Tanked tech:
- You want interesting, we had interesting — to the tune of the worst day in the stock market since Aug. 11, 2010. The blame was mostly laid at the feet of Qaddafi, whose defiance certainly was a big part of the push of oil prices above $95 a barrel, which nobody likes — when it happens that fast. However, this is also what happens when a low-volume weeks-long rally in stocks meets some bad news without all those shorts around to cover. Tech, too, was the the real outlier and underpeformer on Tuesday, and there aren’t a lot of iPads in Tripoli, I’m assuming. But as tech has led us higher, it’s not unexpected that it would give up the ghost one of these days. The yield on the 10-year note plunged to 3.46%.
- After the closing bell, how about more bad tech news? Hewlett-Packard (NYSE:HPQ) was down more than 12% in after-hours trading following an earnings report that included a disappointing forecast for second-quarter profit and revenue, as well as fiscal 2012 revenue. Chesapeake Energy (NYSE:CHK) was up 2% after the company easily beat fourth-quarter earnings despite revenue falling 11% and badly missing the Street’s expectations.
- On Wednesday, well, you’ll have to deal with the fallout from H-P, won’t you? Elsewhere, you’re going to get an earnings report in the morning from Lowe’s (NYSE:LOW). On the economic data side of things, we’ll have the January existing home sales report.
OUT THERE SOMEWHERE:
- It’s looking bleak for New York’s Seaport Museum. I mean, do you actually know anyone who’s been there?
- Bold move by the Ivory Coast. Who knew they had it in them?
- Worried about you high blood pressure? Maybe you don’t have it.
- So, we’re running low on corn.
- Zero Hedge points out that declining short interest was very evident on Tuesday.
- Spain owns up to some bank “issues.”
- Oil traders are worried about Libya. Sort of.
- From the It Pays To Read Dept.:This blog finds a biggie hidden in the Wisconsin governor’s budget plan.
- Given Tuesday’s market, this was a darn good call on chips.
- Lesson learned, perhaps: This market rally has not meant more hedge fund startups.
- 4 reasons housing prices will continue falling.
