The market review for December, 17st

Stock trades in the United States were closed on Dec. 16 change in opposite directions leading aggregate indicators against the background of the decision of the Federal Reserve System (Fed) to leave the key rate at a level close to zero. Following the two-day meeting on monetary policy the Fed repeated its pledge to keep rates at “extremely low” level for a prolonged period, and stated that the U.S. economy is gaining strength. Fed presented a gamblers are no surprises, but immediately after the announcement of the decision at 22:15 Moscow time, U.S. stock indexes began to win back down, reducing much of the growth achieved in early trading. This happened against a background of growth yield of 10-year U.S. Treasuries, caused by speculation about forthcoming in 2010. Fed rate hikes.

Among the leaders of growth in the auction on Dec. 16 was the action of mineral fertilizer producer CF Industries Holdings (+4,9%), US Steel Corporation Steel Corp. (+2.9%), Oil and gas Range Resources Corp. (+4.3%). Quotations oil futures on the basis of trading on the NYMEX rose 1.97 dollars and accounted for 72.66 dollars per barrel. In the currency market the dollar declined in value against the euro and British pound but strengthened the Japanese yen.

Equities world’s largest manufacturer of computer processors Intel Corp. lost per session 2.1% after the U.S. Federal Trade Commission accused the chip maker in the abuse of dominant market position. Against this background, stock quotes, the main competitor of Intel – the company Advanced Micro Devices (AMD) – added 3.7%. Shares of the company Nvidia Corp., Producing graphics chips, jumped for the session at 8,1%.

Dow Jones index dropped by 10.88 points (-0.1%) – to 10,441.12 points
S&P rose 1.25 points (0.11%) – up to 1109.18 points
NASDAQ – at 5.86 points (0.27%) – up to 2,206.91 points.

Achillion Pharmaceuticals Inc. (ACHN:US) jumped 11 percent to $3.53. The pharmaceutical company was raised to “neutral” from “underperform” at Wedbush Morgan Securities by equity analyst Y Katherine Xu. The 12-month target price is $5 a share.

American International Group Inc. (AIG:US) lost 3.3 percent to $28.01. The bailed-out insurer may need more federal help because of debt from involvement with mortgage guarantees, the New York Times reported, citing people familiar with the matter. The article also said Fannie Mae (FNM:US), Freddie Mac (FRE:US) and GMAC Inc. (GM1:US), all participants in the U.S. government’s rescue plan, may need more aid.

Cedar Fair LP (FUN:US): The operator of the Cedar Point amusement park agreed to be purchased for $11.50 a share, or 27 percent more than yesterday’s closing price, by Apollo Global Management LLC.

Citigroup Inc. (C:US) dropped 7.8 percent to $3.18. The recipient of the biggest U.S. bank bailout sold 5.4 billion shares at $3.15 apiece, less than the $3.25 the government paid when it acquired a one-third stake in the company in September.

Conseco Inc. (CNO:US) decreased 4.3 percent to $4.92. The insurer that won an investment from a hedge fund run by John Paulson raised about $202.4 million after selling shares at $4.75 each.

EZchip Semiconductor Ltd. (EZCH:US) fell 2.9 percent to $10.86. The maker of network processors sold 3.86 million shares at $10.50 each from funds affiliated with Goldman Sachs and JK&B Capital.

First Solar Inc. (FSLR:US): The world’s largest maker of thin-film solar-power modules forecast revenue will climb to at least $2.7 billion next year on rising demand for renewable energy from Germany to China. That topped the average analyst estimate of $2.38 billion in a Bloomberg survey.

General Mills Inc. (GIS:US): The maker of Gold Medal flour and Cheerios cereal reported second-quarter profit excluding some costs of $1.54 a share, beating the average analyst estimate by 6 percent. The company raised its 2010 profit forecast to a range of $4.52 to $4.57 a share. Analysts surveyed by Bloomberg estimated profit of $4.52 on average.

Harley-Davidson Inc. (HOG:US) fell 4.6 percent to $25.75. The biggest U.S. motorcycle maker was added to Goldman Sachs Group Inc.’s “conviction sell” list as the brokerage cited “near-term downside on retail sales” in a report to clients. The bank has a six-month price estimate of $23 on the shares.

Incyte Corp. (INCY:US) rose 2.4 percent to $8.15. The drugmaker was rated “buy” in new coverage by analysts at Bank of America, who said the company’s key pipeline product will be “first to launch into an untapped $1 billion+ market, and competition is two-plus years behind.” The bank has a $12 price estimate on the shares.

Martek Biosciences Corp. (MATK:US): The maker of nutritional oils for foods and baby formula forecast first- quarter profit excluding some items of 32 cents a share at most, trailing the 33-cent average estimate from analysts in a Bloomberg survey.

Pier 1 Imports Inc. (PIR:US) jumped 8 percent to $5.38. The U.S. retailer of imported furniture reported third-quarter profit excluding some items of 2 cents a share, beating the 5 cent average loss estimate by analysts in a Bloomberg survey.

©quote.ru, briefing, bloomberg

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