STOCK MARKET WATCH, Thursday April 5

[ozymandius]

Source: DU

Thursday April 5, 2007

COUNTING THE DAYS
DAYS REMAINING IN THE * REGIME 655 LONG DAYS
DAYS SINCE DEMOCRACY DIED (12/12/00) 2292 DAYS
WHERE'S OSAMA BIN-LADEN? 1996 DAYS
DAYS SINCE ENRON COLLAPSE = 1956
Number of Enron Execs in handcuffs = 19
ENRON EXECS CONVICTED = 9
Enron execs conveniently deceased = 3
Other Arrests of Execs = 54

---

U.S. FUTURES & MARKETS INDICATORS
NASDAQ FUTURES-----------------------------S&P FUTURES

---

AT THE CLOSING BELL WHEN BUSH TOOK OFFICE on January 22, 2001
Dow - 10,578.24
Nasdaq - 2,757.91
S&P 500 - 1,342.90
Oil - $27.69/bbl
Gold - $266.70/oz.

AT THE CLOSING BELL ON April 4, 2007

Dow... 12,530.05 +19.75 (+0.16%)
Nasdaq... 2,458.69 +8.36 (+0.34%)
S&P 500... 1,439.37 +1.60 (+0.11%)
Gold future... 677.40 +7.70 (+1.14%)
30-Year Bond 4.85% -0.00 (-0.02%)
10-Yr Bond... 4.65% -0.01 (-0.26%)






GOLD, EURO, YEN, Loonie and Silver

---

PIEHOLE ALERT

Heads Up!
Preliminary info on appearances by Bush & Co. throughout the country. Details & links are added as they become available so check back. And if you know more, are organizing something, or would like to, contact [e-mail]

For information on protests and other actions Citizens For Legitimate Government

---

Read more: DU

[ozymandius]

1. Today's Market WrapUp

Crude Reality: Dependent and Deprived
BY CHRIS PUPLAVA

The United States has been dependent on foreign oil imports for years now as U.S. production has been in decline since the 1980s. Falling production and rising demand has led to an increased need for imports, with many of these imports coming from politically unstable regions. The two figures below explain the “dependent” subtitle to the article.

-cut-

The subtitle, “deprived,” is explained by a tight global energy market with U.S. dependency on regions with flat to declining production as well as dependency on politically unstable regions. Global demand for crude oil has outstripped production from 2001 to 2005 leading to a surge in the price of oil (Figure 3). Despite a surge in OPEC production from 2002 to peaking in late 2004, the increased production from OPEC was not enough to cover the global demand that rose over the same period (Figure 4).

-cut-

Rising U.S. demand for petroleum products with declining domestic production increases our dependence on foreign suppliers. Our top six foreign crude oil suppliers are from politically unstable regions, politically unfriendly towards to the U.S., or are either experiencing flat or declining production. Dependency on foreign suppliers who are shifting exports to other regions or cutting back will only lead to higher energy prices and more pain for the U.S. consumer’s pocket book. A more comprehensive and faster implemented national alternative energy plan needs to be enacted to reduce the U.S. dependency on foreign nations; otherwise we will remain dependent and deprived for crude oil.

http://www.financialsense.com/Market/wrapup.htm

[MattSh]

30. Deleted

posted wrong place.

[ozymandius]

2. Today's Report

8:30 AM Initial Claims 03/31
Briefing Forecast 315K
Market Expects 320K
Prior 308K

http://biz.yahoo.com/c/e.html

[UpInArms]

8. initial claims @ 321,000

01. U.S. 4-week avg. continuing jobless claims drop to 2.52 mln
8:30 AM ET, Apr 05, 2007 - 46 seconds ago

02. U.S. continuing jobless claims fall by 25,000 to 2.49 mln
8:30 AM ET, Apr 05, 2007 - 46 seconds ago

03. U.S. 4-week avg. initial jobless claims fall to 315,750
8:30 AM ET, Apr 05, 2007 - 46 seconds ago

04. U.S. weekly initial jobless claims rise 11,000 to 321,000
8:30 AM ET, Apr 05, 2007 - 46 seconds ago

[ozymandius]

3. Oil prices rise

VIENNA, Austria - Oil prices edged up Thursday as a larger-than-expected decline in gasoline inventories in the United States raised concerns about tight supplies ahead of the summer driving season.

A weekly report released Wednesday by the U.S. Energy Information Administration showed that gasoline inventories declined for the eighth straight week and that demand is still strong.

Light, sweet crude for May delivery on the New York Mercantile Exchange rose 9 cents to $64.47 a barrel in electronic trading by noon Thursday in Europe. This followed a drop of 26 cents on Wednesday as Iran announced it would free 15 detained British sailors.

"The saga of the detention by Iran of U.K. sailors and marines and their release should not, in our view, have been much more than a sideshow in terms of its implications for the oil market," analysts at investment bank Barclays Capital, led by Paul Horsnell, said in a report.

http://news.yahoo.com/s/ap/oil_prices

[ozymandius]

4. Service sector data depicts slowing U.S. economy

NEW YORK (Reuters) - Growth in the dominant U.S. service sector fell to a four-year low last month while the job market showed only modest improvement, according to reports on Wednesday that reinforced views of a weakening economy.

The Institute for Supply Management said its non-manufacturing index slid to 52.4 in March, down from February's 54.3 and confounding expectations for a rise.

Despite the weak result, which came in below even the lowest of 85 estimates in a Reuters survey, the ISM's inflation gauged jumped.

Meanwhile, U.S. private employers likely added 106,000 jobs in March, according to a report by ADP Employer Services. The March figure was higher than February's 57,000 gain but below markets' expectations.

http://news.yahoo.com/s/nm/20070404/bs_nm/usa_economy_dc

[ozymandius]

5. Subprime problems clouding outlook: Fed's Fisher

AUSTIN, Texas (Reuters) - Problems in the subprime mortgage market have not spread but are clouding the outlook for housing and the U.S. economy as a whole, Federal Reserve Bank of Dallas President Richard Fisher said on Wednesday.

"Thus far, the damage from the subprime market has been largely contained. ... Quality problems have arisen primarily for adjustable-rate subprime loans, which are only about 8.5 percent of home mortgage debt outstanding," he told the Austin Mortgage Bankers Association.

"Nevertheless, because 40 percent of homebuyers last year were non-prime ... borrowers, housing markets may feel some short-term pains, making it less clear whether housing construction has bottomed and how long the housing downturn may last. Fortunately, the financial system and the economy are strong enough to weather this storm," he said.

But Fisher, who is not a voting member of the U.S. central bank's policy-setting committee this year, also stressed that inflation remained the main threat to the economy.

http://news.yahoo.com/s/nm/20070404/bs_nm/usa_fed_fisher_dc_5

[AnneD]

9. Morning Marketeers....

:donut: and lurkers. Oh Lord....why must I suffer these fools. I can't decide whether to pray for strength as I bear this cross, or pray that this plague of bankers pass over our hovel. This time of year is so confusing.

I call BS on these statements. I think more folks have sub primes than he is admitting.


Soft mortgages bury stock market
<snip>
A report released Tuesday by the Mortgage Bankers Association, combined with tepid retail sales numbers for February, spooked investors and sent stocks sliding, erasing gains made in recent sessions.
<snip>
The housing report covers more than 43 million loans, including 33.3 million prime loans, 6 million sub prime loans and 4 million government loans.

