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Allergan, Health Care Stocks Lead Market Higher
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US Vice President Joe Biden was in Ukraine today on a solidarity visit to Kiev hoping to follow up on the recent accord with Russia that would de-escalate the fighting in the eastern part of the country. News reports indicate that the US is not planning any further sanctions against Russia at the current time and it may decide to move forward if conditions deteriorate further after the trip concludes. The US announced that it was sending 600 troops to Baltic nations including Poland, Lithuania, Latvia, and Estonia for military exercises in response to the Ukraine crisis.

US stocks rallied strongly today, but unfortunately on low volume. The S&P 500 (INDEXSP:.INX) only traded 49.5% of its 15-day average volume in today's session. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rallied back to its April 9 close, led by lagging stocks such as FireEye (NASDAQ:FEYE). Because of the buyout of pharmaceutical developer Allergan (NYSE:AGN) for about $50 billion, health-care stocks led the major indices today. All 10 basic sectors of the S&P 500 finished positive. West Texas intermediate crude oil suffered 1.89% of losses.

March existing home sales declined 0.2% month-on-month to a 4.59 million annual rate, which was slightly ahead of the 4.56 million expected. The regional Philadelphia manufacturing index showed very strong growth in April, rising to 7 from -7 last month. The shipments, production, and new orders components all indicated that activity has significantly picked up over the past two months.

Tomorrow's Financial Outlook

The most important overnight event for risk assets tomorrow is the China HSBC flash manufacturing PMI for April, scheduled to be released at 9:45 p.m. ET tonight. Economists expect the index to rise to 48.3 from 48.0 last month. If this index beats expectations, copper, iron ore, and domestic Chinese stocks are all likely to experience substantial rallies. The inverse is true for most global risk assets if the report is poor.

In the US, March new home sales data is scheduled to be reported; economists are expecting a modest increase to a 450,000 annual rate from 440,000 in February. The other event of note is the preliminary April Markit US manufacturing PMI, which is expected to rise to 56.0 from 55.5 in the month prior. The Treasury will sell $35 billion of 5-year notes.

Fifty-one major US companies are scheduled to report earnings tomorrow. Notable reports include Boeing (NYSE:BA), Dow Chemical (NYSE:DOW), Procter & Gamble (NYSE:PG), Delta (NYSE:DAL), Qualcomm (NASDAQ:QCOM), Apple (NASDAQ:AAPL), E*Trade Financial (NYSE:ETFC), Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA), and Norfolk Southern (NYSE:NSU).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views 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 individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles 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. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Allergan, Health Care Stocks Lead Market Higher
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US Vice President Joe Biden was in Ukraine today on a solidarity visit to Kiev hoping to follow up on the recent accord with Russia that would de-escalate the fighting in the eastern part of the country. News reports indicate that the US is not planning any further sanctions against Russia at the current time and it may decide to move forward if conditions deteriorate further after the trip concludes. The US announced that it was sending 600 troops to Baltic nations including Poland, Lithuania, Latvia, and Estonia for military exercises in response to the Ukraine crisis.

US stocks rallied strongly today, but unfortunately on low volume. The S&P 500 (INDEXSP:.INX) only traded 49.5% of its 15-day average volume in today's session. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rallied back to its April 9 close, led by lagging stocks such as FireEye (NASDAQ:FEYE). Because of the buyout of pharmaceutical developer Allergan (NYSE:AGN) for about $50 billion, health-care stocks led the major indices today. All 10 basic sectors of the S&P 500 finished positive. West Texas intermediate crude oil suffered 1.89% of losses.

March existing home sales declined 0.2% month-on-month to a 4.59 million annual rate, which was slightly ahead of the 4.56 million expected. The regional Philadelphia manufacturing index showed very strong growth in April, rising to 7 from -7 last month. The shipments, production, and new orders components all indicated that activity has significantly picked up over the past two months.

Tomorrow's Financial Outlook

The most important overnight event for risk assets tomorrow is the China HSBC flash manufacturing PMI for April, scheduled to be released at 9:45 p.m. ET tonight. Economists expect the index to rise to 48.3 from 48.0 last month. If this index beats expectations, copper, iron ore, and domestic Chinese stocks are all likely to experience substantial rallies. The inverse is true for most global risk assets if the report is poor.

In the US, March new home sales data is scheduled to be reported; economists are expecting a modest increase to a 450,000 annual rate from 440,000 in February. The other event of note is the preliminary April Markit US manufacturing PMI, which is expected to rise to 56.0 from 55.5 in the month prior. The Treasury will sell $35 billion of 5-year notes.

Fifty-one major US companies are scheduled to report earnings tomorrow. Notable reports include Boeing (NYSE:BA), Dow Chemical (NYSE:DOW), Procter & Gamble (NYSE:PG), Delta (NYSE:DAL), Qualcomm (NASDAQ:QCOM), Apple (NASDAQ:AAPL), E*Trade Financial (NYSE:ETFC), Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA), and Norfolk Southern (NYSE:NSU).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views 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 individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles 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. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Allergan, Health Care Stocks Lead Market Higher
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

US Vice President Joe Biden was in Ukraine today on a solidarity visit to Kiev hoping to follow up on the recent accord with Russia that would de-escalate the fighting in the eastern part of the country. News reports indicate that the US is not planning any further sanctions against Russia at the current time and it may decide to move forward if conditions deteriorate further after the trip concludes. The US announced that it was sending 600 troops to Baltic nations including Poland, Lithuania, Latvia, and Estonia for military exercises in response to the Ukraine crisis.

US stocks rallied strongly today, but unfortunately on low volume. The S&P 500 (INDEXSP:.INX) only traded 49.5% of its 15-day average volume in today's session. The Nasdaq Composite (INDEXNASDAQ:.IXIC) rallied back to its April 9 close, led by lagging stocks such as FireEye (NASDAQ:FEYE). Because of the buyout of pharmaceutical developer Allergan (NYSE:AGN) for about $50 billion, health-care stocks led the major indices today. All 10 basic sectors of the S&P 500 finished positive. West Texas intermediate crude oil suffered 1.89% of losses.

March existing home sales declined 0.2% month-on-month to a 4.59 million annual rate, which was slightly ahead of the 4.56 million expected. The regional Philadelphia manufacturing index showed very strong growth in April, rising to 7 from -7 last month. The shipments, production, and new orders components all indicated that activity has significantly picked up over the past two months.

Tomorrow's Financial Outlook

The most important overnight event for risk assets tomorrow is the China HSBC flash manufacturing PMI for April, scheduled to be released at 9:45 p.m. ET tonight. Economists expect the index to rise to 48.3 from 48.0 last month. If this index beats expectations, copper, iron ore, and domestic Chinese stocks are all likely to experience substantial rallies. The inverse is true for most global risk assets if the report is poor.

In the US, March new home sales data is scheduled to be reported; economists are expecting a modest increase to a 450,000 annual rate from 440,000 in February. The other event of note is the preliminary April Markit US manufacturing PMI, which is expected to rise to 56.0 from 55.5 in the month prior. The Treasury will sell $35 billion of 5-year notes.

Fifty-one major US companies are scheduled to report earnings tomorrow. Notable reports include Boeing (NYSE:BA), Dow Chemical (NYSE:DOW), Procter & Gamble (NYSE:PG), Delta (NYSE:DAL), Qualcomm (NASDAQ:QCOM), Apple (NASDAQ:AAPL), E*Trade Financial (NYSE:ETFC), Facebook (NASDAQ:FB), Zynga (NASDAQ:ZNGA), and Norfolk Southern (NYSE:NSU).


Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views 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 individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles 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. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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