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If yesterday bonds were the place to be, this morning the picture looks different as futures indicate the market could be poised for a rally.
The possible impending rally is fueled mostly by Oracle results reported last night, and by low oil prices. Oracle Corp. (NASDAQ:ORCL) reported earnings that exceeded analysts' estimates. Oracle shares' 13% gain in Frankfurt and in after-hours trading could help ailing techs recover from Yahoo!'s advertising revenue warning of yesterday.
At the same time, oil is flirting with a six-month low, as light crude dropped below $61 a barrel at some point in electronic trading. This morning, at 10:30 a.m., crude inventories will be reported.
Today, though, investors mostly await 2:15 p.m. EDT, the time of the FOMC policy announcement regarding the Fed's monetary policy. More than the policy (as investors don't expect a rate hike), investors want to hear the Federal Reserve and the chairman's outlook on the economy and inflation.
After yesterday's PPI data and housing starts, bonds didn't need much more to rally, but they got it in the form of a military coup in Thailand. Bonds, considered a relative safe haven, surged as stocks fell, with the yield on the 10-year Treasury note at dropping sharply to 4.73% from 4.81% Monday. This morning, Treasury prices are little changed.
Overnight, following the coup in Thailand Asian stocks were mostly down, but closed mixed. European stock markets are positive at the moment.
Futures are quite positive in early morning trade (8:00 a.m.), pointing to a higher start for stocks.
Here's a look at some key Blogging Stocks:
EBay Inc. (NASDAQ: EBAY) last traded at $26.20 in pre-market trading, up from yesterday's close of $25.95. Le Monde reported that Louis Vuitton and Dior Couture have filed a claim for €37 million ($47 million) against eBay for not doing enough to combat the sale of counterfeit goods.
Google Inc. (NASDAQ: GOOG) last traded at $406.40 in pre-market trading, up from yesterday's close of $403.81. Everybody's trying to take market share from Google, this time it's Ask.com.
Microsoft Corporation (NASDAQ: MSFT) last traded at $27.12 in pre-market trading, up from yesterday's close of $26.86. Microsoft will launch its Xbox 360 HD DVD player in Japan on Nov. 22.
Yahoo! Inc. (NASDAQ: YHOO) last traded at $26.03 in pre-market trading, up from yesterday's close of $25.75. Yahoo! and Current TV will create a site together that would feature user and professionally made videos. CurrentTV is a viewer-created video service co-founded by former U.S. Vice President Al Gore.
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Reader Comments (Page 1 of 1)
9-20-2006 @ 9:09AM
James said...
http://www1.shanghaidaily.com/art/2006/09/20/292519/eBay_also_sued_for_malicious_software.htm
"Martin Wu, the CEO of eBay's Chinese branch, said earlier that the company doesn't spread malicious software and its policy doesn't allow such behavior.
However, in a top 10 malicious software list published last year, eBay Eachnet ranked third."
9-20-2006 @ 10:40AM
Graham said...
I think the $47m french claim is potentially more worrying for eBay. If these manufacturers get eBay to take some responsibility for the flood of counterfeit luxury goods sold through their site, which brands will go for eBay next?
It's potentially a double edged sword. What future hurdles will eBay have to put in the way of sellers to 'prove' the legitimacy of listed items that are frequently faked? Will this just kill the eBay market in perfumes, branded accessories etc?
On the one hand I believe eBay cannot credibly leave it to users any longer to police the site. Barely a day goes by without some major scam being publicised. It's costing them too much public trust now.
I'm nervous. I think they are trying to milk the cash cow hard now before she dries up. But, they hope, there's enough time and income in her yet to get one of the growing list of other activities they have up and genuinely profitable.
I think we are watching a re-invention excercise. eBay as we know it will be a whole different animal in a few years.
eBay motors/realty is probably their future for the 'auction' site. New goods on Express. The competition can have the smaller ticket stuff, collectables etc.
Graham