In Case You Missed Tuesday
by Michael Goodman | March 9, 2011 4:44 am
It’s not easy being green:
- By now, you know how this works: oil up, stocks down — and vice-versa. On Tuesday, it was vice-versa. With oil slipping 0.4% (though still above $105 a barrel) amid reports of off-again-on-again progress in the Middle East Unrest universe, stocks rebounded. Airline stocks came up huge — their rally actually started late Monday when oil began to show signs of retreating. The emboldened risk helped small-caps, which outperformed the market, and took a little of the luster off the precious metals trade. Both gold and silver prices finished 0.4% lower. Bonds also slipped, driving the 10-year Treasury note up to 3.54%.
- After the closing bell, shares of Finisar (NASDAQ:FNSR[1]) tanked, to the tune of about 35%, after the company’s fourth-quarter earnings report, which included a first-quarter profit forecast way below estimates, in part, the company said, due to an overall slowdown in China. That can’t be good for anyone, really. Texas Instruments (NYSE:TXN[2]) was off 1% following the chipmaker’s midquarter update. The company narrowed its EPS guidance, the midpoint of which was below analysts’ estimates.
- On Wednesday, another trickle of earnings reports, but nary a hard hitter in the bunch. Exxon Mobil (NYSE:XOM[3]) holds its 2011 analyst meeting, and the only economic data is a January report on wholesale inventories.
OUT THERE SOMEWHERE:
- Fleck[4] not a fan of the Fed’s role in global food riots.
- Monsters lurking in Wall Street’s shadows[5].
- According to Gallup, the job market[6] looks a little less sanguine.
- China bank crisis odds? About 60%[7], by 2013.
- What Wall St. could learn from — wait for it — Charlie Sheen[8].
- Worth wondering about: Do the Saudis[9] have all that oil capacity?
- Commodity-related stocks can’t rise forever[10], right?
- Not much to argue about: Investors are not big fan[11]s of AOL’s (NYSE:AOL[12]) moves.
- On the horizon: the 99-cent[13] e-book?
- Herb Greenberg points out earnings guidance doesn’t really happen much[14].
- Global victims of higher oil prices[15]: It’s all relative.
Endnotes:
- FNSR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FNSR
- TXN: http://studio-5.financialcontent.com/investplace/quote?Symbol=TXN
- XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
- Fleck: http://www.youtube.com/watch?v=1RXO5JnvPig&feature=player_embedded#at=11
- shadows: http://www.ft.com/cms/s/0/72503e60-48dd-11e0-af8c-00144feab49a.html#axzz1G2hUwrFj
- job market: http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx
- 60%: http://www.bloomberg.com/news/2011-03-08/china-faces-60-risk-of-bank-crisis-by-2013-fitch-gauge-shows.html
- Charlie Sheen: http://www.bloomberg.com/news/2011-03-08/charlie-sheen-could-teach-wall-street-a-lesson-commentary-by-matthew-lynn.html
- Saudis: http://ftalphaville.ft.com/blog/2011/03/08/507161/the-saudi-capacity-puzzle/
- rise forever: http://www.minyanville.com/businessmarkets/articles/investment-strategy-commodities-market-chart-energy/3/7/2011/id/33126
- big fan: http://www.businessinsider.com/chart-of-the-day-aol-stock-2011-3
- AOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=AOL
- 99-cent: http://www.kk.org/thetechnium/archives/2011/03/99_cent_books.php
- doesn’t really happen much: http://www.cnbc.com/id/41965135
- higher oil prices: http://blogs.ft.com/beyond-brics/2011/03/08/chart-of-the-week-115-a-barrel-oil-who-suffers-and-who-doesnt/
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