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Good News

Discussion in 'Open Discussion (Work-safe)' started by jimotis4heisman, Dec 21, 2004.

  1. the stock market is kicking ass again...maybe

    highest in over 3 years. closes at 10759.43 and
    http://moneycentral.msn.com/content/CNBCTV/Articles/Dispatches/P104238.asp

    Stocks headed to 3-year highs
    [font=Arial,Helvetica]Better news from Pfizer and an upgrade on Intel provide the catalysts. The Dow is at levels not seen since June 2001. Transports hit new records. IAC/InterActiveCorp will spin off Expedia. [/font]

    Stocks were moving strongly higher in mid-afternoon with a rebound in Pfizer <NOBR>(PFE, news, msgs)</NOBR> supporting the Dow and a bullish brokerage call on Intel <NOBR>(INTC, news, msgs)</NOBR> lending some strength to tech shares.

    The Dow Jones industrials were up 95 points at 10,757.22 at 2:55 p.m. ET. That's higher than the blue chip's best close of the year, 10,737.70, reached on Feb. 11. The Nasdaq composite gained more than 1%, and the S&P 500 index nearly 1%.The Dow was at its best level since June 18, 2001. The S&P 500 was over the psychologically important 1,200 level. Pfizer, up 2.4%, is benefiting from a study that found increased risk of heart attack with use of an over-the-counter painkiller, but no increased risk with the use of the Dow component's Celebrex.

    The Food and Drug Administration issued a warning about the increased risk of heart attack from the over-the-counter painkiller naproxen. Naproxen is sold by Germany's Bayer as Aleve. An Alzheimer's study found those taking naproxen over a long period saw a 50% higher rate of cardiovascular events than those on a placebo, but those taking Celebrex had about the same number of heart attacks, CNBC's Mike Huckman reported.

    Pfizer shares have been hit hard since the company said patients in a clinical trial taking Celebrex in high dosages resulted in increased heart attack risk.

    Lehman likes Intel's trends
    Lehman Bros. raised its rating on chip giant Intel to "overweight" from "equal weight," saying it looks attractive at current levels. Lehman pointed to smoother product transitions, but noted the risks from competitor Advanced Micro Devices <NOBR>(AMD, news, msgs)</NOBR>, Briefing.com said. Intel shares were up 2.8%.

    Lehman said it expects inventory levels to improve in the fourth quarter. It noted a prediction from management for several-hundred-million-dollars of reductions, which could leave its days of outstanding inventory at about 77, close to its historic average of 64 to 66 days.

    In other brokerage moves this morning:

    • Morgan Stanley downgraded Time Warner <NOBR>(TWX, news, msgs)</NOBR> to "equal weight" from "overweight" on valuation. The stock was unchanged.
    • J.P. Morgan started coverage of American Express <NOBR>(AXP, news, msgs)</NOBR> with an "overweight" rating. American Express rose 1.24%.
    • Morgan Stanley lowered H&R Block <NOBR>(HRB, news, msgs)</NOBR> to "underweight" from "equal weight." The stock was off slightly.
    • Prudential started Reebok <NOBR>(RBK, news, msgs)</NOBR> with an "overweight" rating, noting it is trading at a discount to the sector's historic multiple, Briefing.com said. Prudential also initiated coverage of Nike <NOBR>(NKE, news, msgs)</NOBR> at "neutral." Reebok rose nearly 1% while Nike edged up 0.42.
    Brokerages come through
    Bear Stearns <NOBR>(BSC, news, msgs)</NOBR> said it earned $2.61 per share in its fiscal fourth-quarter, blowing past the Reuters Estimates consensus of $2.14 per share. Revenues rose more than 19% to $1.83 billion, well ahead of the consensus estimate of $1.56 billion.

    Institutional equities net revenues rose nearly 11% from the year-ago period. Fixed income revenues edged up 4.1% and investment banking net revenues shot up 83.3%. But early investor enthusiasm wore off and the stock was off nearly 1%.

    Morgan Stanley <NOBR>(MWD, news, msgs)</NOBR> earned $1.09 per share in its fiscal fourth quarter, 8 cents better than the Reuters Estimates consensus. But revenues were up just 0.4% from the year-ago period to $5.45 billion. Investment banking activity increased, but fixed-income and trading results were lower, Reuters reported. Morgan moved 1.1% higher.

    Meanwhile, Barry Diller's IAC/InterActiveCorp <NOBR>(IACI, news, msgs)</NOBR> will spin off its online travel unit into a separately traded company called Expedia. The new company will consist of Expedia.com, Hotels.com, Hotwire, TravelNow.com, Activity World, HotelDiscount.com, Condosaver.com, AllLuxuryHotels.com, Anyway.com, eLong, TV Travel Shop, Expedia Corporate Travel, Classic Custom Vacations and TripAdvisor.

    The decision appears to be the classic attempt to unlock value. IAC/InterActiveCorp shares are down about 23% this year. Diller will remain chairman of Expedia. The stock jumped 8.1% on the announcement.

    Heating oil still in focus
    Oil prices dipped rose 2 cents to $45.80 per barrel in midday trading. As cold weather continued in the U.S. Northeast, anticipation of the latest heating oil inventory numbers increased. The Energy Information Administration will release the supply data for last week on Wednesday morning.

    Analysts surveyed by Reuters expect the inventory for distillates, which include home heating oil, to have fallen 1.3 million barrels last week due to increased demand. Crude stocks are seen declining by 300,000 barrels.

    Meanwhile there's yet more drama to come in the tale of Russian oil company Yukos. The company's main production unit was auctioned off by the Russian government, to reclaim unpaid taxed, to an unknown company, Baikal Finance Group. Newspapers have linked Baikal to Russian's No. 4 oil firm Surgutneftegaz, Reuters reported. Yukos said the sales violated a stay ordered by a U.S. bankruptcy court.

    "It's going to be a legal quagmire. Yukos will tighten the net around the world. No oil trader or bank with assets in the United States will want to touch this stuff,'' a Moscow lawyer told Reuters. "Other courts will recognize the U.S. jurisdiction too.''


    <LI>Read more about the Yukos saga.

    --Kim Khan and Charley Blaine
     
  2. gregorylee

    gregorylee I'd rather be napping!!

    See, I knew that I was just buying all this shit "on sale" the last couple of years. :wink:
     
  3. i know im kicking some ass this year in investments double digit returns if it holds about here.
     
  4. ScriptOhio

    ScriptOhio Everybody is somebody else's weirdo.

    Jake, LovelandBuckeye and NJ-Buckeye like this.
  5. BB73

    BB73 Loves Buckeye History Staff Member Bookie '16 & '17 Upset Contest Winner

    The notable 14-year, 7-month, 1-day bump.
     
  6. Jake

    Jake De omnibus dubitandum ‘17 The Deuce Champ '18 The Deuce Champ Fantasy Baseball Champ

    double pops > stock market
     
    ShowMeBuck and TooTallMenardo like this.
  7. BayBuck

    BayBuck Buckeyes are best

    And yea, verily I bring unto you the good news that Script returneth this thread from its grave.
     
    TooTallMenardo likes this.
  8. Steve19

    Steve19 Watching. Always watching. Staff Member

    That is just yesterday to some folks here...
     
  9. ORD_Buckeye

    ORD_Buckeye Wrong glass, Sir.

    Bieber was apparently put on earth to do this one thing.
     
    brodybuck21 likes this.
  10. The KSB

    The KSB 4-4-11/11-5-11

    Very conflicted right now. It feels as if Hitler paid for my kids' college. The guy did me a solid but he's still Hitler.
     
    Fungo Squiggly likes this.

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