6 MINs agoThe Tell SP 500 redlining in race
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Bespoke Investment Group notes the S&P 500 50-day moving average is bumping against two standard deviations from its normal trading range, suggesting a pullback is near.
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Apple's rumored low-end phone likely to be higher priced than rival offerings as company seeks to defend margins, analyst says.
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The S&P 500 Index has rallied within view of its all-time closing high — S&P 1,565 — and this area technically marks the bull-bear battleground.
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U.S. stocks erase gains, with the Dow retreating after its longest win streak in nearly a year, and the S&P 500 about 15 points from its all-time closing high.
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The greenback slips against most rivals, while the British pound sinks after dismal industrial production figures underline fears of a triple-dip recession.
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J.C. Penney rallies on chatter that its chief executive may step down while Apple suffers yet another price target cut.
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Gold futures climb toward the $1,600 level on Tuesday, with analysts attributing the rally to short covering following the metal’s range-bound trading over the past several sessions.
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Jefferies analyst cuts price target on Apple, while Citigroup lowers its view on Red Hat. VeriFone gains after company replaces its CEO.
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Crude-oil futures climb, with weakness in the dollar helping prices top $93 a barrel, as traders digest news that OPEC left its forecast for oil-demand growth unchanged.
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Treasurys are gaining on Tuesday, pushing yields lower for the first time in six consecutive trading days on a closing basis, as a continued drop in Chinese stocks led Asian markets lower and ahead of several bond auctions this week.
NEW YORK (MarketWatch) — Treasurys gained on Tuesday, pushing yields lower for the first time in six consecutive trading days on a closing basis, as a continued drop in Chinese stocks led Asian markets lower and ahead of several bond auctions this week.
Yields on the benchmark 10-year U.S. Treasury note fell 3 basis points to 2.03% in morning trade.
Yields move inversely to prices and one basis point is one one-hundredth of a percentage point.
Chinese stocks fell for a fourth session on Tuesday as the central bank signaled it would tighten liquidity. Concern about the economic recovery has been boosted by recent disappointing data, including a rise in inflation. Asian shares fall; liquidity concerns hit Shanghai
The U.S. Treasury Department is scheduled to sell $32 billion in 3-year notes Tuesday, with auctions for the 10-year note and 30-year bond on Wednesday and Thursday, respectively.
Yields on the 10-year note last week notched their largest weekly gain since January as stronger economic data rolled in and stocks soared, led by record gains in the Dow Jones Industrial Average . Even with those gains, Treasury yields are still within this year’s range of 1.80% to 2.10% and could remain there for a while, according to Matt Duch, vice president and portfolio manager at Calvert Investments.
“I think we’re setting up for pretty good auctions this week,” said Duch. “Overall, we’re within a range and we haven’t broken out of it.”
He added that the long end of Treasurys represents a decent buying opportunity.
Bond gurus Jeffrey Gundlach and Bill Gross have also expressed similar sentiment recently. In a reversal from his bearish stance, Gundlach said he jumped back in to Treasurys as yields on the 10-year note rose above 2% in February, turning a profit when yields subsequently fell, pushing prices higher. DoubleLine’s Gundlach says the ‘bond bubble’ doesn’t exist, is a ‘phrase du jour’ – live blog
Yields on the 30-year U.S. bond fell 3 basis points to 3.23% and yields on the five-year note fell 1 basis point to 0.879%.
U.S. stocks opened little changed from Monday’s close with declines in the S&P 500 Index and the Nasdaq Composite Index . U.S. stock indexes pause after record run
Discussion about the danger of rising yields, which translates into falling prices, has resurfaced after last week’s run. A more important gauge, however, may be the speed at which yields rise, Duch said.
“As a fixed-income investor, you want to receive more yield, just don’t want to see it rise too quickly,” he said.
Economic data scheduled for this week, including retail sales, PPI and CPI, aren’t expected to move the Treasury market dramatically. “I don’t anticipate any type of shock this week in terms of economic numbers,” said Duch.
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U.K. stocks rise after a report shows the country’s manufacturing sector contracting, news that is driving the pound sharply south. Antofagasta leads the way higher after it more than doubles its dividend.
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Europe stocks struggle for direction, with lackluster U.K. data and a flattish U.S. start weighing on sentiment.
