MARKET CURRENTS
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MARKET CURRENTS
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Wednesday, May 23
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4:10 PM Market recap: Stocks snapped back sharply from lows after France's Hollande and Italy's Monti voiced support for euro bonds and the Fed's Kocherlakota said a fall off the fiscal cliff would argue for new QE. But the move could just as easily be explained by short covering after a period of weakness. Crude oil ended below $90 for the first time since October. NYSE gainers beat losers seven to six. 3 Comments
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10:32 AM Europe rapidly deteriorates, the Stoxx 50 -3%, led by Italy, -3.8%, and Spain, -3.2%. The euro goes bidless, sliding under $1.26 for the first time since August 2010. S&P 500 -1.1%. 7 Comments
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9:29 AM BlackBay trader Todd Schoenberger says the market has it all wrong over Linkedin (LNKD -0.5%), which has been dragged down of late by Facebook. The site has well-balanced global breadth and an advantegous business model. "I would buy it now even if it goes up 20% or down 20%...It's a buy and hold," says Schoenberger. 2 Comments
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9:15 AM Market preview: U.S. stock futures track EU shares lower as fears of a Greek euro exit flare up again ahead of an EU summit in Brussels, with the S&P benchmark -0.8%. Dell (-13.4%) is taking a battering following a fairly woeful earnings report, while Big Lots is -6.1% for a similar reason, although Facebook (+2.6%) gets a bit of light relief following its IPO carnage. Later: New Home Sales, H-P earnings Comment!
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5:56 AM EU leaders are due to meet in Brussels today as Germany comes under increasing pressure to agree to a softening of austerity and to eurobonds, ideas favored by Francois Hollande. However, as an EU diplomat says: eurobonds are "the equivalent of ringing the bell for a happy hour so the inebriated can postpone their hangover indefinitely." 3 Comments
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3:29 AM Thailand's PTT Exploration and Production trumps Shell's (RDS.A) bid for Cove Energy (CNVGF.PK), offering £1.22B ($1.9B) for the Mozambique-focused explorer. Cove's management says it now backs PTT's bid, with the reversal coming just hours ahead of a deadline for investors to accept Shell's $1.8B offer. Shell -1.2% in London. Comment!
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2:38 AM Japan's trade deficit widened to ¥520.3B ($6.5B) in April from a shortfall of ¥84.5B in March, as exports rose a less-than-expected 7.9%. Finmin Jun Azumi calls for the Bank of Japan to "take appropriate steps in a timely manner;" analysts believe BOJ may boost asset purchases in the coming months. 3 Comments
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