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Buzz Bits: Dow, Nasdaq Close in the Green


Your daily Buzz highlights...


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

Earnings Report - MV News

  • Intuit (INTU) reports 1Q EPS in-line of ($0.12) on revs of $362.1 mln vs. $340.5 mln cons.
  • Hewlett-Packard (HPQ) reports 4Q Non-GAAP EPS of $0.68 vs. $0.64 cons on revs of $24.6 bln vs. $24.14 bln cons.
  • Starbucks (SBUX) reported 4Q EPS of $0.17 (in-line) on revs of $2.00 bln vs $2.01 bln cons. Comps for the quarter were +5%.
  • Gap (GPS) reports 3Q EPS of $0.23 vs. $0.22 on previously reported revs of $3.86 bln.
  • AutoDesk (ADSK) reports 3Q revs of $457.0 mln vs. $457.9 mln cons.

Stephanie Pomboy Presents: Milton's Paradise Lost - MV Respect - 2:54 PM

Was it coincidence? Only days after Bernanke gave a speech impugning the importance of the monetary aggregates, the man who brought them into the economic mainstream has passed away. No mistake about it -- Milton Friedman's death is more than just the passing of the voice of modern monetary economics. It is the end of an era.

The Fed's role in the creation of credit is a topic near and dear to our hearts here at MacroMavens. And while my firm emphatically agree with Ben Bernanke's thesis that financial innovation and disintermediation have reduced the Fed's control over the creation of credit... running the printing press is still as debuacherous as ever.

Having already done away with M3, the Fed is now casting stones at the other M's so as to divert attention from its current (and we presume soon-to-be-accelerating) pump-priming exploits. Pay no attention to the man behind the curtain...

To the Fed's credit, they did succeed in convincing investors that inflation only counts when it appears in stuff. This has afforded them the license to inflate stock prices and home values without recompense. Now they hope to sell us on the idea that their monetary integrity cannot be judged by the speed of growth in the M's. Just trust us…wink, wink.

Perhaps it's a blessing that Milton won't have to see what comes next.

Downright Depressing - Bennet Sedacca - 1:29 PM

I just got done reading the Philly Fed Business outlook report. All I can say is that it is downright depressing. Some excerpts.

  • Thirty percent of the firms reported increased activity this month, while 25 percent reported decreased activity.
  • The new orders index fell 17 points, to -3.7, erasing the 15 point gain in the previous month.
  • Delivery times lengthened this month...
  • Evidence of weakness in manufacturing growth by replies concerning employment and hours worked this month.
  • The average workweek index remained close to zero.
  • Price pressures moderate again.
  • The prices paid index fell 5 points this month. The index has fallen 4 consecutive months and is at its lowest level in eight months.

I still think the economic bulls have it wrong.

But I admit to a) being happy I sold my 10's and wonder why they act so lousy (maybe the capacity utilization number?) and b) wonder why TIP's are getting drilled for a point and a half.

All part of the plan... - Kevin Depew - 11:49 AM

  • Per Bennet's buzz, here's a PnF chart of the PHLX Housing Sector Index (HGX) which is also at an important juncture. It has risen to test downtrend resistance... a move to 226 is needed for that line to be "broken."
  • Also take a look at the PHLX Semiconductor Index (SOX) which has backed off after the recent double top break at 475. Note the price objective is 495.
  • Finally, check out the PHLX Oil Service Index (OSX). The parameters are now defined with 194 being anew PnF sell signal and 206 being a new buy signal. The price objective is 226.

What you need to know... - Jon Doctor J Najarian - 8:04 AM

Hertz IPO Prices At Low End! The world's largest rental-car company raised $1.32 billion by selling 88.2 million shares for $15, below the projected range of $16 - $18, but still enough to double the value the groups that bought Hertz from Ford (F) less than 12 months ago!

Cisco (CSCO) Adds $7 Billion To Repurchase! The networking equipment maker said late last night that its board has authorized the repurchase of an additional $7 billion in common stock. The San Jose-based maker of routers & switches has bought back $36.9 billion in stock since the repurchase program was started in September 2001.

UBS Drops JetBlue (JBLU) - Due to the huge runup in the sector the broker downgraded JetBlue Airways Corp. to reduce from neutral. UBS doesn't expect JetBlue to perform quite as well as under its optimistic scenario, it downgraded the stock to reduce.

KBR Prices At High End – The subsidiary of Halliburton (HAL) raised $473 million on last night with an initial public offering that was priced at the top of a forecast range of $15 to $17. The pricing gave the company an initial market capitalization of almost $2.8 billion.

Position in JBLU, CSCO

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