It really does go down:
- Stocks could never quite shake the tepid mood from earlier overseas trading and finished with a modest selloff. China threw out some consumer price data that was slightly above expectations, even given the usual jaundiced eye given to that country’s reports. “Food inflation getting out of hand? We’ll re-weight the whole thing!” Financial stocks were holding up in Tuesday’s market, but ran out of gas, and that was it for any chance at another singles-hitting rally. Homebuilders also continue to have a rough few days, and are down as a group about 3.6% since a high last Wednesday. Gold and silver both added 0.6%, helping the miners. Oil fell to under $84.50 a barrel, its lowest level since Nov. 30. Bonds ticked higher, bringing the yield on the 10-year note dangerously close to breaking below 3.6% for the first time in about two weeks. Someone hasn’t told the bond market about all the inflation concerns, apparently.
- After the closing bell, shares of Dell (NASDAQ:DELL) rose 5% after the big, giant PC maker that’s no longer cool because it isn’t Apple (NASDAQ:AAPL) just happened to beat the Street’s fourth-quarter EPS estimates by 16 cents. The company also said it expects fiscal 2012 revenue above current expectations. Shares of Airgas (NYSE:ARG) slipped nearly 5% after Air Products (NYSE:APD) withdrew its hostile takeover bid after a Delaware court upheld Airgas’ poison pill provision. Family Dollar (NYSE:FDO) shot 30% higher after 8% stakeholder Trian Group revealed its intention to acquire the company for $55-$60 a share. Pity poor John Paulson, who just liquidated his entire FDO stake in last year’s fourth quarter.
- Earnings continue to dwindle in on Wednesday — in the morning you’ll get a report from Comcast (NASDAQ:CMCSA), while the post-close will bring one from Express Scripts (NASDAQ:ESRX). The economic data flow offers the January read on producer prices, January building permits and housing starts and the January report on industrial production. The Fed also will reveal minutes from the Jan. 25-26 meeting.
OUT THERE SOMEWHERE:
- Remember Nokia (NYSE:NOK)? They’re toast.
- Wonder how these will fare: Egypt inspires protests elsewhere.
- The problems of cheap natural gas.
- What? Public pension funds not paying attention (to being overcharged on currency trades)?
- Uh-oh. Merrill finds money managers at all-time bullish high.
- Kedrosky wonders if California is double-dipping.
- You like gold? Don’t forget copper.
- Uber-investor John Paulson likes him some pharma.
- The one thing we know about Chinese inflation: We have no idea what it really is.
