The market review for March 11

Wednesday, 10 March, U.S. stock indices continued to slowly climb up. Members of the market encouraged by news of falling wholesale stock in January at 0.2% after falling 1% in December. The sale of companies in the past month increased by 1,3% after December’s 1.2%. Based on these data, investors concluded that despite the pessimistic expectations of business in relation to demand, they will have very soon to replenish reserves that will be a clear sign of economic recovery. Two hours before the end of the auction were published rates of the U.S. budget for February, the deficit which amounted to 220.9 billion dollars, or slightly better than expected (223 billion U.S. dollars). Fivefold increase in the deficit from the January level due to the cost of incentives, including grants to small businesses.

As a result of trading the Dow Jones index rose by 2.95 points (0.03%) – to 10,567.33 points, NASDAQ – at 18.27 points (0.78%) – to 2,358.95 points, S & P – at 5.17 points (0.45%) – up to 1,145.61 points.

Continuing and rapid growth of capitalization of the largest U.S. insurance company American International Group Inc., Adding to the environment is 10,59%. At this time the reason for optimism began to improve the situation with the company’s bonds. Over the past two weeks, their value increased by 13 cents – up 79.5 cents for a paper that was the best result among issuers included in the calculation of indices Bank of America Merrill Lynch. Bondholders reasonably expect to repay the obligations of funds attracted from the sale of the assets of AIG. Surprising the experts is the fact that the division of the insurance company can not sell without a discount to fair value. Other industry representatives also were in demand: Unitedhealth Group Inc. went up by 0,48%, WellPoint Inc. – On 1,71%, MetLife Inc. – On 2,38%, Aflac Inc. – On 2,38%, Aetna Inc. – On 1,34%, Cigna Corp. – On 0,82%.

On Wednesday, Chief Financial Officer Zions Bancorp. Doyle Arnold made a series of optimistic statements about the bank’s business. According to him, the bank interest margin in the I quarter has grown, and the cancellation of debts or the problem will remain at current levels or will be less than in the IV quarter. In addition, the bank plans this quarter to raise volumes of lending. After such statements quotations Zions Bancorp. rose to 6,39%. Bad looked shares Wells Fargo & Co (+2,04%), Goldman Sachs Group Inc. (+1,83%), Bank of America Corp. (+1,85%), JPMorgan Chase & Co. (+1.2%) And US Bancorp (+1,18%). The newly increased demand shares enjoyed Citigroup Inc. (3.66%). In coming years, Citi intends to double the staff of bankers specializing in servicing VIP-clients. Investors interested in the paper bank, in which both increases the number of secured customers that its employees do not have time to deal with this.

Semiconductor manufacturer Intel Corp. presented a new processor, aimed at gamers who are interested in more and more powerful components. This is the first six-core processor Intel. Positive is that these new products allow companies to profit – usually a series of Extreme Edition processors cost more than $ 1000, which was higher than the price of the vast number sold in the world system blocks. As a result of trading on Wednesday, Intel’s stock price rose by 1.19%, while its competitor – Advanced Micro Devices Inc. – On 3,36%. Apparently, investors expect from AMD retaliatory steps.

Again contribute to the growth of stock indices news from the field of mergers and acquisitions. American pharmaceutical company Abbott Laboratories has announced the acquisition of biotechnology company Facet Biotech Corp. The acquisition price is approximately 450 million dollars at the rate of $ 27 per share. The boards of directors of both companies have approved the transaction, which should be completed in the II quarter of 2010. Against this backdrop, securities Abbott Laboratories settled for growth only at 0.42%, while shares of Facet Biotech Corp. soared 66.63%.

Similar is the case with securities pharmaceutical company InterMune Inc. They also jumped in price by 64.76% after the company’s experimental drug for the treatment of deadly lung disease, which affects about 100 thousand Americans had been recommended by experts for the presentation. Chances are that the management of quality control of food and medicine to the United States will heed the experts’ recommendations and approve the drug for use in the market of medicines of the country. Dynamics of other representatives of the industry left much to be desired: AstraZeneca plc lost 0,07% of the capitalization, GlaxoSmithKline plc – 0,16%, Merck & Co. Inc. – 1%, Pfizer Inc. – 0,46%.

On Wednesday, were released regular data on stocks of petroleum and petroleum products in the United States. According to the Ministry of Energy of the country (US Department of Energy), commercial crude oil inventories in the U.S. for the week ending March 6, rose by 1.4 million barrels., While analysts expected an increase of 1.9 million barrels. This allowed the prices of Brent crude to rise above $ 80 mark per barrel. and even a few minutes closer to $ 82 per barrel. Rising oil prices, in turn, supported by quotations of oil companies. Paper Occidental Petroleum Corp. went up by 0,59%, EOG Resources Inc. – On 0,81%, Exxon Mobil Corp. – On 0,66%, XTO Energy Inc. – On 0,55%, ConocoPhillips – on 1,22%.

