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Home Builders Started Fewer New Homes
« on: May 17, 2011, 03:42:27 PM »
Daily Market Commentary for May 17, 2011

Home builders started fewer new homes in April and new home permits fell as well, indicating no sign of a rebound in the battered U.S. housing market anytime soon. (read more at Millennium-Traders.Com)
http://www.millennium-traders.com/news/newscommentary.aspx

Economic data released early this morning, with housing starts falling below expectations accompanied with Hewlett-Packard (NYSE: HPQ) lowering forecast, set the negative tone in motion. HPQ released results a day earlier than planned, cut its forecast for the current quarter and full year. Although HPQ blames the revision partly on the impact from the earthquake in Japan, ongoing softness in consumer PC sales added to the lowered forecast.

Concerns are ongoing from investors as to whether the economy is set for another period of sluggish growth. We are potentially in for a reduction in materials and consumer-sensitive sectors, should this occur. This is resulting in markets pulling back as some investors are moving back to the sidelines into the watch-and-see-mode, once again.

LinkedIn Corp. raised the price range of its initial public offering by 30% today, with a filing with the SEC, only two days before the social-networking firm’s shares are expected to go public. LinkedIn boosted its proposed offering range to $42 to $45 a share, up from previously designated range of $32 to $35 a share but, maintained the number of shares proposed in the offering at 7.84 million. LinkedIn will trade on the New York Stock Exchange under the ticker symbol LNKD.

Pernix Therapeutics Holdings (AMEX: PTX) was lower mid day by 17% and was down 2 points after the company posted profit of $1 million, compared to $5.3 million for same period in 2010.

Home Depot (NYSE: HD) gained 1% in mid day trading after reporting fiscal Q1 profit rose 12%, as expense control helped to make up for a decline in sales driven by bad weather. HD also raised its outlook for the year and said sales have turned positive in May as weather returned to a more normal pattern.

Sina Corporation (NasdaqGS: SINA) was higher by 3 % or over 3 points by mid-day trading activity.

TJX Companies(NYSE: TJX) shares were lower by 4% and down 2 points by mid day trading.

Baidu (NasdaqGS: BIDU) shares were higher by 2 points and still climbing, into mid day trading.


Economic data released today:

U.S. ICSC/Goldman Sachs Chain Store Sales +3.2% on year; U.S. ICSC/Goldman Sachs Chain Store Sales -2.0% in week of May 14.

Redbook: U.S. Retail Sales first 2 weeks May -2.3% vs. April; U.S. Retail Sales first 2 Weeks May +4.3% vs. May year ago; U.S. Retail Sales +4.0% week end May 14 vs. year ago.

Building Permits: Building Permits -4.0% to 551K Rate in April.

Housing Starts: March Housing Starts Revised to +12.9% from +7.2%; U.S. April Housing Starts -10.6% to 523K vs. Consensus +2.7%.

Capacity Utilization Rate: U.S. March Capacity Use Revised to 77.0% from 77.4%; U.S. April Capacity Utilization -0.1-Pt at 76.9% vs. Consensus 77.6%.

Industrial Production (MoM): U.S. March Industrial Production Revised to +0.7% from +0.8%; U.S. April Industrial Production Unchanged vs. Consensus +0.3%.


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Thanks for reading
Millennium-Traders.Com
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