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The PremiereTrade Market Wrap for 12/03/07
Manage episode 155430506 series 1155888
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U.S. manufacturing expanded in November as new orders and production improved, but the pace of growth was a touch weaker than the prior month. The Institute for Supply Management reported that its manufacturing index registered 50.8 last month, down from 50.9 in October.
If you've got a 7% adjustable mortgage that's about to skyrocket past 10%, getting a break may get a lot easier. One solution to the foreclosure problem gaining traction would freeze rates at lower levels. The Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department, is working on a version of a freeze that could be announced later this week.
Lennar Corp. (LEN) has sold a property portfolio to a new venture mostly owned by an affiliate Morgan Stanley (MS) for $525 million. As part of the deal, Lennar sold the entity about 11,000 home sites. The properties had a book value of about $1.3 billion.
Oil prices fell about $1 a barrel in a volatile market on speculation that OPEC may still boost output at this week?s meeting.
Lehman Brothers (LEH) said it plans to re-brand its Australian business, Grange Securities, to Lehman Brothers Australia as it seeks to build its brand name in the fast-growing region. It will also rename its Grange Asset Management arm Lehman Brothers Asset Management.
In Forex News
The yen rebounded from a two-week low against the dollar after Moody's Investors Service said it is preparing the biggest credit-rating cuts since subprime-mortgage defaults rocked financial markets.
The yen rose versus all 16 most-traded currencies as investors retreated from carry trades and sold higher-yielding assets bought with loans from Japan. The yen also advanced as Bank of Japan Governor signaled interest rates may have to rise.
At a time when everyone from billionaire investors such as Warren Buffett and Bill Gross to celebrities all want nothing to do with the dollar, a growing number of strategists say the stage is being set for a rally in 2008.
The U.S. budget and trade deficits are narrowing in tandem for the first time since 1995, when the currency gained 8 percent as measured by the Federal Reserve's U.S. Trade Weighted Dollar Index.
Scheduled Economic Reports (Tuesday)
None Scheduled
In Earnings News
MetLife (MET) forecast quarterly operating earnings per share between $1.40 and $1.45, up from $1.36 per share in the fourth quarter of 2006. Analysts expected $1.43 per share.
UnitedHealth Group (UNH) said it expects 2007 profit between $3.49 and $3.50 per share.
CH Energy Group (CHG) lowered its full-year earnings to the range of $2.50 to $2.70 a share.
Scheduled Earnings Reports (Tuesday)
AutoZone, Chico?s FAS, Layne Christensen, Payless ShoeSource, Sanderson Farms, Photronics
Stocks in the News
Activision (ATVI) traded higher after Vivendi said it will buy control of the videogame giant and merge its own game division into ATVI.
Jakks Pacific (JAKK) said the U.S. District Court for the Southern District of New York would dismiss a complaint filed against it by World Wrestling Entertainment Inc.
Goodrich Petroleum (GDP) launched a public offering for 5.2 million shares.
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If you've got a 7% adjustable mortgage that's about to skyrocket past 10%, getting a break may get a lot easier. One solution to the foreclosure problem gaining traction would freeze rates at lower levels. The Hope Now Alliance, coalition of lenders, servicers, investors and community groups, put together by the Treasury Department, is working on a version of a freeze that could be announced later this week.
Lennar Corp. (LEN) has sold a property portfolio to a new venture mostly owned by an affiliate Morgan Stanley (MS) for $525 million. As part of the deal, Lennar sold the entity about 11,000 home sites. The properties had a book value of about $1.3 billion.
Oil prices fell about $1 a barrel in a volatile market on speculation that OPEC may still boost output at this week?s meeting.
Lehman Brothers (LEH) said it plans to re-brand its Australian business, Grange Securities, to Lehman Brothers Australia as it seeks to build its brand name in the fast-growing region. It will also rename its Grange Asset Management arm Lehman Brothers Asset Management.
In Forex News
The yen rebounded from a two-week low against the dollar after Moody's Investors Service said it is preparing the biggest credit-rating cuts since subprime-mortgage defaults rocked financial markets.
The yen rose versus all 16 most-traded currencies as investors retreated from carry trades and sold higher-yielding assets bought with loans from Japan. The yen also advanced as Bank of Japan Governor signaled interest rates may have to rise.
At a time when everyone from billionaire investors such as Warren Buffett and Bill Gross to celebrities all want nothing to do with the dollar, a growing number of strategists say the stage is being set for a rally in 2008.
The U.S. budget and trade deficits are narrowing in tandem for the first time since 1995, when the currency gained 8 percent as measured by the Federal Reserve's U.S. Trade Weighted Dollar Index.
Scheduled Economic Reports (Tuesday)
None Scheduled
In Earnings News
MetLife (MET) forecast quarterly operating earnings per share between $1.40 and $1.45, up from $1.36 per share in the fourth quarter of 2006. Analysts expected $1.43 per share.
UnitedHealth Group (UNH) said it expects 2007 profit between $3.49 and $3.50 per share.
CH Energy Group (CHG) lowered its full-year earnings to the range of $2.50 to $2.70 a share.
Scheduled Earnings Reports (Tuesday)
AutoZone, Chico?s FAS, Layne Christensen, Payless ShoeSource, Sanderson Farms, Photronics
Stocks in the News
Activision (ATVI) traded higher after Vivendi said it will buy control of the videogame giant and merge its own game division into ATVI.
Jakks Pacific (JAKK) said the U.S. District Court for the Southern District of New York would dismiss a complaint filed against it by World Wrestling Entertainment Inc.
Goodrich Petroleum (GDP) launched a public offering for 5.2 million shares.
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