Nearly one of every 20 home mortgage loans, or 4.95 percent, was past due. That's up from 4.67 percent during the third quarter.
<snip>
U.S. mortgages entering foreclosure rose to 0.54 percent of all loans during the fourth quarter, the report showed. That ranked as the highest rate ever recorded in the surveys 37-year history.

"It could get a lot worse," said Michael Kone, a principal with Housingmetrics, a Boulder- based firm that tracks the real-estate market. "If we see home sales really weaken, and appreciation goes negative, the latter part of the year would be dark."

http://www.denverpost.com/ci_5429440?source=rss

Or try these
http://realtytimes.com/rtcpages/20070403_subprimemort.htm
http://www.illinoisattorneygeneral.gov/pressroom/2007_03/20070326b.html
http://www.washingtonspectator.com/articles/20050301housingbubble_2.cfm
http://www.oregonlive.com/news/oregonian/index.ssf?/base/news/1175054133185400.xml&coll=7
This story or a variation of this is repeated through out the country in every state, city, town, and village. So don't blow smoke up my skirt.:eyes:

Happy hunting and watch out for the bears.

[Ghost Dog]

28. Hi folks. Apologies, my dial-up phone line is in such a bad state

here off the coast of Western Sahara, due to the unusual recent levels of precipitation and general humidity, that I must curtail internet operations for the time being, until I can rustle up some tech. service, even upgrades, around here.

Meanwhile, local election season has commenced, which provides some highly relevant focus around here.

Never been in debt, never taken out a mortgage, myself - even when squatting, eating street-market leftovers (ie. down-&-not-out) :hi:

But then, there was a certain degree of (UK) social security, those days...

[AnneD]

32. Ahhhh...

the joys of trying to find internet cafes in the third world. Always interesting-trying to send your emails before the power goes off.

[UpInArms]

6. dollar watch

http://quotes.ino.com/chart/?s=NYBOT_DX&v=i

Last trade 82.907 Change -0.053 (-0.06%)

Dollar Loses Ground As Service Sector Cools

http://www.dailyfx.com/story/currency/eur_news/Dollar_Loses_Ground_As_Service_1175708328556.html

Dollar traders received another strong dose of economic data Wednesday morning, though it was not the tonic bulls were expecting. From the list of second-tier reports, the disappointing showing in the ISM non-manufacturing and factory orders gauges proved the most influential in a market where caution reigns.

Among the majors, EURUSD was showing some volatility, even though the pair still lacks direction. From overnight lows around 1.3320, the euro moved back to this week’s range resistance below 1.3385. Against the Swiss franc, the dollar was backing off of its own 1.2235 ceiling, though the 60-point slide from there was slow going. Toning back on volatility after the strong rise over the past weeks, GBPUSD held a 60-point range above 1.9720. Finally, USDJPY is struggling to find bullish momentum on yesterday’s break above 118.50.

Though market participants were able to turn a blind eye to yesterday’s housing numbers, today’s service-sector activity gauge was too important for growth projections to ignore. Over the past few quarters as the housing and manufacturing sectors contracted, optimistic economists and hawkish monetary policy makers have readily shifted the responsibility of strong growth onto the consumer’s shoulders. However, domestic spending in turn depends largely on the health of the service sector – predominately through employment. This makes the ISM Non-Manufacturing survey’s miss even more significant. Accordingly, the indicator reported a bigger than expected drop in March to 52.4, consequently the lowest reading for the report in over four years. While the gauge is still above the pivotal 50.0 mark, this presents further evidence that the economy will have difficulty in keep up the 2.5 percent clip of annual expansion through the rest of the year.

Elsewhere on the docket, the February factory orders number added to the running disappointment in the manufacturing sector. According to the Commerce Department, bookings rose 1.0 percent over the month – a modest number considering the 1.8 percent consensus and the 5.7 percent drop in demand the month before. The component data was fared far worse. Excluding transportation, factory orders fell 0.4 percent. At the same time, a measurement used to determine future investment had also slumped. The remainder of the notable data was used to adjust NFP speculation. The Challanger Job Cuts survey added to bullish forecasts with a 24.6 percent drop in sackings in March from a year ago. This was the sixth consecutive monthly contraction for the indicator. Still testing the waters with its new calculations, the ADP private payrolls number missed expectations of a 135,000-person addition with a 106,000 print. Another noteworthy event, that didn’t come with numbers, was Iranian President Mahmoud Ahmadinejad’s announcement that the 15 British sailors taken prisoner last week would be 'pardoned' and released. While the currency market was slow to react to the news, the confirmation of their safe return could settle geopolitical tensions and cut interest in carry trade unwinding.

...more...

Non-Farm Payrolls Preview: Will it be Good?

http://www.dailyfx.com/story/special_report/special_reports/Non_Farm_Payrolls_Preview__Will_it_1175713751026.html

Non-farm payrolls for the month of March are due out this Friday and judging from our NFP leading indicators, we could be setting up for a sharp rebound in job growth. The current median forecast for payrolls is 133k, but according to the poll by Bloomberg News, the estimates range from 70k to 240k. Equally reputable names are calling for vastly different results. BNP Paribas expects job growth to be very weak (they have the 70k estimate) while Citigroup expects it to be very strong (hence the 240k). After seeing today’s reports, we think that job growth could reach 150k, especially since we are already expecting a rebound after the weather related drop in February. In recent years, forecasting payrolls has been nothing more than an educated guessing game, but this time, enough stars are lining up in favor of strong report that we could actually see one.

Interestingly enough, this upcoming non-farm payrolls release also coincides with Good Friday. TheUS stock markets are closed; the Chicago Mercantile Exchange is also closed except for FX and interest rate products which will trade until 10am, while the Chicago Board of Trade will remain open until 10:15am. The FX spot market on the other hand will be open 24 hours a day and operating as usual. However, with most US traders in other markets already enjoying their long weekend, FX spot traders will have to be particularly careful about thin trading conditions leading to abnormal volatility and the possibility of trading grinding to a halt after 12pm EST. Also, don’t be surprised if we see a follow through move on Monday since many traders may put off establishing new positions until next week.

<snip>

But there are Still Downside Risks….

· Employment component of service sector ISM remains expansionary, but dropped significantly from Feb levels
· Consumer confidence has pulled back
· Problems in the subprime sector could have businesses more cautious
· Employment component of the manufacturing sector ISM dipped into contractionary territory

The only problem that the generally optimistic forecast faces is the possibility that less layoffs does not translate into more hiring. The deterioration in the sub prime lending sector and the housing market as a whole has triggered a peak in the stock market. Corporate profits is also believed to have hit a peak, which would give businesses just cause to wait for more economic stability or signs of growth before hiring aggressively once again. Consumer confidence has already begun to fall, although that is mostly attributed to the rise in oil prices and the fall in stock prices. Either way, there are clear signs that the US economy is slowing. In the manufacturing sector, we are almost sure that we will see the ninth straight month of job losses.

...more...

[citizen snips]

15. Euro Reaches Two-Year High Versus Dollar on Growth, ECB Outlook

April 5 (Bloomberg) -- The euro reached a two-year high against the dollar and approached a record versus the yen as signs of faster growth in Europe raised speculation the European Central Bank will increase interest rates.

