DJ US HOT STOCKS:Bank of America Falls In Late Trading On 3Q Net
Among the companies whose shares showed movement in Monday's after-hours session are Bank of America Corp. (BAC), Gateway Financial Holdings Inc. (GBTS) and KKR Financial Holdings LLC (KFN).
Bank of America's third-quarter net income fell 68%. The company also cut its quarterly dividend in half and announced plans to sell common stock to raise $10 billion. Shares slid 7.4% to $29.85 in post-market trading.
Gateway Financial Holdings said it will record a noncash other-than-temporary charge of $37.4 million in the third quarter because of its holdings of Fannie Mae (FNM) and Freddie Mac (FRE) preferred securities. The company said it additionally expects to receive favorable state tax benefits that have not been determined at this time and expects to remain well-capitalized. Shares of the bank holding company rose 9.9% to $5.99 in after-hours trading.
JPMorgan cut its investment rating on KKR Financial Holdings shares to neutral from overweight saying the investment firm has limited access to capital and slim prospects to grow in the deteriorating economic environment. The stock ended the day down 23% but has recovered slightly in after-hours trading and is currently up 16% to $5.
Regular Session Movers:
Fitch Ratings cut its credit ratings on National City Corp. (NCC, $2.56, -$0.95, -27.07%) and its bank unit, saying the "near future is unlikely to offer the company any relief and may very well result in additional asset-quality problems as the economy weakens."
CombinatoRx Inc.'s (CRXX, $0.70, -$2.30, -76.67%) anti-inflammatory drug, Synavive, failed to show it was significantly better than a placebo in relieving knee pain caused when walking. Lazard Capital Markets cut its investment rating on the biopharmaceutical company's shares to hold from buy, citing the results of the study.
Dendreon Corp. (DNDN, $6.93, $1.73, 33.27%) said an interim analysis of a late-stage study shows its Provenge prostate-cancer therapy shows a 20% death-risk reduction compared with a placebo. President and Chief Executive Mitchell H. Gold said the findings, similar to those seen in prior phase 3 trials, should be finalized in mid-2009.
OSI Pharmaceuticals Inc. (OSIP, $39.31, -$6.53, -14.25%) and Genentech Inc. (DNA, $80.62, -$6.91, -7.89%) said a Phase 3 study combining OSI's Tarceva and Genentech's Avastin was no better at preventing death from a type of lung cancer than Tarceva and placebo. Avastin and Tarceva are both so-called targeted cancer drugs co-marketed by OSI and Genentech in the U.S.
Steel companies were some of the hardest-hit stocks on the day, as UBS lowered its steel-price foreceast on a global 2009 recession and the International Iron and Stell Institute said it was reevaluating its three-year outlook becuase the global economy had made its current ratings unclear. AK Steel Holding Corp. (AKS, $18.04, -$2.26, -11.13%), U.S. Steel Corp. (X, $59.62, -$3.88, -6.11%) and Nucor Corp. (NUE, $33.74, -$1.01, -2.91%) were some of the leading decliners.
Energy stocks tumbled amid a wider market swoon and another drop in the price of oil, with natural gas firm Williams Cos. (WMB, $17.69, -$1.37, -7.19%), Oil refiner Tesoro Corp. (TSO, $12.22, -$1.70, -12.21%), and oil-and-gas company Hess Corp. (HES, $72.25, $0.25, 0.35%) among the biggest losers.
Solar stocks are getting pounded as a widening credit crisis hits Europe and the industry's biggest markets, Spain and Germany. Even the long awaited solar tax credit in the U.S., passed as part of the bailout plan, hasn't buoyed the sector, as equipment makers GT Solar International (SOLR, $8.00, -$1.11, -12.18%), Trina Solar (TSL, $17.96, -$2.86, -13.74%) and SunTech Power (STP, $30.58, -$2.89, -8.63%) all fell.
