Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. For the first time ever at the close of trading, Apple (AAPL) was the world’s most valuable public company, knocking Exxon Mobil (XOM) off its perch ($337.17B versus $330.77B).
Energy
Complete Production Services (CPX) is also a new Outperform with Wells. Exxon Mobil (XOM) is added to the Conviction Buy List at Goldman. Chevron (CVX) is upgraded to Outperform from Perform at Oppenheimer with an objective of $110. Anadarko Petroleum (APC) gets upgraded to Buy from Neutral at Goldman. Oasis Petroleum (OAS) is taken to Buy from Neutral at Suntrust. Schlumberger (SLB) is upgraded to Outperform from Market Perform at Bernstein. Duncan Energy (DEP) is downgraded to Neutral from Buy at Ladenburg Thalmann. Ultra Petroleum (UPL) is lowered to Market Perform from Outperform at Wells Fargo. Cenovus Energy (CVE) is downgraded to Neutral from Buy at Goldman. Subsea 7 SA (SUBCY) is downgraded to Underperform from Outperform at Exane BNP Paribas. In afternoon trading: Shares of Niska Gas Storage (NKA) are down about 18.5%. Shares of General Maritime (GMR) are up about 17%. Shares of Western Refining (WNR) are up about 15.5%. Shares of LDK Solar (LDK) are up about 14.25%.
Energy Select Sector SPDR (XLE) was trading at $66.47 at 4:00 PM on Thursday, up 5.19% on the day – down 2.61% year-to-date.
Materials
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Jaguar Mining (JAG) reported a Q2 profit on an increase in production, as revenue soared 64% Y/Y. Kinross Gold (KGC) beat estimates by 2 cents and revenue by $57M, and sees FY11 production at 2.6M-2.7M and guidance for FY11 at lower range of $565-$610. AK Steel (AKS) is initiated with a Buy at UBS, which has a similar rating on US Steel (X) and has new Neutrals on Nucor (NUE) and Steel Dynamics (STLD). Kinross Gold (KCG) gets cut to Neutral from Outperform at Credit Suisse. In afternoon trading: Shares of China GengSheng (CHGS) are up about 15%. Shares of Georgia Gulf (GGC) are up about 13.75%. Shares of Ferro (FOE) are up about 11.25%.
The Materials Select Sector SPDR (XLB) traded at $34.22 at 4:00 PM on Thursday, up 4.94% on the day – down 10.91% year-to-date.
Industrials
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Deere (DE) has reportedly become the latest company to be investigated by the SEC for bribing foreign officials, with the farming-equipment firm receiving a request last month about payments made in Russia and nearby countries. EnerSys (ENS) missed estimates by a penny, but beat revenue by $19M, and expects FQ2 EPS at $0.53-$0.57. SatCon (SATC) reported Q2 revenue of $45.5M and EPS of -$0.18 (missing consensus by $0.4M and $0.06). Gross margin fell to 8% from 20.8% in Q2 2010. The company expects Q3 revenue of $45M-$52M (well below a $62M consensus). Cypress Semi (CY) is initiated with a Buy rating and a price objective of $25 with Wunderlich. In afternoon trading: Shares of A123 Systems (AONE) are up about 47.5% after General Motors (GM) said it has awarded A123 a contract to build battery packs for “future” electric vehicles. Shares of SatCon are up about 15%. Shares of GrafTech International (GTI) are up about 11.75%. Shares of The Manitowoc Company (MTW) are up about 11.5%. Shares of Titan International (TWI) are up about 11%. Shares of Briggs & Stratton (BGG) are down about 13%. Shares of EnerSys are down about 9.75%.
The Industrial Select Sector SPDR (XLI) traded at $30.80 at 4:00 PM on Thursday, up 4.76% on the day – down 11.67% year-to-date.
Consumer Discretionary
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Rupert Murdoch has virtually anointed News Corp. (NWS) COO Chase Carey as his successor and not son James. These comments came after the company reported that FQ4 EPS fell to $0.26 from $0.33 a year earlier, due to a $254M loss on the sale of Myspace. News Corp. beat estimates by 5 cents and revenue by $500M. Kohl’s (KSS) beat estimates by a penny, but missed revenue by $110M, and raised FY11 EPS guidance to $4.45-4.60 from $4.25-4.40. Advance Auto Parts (AAP) beat estimates by 8 cents with revenue in-line with estimates. Lionsgate (LGF) reported Q2 revenue of $261.3M and EPS of $0.09 (compared with a consensus of $319.9M and -$0.07). Ross Stores (ROST) is raised to Buy from Neutral at Ticonderoga. Walt Disney (DIS) is downgraded to Neutral from Buy at Goldman. In afternoon trading: Shares of Sodastream International (SODA) are down about 31% after beating estimates by 8 cents and revenue by $26.5. Shares of The Talbots (TLB) are up about 28%. Shares of News Corp (NWSA) / New Corp (NWS) are up about 17.75% / 17%.
The Consumer Discretionary Select Sector SPDR (XLY) traded at $35.63 at 4:00 PM on Thursday, up 4.43% on the day – down 4.76% year-to-date.