Gains in the euro accelerated after it rose above $1.34, triggering orders to buy back the currency, traders said. ECB officials said this week that higher borrowing costs are needed to contain inflation as reports showed strength in manufacturing. The Bank of England kept rates unchanged today.

``The euro is aggressively bought,'' said Tim O'Sullivan, chief foreign exchange trader at Forex.com, a unit of online currency trading company Gain Capital in Bedminster, New Jersey, which has about $250 million funds under management. ``The ECB has more room to go to hike rates.''

The euro advanced 0.47 percent to $1.3431 at 10:17 a.m. in New York, the highest since March 2005. The European currency also rose 0.34 percent to 158.17 yen, approaching a record high of 159.65 set Feb. 23. The euro also gained 0.69 percent against the pound, rising to 68.11 pence.

more...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOJx.svSqac8&refer=home

[Ghost Dog]

23. German industrial output rises unexpectedly in February

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=bb8cfcd2-2b51-459a-b2c1-570a84469f7f

FXstreet.com (Barcelona) – February’s industrial output recorded an unexpected increase in February due to strong activity in construction and manufacturing sectors, as recent data from the German Economics Ministry shows.

January’s value-added tax hike does not seem to have had the expected impact on German industry; industrial output rose 0.9% on the month, instead of the 0.4% drop expected by the analysts, although, the stronger than expected manufacturing orders data from February released earlier this week, already advanced a strong industrial sector.

The strongest sectors driving industrial output higher were the manufacturing sector, with a 0.8% monthly gain, and construction, with a 0.9% increase.

[Ghost Dog]

24. Pound drops after weak UK manufacturing data

http://www.forbes.com/afxnewslimited/feeds/afx/2007/04/05/afx3585789.html

LONDON (AFX) - The pound dropped after data showed UK manufacturing output suffered its biggest fall since October 2005.

Official figures showed manufacturing output, which accounts for 14.7 pct of the UK economy, fell by 0.6 pct in February from the previous month, confounding analysts' expectations for a modest 0.3 pct rise.

The drop is the second in a row following January's 0.2 pct decline. The last time output fell in consecutive months was in the period August to October 2005.

/..

[kineneb]

16. and thus, the death spiral begins

while we watch countries slowly rid themselves of dollars...and more oil countries demand to be paid in Euros. Hmmm, may we live in interesting times?

[Ghost Dog]

20. Yuan ends at record high of 7.7243 to US dollar vs 7.7325 in OTC trade

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=3ac2fdeb-69d7-40b3-92f3-ca8bbc5ffbea
Thu, Apr 5 2007, 10:01 GMT

BEIJING (XFN-ASIA) - The yuan finished at a record high of 7.7243 to the dollar on the over-the-counter (OTC) market, rising sharply from yesterday's close of 7.7325.

On the exchange-traded market, the yuan also finished at a record high at 7.7245, compared with 7.7310 yesterday, a Guangzhou-based trader with a foreign bank said.

The yuan traded between 7.7296 - 7.7243 in the OTC market and 7.7264 - 7.7245 in the exchange-traded market.

The central bank set the yuan central parity at 7.7268 to the dollar today, the highest level since the central bank started setting the benchmark on Jan 6, 2006.

/..

[Ghost Dog]

22. China central bank to raise reserve requirement ratio 50 basis points

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=b936d1d4-c6ff-4310-996c-eeb18800563e

BEIJING (XFN-ASIA) - The People's Bank of China (PBOC) said it will raise the commercial bank reserve requirement by 0.5 percentage points on April 16, the sixth such move since the middle of last year.

The move, which analysts said will remove the equivalent of 170 bln yuan in liquidity from the banking system, raises the reserve requirement for most financial institutions to 10.5 pct.

The central bank said it is making the adjustment to strengthen liquidity management and to forestall rising credit and investment activity.

"The PBOC will continue with prudent monetary policy, using a policy combination to enhance bank liquidity management, maintain the proper level of liquidity, prevent the excessively fast growth of money and credit (and) guide financial institutions to improve their credit structures and promote good and fast economic growth," the bank said in a statement.

/...

[54anickel]

50. Hey UIA, have ya looked at the 1 year chart lately? Let's hope we

don't repeat last April.

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12

[texpatriot2004]

7. K & R nm

[citizen snips]

10. Constellations Brands' 4Q Profit Climbs

FAIRPORT, N.Y. (AP) -- Constellation Brands Inc., the world's biggest wine maker, said Thursday its fourth-quarter profit grew 26 percent, as strong wine sales helped offset heightened competition in Britain and a drop in sales of imported beer.

Earnings beat Wall Street expectations and the stock rose 73 cents, or 3.51 percent, to $21.55 in morning trading on the New York Stock Exchange.

Earnings after paying preferred dividends for the quarter ended Feb. 28 climbed to $70.2 million, or 29 cents a share, from $55.8 million, or 24 cents a share, during the same period a year ago. Net income rose to 29 cents per Class A share from 24 cents a year ago.

Excluding integration costs related to acquisitions, restructuring and other one-time items, the company earned 35 cents a share in the latest quarter. Sales grew 9 percent to $1.42 billion from $1.3 billion a year ago.

more...
http://biz.yahoo.com/ap/070405/earns_constellation_brands.html?.v=5

[citizen snips]

11. Jobless Claims Rise Amid Sluggish Growth

WASHINGTON (AP) -- Newly laid-off workers signed up for unemployment benefits at a faster pace last week as companies try to cope with sluggish growth in the national economy.

The Labor Department reported Thursday that new applications filed for jobless benefits rose by a seasonally adjusted 11,000, to 321,000, for the work week ending March 31.

Although the increase left jobless claims at their highest level since the beginning of March, the report suggested that the labor market is holding up fairly well to strains from the troubled housing market and struggles faced by the automotive industry and other manufacturers.

The showing on new jobless claims filings last week was in line with analysts' expectations. They were forecasting claims to total around 320,000.

more...
http://biz.yahoo.com/ap/070405/economy.html?.v=3

[citizen snips]

12. 3 Workers Sue Circuit City Over Layoffs

LOS ANGELES (AP) -- Three Circuit City employees laid off as part of a restructuring measure announced last week have sued the electronics retailer, alleging it violated California law prohibiting age discrimination.

Daniel Weidler, Michael Yezback and Eloise Garcia, who worked at the Circuit City store in Oxnard, also alleged wrongful termination in a lawsuit filed Wednesday in Los Angeles County Superior Court.

The lawsuit against Richmond, Va.-based Circuit City Stores Inc. seeks class action status.

Jackie Foreman, a Circuit City spokeswoman, said Thursday the retailer doesn't comment on pending litigation.

more...
http://biz.yahoo.com/ap/070405/circuit_city_lawsuit.html?.v=1

[AnneD]

37. Workers....

I salute you. :patriot: I hope you win the equivalet of the chairman's wages. Good on ya mate.

[citizen snips]

13. Take-Two Under Formal SEC Probe

NEW YORK (AP) -- Troubled video game publisher Take-Two Interactive Software Inc. is now under formal investigation by the Securities and Exchange Commission over its stock options granting practices, allowing the agency to subpoena witnesses, the company said in a regulatory filing late Wednesday.

