The market review for October, 8st

7Stock trades in the U.S. on October 7 2009. closed countervailing changes in the leading indices. Noticeably on the basis of bidding companies’ shares have risen in price of the financial sector, helped by increased recommendations on the part of analysts. Thus, securities Bank of America Corp. increased in price by bidding up by 2,1%, after analysts at Wells Fargo raised recommendations on the «at market» to «above market». In addition, due to the increased rate of 1,9% in the bank’s shares have risen in price trading Goldman Sachs Group Inc., Securities and JPMorgan Chase & Co. added to the price of 1,8%. At 2.1% in the bidding rose quotes bank Wells Fargo & Co.

Analysts say Moscow Stock Center, which opened on Wednesday in a small «minus», the U.S. indices could not decide on further movement. Throughout the trading session, the players were observed uncertainty regarding the continuation of the rally and as a consequence, the mixed movement of stock indices. Better the market looked like paper banking and engineering sectors, worse — Shares of telecommunications and chemical segments.

In anticipation of the publication of financial statements by 2,2% in the increase in prices of trades in shares of the largest U.S. aluminum producer Alcoa Inc. Market participants are eagerly awaiting the financial report Alcoa is not in vain — the company has published a report after the close of trading, and, according to the report, Alcoa’s net profit up to the III quarter of 2009. totaled $ 77 million against net profit for the same period a year earlier of $ 268 million sales Alcoa in the quarter decreased by 33% — up to 4.6 billion dollars from 6.9 billion dollars a year earlier. Published data surprised analysts, because no one expected that the company will make a profit.

Favored auction ended, and for high-tech companies. Thus, the owner of shares of the world’s largest Internet search engine Google Inc. up to the bidding went up by 3.8% after analysts at Oppenheimer & Co. improved prognosis for their value. In turn, the owner of the securities world’s largest online store Amazon.com Inc. prices increased by 3,4% after the company introduced a new version of its Kindle e-book and lowered the price for the sold in the U.S. version at $ 40 — up to $ 259

At 0.9% in trading shares have risen in price in the world’s largest producer of sweet drinks Coca-Cola Co. after analysts at Deutsche Bank raised recommendations on them to «buy».

Amid rumors that the U.S. Congress may not extend the program for the primary mortgage lending, up significantly cheaper stock trading real estate companies. In particular, shares of one of the largest U.S. builder KB Homes fell 1.6%, and the securities of its competitor Pulte Homes Inc .- on 3,8%.

Dow Jones index fell by 5.67 points (-0.06%) to 9,725.58 points

NASDAQ Index rose 6.76 points (0.32%) — to 2110,33

S&P — on 2.86 points (0.27%) to 1,057.58 points.

Sector :

 Sector :2009-10-08

Industry :

Industry : 2009-10-08

Technical Perspective:

Although follow through above recent highs did not materialize yesterday, narrow trading range action (possible triangle) in the wake of the recent solid advance argues that this is merely a pause within the short term uptrend. Minor resistance above the highs of the last two sessions (1058, 1060) is in the 1063/1064 area with a more important zone at 1069/1071 (last week’s high, September/recovery close high). Initial support below the low (1050) is in the 1047/1046 area.
Key economic data:
-Initial Jobless Claims for the week ended Oct. 3 (consensus 540K; prior 551K) and Continuing Claims for the week ended Sept. 26 (consensus 6.100 mln; prior 6.090 mln) at 8:30ET
-August Wholesale Inventories at 10:00ET (consensus -1.0%; prior -1.4%)

Federal Reserve/Treasury calendar:
-Richmond President Lacker speaks at 13:30ET
-Governor Tarullo speaks on the economic crisis at 15:35ET
-Chairman Bernanke speaks on the Fed’s balance sheet at 19:00ET
-Kansas City President Hoenig speaks at 20:45ET

Key Note/Bond auction results:
-$12 bln in 30-year Bonds reopening at 13:00ET

-NUHC is the only company confirmed to report today after the close

Key industry conferences:

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    • Sarfaraz

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    • Tapha

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