From the perspective of the dynamics of index Dow Jones, another session was useless – just a slight increase does not make a single drop of clarity in the situation. Market participants, for sure, would like to understand where to start correction down – from current levels or polutoraletnih highs. With regard to the depth of the expected correction, then, according to professor of financial economics from the Wharton School of Business at the University of Pennsylvania Jeremy Siegel, a prerequisite for the collapse of the no. He said the U.S. economy is steadily recovering, and, probably, the Fed will raise rates before the end of this year to moderate this growth. The increase of U.S. companies the means of production in 2010. exceed the costs of consumers and will be a major factor in the development of the U.S. economy. D. Siegel expects the fall in unemployment from February’s 9,7% to 9% by the end of 2010. and GDP growth of 4%.

Devon Energy Corp. (DVN:US) rose 2.4 percent to $73.61. The biggest independent U.S. oil and gas producer sold assets in Brazil, the Gulf of Mexico and Azerbaijan to BP Plc (BP:LN) for $7 billion to focus on North America.

EnergySolutions Inc. (ES:US): The provider of services to the nuclear industry said it was picked to provide waste management systems for reactors being built by China Guangdong Nuclear Power Holding Corp. Terms of the deal weren’t disclosed.

New York Times Co. (NYT:US): The newspaper publisher had its credit rating outlook on about $325 million of debt raised to “stable” from “negative” by Moody’s Investors Service, which said it expects a moderation of revenue declines and reduced operating costs.

FuelCell Energy Inc. (FCEL:US): The maker of fuel-cell power plants said it won a $2.1 million order from Air Products & Chemicals Inc. (APD:US) to use its technology in a hydrogen fueling station. The company reported a loss of 18 cents a share in the first quarter, meeting analyst estimates.

Gymboree Corp. (GYMB:US): The children’s clothing retailer reported fourth-quarter earnings of $1.11 a share. Analysts expected $1.10 a share, based on the average estimate from a Bloomberg survey.

Jo-Ann Stores Inc. (JAS:US): The fabric retailer forecast 2011 earnings excluding some items of $2.75 to $2.90 a share. On average, analysts surveyed by Bloomberg estimated profit of $2.85.

Men’s Wearhouse Inc. (MW:US): The retailer of men’s suits and attire reported a fourth quarter loss excluding some items of 11 cents a share, narrower than the 14-cent loss analysts predicted in a Bloomberg survey.

Semtech Corp. (SMTC:US): The maker of chips for mobile phones and personal computers reported fourth-quarter earnings excluding some items of 30 cents a share, beating the average analyst estimate in a Bloomberg survey by 35 percent.

Technical Perspective:

The S&P 500 has been grinding higher over the last few sessions, back toward its January/52-week peak at 1150. While this reflects some weakening of the impressive momentum off the February lows, there continues to be no signs yet of developing pressure, even in the lagging Dow (chopping at steady-to-just-slightly higher levels). Resistance for the S&P above the session and January/52-week highs (1148/1150) is in the 1154/1155 zone. The initial support to monitor is in the 1141/1140 area.

CALENDARS
Key economic data:
-Initial Jobless Claims for the week ended March 6 (consensus 460,000; prior 469,000) and Continuing Claims for the week ended Feb. 27 (consensus 4.500 mln; prior 4.500 mln) at 8:30 a.m. ET
-January Trade Balance at 8:30 a.m. ET (consensus -$41.0 bln; prior -$40.2 bln)

Federal Reserve/Treasury:
-New York President Dudley speaks at 4:35 p.m. ET

Key Note/Bond auction results:
-$13 bln in 30-year Bonds (reopening) at 1:00 p.m. ET

Key industry conferences:
-Bank of America-Merrill Lynch Consumer Conference (Day 2 of 2) — Companies presenting: GPC, HELE, M, CAKE, GPS, SUSS, WSM, BONT, PVH, THQI, WEN, NILE, PNRA, PSS, SPLS, ABG, CRI, DKS, YUM, HLF, TRLG, BWS, NTY, PLCE, DBRN, UA
-Citi Financial Services Conference — Companies presenting: CMA, PFG, TCB, WL, FITB, GFIG, NYB, PVTB, AFL, HBAN, NTRS, MFC, NYX, PNC, CME, SNV, STWD, C, COF, MTB, TRH
-Cowen and Company Healthcare Conference (Day 4 of 4) — Companies presenting: AUXL, CBRX, CRTX, GILD, PKI, TSON, AUXL, EAR, KERX, LGND, TFX, ZIOP
-Wedbush Morgan New York Management Access Conference (Day 3 of 3) — Companies presenting: PCTI, ROVI, CSGS, OTEX, STEC, BBBB, CSTR, SY, ACIW, ENTR, SHOR, SFSF, SVR, IDTI, TLEO, DBD, INSP, CNQR, KOPN, RDWR, BTN, NSR, CHRD, MCZ, TNS

Earnings:
-20 companies are confirmed to report today after the close, though none are expected to be market-moving releases

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