Take-Two is best known for its popular and bloody "Grant Theft Auto" series and, at least on Wall Street, for a shareholder revolt last week that ousted its chief executive and most of its board.

The shareholder revolt followed poor results at a time when Take-Two's rivals performed strongly, as well as accounting troubles and controversy surrounding the violent and sexual content of "Grand Theft Auto."

Take-Two is one of at least 208 companies that have disclosed investigations into stock options practices. At issue is a practice known as "backdating," in which options grants are issued retroactively to coincide with low points in the stock price, which can increase the profit for the recipient. Backdating is not necessarily illegal, but it must be disclosed to investors and accounted for properly.

more...
http://biz.yahoo.com/ap/070405/take_two_sec.html?.v=2

[citizen snips]

14. Sector Snap: Booksellers Up Slightly

NEW YORK (AP) -- Shares of booksellers were up modestly in morning trading Thursday, a day after the sector's two largest companies reported results of a stock-option probe and canceled a debt offering.

After the market closed on Wednesday, Barnes & Noble Inc., the largest U.S. book retailer, said it found "numerous" instances of improperly dated stock-option grants between 1996 and 2006. The gross difference in prices over the 10-year period is $45.5 million, before forfeitures and income taxes. The New York-based bookseller said it will take charges, including a $10 million charge at Barnes & Noble.com, to account for the differences.

Stock-option probes investigate whether the grants were backdated. Backdating isn't illegal, but must be disclosed to shareholders and has accounting implications.

Goldman Sachs analyst Matthew Fassler said now that the options review is complete, it is time to move on.

more...
http://biz.yahoo.com/ap/070405/sector_snap_booksellers.html?.v=1

[mojavekid]

17. Mining Weekly: Global gold output fell to 10-yr low in 2006

http://www.miningweekly.co.za/article.php?a_id=106884

Global gold production had fallen to a ten-year low last year, when output registered a “substantial” 3% decline of 79 t, a survey released on Wednesday showed.

Precious metals consultancy firm GFMS, which launched Gold Survey 2007 in Johannesburg, senior supply-side analyst Bruce Alway explained that Asia, North America and Africa were the main contributors to the decline in production.

In Asia, production fell by 46 t, while North America and Africa’s output declined by 26 t and 17 t, respectively.

“In Africa, Mali and Ghana did much, but not quite enough to undo the more than 20 t of lost output reported in South Africa,” the consultancy said.

more at link...

[mojavekid]

18. Gold and foreign currency reserves up $6.1bn (Russia)

http://top.rbc.ru/english/index.shtml?/news/english/2007/04/05/05140532_bod.shtml

Russia’s gold and foreign currency reserves were $338.7 billion as of 30 March 2007, up $6.1 billion or almost 2 percent from $332.6 billion a week before, the Central Bank of Russia has reported.
The reserves rose for the fifth week in a row. During this period they increased by $27.6 billion, or 9 percent.

The main reason for the rise is the increased acquisition of foreign currency on the domestic forex market by the Central Bank. Another reason is a significant appreciation of the euro against the dollar on international exchanges. Russia’s gold and foreign currency reserves are valued in dollars, and the depreciation of the US currency automatically increases the reserves. Almost half of the reserves are denominated in euros.

Gold and foreign currency reserves are highly liquid financial assets controlled by the Central Bank and the Finance Ministry. They consist of monetary gold, special drawing rights, the reserve position in the International Monetary Fund, and foreign currency.

more at link...

[citizen snips]

19. Chips Snap: Flash Memory Stocks Mixed

NEW YORK (AP) -- Shares of flash memory makers were mixed Thursday after Micron Technology Inc. reported a fiscal second-quarter loss which was largely blamed on deteriorating flash memory prices.

The Boise, Idaho-based company on Wednesday posted a loss of $52 million, or 7 cents per share for the quarter ended in February, compared with a profit of $193 million, or 27 cents per share, for the second quarter of 2006.

The loss was driven by significant declines in average selling prices on many products. NAND flash memory prices, for example, fell 30 percent during the quarter, according to the company.

Shares of Micron, which have traded between $11.22 and $18.65 over the last 52 weeks, fell 44 cents, or 3.7 percent, to $11.63 in morning trading on the New York Stock Exchange.

more...
http://biz.yahoo.com/ap/070405/semiconductors_sector_snap.html?.v=1

[Ghost Dog]

21. Tokyo stocks slip on profit-taking

http://www.ft.com/cms/s/101bcb18-e321-11db-a1c9-000b5df10621.html

Japanese stocks fell mildly on Thursday, succumbing to profit-taking after strong rises in the previous session.

The Nikkei 225 was down 0.3 per cent to 17,491.42. The broader Topix fell 0.6 per cent to 1,720.72.

...

But the Mothers market of smaller growth stocks bucked the trend among larger stocks, rising 1.1 per cent to 1,050.96. Some professional investors think the Mothers is highly undervalued on a price-earnings basis after last year’s sharp falls. But they are wary of pushing up prices too high because of the many false recoveries the market has suffered.

/...

[Ghost Dog]

25. Safran rises on weak European equity markets

http://mwprices.ft.com/custom/ft2-com/html-story.asp?pulse=true&siteid=ft&dist=ft&guid=%7B0b14e962%2Dcdaf%2D470b%2Da846%2D9ec1f818b7e8%7D

European equity markets were led by French aerospace group Safran on Thursday on reports it could merge with defence electronics group Thales. The French aerospace technology group, which makes aircraft engines and equipment, gained 4 per cent to €19.07 after a report in France’s Le Figaro newspaper suggested the company was considering a merger with Thales, the French defence electronics group. Thales shares were up 0.1 per cent to €44.38. By the close of trade, the main indices were flat as caution prevailed ahead of the Easter holiday weekend. The FTSE Eurofirst 300 closed at 1,539.43, Frankfurt’s Xetra Dax was up 0.4 per cent at 7,099.91, the CAC 40 in Paris ended flat at 5,741.38 and London’s FTSE 100 was up 0.5 per cent at 6,397.3.

[citizen snips]

26. U.S. Treasury Bond Prices Decline

NEW YORK (AP) -- Treasury bond prices dipped slightly Thursday as investors bided their time ahead of Friday's jobs report and the bond market's early close in observance of Good Friday.

At 12 p.m. EDT, the 10-year Treasury note was down 63 cents per $1,000 in face value, or 2/32 point, from its level at 5 p.m. Wednesday. Its yield, which moves in the opposite direction, rose to 4.66 percent from 4.65 percent.

The 30-year bond fell 5/32 point. Its yield rose to 4.85 percent from 4.84 percent.

The 2-year note fell 1/32 point. Its yield rose to 4.61 percent from 4.60 percent.

more...
http://biz.yahoo.com/ap/070405/bonds.html?.v=4

[OrangeCountyDemocrat]

27. "Is Bad News Good News?"

That's the topic CNBC has been covering all morning. They have a couple of guests on each segment discussing this question.

:-)

[AnneD]

34. Shake those pom poms girls...

Shake that moneymaker:evilgrin:

[VegasWolf]

43. Buy Yahoo at 700 before it goes to 800! Yeah, right CNBC. nt

[citizen snips]

29. Sector Snap: Coal Miner Rally Continues

NEW YORK (AP) -- Shares of coal producers continued to trade higher on Thursday, as investors reacted to news of additional inventory reductions and bullish commentary from company executives.