AgFeed Industries Inc. (FEED, $6.26, $0.59, 10.41%) said it expects to report record third-quarter earnings and affirmed it full-year earnings guidance of $1.10 a share. The Chinese animal feed company also announced a $10 million share-buyback program and an agreement by management not to sell shares for one year.
Irish banks Allied Irish Banks PLC (AIB, $17.50, -$1.35, -7.16%) and Bank of Ireland (IRE, $20.70, -$2.96, -12.51%) plunged as support from Tuesday's government decision to guarantee all major Irish banks fell away.
Ambac Financial Group Inc. (ABK, $3.05, -$0.22, -6.73%) said it wrote down another $401.5 million in August while also making $848 million in credit-derivative payments. The write-downs from changes in fair value of credit derivatives put the struggling bond insurer's latest total for the quarter-to-date write-downs at $2.87 billion.
Citigroup Inc.'s (C, $17.41, -$0.94, -5.12%) lawsuit against Wachovia Corp. (WB, $5.78, -$0.43, -6.92%), Wells Fargo & Co. (WFC, $33.64, -$0.92, -2.66%) and their directors is seeking at least $60 billion, Citi said as it seeks redress for Wells Fargo reaching a deal to acquire struggling Wachovia. Meanwhile, a North Carolina court issued a temporary restraining order Sunday preventing Citigroup from enforcing an "exclusivity agreement" it signed with Wachovia as part of a $2.1 billion deal to buy the Carolina bank.
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posted
Just a hunch and strange movement on my scottrade quote screen , WAMUQ keeps popping up a .21 ask price with no trades this morning at 6 am ,,,,,I wonder if they are going to run today..Im gonna keep an eye on it ...Also same thing on SOV with an ask of 12.67....you never know what can happen..
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
I know it was just a blip in my scottrade screen happens all the time BUT for all I know it might be a signal of some sort if not some kind of fake, like when some pennies would post a 911 trade as a signal to other MMs,, pobably just a glitch or fat finger....
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
WAMUQ Scottrade macd chart forcast for what its worth;;;;
Moving Average Price Compare Yesterday, WAMUQ closed above its 13 minute moving average. This is generally considered to an indication of a bullish trend.
Moving Averages No current signals
MACD The MACD for WAMUQ currently indicates a strong bullish signal for two reasons. First, the MACD is above the signal line, a 9minute moving average. Second, the MACD is above 0 which implies that the underlying moving averages are trending higher.
Stochastics The Stochastic Oscillator is registering a bullish signal as the %K line is above the %D. However, WAMUQ is neither overbought nor oversold.
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
SLOOOOOOWW day today got some WAMUQ at .10 a little while ago, hope it runs a little EOD if not maybe in the morning Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
I love it when 50000 shrs bought at ask then MMs throw a 100 shares at bid for .10 a share,,Just love it.. Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Well as much as I hate to I am going to hold overnight , just hope they dont drive it down after hours... And looks like I am the only one around here today......
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Well not sure about anyone else but everything on my watch list was down today, and the only one I bought at least I bought them at the LOD..
Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by Gary59: Well not sure about anyone else but everything on my watch list was down today, and the only one I bought at least I bought them at the LOD..
I'm green by .01 on abk. Everything else is red. What a crazy finish.
Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by Gary59: Well as much as I hate to I am going to hold overnight , just hope they dont drive it down after hours... And looks like I am the only one around here today......
Sorry man, last half hour was NUTS. sometimes I can get here sometimes I can't. Still playing the fins in my practice account. Not messin with my cash yet, cept for qtww that one caught my eye today. do the DD as always, looking for a $1 bouncer but who the hell knows these days.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Well you where better off not being here yesterday BooDog..nothing but down.. this morning gapping up on most on my list but only holding WAMUQ from yesterday at .10..hope it gaps like the others,I will get out quick this morning..
