Wednesday, October 11, 2006

Will Early Weakness Again Morph Into Late-Day Strength?

One of these days the market is sure to open weak, and stay that way into the close. The market is weak again this morning, after a few earnings warnings and some negative reactions to a couple of actual earnings reports.

The bond market is open again today, with the yield on the 10-year hovering around 4.74%. Oil is down slightly, and the energy stocks are lower across the board. OPEC is getting closer to the 1 million bpd cut that has been rumored, according to the oil minister in Qatar.

Financials are brokers are the weakest group so far, while semis and homebuilders trade dry (bucking the weakness).

In other news and notes:
  • LM lowers guidance; stock falls -16%
  • INFY beats EPS, raises guidance
  • T.Boone Pickens sees $70 oil before $50 - CNBC
  • DNA beats earnings, but stock sells off
  • CVG raises EPS, revenue guidance
  • Citi ups NTRI target to $95
  • AA misses EPS estimates; stock down
  • BofA announces free online trades; online broker stocks lower


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