Shares of Peabody Energy Corp. rose $1.26, or 2.9 percent, to $44.05 in afternoon trading, while Arch Coal Inc. gained $2.17, or 6.8 percent, to $34.53, and shares of Foundation Coal Holdings Inc. advanced $1.89, or 5.3 percent, to $37.56. Meanwhile, Massey Energy Co. shares added 47 cents to $25.95. All the stocks trade on the New York Stock Exchange.

The activity built on gains the stocks made Wednesday after Foundation Coal said it would close its Wabash Mine in Keensburg, Ill. Foundation Coal considers the mine unprofitable. Last year, the mine produced 1.2 million of coal.

About 250 workers at the Wabash mine and 900 others at the company's Cumberland and Emerald mines near Waynesburg, Pa., walked out after their contracts expired. Foundation Coal wanted workers at Wabash to sign a separate contract with concessions to offset a reinvestment it considered necessary to make the mine more profitable, but talks broke down after the two parties missed a union deadline. Formal talks had not resumed as of midday on Thursday, although workers at Cumberland and Emerald expressed a desire earlier to sign a national contract.

more...
http://biz.yahoo.com/ap/070405/coal_producers_sector_snap.html?.v=1

[MattSh]

31. Who Needs the U.S. Market?

When the U.S. economy gets a cold, Asian exporters usually get pneumonia.

This year, they aren’t too worried.

Small and medium-size businesses in Asia are counting on increased regional trade, growing sales to Europe and thriving exports to the Middle East to bolster their business, according to the annual UPS Asia Business Monitor survey released Monday. Indeed, 63% of the 1,200 small and medium-size companies surveyed expected business to be better for them this year than last year.

Asian companies were most optimistic about the growth in intra-Asian trade. They expected a jump in trade with the Middle East and with Europe, but expected trade with the U.S. to barely increase.

“The U.S. is going to continue to be important, but they are placing increased importance on intra-Asian trade, then the Middle East, then Europe, then the U.S.,” said Ken Torok, president of UPS’s Asia Pacific region.

...more...

http://www.forbes.com/2007/04/02/asia-business-survey-markets-econ-cx_rm_0402markets5.html?partner=yahootix

[AnneD]

47. Love those

7 deadly money lies.

[citizen snips]

33. Kerkorian said ready to bid $4.5 bln for Chrysler

NEW YORK (Reuters) - Tracinda Corp., the investment vehicle owned by billionaire Kirk Kerkorian, is prepared to offer $4.5 billion for DaimlerChrysler's (XETRA: DCXGN.DE - News) loss-making Chrysler Group unit, the Wall Street Journal reported on its Web site on Thursday

DaimlerChrysler acknowledged for the first time on Wednesday it was talking with prospective buyers about the Chrysler unit, but would not commit itself to selling the U.S. business.

Sources close to the situation have told Reuters that private equity groups Cerberus Capital Management (CBS.UL) and Blackstone Group (BG.UL) plus Canadian car parts group Magna International Inc. (Toronto:MGA.TO - News) are frontrunners to buy Chrysler.

http://biz.yahoo.com/rb/070405/daimlerchrysler.html?.v=4

[citizen snips]

35. Sector Snap: Bioproduct Makers

NEW YORK (AP) -- Shares of biological medical devices were mixed in Thursday midday trading as a SunTrust Robinson Humphrey analyst initiated coverage of six companies in the sector.

Analyst Christopher Warren rated shares of LifeCell Corp. and Regeneration Technologies Inc. at "Buy," pointing to the companies' profitable xenografts, or tissue grafts from animals. AngioDynamics Inc. BioMimetic Therapeutics Inc., Kensey Nash Corp. and Orthovita Inc. were rated at "Neutral" due to questions about competition and revenue.

The analyst set a $30 price target for LifeCell shares, saying its AlloDerm Regenerative Tissue Matrix will allow it to gain market share in hernia repair and breast reconstruction, while its xenografts will reach the U.S. market later this year and help increase revenue.

Regeneration Technologies stock also rose. Warren said the company is increasing its focus on sports medicine, and expecting xenografts to drive revenue. He expects the company, which has posted a loss or broken even the last four quarters, will be profitable in early 2008.

more...
http://biz.yahoo.com/ap/070405/bioproducts_sector_snap.html?.v=1

[citizen snips]

36. Nucor, Steel Dynamics Rise on Upgrade

NEW YORK (AP) -- Shares of Nucor Corp. and Steel Dynamics Inc. moved higher on Thursday, after a Longbow Research analyst lifted his rating on both steel producers, citing improving pricing power.

David MacGregor said he lifted his ratings on both companies to "Neutral" from "Sell," citing improved pricing power for both flat rolled and long- or bar or rod-shaped- steel products.

The analyst said his upgrade is based on expectations of a recovery in flat rolled fundamentals, which are still experiencing weak end markets. Customers of these products include automotive, appliance and office furniture makers.

However, mills have successfully passed along higher scrap prices, said MacGregor.

Meanwhile, pricing improvements are expected for long product end markets, which include nonresidential construction.

more...
http://biz.yahoo.com/ap/070405/nucor_mover.html?.v=1

[citizen snips]

38. Sealy Among Big Movers on Wall Street

NEW YORK (AP) -- Stocks that were moving substantially or trading heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

Sealy Corp., down 85 cents at $17.01.

The mattress maker reported it charged lower prices to maintain sales growth during the first quarter, when profit rose 7 percent.

Constellation Brands Inc., up 58 cents at $21.40.

The beer and wine maker reported fourth-quarter profit rose 26 percent from the year-ago period.

more...
http://biz.yahoo.com/ap/070405/wall_street_stocks.html?.v=2

[citizen snips]

39. Micron Technology Shares Fall on 2Q Loss

NEW YORK (AP) -- Shares of flash memory chip maker Micron Technology Inc. took a tumble in Thursday's trading after the company posted a fiscal second-quarter loss, largely due to large price drops on flash memory.

The Boise, Idaho-based company posted a loss of $52 million, or 7 cents per share on Wednesday, down from a profit of $193 million, or 27 cents per share, for the second quarter 2006.

The loss was driven by "significant" declines in average selling prices on many products; NAND flash memory prices, for example, fell 30 percent during the quarter, according to the company.

Although Micron seemed upbeat about flash memory prices going forward -- executives on the conference call said demand recently caught up with supply -- ThinkEquity analyst Eric Ross thinks there's still room for prices to fall before they bottom out.

more...
http://biz.yahoo.com/ap/070405/micron_mover.html?.v=1

[mojavekid]

40. The Daily Pfennig 4/5/07: More Disappointing U.S. Data...

http://www.kitcocasey.com/displayArticle.php?id=1318

Good day... Another day of tight range trading in currencies, with the bias towards a weaker dollar on yet more bad fundamentals... I told you yesterday that I believed the Factory Orders would disappoint and they did, along with the Non-Manufacturing ISM... We'll get to that and more, so let's go to the tape!

Well... The dollar showed signs of more weakness yesterday vs. the euro, sterling, Aussie and kiwi, while even the yen gained a small amount vs. the dollar. This weakness was a direct result of some additional weak data, making the fundamental reasons to buy dollars an even weaker argument.

