims are lower than expected and continuing claims are higher than expected.

Sector Watch:
oil and gas refiners; consumer electronics; office services and suppliers; diversified financial services; aerospace and defense; footwear; steel; construction and farming machinery; leisure products

photo products; paper products; independent power producers; homebuilders; automakers; health care facilities; publishing and printing; industrial REITs

Market Events
09/17/09 16:30 ET Dow -4.79 at 9783.92, Nasdaq -6.40 at 2126.75, S&P -3.27 at 1065.49:
[BRIEFING.COM] Participants sold the news of a better-than-expected batch of economic reports and handed stocks their first loss in four sessions. Losses were rather contained, though, as stocks are still up more than 2% week-to-date.

Despite stumbling a bit in the moments following the opening bell, stocks looked as if they were going to extend their recent gains. That is until a the Philadelphia Fed Index for September showed that it hit a two-year high of 14.1, which was better than expected. Rather than provide fodder for further buying, the data prompted selling pressure as participants looked to lock in profits after they had watched stocks advance in eight of the previous nine sessions.

The better-than-expected Philly Fed Index complemented several other upbeat economic reports, including housing starts and building permits data for August. Housing starts hit an annualized rate of 598,000, which was spot on with the consensus forecast. More impressive was that the August sales rate marked the best sales pace since November 2008. Building permits came in at an annualized rate of 579,000, which is just below the rate of 583,000 that was widely expected, but it still marked the best pace this year.

In other economic news, initial jobless claims for the week ending September 12 totaled 545,000. Though that marks an uncomfortable level of claims, it wasn't as bad as the 557,000 initial claims that were expected. It also marked a drop of 12,000 from the previous week. Meanwhile, continuing claims climbed to 6.23 million from 6.10 million, even in the face of expiring jobless benefits. According a Reuters report, Nobel Prize-winning economist Paul Krugman said that unemployment in the U.S. will peak in early 2011 because of a slow and painful recovery from the global economic crisis.

With most participants partial to selling, the stock market wasn't able to sustain a couple of bounces in the first half of the session. In turn, stocks spent the second half of the session chopping along in negative territory.

There wasn't a single major sector that was able to post a gain. Telecom fell 1.3% to log the weakest performance for the second straight session. Health care finished flat; it was the best performing sector.

Tech giant Oracle (ORCL 21.52, -0.61) was among the most active names by trading volume this session. The company posted in-line earnings results and issued an in-line earnings forecast last evening. However, shareholders were displeased with the company's top line since it suggested that demand remains relatively weak.

Global delivery outfit FedEx (FDX 76.46, -1.74) was also out with its latest earnings results, but the numbers didn't cause any surprise since the company had already made an announcement last week.

Overall trading volume came on the NYSE came in near 1.5 billion shares for the third straight session. The high volume comes ahead of tomorrow's quadruple witching and quarterly S&P rebalance. Those events could induce added volatility.

Nasdaq -6.40 at 2126.75... S&P Midcap 400 -0.6... NYSE Adv/Dec 1338/1704... Nasdaq Adv/Dec 1324/1366.

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Weekly & Daily Stock Earnings Calendar:

Best Buy BBY 9/15 8am

Adobe Systems ADBE 9/15 4pm

Pier 1 Imports PIR 9/17 8am
FedEx FDX 9/17 8am

Palm PALM 9/17 4pm

AutoZone AZO 9/23 8am
Bed Bath & Beyond BBBY 9/23 8am

Red Hat RHT 9/23 4pm

Rite Aid RAD 9/24 8am
Research in Motion RIMM 9/24 8am


Reuters News:

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