The life of the iconic late Nirvana frontman Kurt Cobain is to be made into a new Hollywood film. The screenwriter David Benioff is to adapt Charles Cross’ biography, Heavier Than Heaven, which is partly based on Cobain’s unpublished diaries as well as interviews with friends and family members. The story remains under wraps and it is unclear whether original music rights have been secured. Cobain died from a self-inflicted gunshot wound in 1994, leaving behind his wife Courtney Love...
Indexes Turn Mixed In Midday Trade
April 12, 2008 on 9:55 pm | In Finance |
Stocks turned mixed in midday trading Friday as rebound efforts faded. Only the NYSE composite stayed in the green.
At 12:45 p.m. EST, the Dow lost 0.2% and the Nasdaq 0.1%. The S&P 500 was fractionally lower. Meanwhile, the NYSE composite rose 0.1%. But it had been up as much as 0.8%.
Volume was mixed with NYSE tracking high and Nasdaq lower.
FLIR Systems () regained its 50-day moving average, rising 2.93, or 10%, to 33.49 in brisk trading. The stock is working on a double-bottom pattern with a buy point at 35.68. FLIR makes thermal imaging products for the commercial, industrial and government markets. Analysts see profit growing 24% in 2008.
Fertilizer makers continued to sprout gains. Terra Nitrogen () rose 3.02 to a new high of 146.03. The stock is now 4% past a 139.85 buy point of a high handle.
Potash Corp. of Saskatchewan () was off its best levels. But it still added 0.76 to 146.05.
On the downside, Focus Media Holding () pierced its 50-day moving average, falling 1.65 to 56.23. The Chinese advertising firm is wrapping up the eighth week of a new base, but there is distribution in the structure.
Stericycle () lost 0.96 to 59.70 in fast trade. The provider of medical waste services reports Q4 profit on Feb. 6. Analysts see earnings rising 6% to 37 cents a share. That is down from growth of 23% to 29% in the past four quarters.
11:15 a.m. Update: Indexes Rise On Mixed Economic Data And Volume
By ALAN R. ELLIOTT
Stocks found their feet after an early slip as merger news and a positive report on Midwest manufacturing appeared to outweigh weak housing data and geopolitical worries.
The Nasdaq composite was up 0.3%, and the NYSE composite had gained 0.4% at 10:56 a.m. EST. Small caps saw heavy trading, with the S&P 600 showing a 0.8% gain. The S&P 500 posted a 0.2% advance, while the Dow rose less than 0.1%. Volume was higher on the NYSE, lower on the Nasdaq.
Fears raised by Pakistan’s catastrophe sent overseas markets generally lower. China’s Shanghai and Hang Seng indexes registered mild losses. Tokyo’s Nikkei 225 suffered a 1.7% loss. London’s FTSE 100 stumbled 0.7% on light trading late.
A surprise jump in December’s Chicago Purchasing Managers Index showed increasing new orders, rising backlogs and falling costs among the region’s businesses. The index rose 3.7 points to 56.6, up from 49.7 in October. That was its best showing in six months.
The number of new homes sold in November dropped to 647,000. The 9% decline is well-below forecasts for 700,000 units sold, with especially poor results in the weather-beaten Midwest. The industry has performed at 12-year lows each month since September.
Oil futures eased from earlier highs, but remained up 87 cents at 97.49 - 2% off their November 21 high. Concerns fed by Pakistan, Turkey and Iraq, declining U.S. inventories and harsh winter weather are all contributing to crude’s price gains.
Leading stocks avoided most of the serious downside selling, with advancers leading decliners by about 3-to-2 on both exchanges.
Dry-bulk fleet operator DryShips () spiked up 6.36 to 83.95 on strong volume. The stock has been deep below its 10-week moving average for seven weeks, but has held above 40-week support. It is 36% below its October high.