First, we had the ISM Non-Manufacturing data, which is simply a fancy title for the Servicing Sector, which had been one of the bright spots for the economy and the dollar... That is until the Non-Manufacturing ISM fell to its lowest level since April 2003 in March! Lowest level in 4 years! And the report's components showed weakness in all areas from the employment index to prices paid... There was nothing any dollar bull could take from this report that would give them a warm and fuzzy!

Oh, but that wasn't the crème-de-la-crème of data yesterday... That was reserved for Factory Orders, which yesterday I told you the markets/experts were expecting a rebound from the previous month's awful negative -5.7% showing... I said I thought they would be disappointed... And that's exactly what happened... As expectations had Factory Orders rising 1.8%, when they actually only gained 1% in February... Disappointing... Very disappointing!

more at link...

[citizen snips]

41. Sector Snap: Airline Stocks Rise

NEW YORK (AP) -- Airline stocks rose Thursday, as oil prices eased and the industry enters its busy season.

The Amex Airline Index rose 1.1 percent, with 8 of 11 component stocks rising. Helping to lift all shares was a barrel of oil dipping 27 cents to $64.11 on the New York Mercantile Exchange, easing the industry's fuel-price pressures.

Expecting weaker revenue, Lehman Brothers analyst Gary Chase tweaked his first-quarter estimate for United Airlines' parent UAL Corp. to a wider loss of $1 per share from 70 cents per share. Wall Street on average estimates a first-quarter loss of 16 cents per share, according to a poll of analysts by Thomson Financial.

But Chase also wrote in a research report that investors seem to have priced in expectations of some downward revisions by analysts for the industry. "We are buyers of UAUA at these levels," Chase wrote.

more...
http://biz.yahoo.com/ap/070405/airlines_sector_snap.html?.v=1

[mojavekid]

42. Chris Laird: Iran Iran Iran

http://www.kitco.com/ind/Laird/apr042007.html

The ongoing situation with Iran is hugely gold and oil bullish right now, and will be for the coming months. The recent statement by Iran that they will free the British naval hostages is just one detail. It solves nothing fundamental.

First of all, before I discuss why, I want to comment on several emails I got about my views that Iran is going to be attacked. The comments went along the line: ‘the US is too tied down in Iraq, won’t even think of another war..’ etc.

I disagree. So let’s get into the reasons why there is likely an attack on Iran….

Iran in the way of US success in Iraq

First, the US is bogged down in Iraq. True. But Iran is a major reason why. Iran and Syria have fostered sectarian strife between the Sunni and Shiite in much of the Mid East – Lebanon, Iraq, Palestine, and even inside moderate Arab nations there. In fact, Egypt commented recently that Iran is fostering major Muslim on Muslim strife, trying to extend a Shiite influence, and Egypt, the Saudis, and the other moderate Arabs, are concerned at Iran’s building interference, and domination. Syria is closely aligned in this whole picture, and is trying to gain back its ruling domination in Lebanon, among other things. The tension is so severe that the opposite sectarian camps are even burning each other alive. The severity of this strife to Mid East stability cannot be underestimated.

more at link...

[citizen snips]

44. Sector Snap: Aluminum Producers

NEW YORK (AP) -- A Friedman, Billings, Ramsey & Co. research analyst said Thursday near-term demand growth and long-term Chinese aluminum production growth will lift the commodity's price.

Amir Arif in a client note hiked his estimate for 2007 aluminum prices to $1.18 per pound from $1.06 per pound, and raised his 2008 price estimate to $1.05 per pound from $1 per pound.

"We slightly increased our aluminum forecast for the near term but still hold a conservative view over the longer horizon as aluminum production is outpacing demand in a global scope," the analyst wrote.

"On the aluminum front, we believe that the equities are fairly valued and the fairly flat futures curve, higher valuations, lower free cash flows, and expectations of Chinese supply increases faster than expected, increase the risks to the downside for these names," he added.

more...
http://biz.yahoo.com/ap/070405/aluminum_producers_sector_snap.html?.v=1

[citizen snips]

45. Sector Snap: Railroads Trade Mixed

NEW YORK (AP) -- Shares of railroad operators were mixed Thursday, as investors looked for direction amid news of weaker freight volumes and a profit warning from one of the sector's key names.

Shares of Union Pacific Corp., the nation's largest railroad, added 25 cents to $103.27. Shares of western rival Burlington Northern Santa Fe Corp. added 75 cents to $82.44. Shares of eastern railroad CSX Corp. gained 31 cents to $41.05.

According to Edward Wolfe, an analyst at Bear Stearns, freight volumes for U.S. railroads finished the first quarter down 2.8 percent, compared with a gain of 0.5 percent during the fourth quarter of 2006.

Weather-related mine outages at Wyoming's Powder River Basin affected freight volumes at western railroads during the final week of the quarter, while eastern railroads continued to feel the affect of slowdowns in the housing and automotive industries, according to Wolfe.

more...
http://biz.yahoo.com/ap/070405/railroads_sector_snap.html?.v=1

[OrangeCountyDemocrat]

46. 30 Trading Minutes Left In This Week

Don't forget the stock market is closed for Good Friday tomorrow.

Bond markets are open.

Just thought I'd mention it in case nobody was aware.

[AnneD]

48. Have a fun long weekend...

will miss you guys. Remember-peeps are best aged for at least a month.

http://www.peepresearch.org/

[OrangeCountyDemocrat]

49. Don't Forget The After Easter Chocolate Sales On Monday!

For any chocolate lovers, it's your chance to get those bunnies, eggs, etc., for half price or lower. As the week goes on, they lower the prices even more.

As Homer would say, Mmmmmmmmmmmmmmmmm.......CHOOOOOOOCOOOOOOLAAAAAAATTTTTEEE!!

[citizen snips]

51. Nasdaq 100 Leaders & Laggards: Nvidia

NEW YORK (AP) -- The Nasdaq 100 rose Thursday in light trading, with Santa Clara, Calif.-based chipmaker Nvidia Corp. the biggest gainer.

The Nasdaq 100, which includes 100 of the largest nonfinancial securities traded on the Nasdaq Stock Market, added 11.20 points to 1,812.94. The broader Nasdaq composite added 12.65 points to 2,471.34.

Nvidia rose $2.32, or 8.1 percent, to a $30.90 finish.

Biopharmaceutical company Celgene Corp. jumped on positive news that its cancer treatment Revlimid could be beneficial for multiple myeloma patients. Shares rose $2.53, or 4.6 percent, to close at $58.03 on the Nasdaq Stock Market.

Also in the drug sector, Vertex Pharmaceuticals Inc. rose $1.07, or 3.6 percent, to $30.92.

more...
http://biz.yahoo.com/ap/070405/nasdaq_100_laggards.html?.v=1

[citizen snips]

52. DJIA Leaders & Laggards: GM, HPQ, AXP

NEW YORK (AP) -- Shares of General Motors Corp. posted biggest gain Thursday on the Dow Jones industrial average after billionaire Kirk Kerkorian's bid $4.5 billion to buy Chrysler Corp. from DaimlerChrysler AG.

The 30-stock index added 30.15 to finish at 12,560.20.

Shares of GM rose 87 cents, or 2.8 percent, to close at $31.90 on the New York Stock Exchange.

