Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Week In Review


A look back at the week that was...


Market Recap

A wild week on Wall Street ended with the DJIA further extending its run into record territory after Thursday's 284 point advance. The "Four Sisters" were able to shrug off more sub-prime and housing woes to continue its latest advance. The only Sister still "underwater" is the RUS as large caps continue to provide leadership. The weak economic data early in the week sent the USD to an all-time low against the euro, which gave a lift to the precious metals. Thursday's breakout on the markets was technically strong. A close look at the chart shows that the SPX retested its double-bottom pattern before breaking out to new highs on above average volume. The breakout on the SPX also confirmed the NDX's breakout from a few weeks ago. This pattern bodes well for the Bulls, but it will be important keep a close eye on the tape as we head into the meat of earnings season.

The Four Sisters Performance

ETF Watch

Top Headlines

Consumer credit rose 6.4% during May thanks to a surge in credit-card debt of 9.8%. (7/9)
The group of firms behind the $25 bln buyout of Sallie Mae (SLM) announced that proposed legislation in front of the U.S. Congress could prevent the deal from going through. (7/11)

io Tinto (RTP) announced an offer of $38.1 bln or $101 a share for Alcan (AL) which exceeds Alcoa`s previous offer of $76 a share. (7/12)

The Labor Department reported jobless claims fell last week to 308,000 the lowest level since May 12. (7/12)

The Dutch Supreme Court approved the $21 bln sale of LaSalle Bank to Bank of America (BAC) moving Barclays` (BCS) buyout of ABN Amro (ABN) one step closer to happening. (7/13)

The Commerce Department reported a 0.9% drop in retail sales for the month of June, the largest drop in nearly two years. (7/13)

Home Depot (HD) lowered profit outlook saying the negative effects of the housing markets are hurting more than anticipated by management. The company also announced a tender to buyback 250 mln shares between $33 and $44 a share. (7/10)

Earnings Snapshot

Alcoa (AA) reported earnings of 81 cents a share toward the low end of expectations. The company also announced they would extend the expiration on their $27 bln offer for Alcan (AL). (7/9)

Marriott (MAR) reported earnings of 51 cents a share slightly below expectation of 53 cents a share. The company also trimmed their expectations the full year. (7/12)

General Electric (GE) reported earnings inline with expectations of 52 cents a share. They also announced they would extend their share buyback to $14 billion. (7/13)

Markey Movers: Winners and Sinners

No positions in stocks mentioned.

The information on this website solely= reflects the analysis of or opinion about the performance of securities an= d financial markets by the writers whose articles appear on the site. The v= iews expressed by the writers are not necessarily the views of Minyanville = Media, Inc. or members of its management. Nothing contained on the website = is intended to constitute a recommendation or advice addressed to an indivi= dual investor or category of investors to purchase, sell or hold any securi= ty, or to take any action with respect to the prospective movement of the s= ecurities markets or to solicit the purchase or sale of any security. Any i= nvestment decisions must be made by the reader either individually or in co= nsultation with his or her investment professional. Minyanville writers and= staff may trade or hold positions in securities that are discussed in arti= cles appearing on the website. Writers of articles are required to disclose= whether they have a position in any stock or fund discussed in an article,= but are not permitted to disclose the size or direction of the position. N= othing on this website is intended to solicit business of any kind for a wr= iter's business or fund. Minyanville management and staff as well as co= ntributing writers will not respond to emails or other communications reque= sting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.



Featured Videos