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Russia Rocks on Natural Gas Deal
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (INDEXSP:.INX) rallied 0.8% to 1,888.08 today as the Fed released the minutes from its late April meeting.

Federal Open Market Committee members indicated that the economic slowdown in the first quarter was largely transitory due to the weather, and saw no need to change their long-term growth forecasts.

The FOMC also discussed the steps that would need to be taken to normalize policy that would require the further testing of its reverse repo, excess reserves, and term deposit facilities. Lastly, committee members noted that low system volatility represented increased investor risk appetite.

The markets did not react to the release as stocks just continued their upward ascent off the morning low.

Russia's Gazprom (OTCMKTS:OGZPY) and China National Petroleum announced a 30-year natural gas supply deal reportedly worth $400 billion. Gazprom will supply 38 billion cubic meters of natural gas annually, accounting for a quarter of China's current annual consumption.

Russian stocks reacted very positively to the news, with the Market Vector Russia ETF Trust (NYSEARCA:RSX) rising 1.1% to $25.50.

Closely watched Internet security name FireEye (NASDAQ:FEYE) managed to rally 2.6% despite the expiration of its IPO lockup period today.

Cloud software name Salesforce.com (NYSE:CRM) had a rough day; it dropped 5.10% to $50.19 despite beating analysts' first-quarter estimates and raising guidance, and a positive overall day for technology stocks. Salesforce was likely hit by a sell-the-news reaction as the stock had rallied a quick 10% off its late April low into earnings.

On the flip side, retailer Target (NYSE:TGT) missed Wall Street's earnings expectations and guided down, but the stock actually rallied 1.0%. Retail competitors including Walmart (NYSE:WMT) and Kohl's (NYSE:KSS) reported poor results last week, lowering expectations by a significant margin.

Tomorrow's Financial Outlook

Tomorrow morning, we will see last week's jobless claims numbers, April existing home sales numbers, and April Leading Economic Indicators.

The housing numbers should come into play in tomorrow's trading as market observers continue to look for signs of economic life following the winter slowdown.

On the earnings front, we'll see numbers from Best Buy (NYSE:BBY), Dollar Tree (NASDAQ:DLTR), Sears Holding (NASDAQ:SHLD), Royal Bank of Canada (NYSE:RBC), and Hewlett-Packard (NYSE:HPQ), among others.

The retail names should be the prime focus of traders since weakness in the sector has been a major theme this earnings season. However, given Target's bounce on bad news today, these names may be washed out.

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.

Russia Rocks on Natural Gas Deal
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (INDEXSP:.INX) rallied 0.8% to 1,888.08 today as the Fed released the minutes from its late April meeting.

Federal Open Market Committee members indicated that the economic slowdown in the first quarter was largely transitory due to the weather, and saw no need to change their long-term growth forecasts.

The FOMC also discussed the steps that would need to be taken to normalize policy that would require the further testing of its reverse repo, excess reserves, and term deposit facilities. Lastly, committee members noted that low system volatility represented increased investor risk appetite.

The markets did not react to the release as stocks just continued their upward ascent off the morning low.

Russia's Gazprom (OTCMKTS:OGZPY) and China National Petroleum announced a 30-year natural gas supply deal reportedly worth $400 billion. Gazprom will supply 38 billion cubic meters of natural gas annually, accounting for a quarter of China's current annual consumption.

Russian stocks reacted very positively to the news, with the Market Vector Russia ETF Trust (NYSEARCA:RSX) rising 1.1% to $25.50.

Closely watched Internet security name FireEye (NASDAQ:FEYE) managed to rally 2.6% despite the expiration of its IPO lockup period today.

Cloud software name Salesforce.com (NYSE:CRM) had a rough day; it dropped 5.10% to $50.19 despite beating analysts' first-quarter estimates and raising guidance, and a positive overall day for technology stocks. Salesforce was likely hit by a sell-the-news reaction as the stock had rallied a quick 10% off its late April low into earnings.

On the flip side, retailer Target (NYSE:TGT) missed Wall Street's earnings expectations and guided down, but the stock actually rallied 1.0%. Retail competitors including Walmart (NYSE:WMT) and Kohl's (NYSE:KSS) reported poor results last week, lowering expectations by a significant margin.

Tomorrow's Financial Outlook

Tomorrow morning, we will see last week's jobless claims numbers, April existing home sales numbers, and April Leading Economic Indicators.

The housing numbers should come into play in tomorrow's trading as market observers continue to look for signs of economic life following the winter slowdown.

On the earnings front, we'll see numbers from Best Buy (NYSE:BBY), Dollar Tree (NASDAQ:DLTR), Sears Holding (NASDAQ:SHLD), Royal Bank of Canada (NYSE:RBC), and Hewlett-Packard (NYSE:HPQ), among others.

The retail names should be the prime focus of traders since weakness in the sector has been a major theme this earnings season. However, given Target's bounce on bad news today, these names may be washed out.

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.

More From Minyanville Staff
Russia Rocks on Natural Gas Deal
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The S&P 500 (INDEXSP:.INX) rallied 0.8% to 1,888.08 today as the Fed released the minutes from its late April meeting.

Federal Open Market Committee members indicated that the economic slowdown in the first quarter was largely transitory due to the weather, and saw no need to change their long-term growth forecasts.

The FOMC also discussed the steps that would need to be taken to normalize policy that would require the further testing of its reverse repo, excess reserves, and term deposit facilities. Lastly, committee members noted that low system volatility represented increased investor risk appetite.

The markets did not react to the release as stocks just continued their upward ascent off the morning low.

Russia's Gazprom (OTCMKTS:OGZPY) and China National Petroleum announced a 30-year natural gas supply deal reportedly worth $400 billion. Gazprom will supply 38 billion cubic meters of natural gas annually, accounting for a quarter of China's current annual consumption.

Russian stocks reacted very positively to the news, with the Market Vector Russia ETF Trust (NYSEARCA:RSX) rising 1.1% to $25.50.

Closely watched Internet security name FireEye (NASDAQ:FEYE) managed to rally 2.6% despite the expiration of its IPO lockup period today.

Cloud software name Salesforce.com (NYSE:CRM) had a rough day; it dropped 5.10% to $50.19 despite beating analysts' first-quarter estimates and raising guidance, and a positive overall day for technology stocks. Salesforce was likely hit by a sell-the-news reaction as the stock had rallied a quick 10% off its late April low into earnings.

On the flip side, retailer Target (NYSE:TGT) missed Wall Street's earnings expectations and guided down, but the stock actually rallied 1.0%. Retail competitors including Walmart (NYSE:WMT) and Kohl's (NYSE:KSS) reported poor results last week, lowering expectations by a significant margin.

Tomorrow's Financial Outlook

Tomorrow morning, we will see last week's jobless claims numbers, April existing home sales numbers, and April Leading Economic Indicators.

The housing numbers should come into play in tomorrow's trading as market observers continue to look for signs of economic life following the winter slowdown.

On the earnings front, we'll see numbers from Best Buy (NYSE:BBY), Dollar Tree (NASDAQ:DLTR), Sears Holding (NASDAQ:SHLD), Royal Bank of Canada (NYSE:RBC), and Hewlett-Packard (NYSE:HPQ), among others.

The retail names should be the prime focus of traders since weakness in the sector has been a major theme this earnings season. However, given Target's bounce on bad news today, these names may be washed out.

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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