Shares of computer maker Hewlett-Packard Co. rose 70 cents to end at $41.80 on the NYSE, a day after American Technology Research analyst Shaw Wu said the shares are worth buying following a recent decline in stock price.

more...
http://biz.yahoo.com/ap/070405/djia_laggards.html?.v=1

[Ghost Dog]

53. So, the numbers and spiel, as usual, from this source:

http://finance.yahoo.com/marketupdate/overview

(Help us out, Loudsue, or anyone?):

Dow 12,560.20 Up 30.15 (0.24%)
Nasdaq 2,471.34 Up 12.65 (0.51%)
S&P 500 1,443.76 Up 4.39 (0.30%)
10-Yr Bond 4.6740% Up 0.0220
NYSE Volume 2,357,227,000
Nasdaq Volume 1,600,513,000

4:20 pm : Stocks clawed their way higher again Thursday, ending a holiday-shortened week on an upbeat note and extending the winning streak on the Dow and Nasdaq to six sessions. Among the few news items providing a floor of modest buying support were more upbeat analyst commentary, another pullback in oil prices, and some M&A action.

With regard to the latter, billionaire investor Kirk Kerkorian's Tracinda Corp made an offer to purchase DaimlerChrysler's (DCX 84.88 +4.32) Chrysler Group for $4.5 bln in cash. The market was trading sideways in a narrow range until that news hit the wires around 1:00 ET. Not surprisingly, General Motors (GM 31.93 +0.90), which has been rumored as a possible bidder, surged to session highs as shareholders, questioning whether such a deal would be the right move for GM considering its own challenges, embraced the news.

Aside from Autos gaining momentum, Homebuilders were another bright spot for the Consumer Discretionary sector after Ryland Group (RYL 42.10 +0.85) issued encouraging preliminary Q1 results.

Health Care, though, was the day's best-performing sector. However, its 0.7% advance got a big lift from solid follow-through buying in biotech giant Amgen (AMGN 58.33 +1.65). Another sector attracting buyers due in part to its defensive characteristics was Consumer Staples. Distillers ranked as one of the day's best-performing S&P groups after Constellation Brands (STZ 21.50 +0.68) posted a 26% jump in Q4 profits, which plays into Briefing.com's Overweight rating on the sector.

Technology was in focus after Micron Technology (MU 11.47 -0.60) posted a wider than expected Q2 loss. Goldman Sachs raising its estimates on Yahoo! (YHOO 31.95 +0.33) and Research in Motion (RIMM 145.65 +3.12), however, helped to provide some reassurance about the influential sector's growth prospects.

The Energy sector's resilience in the face of falling oil prices for a third consecutive session was also noteworthy. Crude for May delivery closed down 0.7% and below $64/bbl, or about 6% below the six-month high set a week earlier.

Nonetheless, with economic data playing an increasingly important role of late, and no report bigger than tomorrow's closely-watched jobs report given its influence on monetary policy, the market's inability to trade on the employment data until the market reopens Monday left investors cautiously optimistic heading into a three-day weekend. Overall market gains were modest at best and below average volume during another thinly-traded session offered evidence that there was little conviction on the part of buyers. BTK +1.5% DJ30 +30.15 DJTA +0.5% DJUA +0.4% DOT +0.4% NASDAQ +12.65 NQ100 +0.6% R2K +0.3% SOX 0.4% SP400 +0.3% SP500 +4.39 XOI +0.5% NASDAQ Dec/Adv/Vol 1349/1664/1.49 bln NYSE Dec/Adv/Vol 1209/2032/1.13 bln

3:30 pm : Even though the indices are off their best levels and market gains are modest in scope, buyers remain in control going into the close. As reflected in the A/D line, advancers on the NYSE hold a nearly 2-to-1 edge over decliners while those on the Nasdaq hold a less convincing 16-to-13 margin.

The ratio of up to down volume paints a slightly more positive picture, though, as the Dow and Nasdaq stay on pace to log their sixth straight day of gains. DJ30 +30.81 NASDAQ +10.21 SP500 +4.02 NASDAQ Dec/Adv/Vol 1296/1683/1.28 bln NYSE Dec/Adv/Vol 1108/2101/966 mln

3:00 pm : Stocks are holding on to the bulk of their intraday gains as buying remains widespread across most areas. Bonds, though, continue to slide heading into the close as traders anxiously price in the possibility of an upside surprise to March payroll growth and/or an uptick in the hourly earnings component heightening wage-based inflation pressures.

The 10-year note is down 6 ticks, lifting the yield to a six-week high of 4.67%; but that's on limited participation from latecomers squaring their positions, which dilutes the degree by which bonds are consolidating. As a reminder, the U.S. stock market will be closed tomorrow while the bond market will be open until 11:00 ET. DJ30 +37.84 NASDAQ +10.49 SP500 +4.76 NASDAQ Dec/Adv/Vol 1309/1633/1.18 bln NYSE Dec/Adv/Vol 1139/2047/894 mln

2:30 pm : Buyers remain in control of the action as the indices continue to build on recent gains. On the Dow, 22 of its 30 components are now trading higher, led by a 2.1% surge in shares of General Motors (GM 31.67 +0.64).

Be that as it may, market gains remain modest at best and below average volume still lends little credence behind what is now shaping up to be a broad-based move to the upside. In fact, the NYSE runs the risk of seeing less than 1.0 bln shares exchange hands today. DJ30 +40.33 NASDAQ +10.51 SP500 +5.47 NASDAQ Dec/Adv/Vol 1311/1620/1.08 bln NYSE Dec/Adv/Vol 1186/1991/820 mln

2:00 pm : Onward and upward remains the driving mantra this afternoon as the major averages continue to make higher highs. The Industrials sector turning positive within the last 15 minutes is now providing some additional leadership, leaving Telecom and Materials -- two of the least influential sectors, as today's only laggards.

Weakness in the latter two is understandable, though, since both are among this year's three best-performing sectors. While their respective year-to-date gains of 6.7% and 9.8% are impressive, especially just a few days into the second quarter, their combined weighting on the S&P 500 of just 6.5% is also why the S&P 500 has been unable to turn in a stronger performance than the 1.5% advance realized so far in 2007. DJ30 +31.37 NASDAQ +8.73 SP500 +4.31 NASDAQ Dec/Adv/Vol 1324/1590/1.00 bln NYSE Dec/Adv/Vol 1184/1992/752 mln

1:30 pm : After a recent pause on the part of buyers, they're at it again and extending the indices' reach to the upside, getting a boost this time around from recently released M&A news. As evidenced by a spike higher in Consumer Discretionary (+0.5%), Kirk Kerkorian's Tracinda Corp confirming an offer to purchase DaimlerChrysler's (DCX 83.50 +2.43) Chrysler Group for $4.5 bln has helped to improve overall sentiment.

General Motors (GM 31.76 +0.73), which has been rumored as a possible bidder as well, is surging to session highs (+2.4%). GM shareholders who have questioned whether a deal of such magnitude would be the right move for GM considering its own challenges are embracing the news. DJ30 +25.35 NASDAQ +8.39 SP500 +3.54 NASDAQ Dec/Adv/Vol 1293/1606/908 mln NYSE Dec/Adv/Vol 1170/1990/690 mln

1:00 pm : The indices are holding steady near afternoon highs as buying becomes more widespread. Aside from strength in Health Care, as well as modest 0.3% gains in the Staples and Discretionary sectors, the Energy sector's resilience in the face of falling oil prices for a third consecutive session is noteworthy.

