Guest Post: Friday
Market trading relatively flat this morning. Crude oil continuing to climb higher, now above $109/barrel, and metals are trading higher. The dollar is down while the Euro and the Yen are both trading slightly higher.
In other news, Detroit has become the largest city in US history to file for bankruptcy after accumulating $18.5 billion in debt. Moody affirmed US sovereign rating at Aaa, outlook changed to stable from negative. Bernanke's testimony to Congress contained little new information. Treasury market reaction remained relatively quiet following Bernanke's comments of rising yields as a reflection of the unwinding of leveraged investments.
Earnings season is now heavily underway as some big names have reported today. Chipotle (CMG) beats on earnings and revenue. General Electric (GE) reports an earnings beat on below-consensus revenue. Google (GOOG) missing earnings and revenue. Honeywell (HON) had an earnings beat and tech giant Microsoft (MSFT), missed on earnings and revenue. The Google and Microsoft misses are weighing heavily on the technology sector today. Also, the health care sector is notably holding gains because of biotechnology strength.
In other corporate news, Boeing (BA) facing problems again as a Tokyo bound 787 Dreamliner had technical issues and a 777 had engine issues over in Houston. Stock is trading slightly lower on the news.
Asian markets generally lower. Japan's foreign bond buying increases by JPY 1.1 trillion following the prior week's JPY 973.9 billion rise. China has removed the floor on lending rates, but it has maintained the rate ceiling.
10 yr yield slightly lower at 2.49% and the VIX at 13.14, getting closer to a region of support.
Written by: Nicholas Mueller
posted by J. Kahn @ 9:12 AM
1 comments
1 Comments:
A very important aspect to bankruptcy laws pertains to your creditors. If you are filing for protection under the bankruptcy laws of chapter 7 or chapter 13, it’s more than likely that creditors and collection agencies have been harassing you. Once your petition has been accepted by the court, the bankruptcy laws state that the Trustee must notify all your creditors of your filing and the automatic stay goes into effect. The automatic stay means that your creditors must stop all collection actions against you, even foreclosure, until a decision has been made in your bankruptcy case.
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