Action Insight | Written by ActionForex.com | Nov 29 07 14:15 GMT | Forex Mid-Day Technical Report Dollar Regains Strength, Steady after GDP Revision Dollar regains strength against European majors today as correction continues. Q3 GDP growth was revised up to 4.9% annualized rate, fastest growth in four years and slightly above expectation of 4.8%. The growth rate was also much stronger than Q2’s 3.9%. However, the data did little to change the view of steep slowdown in Q4 due...
Stocks Add To Early Gains On Highside Volume
May 16, 2008 on 7:22 pm | In Finance |
Solar stocks and computer manufacturers led a double-shot jump in early trading, squeezing indexes higher.
At 11:09 a.m., the Nasdaq led with a 0.6% gain. The S&P 500 and the NYSE composite rose 0.1% while the Dow climbed 0.4%. Mid caps saw some selling pressure, with the S&P 400 slipping 0.1%. Volume was sharply lower on both exchanges.
Most Asian markets moved higher, led by Hong Kong’s Hang Seng index which jumped 2.5%. The Shanghai composite eked up 0.6%. Tokyo’s Nikkei 225 slipped 0.6% as the yen gained strength vs. the dollar, pressuring export-based stocks. European stocks were mixed. A run-up in mining stocks, and news reports of a possible bidder for troubled mortgage lender Northern Rock buoyed London’s FTSE 100 a slight 0.1% in afternoon trading.
Advances and declines ran nearly even on both exchanges.
Dry bulk carrier fleets continued their recent run-up after Dryships () announced a 20 cent per share quarterly common dividend. The stock gained 3.43 t0 85.08 on huge volume, putting it 30% above its most recent 65.48 buy point. That buy point came on a pullback to its 10-week moving average. The smaller Excel Maritime () also gapped up, adding 3.12 to 53.79. Aegean Marine Petroleum (), a supplier of fuels and lubricants to ship fleets, also gapped up. It gained 2.10 to 33.80. That pushed the stock to 43% above its most recent buy point of 23.65, also on a pullback.
Handheld navigational instrument maker Garmin () jumped 3.94 on solid volume, to 112.64. The stock hasn’t paused since a May breakout, and is now 89% above a 59.80 buy point, on its most recent pullback to its 10-week line.
GM () shares were up 1%, but off their highs. A UAW local leader in Lansing, Mich., said about 11 a.m. that a strike vs. the auto giant is on.
Among the few leaders got caught up in downside selling, FC Stone () dropped 1.35 to 46.75. The six-month-old stock has been consolidating since July, and is 27% off its July 17 peak.
10:15 a.m. Update: Stocks Little Changed In Early Trade
By Vincent Mao
Stocks were mixed early Monday, seeking direction after the prior week’s gains.
At 10:09 a.m. ET, the Dow, NYSE composite and Nasdaq were mostly unchanged. And the S&P 500 eased 0.2%.
A number of Chinese-based companies did well in the opening minutes.
PetroChina Co. () gapped up and flew 14.76, or 8%, to 181.98. The oil and gas firm won approval to list is A shares in Shanghai. It currently trades in Hong Kong and New York.
Baidu.com () added 10.40 to a new high of 295. The Chinese Internet search firm has surged nearly 40% in the past two weeks. Baidu is on pace to extend its win streak to 11 sessions.
JA Solar Holdings () added 1.58 to a new high 47.52. The Chinese maker of solar cells is now 16% past a 41.09 buy point of a cup-with-handle pattern.
However, China Southern Airlines () gapped down, plunging 11.80, or 13%, to 79.03 on huge trade. China Southern shares had skyrocketed in recent weeks.
Harman International () gapped down 6, or 8%, to 79 on heavy trade. The maker of audio and electronic products guided fiscal Q1 and full-year 2008 results below consensus estimates. Due to a number of factors, including rising costs, it pegged first-quarter earnings of 50 cents a share vs. views of $1.02. Full-year income is expected at $4.14 vs. views of $4.87.
On Friday, Kohlberg Kravis Roberts and Goldman Sachs’ () private equity arm backed out of plans to buy Harman.
9:15 a.m. ET Update: Futures Point To Mixed Open
By Vincent Mao
Stock futures pointed to a mixed open Monday. Nasdaq futures rose 2 points vs. fair value, the S&P 500 fell 0.5 point, while the Dow rallied 18 points.
Foreign markets were mostly higher. Hong Kong’s Hang Seng index surged 2.5%. The Shanghai composite rose 0.6%. But the Nikkei slipped 0.6%. The FTSE 100 added 0.4%.
The greenback hit yet another record low against the euro. Gold futures traded higher. And crude oil futures slipped below the $81-a-barrel mark as storm fears eased.
There are no economic reports for the session. But several Fed officials including Chairman Ben Bernanke are slated to give speeches.
Key reports this week: existing home sales Tues, durable orders Tues, GDP Wed, new home sales Wed, personal income and spending Thurs and PCE deflator Thurs.
BHP Billiton Ltd. () jumped 6% in pre-open trading. The mining firm is expected to announce a large gold find at its Olympic Dam mine in South Australia.
EMC () rose 4% before the bell after getting upgrades from Bear Stearns and Citigroup. Both cited the data storage firm’s own prospects as well as a way to play hot recent IPO VMWare (). EMC still owns 86% of the virtualization software maker.
General Motors () climbed 3% in the preopen. The United Auto Workers union gave the auto giant an 11:00 a.m. ET deadline for a new contract. If a deal isn’t reached, workers will go on a nationwide strike.
Apple () rose 2% in the premarket after Citigroup raised its price target to $185.
Meridian Gold () agreed to be bought by Yamana Gold () after a raised offer. Yamana will pay about $3.56 billion in cash and stock for the Canadian mining firm.
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