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TradeTheNews.com US Market Update: Nasdaq 4000
US Market Update: Nasdaq 4000
Mon, 25 Nov 2013 11:07 AM EST
- (TR) Turkey Nov Industrial Confidence Index: 104.5 v 107.5 prior; Capacity
Utilization: 75.6% v 76.4% prior
- (MX) Mexico Oct Unemployment Rate: 5.0% v 5.2%e
- (US) Oct Pending Home Sales M/M:
-0.6% v +2.0%e; Y/Y: -2.2% v -1.0%e
- (MX) Mexico Q3 Current Account Balance: -$5.5B v -$4.5Be
- (IL) Israel Central Bank leaves Base Rate unchanged at 1.00%, as expected
- (US) Nov Dallas Fed Manufacturing Activity: 1.9 v 5.0e
- The DJIA and S&P500 made fresh all-time highs at the open of trading this
morning but have declined back to unchanged in mid-morning trade. As of
writing, the DJIA is +0.17%, the S&P500 is +0.10% and the Nasdaq is +0.06%.
- The Nasdaq pushed though the 4000
mark in the premarket, putting the index briefly at 13-year highs before
dipping back to unchanged. There has been a certain amount of negative
commentary about the implied bubble in tech stocks this morning, with the
Nasdaq back at pre dot-bomb levels. However, stocks outside the tech
sector, especially healthcare names, have been the main driver's behind the
Nasdaq's return to 4000.
- More signs of a housing industry slowdown are emerging in data. The October pending home data indicated
declines for the fifth straight month. Higher mortgage rates, price increases
and the government shutdown held back sales. The shutdown delays sales,
mostly from waiting for IRS income verification for mortgage approval.
Homebuilders are down one or two percent a piece.
- The front-month contract for WTI crude had dipped as low as $93.20 this
morning in the wake of the short-term nuclear deal reached with Iran over the
weekend. The contract has moved higher this morning and is around $94 mid
- Fiat has put its IPO of Chrysler on
ice for the moment, warning that it would not take place before the end of this
year. The company had been moving forward with plans for the offering
after talks stalled between Fiat and the UAW on buying back the pension trust's
41.5% stake in Chrysler. The trust's administrators thought Fiat's offer,
thought to be about $3 billion, was too low and wanted to go directly to the
stock market to sell a portion of its shares.
- ADT Corp is down 8.5%, at one-month lows, after agreeing to repurchase 10.24M
shares held by activist investor Corvex at $44.01/shr. Note that Corvex took a
stake a year ago.
- Chinese gaming stock Giant Interactive received a buyout offer from Chairman
Yuzhu Shi, valuing the company around $11.75/shr, a 16% premium to the prior
close. Shi resigned as CEO of Giant Interactive back in April.
- 11:30 (US) Treasury to sell combined $60B in 3-Month and 6-Month Bills
- 11:30 (BR) Brazil Treasury Oct Federal Debt Data
- 12:30 (MX) Mexico to sell MXN 9.5B in 1-month Bills
- 13:00 (US) Treasury to sell $32B in 2-Year Notes
- 13:30 (EU) EU President Van Rompuy meets Startup Europe Leaders Club in
- 17:15 (AU) RBA DepGov gives speech in Sydney
- 18:50 (JP) Bank of Japan (BOJ)
October 31 meeting minutes
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