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SAN FRANCISCO (MarketWatch) – Advanced Micro Devices has agreed to sell and lease back its Austin campus in a $164 million deal, the company said Tuesday. The chipmaker said it has signed an agreement to sell its “Lone Star Campus” to 7171 Southwest Parkway Holdings, an affiliate with the real estate investment company, Spear Street Capital. AMD had announced in November that it was looking to sell its Austin facility, a move that analysts saw as a positive step for the cash-strapped tech company. “As we reset and restructure AMD for long-term success, we are taking a number of steps designed to optimize our business and monetize assets,” AMD Chief Financial Officer Devinder Kumar said in a statement. AMD also entered into a sale and lease-back agreement for its headquarters in Sunnyvale, Calif. in 1998. Shares of AMD were up nearly 1% in late morning trades.
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NEW YORK (MarketWatch) — J.C. Penney Co. , in response to speculation that Chief Executive Ron Johnson is stepping down, said on Tuesday that Johnson isn’t resigning. “The rumor is false,” spokesman Joseph Thomas told MarketWatch. Penney shares fell back to a gain of 1.6% after the stock had jumped as much as 4.3% on rumors of Johnson’s leaving the struggling retailer
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Energy stocks edge higher with Chevron telling Wall Street it is on track to achieve long-term production growth.
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NEW YORK (MarketWatch) — Shares of Cabela’s Inc. , a retailer of hunting, fishing and camping gear, surged 9.2% on Tuesday after it said its first-quarter profit will be 10 cents to 15 cents a share above consensus estimates. Analysts surveyed by FactSet were looking for profit of 46 cents a share, on average. The retailer also projected same-store sales to increase at a rate in the “high-teens” percentage. The company provided the outlook ahead of its analyst and investor day on Wednesday. “Our business had accelerated into the first quarter,” said Chief Executive Tommy Millner. “This trend has continued through today.” Cabela’s rival Dick’s Sporting Goods Inc. shares jumped 5% after Goldman Sachs and BMO both raised the stock to conviction buy and outperform respectively.
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The S&P 500 is close to breaking a record from 2007, but if it acts in line with historical trends for bull markets, it could surge in the next year.
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SAN FRANCISCO (MarketWatch) — Zynga Inc. saw its shares slip more than 2% to $3.83 on Tuesday morning after Macquarie Capital issued a note casting doubt on buyout speculation that boosted the stock more than 10% in the previous session. In a note to clients, Ben Schachter said the idea that Yahoo might buy Zynga is “unfounded.” Wunderlich Securities issued a note on Monday naming several companies that Yahoo might have an interest in buying, including Zynga for its social games. “We believe that Zynga is unlikely to be acquired anytime soon, as we don’t believe that Mark Pincus wants to sell at this time,” Schachter wrote in his note. “Nor do we believe that Yahoo would have any interest in acquiring a content creator such as Zynga when its strategy is to partner with varied content providers.”
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SAN FRANCISCO (MarketWatch) — Tech stocks put in a mixed early trading performance Tuesday, with Apple Inc. and VeriFone Inc. among the advancers. Apple’s shares edged up by 80 cents to $439 despite Peter Misek of Jefferies cutting his price target on the stock to $420 from $500. VeriFone Inc. was one to the leading gainers, with its shares up 6% at $21.68 after the payment-technology company replaced Chief Executive Doug Bergeron. The Nasdaq Composite Index was off by 7 points at 3,246.
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NEW YORK (MarketWatch) — Electronics retailer RadioShack Corp. dropped 3.2% to $3.37 on Tuesday after Goldman Sachs cut its rating on the stock to sell from neutral and lowered its price target to $2.75 from $2.90 a share. RadioShack “operates with a challenged business model, given its reliance on wireless, a slowing category where it is losing market power, the perpetual challenge of price transparency, and limited opportunity for cost cuts after sharp reductions in recent years,” said analyst Matthew Fassler. “The firm operates with lofty leverage, and we see minimal equity value.” On the other hand, he restarted the coverage of RadioShack’s rival Best Buy Co. with a buy rating. “We see a significant expense reduction opportunity and change of culture being implemented by the new (Best Buy) management team,” Fassler said. Best Buy inched up 0.4%, leading to a 70% gain this year.
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Jim O'Neill at Goldman Sachs thinks U.S. stocks may not be a big bargain. And BlackRock is agreeing with him.
