The market review for March 2

Monday, March 1, the U.S. stock market was dominated by buyers due to good macroeconomic statistics and, increasingly, corporate news. From the published positive data it is worth noting than expected growth in personal expenditure and the Americans in January were higher than the January forecast of spending on construction. Both figures indicate that consumption in the United States is rising faster than expected, but it is necessary for sustained economic recovery. In addition, market participants expect the European Union declaration on measures to address the debt problems of Greece. Against this backdrop, the U.S. stock indexes spent the day in positive territory.

As a result of trading on March 1 2010. Dow Jones index rose by 78.53 points (0.76%) – to 10,403.79 points, NASDAQ rose 35.31 points (1.58%) – to 2,273.57 points, S & P added 11.22 points (1.02%) and finished the day at around 1,115.71 points.

Demand was significant shares of the largest U.S. insurance company American International Group Inc. (AIG). As it became known on Monday, the British insurance group Prudental Plc. reached an agreement with AIG about buying its Asian business for 35.5 billion dollars, of which $ 25 billion will be paid in cash. The deal will allow AIG to return a substantial part of the state from more than 180 billion dollars from the authorities. As a result, the end of trading capitalization of AIG rose to 4,08%. Other insurers also did not disappoint investors: Paper Unitedhealth Group Inc. grown up on 0,53%, WellPoint Inc. – On 0,31%, MetLife Inc. – On 0,41%, The Travelers Companies Inc. – On 0,93%, Express Scripts Inc. – On 0,45%, Aflac Inc. – On 1,15%, The Chubb Corp. – On 1,17%.

Weak market looked pharmaceutical companies: 0,29% lost in the price of shares of AstraZeneca Plc., Bristol-Myers Squibb Company fell by 0,49%, GlaxoSmithKline – to 0,3%, Eli Lilly & Co. – 0,06%. Stronger looked Merck & Co. Inc. (1.06%), agreed to buy American supplier of laboratory equipment Millipore Corp. for 7.2 billion dollars, which is 1.2 billion dollars higher than the offer of the American Thermo Fisher. Millipore itself went up on Monday at 11.11%, and for the last few weeks of its growth was almost 50%. Meanwhile, at the same 51.94%, but only for one trading session on 1 March took off in the price of paper OSI Pharmaceuticals Inc. after Astellas Pharma Inc. announced its intention to offer shareholders OSI 3,5 billion dollars for their company.

At 13,2% increase in prices of American securities industry analyst firm RiskMetrics Group, after the company MSCI (which, inter alia, deals with the calculation of global stock indexes) agreed to buy RiskMetrics for 1.55 billion dollars

Do not look better on Monday, U.S. banks: apparently affected disappointing record of Europe’s biggest bank HSBC Holding Plc. for 2009. according to which the holding company earned a profit of $ 5.83 billion dollars, which was significantly lower than the forecasts of analysts, who expected 7.76 billion dollars on a campaign against JPMorgan Chase & Co. fallen in price on 0,33%, Citigroup Inc. – On 0,29%, US Bancorp – on 0,41%, The Bank of New York Mellon Corp. – On 0,35%. Slightly risen PNC Financial Services Group Inc. (+0,09%), Wells Fargo & Company (+0,04%) and Goldman Sachs Group Inc. (0.12%).

Supported the advanced growth of the NASDAQ index rise capitalization memory manufacturer SanDisk Corp. on 11,94% against the background of the revision of Wedbush Morgan analysts forecast it shares with the “worst of the market” to “at the market.” Other tech companies among the most liquid, too, grew up in value, though more restrained pace. The cost of securities Advanced Micro Devices Inc. (AMD) rose to 3,79%, Intel Corp. – On 1,66%, EMC Corp. – On 1,49%, Google Inc. – On 1,12%, Apple Inc. – On 2,14%, Microsoft Corp. – On 1,22%.

Finally, it is worth noting the steady growth of steel companies against the backdrop of rising prices for base metals, particularly copper and nickel. Shares United States Steel Corp. prices increased by 3,1%, AK Steel Holding Corp. – On 3,25%, Newmont Mining Corp. – On 2,03%, Southern Copper Corp. – On 2,45%, Steelcase Inc. – On 2,44%, Freeport-McMoRan Copper & Gold Inc. – On 1,72%.