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Hey anyone around this morning , I have a question: I know that pinks dont trade pre or post market but do they shift the bid and ask and will it show on the board pre-market? Thanks
Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by Gary59: Hey anyone around this morning , I have a question: I know that pinks dont trade pre or post market but do they shift the bid and ask and will it show on the board pre-market? Thanks
Hey good morning.
Take a look at otc bulletin board.. do a quote and it show pre and post. I like to use it. Then others for research.
posted
Thanks Rockster , I was wondering about WAMUQ i got a few share yesterday at low of .10 I usually dont trade chapter 11 stocks but has really been looking good for flipping ,,Until yesterday.. I will check out otc board thanks.
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Thanks I just checked as well and shows flat....But I would have thought there would be news if they stopped trading on it today... I know one thing I will get out this morning QUICK if any signs of a upward gap,, MACD and Bollenger bands showing uptrend this morning BUT now its a pink so that usually doesnt work with pinks that often...Good luck today Rockster.. This is the only one I am holding I have been staying in cash the last few weeks because of this market acting the way it has , and just doing a few flips a week....
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
This is the first time I have been hesitant. I'm now at a 18% cash position. (can't even sell my .0001's for more cash) I'm waiting until this afternoon.
May do a XLF put to cover some of my losses if they don't come back. Financial select sector.
Hope all works out for you. From what I have read. The only person even is the one in cash. Stock to commodities etc.. all down EVEN OIL!
I'm sure some may be up but it's not in index only in select stocks.
posted
Well looking at the pre-market trades again this morning all where up 30 minutes ago and now gapping down from yesterdays close...Gonna be another sh**** day today it looks like.... Hold on to your cash,, if you have any left... Just my 2 cents worth.. but maybe it will swing back around later (I Hope)
Posts: 1986 | From: Florida | Registered: Mar 2006
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posted
Well I got out of WAMUQ at .11 only made 12 bucks BUT I got out without a loss,,might have pulled out early but I am getting afraid to hold anything in this market especially a chapter 11 stock...Ouch
Posts: 1986 | From: Florida | Registered: Mar 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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Item 1.01 Entry into a Material Definitive Agreement On September 29, 2008, Syncora Guarantee Inc. ("Syncora Guarantee"), the financial guarantee insurance wholly-owned subsidiary of Syncora Holdings Ltd. (the "Company"), entered into an agreement (the "Agreement") with J.P. Morgan Securities Inc. ("JPMorgan") and Weil, Gotshal & Manges LLP ("WGM") pursuant to which JPMorgan will assist Syncora Guarantee in identifying and analyzing potential strategic alternatives with respect to Syncora Guarantee's portfolio of credit default swap and financial guarantee contracts (the "Contracts"), including any commutation, termination, amendment or restructuring of exposures pursuant to Section 6.12 of the Master Transaction Agreement, dated July 28, 2008, among the Company, Syncora Guarantee, Syncora Guarantee Re Ltd., XL Capital Ltd., certain affiliates of XL Capital Ltd. and certain financial institutions that are counterparties to credit default swap contracts with Syncora Guarantee.
JPMorgan will receive fees totaling US$10 million for its financial advisory services under the Agreement based on specified bench marks and may be eligible for an additional discretionary bonus of US$10 million, payable in the sole discretion of Syncora Guarantee, upon consummation of a restructuring with any of certain specified counterparties.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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Posted on Monday, October 6, 2008, 12:00AM 1) Have a fiscal policy that creates immense deficits in good times and bad, burdening America's posterity with staggering burdens of repaying the debt. 2) Eliminate regulation of Wall Street and/or fail to enforce the regulations that already exist, instead trusting Wall Street and other money managers and speculators to manage other people's money with few or no regulations and little oversight.
3) Have an energy policy that disallows producing our own energy and instead requires that we buy energy from abroad, thus making our oil prices highly volatile and creating large balance of payments deficits, lowering the value of the dollar and thus making the problem get progressively worse.
4) Have Congress mandate that banks and other financial entities lend money to persons they know in advance to have poor credit ratings or none at all.
