In Case You Missed Wednesday
by Michael Goodman | March 10, 2011 4:44 am
Oil down, stocks down?
- Yes, it actually happened — we’ve been reading about how the inverse relationship between oil prices and stocks was breaking down, but it didn’t seem so in-your-face as it was on Wednesday. Oil finished below $105 a barrel, but stocks…well, they just laid there, finishing just on the red side of flat. Less true for tech stocks and small-caps which underperformed. This isn’t a complete coincidence — traders have spent much of the past few weeks sifting through small-cap (and usually Nasdaq-traded) names for energy, precious metals, and mining plays. With most hard commodities consolidating, that run to $200 oil doesn’t look like it’s happening next week, and the magic $8 stocks have lost some luster. Silver did rise on Wednesday, gold did not. Bonds, which had slipped to see the 10-year note’s yield close above 3.5% in three of the past four sessions, gained some ground to push the yield down to 3.47%.
- After the closing bell, more from the week that is tech storage: LSI Logic (NYSE:LSI[1]) agreed to sell its external storage systems business to NetApp (NASDAQ:NTAP[2]) for $480 million; Human Genome (NASDAQ:HGSI[3]) said the FDA approved its Benlysta lupus drug.
- On Thursday, the economic data flow brings you the weekly jobless claims, the January trade balance report and the January report on the Treasury budget. A few more C-list earnings reports will trickle out before and after the bell.
OUT THERE SOMEWHERE:
- The UN’s take on boosting food production[4]: kick business out of it.
- Libya’s central bank chief turns up[5]. In Turkey, of course.
- A case for speculators’ control of oil prices[6].
- A restaurant food delivery startup raises $20 million[7].
- Good question: How many wireless networks[8] do we really need?
- Motorola (NYSE:MMI[9]) shares showing investors don’t have much confidence in Android[10] tablet PCs.
- 5 financial tech firms[11] worth knowing.
- Light-truck sales[12] as economic proxy.
- Job recovery at last! Well, not in California[13], really.
- Optimism on the Eurozone’s survival prospects[14].
Endnotes:
- LSI: http://studio-5.financialcontent.com/investplace/quote?Symbol=LSI
- NTAP: http://studio-5.financialcontent.com/investplace/quote?Symbol=NTAP
- HGSI: http://studio-5.financialcontent.com/investplace/quote?Symbol=HGSI
- boosting food production: http://www.alternet.org/story/150158/new_un_report_on_how_to_feed_the_worlds_hungry_ditch_corporatecontrolled_agriculture?page=entire
- turns up: http://www.ft.com/cms/s/0/3991d8de-49b6-11e0-acf0-00144feab49a.html#axzz1G8UcsFGB
- control of oil prices: http://economistsview.typepad.com/timduy/2011/03/speculators-gone-wild.html
- raises $20 million: http://techcrunch.com/2011/03/09/exclusive-food-delivery-search-engine-grubhub-raises-20-million/
- wireless networks: http://gigaom.com/2011/03/08/how-many-wireless-networks-can-the-u-s-support/
- MMI: http://studio-5.financialcontent.com/investplace/quote?Symbol=MMI
- Android: http://www.businessinsider.com/ipad-2-motorola-shares-2011-3
- financial tech firms: http://irwebreport.com/20110308/as-investors-tap-the-web-5-firms-iros-should-know/
- Light-truck sales: http://www.valueplays.net/2011/03/08/davidson-on-light-truck-sales-and-moving-averages/
- California: http://gregor.us/california/all-my-economist-friends-get-high-california-jobs/
- Eurozone’s survival prospects: http://www.ft.com/cms/s/0/5030759e-49bd-11e0-acf0-00144feab49a.html#axzz1G8UcsFGB
Source URL: https://investorplace.com/2011/03/in-case-you-missed-wednesday-4/