Modest weakness in Industrials and the Financials sector now trading relatively flat, though, are stalling the market's recent rebound. DJ30 +13.56 NASDAQ +6.34 SP500 +2.43 NASDAQ Dec/Adv/Vol 1282/1559/824 mln NYSE Dec/Adv/Vol 1160/1979/622 mln

12:30 pm : Buyers kick off the afternoon session with a renewed sense of enthusiasm as the indices break out of their narrow range and spike to their best levels of the day. The surge in volume, during a thinly-traded day no less, coupled with all three indices rising in synch with each other and logging roughly the same percentage gains within the last 30 minutes, is indicative of a buy program being executed.

Among the most noticeable contributors behind the market's recent uptick has been a turnaround in the Financials sector. The return of its leadership is vital to the broader market's performance given the sector's heavy 22.3% weighting on the S&P 500.DJ30 +14.58 NASDAQ +7.06 SP500 +2.76 NASDAQ Dec/Adv/Vol 1275/1562/746 mln NYSE Dec/Adv/Vol 1113/1971/560 mln

12:00 pm : Stocks are still struggling to find their footing midday as the major averages have lacked conviction from either buyers or sellers since the opening bell.

Today's sluggish performance isn't all that surprising, though, given the lack of market-moving news items, five consecutive days of gains on the Dow and Nasdaq, and a sense of caution heading into a three-day weekend.

From a leadership standpoint, the 10 S&P 500 economic sectors remain evenly split. Among the five trading higher, Health Care is pacing the way; but a 0.6% sector advance due primarily to solid follow-through buying in Amgen (AMGN 58.39 +1.71) is struggling to offset a second day of consolidation in the more influential Financials sector. Uncertainty about what impact tomorrow's closely-watched jobs reports will have on monetary policy is sidelining interest in rate-sensitive banks and brokers.

Follow-through selling throughout the Industrials sector has been another obstacle for the bulls struggling to chalk up one more victory before the holiday weekend. Transportation stocks failing to take advantage of a 0.8% decline in crude oil prices is noteworthy. Human Resources (-1.8%) and Electrical Components & Equipment (-1.4%), two of today's three worst performing S&P industry groups, however, are the sector's weakest links.

Monster Worldwide (MNST 40.50 -1.60) is tacking a 4.0% decline onto yesterday's sales warning-induced 13% drubbing while Rockwell Automation (ROK 58.10 -3.43) is plunging nearly 6% after the surprise resignation of its CFO prompted JP Morgan to downgrade the stock. BTK +1.0% DJ30 -4.07 DJTA -0.1% NASDAQ +3.90 SP500 +0.70 NASDAQ Dec/Adv/Vol 1390/1420/630 mln NYSE Dec/Adv/Vol 1260/1779/468 mln

11:30 am : Not much has changed over the last two hours of trading as the indices remain mired in very narrow trading ranges. Sure, the S&P 500 has inched into positive territory, but a paltry 0.02% gain is hardly cause for excitement.

The absence of any notable catalysts, with oil prices down only 0.4% bonds trading flat across the yield curve, and no convincing leadership, this morning's lackluster action is likely to carry over into this afternoon's session. It is worth noting, though, that the lack of volume today can still invite some volatility. DJ30 -4.96 NASDAQ +3.62 SP500 +0.26 NASDAQ Dec/Adv/Vol 1310/1475/534 mln NYSE Dec/Adv/Vol 1207/1788/394 mln

11:00 am : More of the same for stocks as the Nasdaq and its blue-chip counterparts continue to trade in opposing directions. Biotech stocks (e.g. AMGN +2.2%, CELG +2.4%, GENZ +1.0%) continue to provide the bulk of support behind the tech-heavy Composite's attempts to extend its winning streak to six sessions.

Weakness in eight of the 10 most heavily-weighted S&P 500 constituents (e.g. XOM, GE, C, MSFT, BAC, PG, PFE, and AIG) are among the biggest reasons behind the Dow and S&P 500's inability to inch above the flat line; but losses are so minimal that the slightest uptick in any of the aforementioned blue chips could turn either index positive. BTK +0.9% DJ30 -4.72 NASDAQ +3.22 SP500 -0.02 NASDAQ Dec/Adv/Vol 1257/1464/442 mln NYSE Dec/Adv/Vol 1204/1724/312 mln

10:30 am : The major averages continue to inch higher but still trade in split fashion. Health Care remains the best performing sector, due primarily to solid follow-through buying in Amgen (AMGN 57.76 +1.08); but the sector's 0.4% gain is struggling to offset a second day of consolidation in the more influential Financials sector.

The absence of upside leadership from the Industrials sector remains another obstacle for the bulls struggling to chalk up one more victory before the weekend. Transportation stocks failing to take advantage of another pullback in oil prices is noteworthy; but a nearly 6% decline in shares of Rockwell Automation (ROK 57.90 -3.63), after the surprise resignation of its CFO prompted JP Morgan to downgrade the stock, is the most noticeable contributor to sector weakness. Electrical Components & Equipment ranks as the day's second worst performing S&P industry group (-1.4%).BTK +0.8% DJ30 -7.15 DJTA -0.1% NASDAQ +2.97 SP500 -0.15 NASDAQ Dec/Adv/Vol 1252/1337/286 mln NYSE Dec/Adv/Vol 1239/1551/180 mln

10:00 am : Equities are bouncing off their opening lows, but only enough to inch the Nasdaq above the flat line. Research in Motion (RIMM 144.89 +2.36), currently the best performer (+1.7%) on the Nasdaq 100 after Goldman Sachs raised its earnings estimates, has contributed to the improved sentiment in a Tech sector that just turned positive. A 0.8% gain in shares of Yahoo! (YHOO 31.87 +0.25), after Goldman Sachs raised their price target to $35 from $31.50, has also given tech a lift.

Split industry leadership, though, further underscores the lack of conviction on the part of either buyers or sellers in the early going. Of the five sectors trading higher, Energy paces the way with a paltry 0.17% advance while Telecom is today's worst performer (-0.9%); but its small weighting (3.5%) on the S&P 500 is having little influence on the broader market.DJ30 -18.97 NASDAQ +1.41 SP500 -1.40 NASDAQ Dec/Adv/Vol 1265/1143/140 mln NYSE Dec/Adv/Vol 1338/1122/60 mln

09:40 am : With the Dow and Nasdaq up five straight days and at five-week highs, it's not surprising to see stocks looking a bit fatigued and inviting some early consolidation, especially heading into a three-day weekend. As a reminder, the stock market is closed tomorrow in observance of Good Friday.

Investors are also exhibiting a sense of caution ahead of a typically influential jobs report that won't be priced into U.S. equities until the stock market reopen Monday. An increase of about 135,000 in March nonfarm payrolls is expected, which would help ease economic concerns and support stock prices; but given the report's ability to influence monetary policy, participants appear unwilling to make any bets ahead of the data. DJ30 -22.43 NASDAQ -2.63 SP500 -2.03 NASDAQ Vol 78 mln NYSE Vol 36 mln

:hi: (Asia's open, 'course)...