Daily Market Commentary for May 12, 2011

At the center of attention today, energy stocks continued their slide as demand jitters tied to high gasoline prices stoked selling against a backdrop of industry executives testifying on Capitol Hill about prices at the pump. (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/news/newscommentary.aspx

Cisco Systems, Inc. (NasdaqGS: CSCO) moved lower today on concerns over weak outlook and the uncertainty surrounding its ongoing reinvention. Into early afternoon, shares were lower by 4%. Cisco reportedly beat earnings estimates but, signaled that it expects to see a weak fiscal Q4. Company unveiled plans to cut $1 billion in annual costs and to reduce its workforce, as Chief Executive John Chambers reaffirmed plans for major changes.

Kohl's Corporation (NYSE: KSS) was higher by 3% in early afternoon trading as investors appeared to focus on the retailer’s upbeat outlook for the year and shrug off concerns about a shortfall in same-store sales and inventory growing at a faster pace than sales. Kohl's reported Q1 earnings rose 6%, helped by online sales and demand in the Southeast, offsetting weakness of seasonal sales in the Midwest and Northeast.

ProShares Ultra Silver (NYSEArca: AGQ) continues to be a front row player as shares were rebounding some of early morning losses, with a loss in early afternoon trading of over 11 points.

Sina Corporation (NasdaqGS: SINA) received a smack-down in early afternoon trading, down 3% and lower by over 3 points.

Goldman Sachs Group, Inc. (NYSE: GS) suffered a loss by early afternoon of 6 points, down over 4% after reports that the risk of a lawsuit against the company from the U.S. Department of Justice is growing. The attack against Goldman will be backed by a 650 page Senate report signed by both a Democrat and a Republican.


Economic data released today:

Retail Sales: Mar Retail & Food Sales Revised to +0.9% from +0.4%; U.S. Apr Retail & Food Sales Ex-Autos +0.6%; U.S. Apr Retail & Food Sales +0.5%; Consensus +0.6%.

PPI [Producer Price Index]: U.S. Mar PPI Unrevised at +0.7%; U.S. Apr Passenger Car Prices +0.5%; U.S. Apr PPI Energy Prices +2.5%; U.S. Apr PPI Crude Goods +4.0%; Core +2.6%; U.S. Apr PPI Intermediate Goods +1.3%; Core +1.1%; U.S. Apr PPI Ex-Food & Energy +0.3%; Consensus +0.2%; U.S. Apr Producer Prices +0.8%; Consensus +0.7%.

Initial Jobless Claims: U.S. Jobless Claims -44K To 434K in May 7 week; Survey -46K.

Continuing Jobless Claims: U.S. Apr 30 Week Jobless Claims revised to 478K From 474K; U.S. Apr 30 week Continuing Claims +5K to 3,756,000.

Bloomberg Consumer Confidence: U.S. Bloomberg Consumer Comfort Index -46.9 last week.

Business Inventories: U.S. Mar Business Inventories +1.0%; Expected +0.9%



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