Weekly Market Newsletter, June 1, 2009
The Week Ahead: The S&P 500 closed its 10th week out of 12 on the upside as the month of June begins. A noon news conference on Monday in New York City is expected for General Motors to announce a chapter 11 filing. Personal income and spending, construction spending, and the ISM Manufacturing Index are also due Monday. Auto sales and pending home sales numbers are released on Tuesday while factory orders and the ISM Non Manufacturing Index are due Wednesday. Chain store sales figures are out on Thursday. The widely anticipated Employment Report comes out Friday.
Stocks to Watch: Lexmark International (LXK) shares lifted from an oversold area after an upgrade from Barclays. Rostelecom ADR (ROS) continued a steep decline on uncertainty regarding the Russian Government reorganizing that nations telecom sector. SmartHeat Inc. (HEAT), a Chinese company that makes heat exchange systems for China's industrial sector rose on a price target increase to $8-$10 by Rodman and Renshaw after going public last September.
Special Note: As General Motors barrels towards bankruptcy, debate over its replacement in the Dow Industrials begins as it no longer qualifies for inclusion. The FDIC will charge banks a special fee to help restore its insurance fund, and said fee may increase over time as many banks are expected to fail over the coming year. S&P 500 earnings estimates are expected to be $56 a share over the next year but the trend of estimates has been going down.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
Stocks to Watch: Lexmark International (LXK) shares lifted from an oversold area after an upgrade from Barclays. Rostelecom ADR (ROS) continued a steep decline on uncertainty regarding the Russian Government reorganizing that nations telecom sector. SmartHeat Inc. (HEAT), a Chinese company that makes heat exchange systems for China's industrial sector rose on a price target increase to $8-$10 by Rodman and Renshaw after going public last September.
Special Note: As General Motors barrels towards bankruptcy, debate over its replacement in the Dow Industrials begins as it no longer qualifies for inclusion. The FDIC will charge banks a special fee to help restore its insurance fund, and said fee may increase over time as many banks are expected to fail over the coming year. S&P 500 earnings estimates are expected to be $56 a share over the next year but the trend of estimates has been going down.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
Click Here To Open An Account
NobleTrading Direct Access Trading
posted by Daniel Pipitone at
6:39 AM
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