On Monday, his outlook on the current state of the economy has shared the famous billionaire Warren Buffett. He said the economy is rebounding, but very slow pace and consumers are spending as much as we would like, so that employment growth will also slow. As an example, W. Buffett brought subsidiaries Berkshire – Shaw Carpet and Acme Brick, laid off thousands of workers during the crisis. The billionaire said that both companies will inevitably hire more staff, but not necessarily that the hiring will begin in the next six months. Thus, if W. Buffett will not let intuition rally in the stock market in the next six months should not wait.

Bank of America Corp. (BAC:US): The U.S. Treasury Department scheduled a March 3 auction of warrants granted to the U.S. when the lender received $45 billion from the Troubled Asset Relief Program.

Bristol-Myers Squibb Co. (BMY:US): The biopharmaceutical company’s experimental drug belatacept should be allowed on the market, a committee of U.S. regulatory advisers voted today. An outside panel recommended that the Food and Drug Administration approve the drug for the prevention of kidney transplant rejection because the benefits of the medicine outweigh the risks.

Dress Barn Inc. (DBRN:US): The retailer of women’s clothing reported a second-quarter profit excluding some items of 37 cents a share, beating the average estimate of 29 cents a share by analysts in a Bloomberg survey.

McDermott International Inc. (MDR:US): The offshore oil and gas contractor reported fourth-quarter sales of $1.46 billion, missing the average analyst estimate of $1.56 billion.

PG&E Corp. (PCG:US): The owner of a public utility operating in northern and central California said it is accelerating its installations of smart meters and expects to have 8 million meters in place by the end of the year.

Qualcomm Inc. (QCOM:US): The world’s biggest maker of mobile-phone chips said it plans to buy back as much as $3 billion of its shares and boosted its quarterly stock dividend by 12 percent to 19 cents a share.

Toll Brothers Inc. (TOL:US): The largest U.S. luxury-home builder had the best week of sales in February since 2006 last week, Chairman and Chief Executive Officer Robert Toll said in a CNBC interview.

Technical Perspective: The S&P 500 stalled near unchanged on the year and the S&P Mid Cap 400 paused near its 52-week closing high from January at 136.67 yesterday, but the limited range trade just off the highs throughout the afternoon implies little selling interest. A breach of the high (1116) initially exposes resistance above at 1119/1121, which marks the November-December range top, 70.7% retracement of the January-February decline and congestion. Supports are at 1112 and the 1110/1109 area.

CALENDARS
Key economic data:
-None

Federal Reserve/Treasury:
-Minneapolis President Kocherlakota speaks at 2:00 p.m. ET

Key Note/Bond auction results:
-None

Key industry conferences:
-CLSA AsiaUSA Forum (Day 2 of 3) — Companies presenting: AXP, LM, AVT, CAT, NTRS, BK, CTXS, JBL, MA, FTNT, WPI, TDC, SY
-ISI Group Industrial Conference — Companies presenting: OSK, PH, TEX, TKR, IR, MTW, HUBB, ETN, GE, URI, SPW, ITW
-JPMorgan Chase Global High Yield and Leveraged Finance Conference (Day 2 of 3) — Companies presenting: ISLE, HMA, NM, PVA, MTW, BZH, IMA, ATPG, DHI, PERY, TEN, CHK, BC, RRR, WIN
-Morgan Stanley Technology, Media & Telecom Conference (Day 2 of 4) — Companies presenting: MSFT, HPQ, CMCSA, IBM, BRCM, CVC, DISCA/DISCK, JNPR, VMW, T, ELX, PEGA, STM, TWX, WBMD, ACOM, LEAP, LINTA, PLT, SNPS, CML, RAX, TKLC, XRX, FCS, FIRE, JDSU, TWTC, ATML, CBB, LSI, PLCM, QLGC, CCI, SGI, TER, THQI, AONE, ARW, BCE, CY, MU
-RBC Capital Healthcare Conference (Day 1 of 2) — Companies presenting: BSX, CHE, CRIS, PCYC, SNTA, ACOR, CYPB, FACT, LH, ATSI, NHWK, RDNT, VASC, HLS, JNJ, PRSC, RURL, IPXL, PSYS, VRTX, OSIP, CBST, ISTA, MYGN, BCRX, EBS, MAPP, SIGA, SLXP
-The Association of Insurance and Financial Analysts Annual Conference (Day 3 of 4) — Companies presenting: PRE, ACGL, BRO, SYA, MMC, AGII, LNC, AHL, GNW, MET, MFC, RDN, VR, RNR

Earnings:
-18 companies are confirmed to report today after the close, though none are expected to be market-moving releases

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