5) Allow investment banks, insurers, and banks to bet their entire net worth and then some on the premise that borrowers known to be improvident will in fact repay those loans.
6) Allow the creation of large betting pools called "hedge funds" that can move markets and control the outcome of trading, thus taking a forum for savings and retirement for families and making it into a rigged casino game that exists primarily to fleece suckers like ordinary working men and women.
7) Have laws that protect corporate officers from being sued for misconduct but at the same time punish lawyers in the private sector who ferret out such misconduct and try to make accountable the people responsible for shareholder and investor losses. If one of those lawyers gets particularly aggressive in protecting stockholders, put him in prison.
8) Appoint as head of the United States Treasury Department a man whose whole life was spent on Wall Street, who became fantastically rich through his peddling of junk bonds at his firm while the firm later sold short those same sorts of bonds.
9) Scare Americans into putting up $750 billion of their hard earned money to bail out the billionaires and their friends who created the market for loans to poor credit risks (The "subprime" market) and the unbelievably large side bets on those loans, promising that such a bailout would save the retirement savings of Americans, then allow the immense hedge funds to make the market crater immediately afterwards.
10) Propose to save the situation by surtaxing the oil industry, which is owned by our fellow Americans, mostly in their retirement plans, thus penalizing Americans for investing in companies that efficiently and legally produce an indispensable product.
11) Insist that the free market requires that banks and insurers with friends of the Secretary of the Treasury be saved but allow other entities not so fortunate to fail, thus creating total uncertainty and terror among financial institutions, and demolishing all of the confidence built up in financial circles since the days of FDR.
12) Then have the Republican candidate say he would keep on the job the Treasury Secretary who facilitated the crisis, failed to protect the nation from the crisis, got the taxpayers to pony up to save his Wall Street buddies, and have the Democratic candidate, as noted, say he would save the day by taxing the stockholders of energy companies.
There, that should do it.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by BooDog: watch it finish at .18 lol
Thats been my luck latley BooDog, good to see you make it back today before closing.. Im back to all cash looking for 1 flip left for the week and will have a few clear bucks tommorow too..So throw something out there for me BooDog especially a %300 sure thing Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by BooDog: watch it finish at .18 lol
Thats been my luck latley BooDog, good to see you make it back today before closing.. Im back to all cash looking for 1 flip left for the week and will have a few clear bucks tommorow too..So throw something out there for me BooDog especially a %300 sure thing
lets see.... howa bout nothing that I'm in. lol freeking fins turned on me at close again right after I got done calibrating my standings. Grrrrr!
Thats my practice account. Still all cash on my main account and thanks to scottrade I missed out on DCGN for some of that bounce action. Not recommending it - was just looking for a flip.
Posts: 7800 | From: Virginia | Registered: May 2006
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posted
BooDog, did you have TMA ? it shot up to 3.30 and ended 2.97...I had been watching just didnt get it , I did get some NCC today before close so hope it gaps UP in the morning,, news out on NCC lowering rates and sposoring a sports event (I forgot who already) Part of getting old..
Posts: 1986 | From: Florida | Registered: Mar 2006
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quote:Originally posted by Gary59: BooDog, did you have TMA ? it shot up to 3.30 and ended 2.97...I had been watching just didnt get it , I did get some NCC today before close so hope it gaps UP in the morning,, news out on NCC lowering rates and sposoring a sports event (I forgot who already) Part of getting old..
I forgot all about TMA. I do still like NCC. The way the market is now who knows what will happen.
quote:Originally posted by Rockster: Hey thanks for the reminder.. another financial I can lose MONEY in.
There are certainly plenty of them out there.
U.S. Stocks Drop as Recession Concern Outweighs Rate Reductions
By Lynn Thomasson
Oct. 8 (Bloomberg) -- U.S. stocks fell for a sixth day after Treasury Secretary Henry Paulson said more banks may collapse and unprecedented global interest-rate cuts failed to convince investors the economy will avoid a recession.
