Schaeffer's Trading Floor Blog

News to Note on AIG

by 4/12/2005 8:24 AM
Stocks quoted in this article:

Also notable on the news front...There is an article on page C3 of today's Wall Street Journal - "Regulators Are Also Probing AIG's 'Loss Ratio'" - that discusses how yet another accounting "issue" may be percolating at American International Group. The article is interesting and worth a read...

But what really got me to take notice is one of the other headlines on AIG (no not the one that says former Chairman and CEO Hank Greenberg will "take the fifth" today, the one below that) which talks about how Merrill Lynch is reiterating their "buy" AIG as the stock is oversold and still a growth company...

The cynic might say - "we could still be early in the decline as the Street isn't even calling this a value stock yet!"

I am not really that cynical - am I?

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by 4/12/2005 8:10 AM
Stocks quoted in this article:

A check of the headlines shows most of the attention is focused on the trade deficit, due at 8:30 AM, and the FOMC minutes, which will be released at 2:00 PM today...Genentech (DNA) reported better-than-expected earnings last night. However, some of their comments raised concerns and the shares traded down slightly in after-hours trading.

I am not sure the trade deficit data will have much impact (I'll let you know in 25 minutes) but I think the FOMC minutes might have the potential to shake things up so that is something to keep in mind as the afternoon nears...

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Good Morning

by 4/12/2005 7:48 AM
Stocks quoted in this article:

We start the day with a slight weakness in futures. With a little more than an hour and a half until the open, S&P futures are trading just over a point below fair value. Gold is up 80 cents to 431.20 and oil is up 29 cents to 54.00...

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Final Figures

by 4/11/2005 5:26 PM
Stocks quoted in this article:

I am still here....I was sidetracked on a database problem and was not able to make it back to screen until now. Judging by the figures below, however, I didn't miss much...

Index Index Value Point Change Percent Change
S&P 500 (SPX) 1181.2 0.0 points 0.00 percent
Dow Jones Industrial Average (DJIA) 10448.6 -13 points -0.1 percent
Nasdaq Composite (COMP) 1992.1 -7.3 points -0.37 percent
Russell 2000 (RUT) 607.2 -3.6 points -0.59 percent
CBOE Market Volatility Index (VXO) 12.59 0.49 points 4.0 percent

The indices continued their meandering ways as the SPX and DJIA closed flat. The COMP showed a small loss and the RUT continued its trend of relative weakness.

Overall, we see a mixed picture. Oil bounced from earlier losses to finish higher. Oil stocks, which were flat when oil was down, advanced on crude's turn around and led the session. Semis were the weakest group. Earlier today I noted that the SMH appeared to have trouble near resistance and today's decline brings that semi proxy back to support.

All-in-all, not too much went on today from a big picture perspective. However, earnings season will be ramping up shortly, so this may be the lull before the storm...


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by 4/11/2005 3:01 PM
Stocks quoted in this article:

My alert for NYSE net ticks hit as I putting together the post below...but this did little to inspire the bulls as the SPX failed to challenge its intraday highs. With an hour to go in the session, the SPX has traded in a low to high range of just five points. That is not the smallest range we have seen...but it is small enough to bore you to tears....

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