Comeback, almost:
- With legit oil producer Libya still in flux, to say the least, stocks continued their inverse relationship with oil prices — oil prices go down, stocks go up, and vice-versa. On Thursday, the market was headed for a third-straight significant selloff, but oil worked its way lower — actually finishing below Wednesday’s levels — and stocks worked their way higher, albeit not high enough to avoid a smidgeon of a decline. Tech stocks, in fact, bounced back into the green for the day. Small-caps also had a decent day, showing that maybe there’s still some taste for some risk. Bonds, however, showed the opposite, with the 10-year yield slipping to 3.44% Two weeks ago, it was pressing 3.75%. Gold and silver prices were essentially unchanged.
- After the closing bell, a bevy of companies saw some volatility from earnings reports. Some stocks went up: OmniVision (NASDAQ:OVTI), Salesforce.com (NYSE:CRM), SandRidge Energy (NYSE:SD), Deckers Outdoor (NASDAQ:DECK), Crocs (NASDAQ:CROX) (really!) while one — Nutrisystem (NASDAQ:NTRI) went waaaaay down. Boeing (NYSE:BA) also caught a bid after winning a $3.5 billion air tanker contract from the Dept. of Defense.
- On Friday, an earnings report from JCPenney (NYSE:JCP) is about the biggest deal going. Economic data brings the second estimate on real fourth-quarter GDP and the February report on consumer sentiment.
OUT THERE SOMEWHERE:
- In case you had any concerns at all about Wall Street profits last year.
- iPad owners actually like the newspaper.
- I’m trademarking this now: the iPen.
- Can an improved economy include a 13% drop in home prices since June?
- Buy gas now — BofA thinks Libya will shut it down for a while.
- New oil ETFs are not getting it done.
- How about nonoil energy sectors these days?
- Should we have ever left it? Yield is back in vogue.
- A guy can dream — the end of the IT dept.