Bank of America Corp. slumped 7 percent after selling shares at a discount to shore up capital. Alcoa Inc., the largest U.S. aluminum producer, slid 12 percent as a reduction in manufacturing caused by the credit crisis left the company with earnings that trailed analyst estimates. Russia, Indonesia, Ukraine and Romania shut their exchanges and Brazil's benchmark index fell to the lowest level in two years in the worst week for emerging markets in at least two decades.
``The uncomfortable reality is that this mess is going to take more time than anyone wants to come to grips with,'' said Matthew Kaufler, a fund manager at Rochester, New York-based Clover Capital Management Inc., which oversees $2.6 billion. ``For the first time in couple of decades, we have the prospect of a consumer recession.''
The S&P 500 swung between gains and losses at least 20 times today, ending down 11.29 points, or 1.1 percent, at 984.94, its lowest since August 2003. The Dow Jones Industrial Average tumbled 189.01, or 2 percent, to 9,258.1. The Nasdaq Composite Index decreased 0.8 percent to 1,740.33. Five stocks fell for every two that rose on the New York Stock Exchange.
The S&P 500's six-day losing streak is its longest since 2002. Its year-to-date slump of 32.9 percent is the worst since 1974 and its second-biggest drop ever compared with previous returns through Oct. 8, according to Harrison, New York-based research firm Bespoke Investment Group LLC.
Option Prices Jump
The Chicago Board Options Exchange's Volatility Index climbed 7.2 percent to a record 57.53. Stocks swung throughout the day, with the Dow twice falling more than 200 points before recoveries lifted it above 9,600. The 30-stock average tumbled 341 points in the last half hour of trading, erasing its second 150-point surge of the afternoon.
U.S. bonds fell after the government sold $66 billion in debt to ease ``severe dislocations'' prompted by shortages of government securities.
European stocks retreated, sending the Dow Jones Stoxx 600 Index to its worst three-day drop since October 1987. The dollar weakened against the euro.
Bank of America dropped 7 percent to $22.10. The bank that's buying Merrill Lynch & Co. sold 455 million shares for $22 each, 8 percent less than yesterday's closing price of $23.77. The shares fell 26 percent in New York Stock Exchange composite trading Oct. 7, the biggest drop in at least 28 years, after the bank slashed its dividend in half to shore up capital.
Alcoa Slumps
Alcoa fell $2 to $14.71 for the steepest decline in the Dow. The aluminum producer's third-quarter profit fell by more than half and the company cut its forecast for demand growth because of the slumping economy. Alcoa also suspended a share-repurchase program because of the worsening credit crisis.
Stocks rose in early trading after the world's largest central banks cut borrowing costs in a coordinated effort after the credit crunch spread from the U.S., pushing up lending costs and forcing governments in Europe and the U.S. to bail out banks.
The Federal Reserve reduced its benchmark interest rate by 0.5 percentage point to 1.5 percent this morning. The European Central Bank lowered its key lending rate by half a point to 3.75 percent and said it will start lending banks unlimited cash in its weekly auctions at the new benchmark.
The Fed will probably cut its target for overnight lending between banks by another half percentage point at its Oct. 29 meeting, Goldman Sachs Group Inc. chief economist Jim O'Neil said. ECB President Jean-Claude Trichet said he can't rule out further reductions.
`More Symbolic Than Anything'
``It's more symbolic than anything else,'' Peter Sorrentino, a money manager at Huntington Asset Advisors in Cincinnati, which oversees $16.5 billion, said of today's rate cuts. ``It's the availability of credit, not the price of credit that's the problem.''
The S&P 500 Financials Index climbed as much as 3.9 percent today before resuming its slide after Treasury Secretary Paulson said some banks may fail even after Congress passed a $700 billion package to shore up financial firms. He said U.S. policy makers are prepared to do more if necessary to stem the worst financial crisis since the Great Depression.
