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Buzz Bits: Dow, Nasdaq Finish Ahead

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Your daily Buzz highlights...

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Editor's Note: This is a small sample of the content available on the Buzz and Banter.



Earnings Report - MV News

  • Genentech (DNA) reports 4Q EPS of $0.61 vs $0.55 cons on revs of $2.71 bln vs. $2.54 bln cons.



Buzz in the Afternoon - Todd Harrison - 2:51 PM

I return from our seemingly requisite midtown mindmeld to eight screens jocking for my A.D.D. attention. My first blush thoughts? As you wish, Buttercup.

  • The semis stand out, as we thought they might if the tape turned. SOX 493 is "the" level of lore, if and when, but that's a ways away.

  • Market breadth isn't confirming the upside as it's still skewed Boo to the tune of 3:2 negative on the big board.

  • We know that support (resistance) weakens with each subsequent test. Keep that in mind when S&P 1400 comes back into play. By my pen, Hoofy has made a stand 'in and around there' three straight sessions.

  • So it's said, and in the interest of being forthright, my "energy and metals over tech and financials" theme (and positioning) hasn't been very nice to me this week. I "trade around" these positions (in the context of defined risk) but, heck, I'm not that good of a trader.

  • Does anyone else notice that the retailers, as measured by the RTH, have been in a defined range since 2003? Maybe Macke, in an attempt to wardrobe his "all Macke, all the time" persona will break 'em out?

  • Dollar. Session highs. CRB. 293 resistance. Writing. Wall?


R.P.

position in metals, energy, financials



More random than usual thoughts... - Fil Zucchi - 2:33 PM

  • As my mind circles back to the slopes of UT, please weigh my thoughts on some of the skiing related names against some absolutely AWFUL ski weather throughout most of Europe, and not much better conditions on the East Coast of the US. Is the sickly chart of Columbia Sportswear (COLM) a symptom of the weather tantrums?

  • I am giving the Euro (ECH07) the benefit of the doubt on this first test of the 1.30 break-out area...with stops tighter than a drum.

  • The REIT's iShares (IYR) ETF has seen its weekly MACD cross bearishly as of 1/05. This has been a moderately successful indicator. However, I am still not hearing of any issues in that space. In fact an institutional size deal we are currently involved in is moving faster and better than we had imagined.

  • I continue to load and reload on small cap energy names, and to roll down in strike and up in size on Oil Services (OIH) puts. I have even dipped a toe in some larger caps such Arena Resources (ARD), Conoco Phillips (COP), and Devon Energy (DVN).

  • If plunging energy prices cannot save the Transports, the latter has some serious issues and this could prove to be a VERY playable double top.


Positions in ECH07, OIH, ARD, COP, DVN, IYT



Wednesday Wreversal? Well, we're watching... - Rod David - 11:16 AM

The dividing line between bullish and bearish was described earlier as the SPX 1407.25 (ESh 1416'00) area. It held as resistance at the open before S&Ps fell back to retest the overnight low. And after its recovery, the dividing line has served as support. Now a break under the SPX 1407.25 (ESh 1416'00) area would confirm that another retest of the low was underway.

At this morning's price highs, MACD & RSI made lower highs. They didn't diverge negatively, so S&Ps could still actually fill the gap back to yesterday's close. But the noon hour needs to be entered or exited in positive territory to be officially impressed with the bottoming action. Otherwise, it's just "ineffectual optimism."

The overnight low and its cash session retest took care of any requirement to trade lower. A lower close would reinstate the decline. But if today's session were to close positive - preferably in rally mode exiting the noon hour - this market could be immune from selling pressure into the weekend.


What you need to know... - Jon Doctor J Najarian - 8:20 AM

US Air (LCC) Raises Bid For Delta By $1.7 Billion – It was bound to happen and this morning LCC raised its bid from $8.5 billion to $10.2 billion as they step up the pressure on the bankrupt carrier's creditors. Applying the same valuation methodology used by Delta in its disclosure statement, this sweetened bid will provide up to $15.4 billion in value to Delta's unsecured creditors.

Sirius (SIRI) Pays Stern Another $82.9 Million - The self-proclaimed "King of all media," apparently helped SIRI meet subscriber targets and was thus entitled to "stock-based performance bonuses." Prior to Stern SIRI had 3.3 million subs, but now has over 6 million. At $14 per sub per month that's a cool $42 million, so I doubt Mel Karmazin is crying in his beer.

Alcoa (AA) Beats Street – The aluminum producer said 4Q profit jumped 60%, driven by higher metal prices and strong market demand. The bottom line shows a net of $359 million ($0.41 per share), and the results include after-tax charges of $386 million, or 44 cents per share.

WD-40 (WDFC) Net Falls 24% - That's pretty bad, when you tell shareholders that your earnings fell to $5.69 million from $7.51 million, but that bad news is compounded by the fact that the company's expenses are moving up faster than their sales.

Positions in AA

No positions in stocks mentioned.

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