Weekly Market Letter, 17 February 2009
The Week Ahead: The holiday shortened week opens on the heels of the passing of the second stimulus plan for the economy. Markets will also digest the auto makers bailout plans on the Tuesday deadline. The FOMC Minutes from the last Fed meeting are due out Wednesday along with import prices and housing starts data. The Producer Price Index, jobless claims, and leading indicators arrive on Thursday while Friday rounds the week out with the Consumer Price Index.
Stocks to Watch: The big British bank Lloyd's Banking Group (LYG) continues its multi-month decline as it expects its HBOS lending unit to post a $14.4 billion loss for 2008. Wyndham Worldwide (WYN) reported Q4 results a penny higher than a year ago but said Q1 would only be in the .35-.40 range. TreeHouse Foods (THS) reached a multi week high after Q4 results beat year ago levels by a dime and estimates EPS rising to 11-14% for '09. Electro-Optical Sciences (MELA) had promising late trial results for its non-invasive device for detecting melanoma.
Special Note: Banking stocks have once again taken the lead on the downside in this bear market both in the U.S. and abroad. Similar to what happened to the market when the former Treasury Secretary Paulson first tried to explain the wisdom of the bailout package last September, the current Treasury Secretary Geithner is experiencing the same market reaction to his plan as well. With that said, new bear market lows below last November can't be far behind.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
Stocks to Watch: The big British bank Lloyd's Banking Group (LYG) continues its multi-month decline as it expects its HBOS lending unit to post a $14.4 billion loss for 2008. Wyndham Worldwide (WYN) reported Q4 results a penny higher than a year ago but said Q1 would only be in the .35-.40 range. TreeHouse Foods (THS) reached a multi week high after Q4 results beat year ago levels by a dime and estimates EPS rising to 11-14% for '09. Electro-Optical Sciences (MELA) had promising late trial results for its non-invasive device for detecting melanoma.
Special Note: Banking stocks have once again taken the lead on the downside in this bear market both in the U.S. and abroad. Similar to what happened to the market when the former Treasury Secretary Paulson first tried to explain the wisdom of the bailout package last September, the current Treasury Secretary Geithner is experiencing the same market reaction to his plan as well. With that said, new bear market lows below last November can't be far behind.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
posted by Daniel Pipitone at
4:47 AM
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