``Patience is also needed because the turmoil will not end quickly and significant challenges remain ahead,'' Paulson said at a press conference in Washington. ``Neither passage of this new law nor the implementation of these initiatives will bring an immediate end to current difficulties.''
MetLife Plunges
MetLife Inc. plunged 27 percent to $27 for the second- steepest drop among S&P 500 companies. The biggest U.S. insurer said it will raise capital and cut jobs after third-quarter profit slid 48 percent.
The 84-company S&P 500 Financials Index ended down 3 percent at its lowest level since April 1997. The world's major banks may need $675 billion in fresh capital over the next several years to recover from a credit crisis that shows few signs of abating, the International Monetary Fund said yesterday.
A group of retailers in the S&P 500 slipped 0.9 percent. J.C. Penney Co., Kohl's Corp. and Nordstrom Inc. forecast third- quarter profit that may trail analysts' estimates after September sales fell because of consumer concerns that the Wall Street meltdown will cost them their jobs and savings.
J.C. Penney lost 4.6 percent to $27.25, the lowest since 2004. Nordstrom slid 1.5 percent to $21.57.
`Only Halfway Through'
``The big concern is that we're going into recession,'' said Jeffrey de Graaf, a senior managing director at ISI Group Inc. in New York. ``The first part is the unwind of the previous boom, the second is the recession that follows. We're in the camp that we're only halfway through this.''
Monsanto Co., the world's largest seed producer, climbed 9.8 percent to $81.44 and pushed the S&P 500 Materials Index up 2.6 percent for the biggest gain among 10 industries. Chief Financial Officer Terry Crews said farmers haven't been affected by the global credit crisis and predicted higher profit next year on rising sales of weedkiller and gene-modified seeds.
Bank of New York Mellon Corp. gained 7.9 percent to $24.45. The world's largest custodian of financial assets agreed to buy JPMorgan Trust Bank Ltd. in Japan following the bank's deal to purchase JPMorgan Chase & Co.'s global corporate trust business in 2006.
Bank of America and Alcoa this week kicked off an earnings season that is expected to mark the fifth straight quarter of declining profits for S&P 500 companies. Earnings at S&P 500 companies probably dropped on average of 5.6 percent in the third quarter, according to analysts' estimates compiled by Bloomberg.
Profits Decline
Financial companies are forecast to lead the decline in profits with a 64 percent decrease, followed by an 11 percent slide in earnings at retailers, hoteliers, restaurant chains and other so-called consumer discretionary companies.
The S&P 500's 37 percent drop from its record a year ago has left it valued at less than 19 times the reported earnings of its companies. Europe's Dow Jones Stoxx 600 Index, which has lost 38 percent this year, was valued at 9.5 times the reported earnings of its companies, the cheapest since Bloomberg began compiling the data in January 2002. The MSCI World Index was valued at 12 times profit yesterday, the cheapest since at least 1995.
Investors are fleeing emerging markets on concern decreased credit availability and slower economic growth will push commodity prices lower, crippling the driver of developing economies. The benchmark MSCI Emerging Markets Index slumped 7.4 percent today and is down 22 percent over the past six days.
Ukraine's exchange was closed for the day before trading began, and Romania suspended its main bourse after a 9.5 percent slide. Russia's Micex Index dropped 14 percent before trading was halted, having already slumped 20 percent this week. Indonesia's suspension, the first in eight years, followed a 10 percent slide in the Jakarta Composite Index, the biggest decline since the 1998 Asian financial crisis. Brazil's Bovespa index slumped for a fifth day.
To contact the reporter for this story: Lynn Thomasson in New York at lthomasson*bloomberg.net.
Last Updated: October 8, 2008 17:04 EDT
Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Picking a bottom here with the volatility we are up against is anyone’s guess imo. The VIX below shows just how crazy things are, but at the same time the volume levels are not spiking as though we would see attempts to consolidate. That imo would be a good sign. Patience imo would be prudent until the panic can get under control.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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