Hollywood, Fla.- based Heico () jumped 2.22 to 55.41 on solid volume. The stock is just above a 54.62 buy point after a Dec. 24 breakout from an eight-week base.
India-based lender HDFC Bank () rose 3.89 to 131.27 on solid volume. The stock is testing support at its 50-day moving average after posting low-volume highs earlier this month.
10:15 a.m. Update: Stocks Bounce Back In Early Trading
By Alan R. Elliott and Vincent Mao
The major stock indexes opened higher Friday, recouping some of the prior session’s losses.
At 9:55 a.m. EST, the NYSE composite and S&P 500 gained 0.7% each. The Dow and Nasdaq rose 0.6% apiece.
Apple () climbed back above the 200 mark, with shares rising 2.18 to 200.75. That puts the iPod maker 2% past a 196.93 buy point of a high handle. Meanwhile, Amazon.com () rose 1.02 to 95.27 in fast trade.
Both stocks rallied on news that Wal-Mart () would shut down its movie download service after less than a year in operation. Apple offers movie downloads through its iTunes store, while Amazon has its Unbox download service. Wal-Mart gained 0.63 to 48.40.
Solar stocks got an early jump, with Trina Solar () rising 2.17 to 54.49. That move took back most of the prior day’s losses and lifted the stock further off its 50-day moving average line.
Solarfun Power Holdings () turned a 1.79 gain to 35.52. That put that stock near its recent highs and 130% above the 15.38 buy point after a November breakout from a nine-week base.
Oil rose for a third straight session, with NYMEX crude futures for February adding 96 cents to $97.58 a barrel. Political upheaval in Pakistan, Turkey and Iraq, declines in U.S. stockpiles and harsh winter weather have all contributed to the gains.
Oilfield services heavyweight Schlumberger () rolled up a 2.04 gain to 99.39. The stock has retaken its 10-week moving average line and is building the right side of what could be a new base.
9:15 a.m. Update: Stocks Headed For Upbeat Open
By Vincent Mao
Stock futures pointed to a sharply higher open Friday, as the market looks to bounce back from the prior session’s sell-off. Nasdaq futures climbed 15 points vs. fair value, S&P 500 futures rose 11 points and Dow futures rallied 84 points.
Citigroup () climbed 1% in the premarket. According to a published report, Citi and other top banks might sell business units in order raise cash. U.K.-based HSBC Holdings () was also named in the report.
Warren Buffett’s Berkshire Hathaway () agreed to buy the reinsurance unit of Dutch financial services firm ING Group () for about $441 million. On Tuesday, Berkshire said it would buy a 60% stake in Marmon Holdings for $4.5 billion.
Genesco () surged 15% in pre-market trading. On Thursday, a judged ruled that Genesco executives did not commit fraud during negotiations and that The Finish Line (), a sports footwear and apparel retailer, must complete its $1.5 billion acquisition. The Finish Line tumbled 15% in the preopen.
Cal Maine Foods () jumped 11% in pre-open trading. The egg producer reported fiscal Q2 earnings of $1.70 a share, up from 27 cents a year ago. Sales surged nearly 63%, thanks to record egg prices and strong international demand.
The Chicago purchasers’ index for December will be out at 9:45 a.m. EST. Economists expect a dip to 52.
Data on U.S. new-home sales will come out at 10 a.m. Estimates are for 720,000 units.
The dollar fell against the yen and the euro.
Oil continued to trek higher. The February contract rose 45 cents to $97.07. On Thursday, a report showed inventories fell for a sixth straight week.
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Stocks : A Tricky Road Higher »The major indexes have all completed inverse, head-and-shoulders (H&S) patterns, in our view, so we believe that the long awaited market low is finally in. However, the indexes still have to deal with a fair amount of overhead resistance, which could cause continued volatile trading, but we think prices will maintain their upward bias off the lows set in mid-August. The S&P 500 broke nicely above the neckline of the H&S pattern on Tuesday, Sep. 4, completing a bullish, intermediate-term...