Consumer Staples
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Sara Lee (SLE) beat estimates by 4 cents and revenue by $50M, and sees FY12 EPS of $0.89-0.95 and revenue of $8.50-8.75B. Colgate (CL) is moved to Overweight from Equal Weight at Morgan Stanley. In afternoon trading: Shares of Elizabeth Arden (RDEN) are up about 13%. Shares of Farmer Brothers (FARM) are up about 11.25%. Shares of Darling International (DAR) are up about 9.25%. Shares of Pilgrim’s Pride (PPC) are up about 9.25%. Shares of Star Scientific (CIGX) are up about 8.25%. Shares of Supervalu (SVU) are up about 7.5%.
The Consumer Staples Select Sector SPDR (XLP) traded at $29.19 at 4:00 PM on Thursday, up 2.96% on the day – down 0.41% year-to-date.
Healthcare
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. In afternoon trading: Shares of Progenics Pharmaceuticals (PGNX) are up about 15.5%. Shares of Amarin Corp (AMRN) are up about 11%. Shares of Chindex International (CHDX) are up about 10.75%. Shares of Merge Healthcare (MRGE) are up about 10.5%. Shares of Sagent Pharmaceuticals (SGNT) are up about 10%. Shares of Celldex Therapeutics (CLDX) are up about 10%.Shares of Optimer Pharmaceuticals (OPTR) are up about 9.5%. Shares of Skilled Healthcare (SKH) are up about 9.5%. Shares of Affymax (AFFY) are up about 9.5%.
The Health Care Select Sector SPDR (XLV) traded at $31.33 at 4:00 PM on Thursday, up 4.57% on the day – down 0.54% year-to-date.
Financials
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. The wild ride that is Bank of America (BAC) looks set to continue, as the company is in exploratory talks with Kuwait’s and Qatar’s sovereign-wealth funds about selling up to half its 10% stake in China Construction Bank (CICHY.PK). Broadridge Financial (BR) beat estimates by 3 cents and revenue by $5M. Two Harbors Investment (TWO) is initiated with an Outperform at Wells Fargo. SLM Corp (SLM) is added to FBR Capital’s Top Picks list. Brookfield Asset Management (BAM) is boosted to Buy from Hold at TD Newcrest. Simon Properties (SPG) is upgraded to Buy from Neutral at UBS. Capital One (COF) is upgraded to Outperform from Market Perform at Wells Fargo. NYSE Euronext (NYX) is now Buy from Hold with a $35 price target at Argus. Raymond James (RJF) is downgraded to Neutral from Buy at Goldman. Vornado (VNO) is now Neutral from Buy at Goldman. In afternoon trading: Shares of RAIT Financial (RAS) are up about 15%. Shares of Barclays Bank (BCS) are up about 13.5%. Shares of Assured Guaranty Municipal Holdings (AGO) are up about 12.25%. Shares of Genworth Financial (GNW) are up about 10.75%. Shares of Ashford Hospitality Trust (AHT) are up about 10.5%. Shares of The Hartford Financial Services (HIG) are up about 10.5%. Shares of Lloyds Banking Group (LYG) are up about 10.25%. Shares of Radian Group (RDN) are up about 10.25%.
The Financial Select Sector SPDR (XLF) traded at $12.87 at 4:00 PM on Thursday, up 5.58% on the day – down 19.31% year-to-date.
Information Technology
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Cisco Systems (CSCO) beat estimates by 2 cents (on EPS of $0.40) and revenue by $215M (on revenue of $11.2B – up 3%). However, gross margin declined to 61.3% from 62.7% in FQ4 2010, and SG&A expenses rose to 22.5% of revenue from 21.9%. Cisco Systems is moved to Overweight from Equal Weight at Morgan Stanley. Cisco is also boosted to Buy from Hold with Wunderlich with a $20 target. Regulators are reportedly focusing their antitrust probe into Google (GOOG) on Android and search. They want to know whether Google prevents phone makers that use Android from using rivals’ services and if the company grants preferential placement on its website to its own products. For the first time ever at the close of trading, Apple (AAPL) was the world’s most valuable public company, knocking Exxon Mobil (XOM) off its perch ($337.17B versus $330.77B). Responsys (MKTG) reported Q2 revenue of $33.7M and EPS of $0.07 (beating consensus by $3.2M and $0.04). The company expects Q3 revenue of $33.5M (above consensus) and EPS of $0.03 (in-line). Silicon Labs (SLAB) is started with a Hold and $33 target price at Wunderlich. Cree Inc (CREE) is moved to Overweight from Equal Weight at Morgan Stanley. Electronic Arts (ERTS) is increased to Outperform from Neutral at Cowen. Advance Auto Parts (AAP) is raised to Outperform from Neutral at Credit Suisse. OpenTable (OPEN) is now Negative from Neutral at Susquehanna. China Information Tech (CNIT) is moved to Perform from Outperform at Rodman & Renshaw. In afternoon trading: Shares of Renesola (SOL) are up about 24%. Shares of Youku.com (YOKU) are up about 19.5%. Shares of Cisco are up about 16.75%. Shares of Finisar (FNSR) are up about 15.25%. Shares of AOL (AOL) are up about 14.5%. Shares of Omnivision Technologies (OVTI) are up about 14.5%.
