unflappable-isomorphic-deez
Welcome, Guest. Please login or register.

Author Topic: Bank Stocks Taking It On The Chin  (Read 517 times)

0 Members and 1 Guest are viewing this topic.

MTnews

  • Hero Member
  • *****
  • Posts: 734
  • Karma: 1
    • View Profile
Bank Stocks Taking It On The Chin
« on: September 02, 2011, 04:56:59 PM »
Daily Market Commentary for September 2, 2011

Bank stocks were taking it on the chin today after Federal Housing Finance Agency [FHFA] is prepared to initiate more lawsuits.
(read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx

Per the the Labor Department, job growth was unchanged in August, the weakest performance in almost a year. Payroll counts in June and July were revised lower by a cumulative 58,000. Payrolls rose a revised 20,000 in June and by 85,000 in July. Unemployment rate held steady at 9.1% as expected. Average hourly earnings decreased 0.1% to $23.09 and earnings up only 1.9% in the past year. The average workweek fell six minutes to 34.2 hours.

The so-called "super committee" co-chairs Senator Patty Murray, a Washington Democrat and Representative Jeb Hensarling, a Texas Republican, announced their first meeting for Thursday September 8th. The bipartisan congressional committee charged with finding ways to cut the U.S. budget deficit will go over rules for its work and take opening statements from its 12 members. The panel's task is to identify $1.5 trillion in deficit reduction from entitlements, tax reform and other areas of the budget.

Netflix (NasdaqGS: NFLX), a powerhouse on Wall Street, got slammed today after an announcement that Starz has ceased negotiations to renew its contract for streaming content with Netflix which is set to end February 28 of 2012. Shares of NFLX were lower by 9% and down almost 22 points by late afternoon trading. Starz commented that the move was designed 'to protect the premium nature of our brand by preserving the appropriate pricing and packaging of our exclusive and highly valuable content'. A statement from NFLX, “We are confident we can take the money we had earmarked for Starz renewal next year, and spend it with other content providers to maintain or even improve the Netflix experience."


Register now for our Free Chat Rooms for penny stocks, options, stocks, futures and forex! Chat with other traders during off-peak market hours.

Access a one week trial to our Weekly Swing Trades and Day Trading services. View detailed historic performance from our News & Commentary.

Access our FREE Monthly Trading Lesson posted on our website.

Viewers may opt-in to our free Weekly Market News sent via email on the first trading day of the week. Review market news and active stocks from the previous week plus, see what is ahead for the upcoming trading week.

Follow us now on Twitter and join us on Facebook.

Thanks for reading
Millennium-Traders.Com
http://www.millennium-traders.com

Tags:
 

Related Topics

  Subject / Started by Replies Last post
0 Replies
1602 Views
Last post October 03, 2007, 12:00:32 AM
by The Web Team
0 Replies
1504 Views
Last post November 01, 2007, 03:00:16 AM
by The Web Team
0 Replies
1123 Views
Last post July 28, 2008, 02:11:58 PM
by Deez
0 Replies
945 Views
Last post September 09, 2008, 03:11:05 PM
by The Web Team
0 Replies
1724 Views
Last post September 23, 2008, 02:04:44 PM
by The Web Team
0 Replies
943 Views
Last post October 01, 2008, 11:00:16 AM
by The Web Team
0 Replies
1622 Views
Last post December 11, 2008, 12:00:04 PM
by Stock Spam
0 Replies
486 Views
Last post September 13, 2010, 03:22:26 PM
by MTnews
0 Replies
517 Views
Last post October 05, 2010, 03:23:14 PM
by MTnews
0 Replies
439 Views
Last post April 13, 2011, 03:23:54 PM
by MTnews