Daily Market Commentary for May 13, 2011
Medicareâ€™s Hospital Insurance Trust Fund is now expected to be
exhausted in 2024 which is five years earlier than projected last year. (read more at Millennium-Traders.Com)http://www.millennium-traders.com/news/newscommentary.aspx
The DOW was reaping heavy losses, down by triple digits in early afternoon trading. The move had the Dow Jones Industrial Average into negative territory for the week as investors pondered over the recent week trading action that has had equities following the trend of crude-oil prices. It has been for quite some time that the market remains alert and tuned into economic activity. A combination of economic data releases seemed to get the selling spree into motion.
Rambus, Inc. (NasdaqGS: RMBS) was quite the play today, surging to a high of $21.69 by early afternoon trading and hosting a low of $14.60. Trading of the stock was halted six times today as the stock hit circuit breakers after rapidly rising and then falling through the 10% threshold in a matter of minutes. Thursday, a federal appeals court ruled that Rambus did inappropriately destroy documents related to patent cases but, it overturned a lower court's dismissal sanction.
Sina Corporation (NasdaqGS: SINA) got slammed today, down over 7 points and lower by 7% into early afternoon trading. The owner of Chinaâ€™s 3rd most visited website and the Twitter-like Weibo service, headed for its biggest weekly loss since December 2008 after Q1 profit missed analystsâ€™ estimates.
ProShares Ultra Silver (NYSEArca: AGQ), a favorite among day traders, gave its regular routine for potential trading profits both long and short selling. Shares were up over 4 points in early afternoon trading and higher by 3%.
Goldman Sachs Group, Inc. (NYSE: GS) continued its slide today, down over 2 points and shedding 2% in early afternoon trading.
Eastman Kodak Company (NYSE: EK) obtained favorable ruling in Apple Inc. (NasdaqGS: AAPL) patent law, sending shares higher by 4% during early afternoon trading session.
Yahoo! Inc. (NasdaqGS: YHOO) was lower by 4% in early afternoon trading as the company and Alibaba Group Holding Ltd. traded barbs over the transfer of ownership of a key Chinese business which is escalating tensions in the already troubled relationship between the two Internet giants.
Economic data released today:
CPI [Consumer Price Index]: U.S. Real Average Weekly Earnings -0.3% In April; U.S. April CPI Energy Prices +2.2%; U.S. Apr CPI Food Prices +0.4%; U.S. April CPI Unrounded +0.422%; U.S. Apr CPI Core +0.185%; U.S. April CPI Ex-Food & Energy +0.2%; U.S. April CPI Ex-Food & Energy Consensus +0.2%; U.S. April Consumer Prices +0.4%; U.S. April Consumer Prices Consensus +0.4%.
University Michigan Consumer Sentiment Index: Mid-May Sentiment 72.4; Mid-May Current Index 80.2; Mid-May Expectations 67.4.
Michigan Inflation Expectations: 5-Yr Inflation Forecast +3.0%.
Philadelphia Fed: 2012 PCE Price Index seen at 1.9%; 2011 PCE Price Index seen at 2.6%; 2012 Core PCE Price Index seen at 1.6%; 2011 Core PCE Price Index seen at 1.5%; U.S. 2Q Unemployment seen 8.9%, U.S. 3Q Unemployment seen 8.7%; U.S. 4Q Unemployment seen 8.5%; 2011 Average Monthly Job Gain seen 130K; 2012 GDP seen Up 3%, 2013 seen Up 2.8%; 2012 Average Monthly Job Gain Cut to 195K; 2Q GDP Forecast Cut to 3.2%, from 3.5%; 2Q GDP Forecast Cut to 3.2%, from 3.5%; 2011 GDP now seen At 2.7%, from Last View of 3.2%.
Philadelphia Fed Survey: Forecasters trim Growth Outlook for U.S.
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