The Technology Select Sector SPDR (XLK) traded at $23.95 at 4:00 PM on Thursday, up 3.81% on the day – down 4.92% year-to-date.
Telecommunications Services
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. Telecom Italia (TI) is now Neutral from Underweight at JP Morgan. In afternoon trading: Shares of Leap Wireless (LEAP) are up about 12.25%. Shares of Clearwire (CLWR) are up about 11%. Shares of MetroPCS (PCS) are up about 6.75%. Shares of Rogers Communications (RCI) are up about 6.75%. Shares of Telecom Italia are up about 5.75%. Shares of China Mobile (CHL) are up about 5.75%. Shares of Frontier (FTR) are up about 5.75%. Shares of Vodafone (VOD) are up about 5.75%. Shares of PAETEC (PAET) are up about 5.5%. Shares of TerreStar (TSTRQ) are down about 13.5%.
The NASDAQ Telecommunications Index (IXTC) traded at $187.52 at 4:00 PM on Thursday, up 8.14% on the day – down 16.79% year-to-date.
Utilities
Asian stocks followed US stocks lower on Thursday with losses paired near their closes. The Nikkei 225 was down 0.63% to 8,982. The Hang Seng lost 0.95% to 19,595. European stocks opened higher, drifted into the red then ended their sessions higher. The FTSE 100 was gained 3.22% to 5,168. The DAX rebounded by 3.28% to 5,798. The CAC 40 jumped 2.89% to 3,090. The yield on the 10-Year US Treasury note declined from 2.234 percent to 2.128 on Thursday morning then consolidated that range. The US Treasury auctioned $16 billion in 30-Year bonds at 3.75% with a weak bid to cover at 2.08 times, and lower than normal Indirect Bid at just 12.2% which shows reduced demand from foreign central banks. The yield on the 10-Year note rose to 2.360 percent after this auction then buyers came in pushing this yield back down to 2.257, but this buying was short-lived. Gold traded to yet another all time high at $1817.6 the Troy ounce on Thursday, then declined to $1734.5 after the CME raised margin requirements. Crude oil traded down from $84.45 to $81.03 in morning trading then rebounded to an afternoon high at $85.90. The 200-week simple moving average at $83.95 has been a magnet since June 2009. The euro versus the US dollar traded down to 1.4107 then rebounded to 1.4287 then consolidated. The Trade Deficit was bigger than expected in June at $53 billion with both declining imports and exports, which is a sign of slower global economic growth. Initial Jobless Claims came in a 395,000 the lowest since April, but remain well below the 350,000 recession threshold. The Dow Industrial Average stayed above its post-FOMC low of 10,604.07 on weakness once again. The low end of the range remains within the zone of the 200-week and 120-month simple moving averages at 10,742 and 10,570. The Dow rallied above 11,250 into the final half hour of trading. The NASDAQ also traded above its post-FOMC low at 2331.65, and traded above 2510 in the final half hour of trading. In afternoon trading: Shares of Veolia Environment (VE) are up about 11.75%. Shares of AES Corp (AES) are up about 8.5%. Shares of Aqua American (WTR) are up about 7%. Shares of NRG Energy (NRG) are up about 6.25%. Shares PSE&G (PEG) are up about 5.75%. Shares of American Water Works (AWK) are up about 5.75%. Shares of Oneok (OKE) are up about 5.5%. Shares of NV Energy (NVE) are up about 5.5%. Shares of Pinnacle West (PNW) are up about 5.5%. Shares of Questar (STR) are up about 5.25%.
The Utilities Select Sector SPDR (XLU) traded at $31.89 at 4:00 PM on Thursday, up 4.22% on the day – up 1.75% year-to-date (the only sector up for the year).
STOCKS: AAPL, XOM, CPX, CVX, APC, OAS, SLB, DEP, UPL, CVE, SUBCY, NKA, GMR, WNR, LDK, JAG, KGC, AKS, X, NUE, STLD, KCG, CHGS, GGC, FOE, DE, ENS, SATC, CY, AONE, GM, GTI, MTW, TWI, BGG, NWS, KSS, AAP, LGF, ROST, DIS, SODA, TLB, NWSA, SLE, CL, RDEN, FARM, DAR, PPC, CIGX, SVU, PGNX, AMRN, CHDX, MRGE, SGNT, CLDX, OPTR, SKH, AFFY, BAC, CICHY, BR, TWO, SLM, BAM, SPG, COF, NYX, RJF, VNO, RAS, BCS, AGO, GNW, AHT, HIG, LYG, RDN, CSCO, GOOG, AAPL, MKTG, SLAB, CREE, ERTS, AAP, OPEN, CNIT, SOL, YOKU, FNSR, AOL, OVTI, TI, LEAP, CLWR, PCS, RCI, CHL, FTR, VOD, PAET, TSTRQ, VE, AES, WTR, NRG, PEG, AWK, OKE, NVE, PNW, STR
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