Stock Market Weekly Newsletter, 15 September 2008
The Week Ahead: The looming bankruptcy of Lehman Brothers, and capital deficiencies at American International Group, both financial powerhouses, will rock markets and keep investors on edge. Pressures will mount for the Fed to lower rates possibly at the FOMC meeting on Tuesday if not sooner. Reports to watch are Monday's industrial production, Tuesday's CPI, Wednesday's housing starts, and Thursday's leading economic indicators. Also Goldman Sachs and Morgan Stanley release earnings on Tuesday and Wednesday respectively.
Stocks to Watch: The Federal Agricultural Mortgage Corp. (AGM) also known as Farmer Mac, warned that impairment charges linked to Fannie Mae preferred stock will result in a Q3 loss. The stock hit a multi-year low on this news. Cemex (CX), a global building materials company, cut full year guidance due to the weak outlook in the US and UK markets. Pharmanet Development Group (PDGI) tanked after cutting its 2008 forecast from a gain to a loss. Diodes Inc. (DIOD) sees Q3 earnings at the low end of their target range after reaching a new 52 week low.
Special Note: News of the acquisition of Merrill Lynch, a 94 year old investment house, by Bank of America completes a trilogy of events in the financial sector this weekend that like last weekend is historic in nature and has many investors asking what it will take to restore confidence in the financial markets? The bigger picture shows the S&P 500 and S&P 100 actually leading the larger trend down already having exceeded the 2006 lows in July with Dow Industrials not far behind and Nasdaq still further back.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
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NobleTrading Direct Access Trading
email: info@nobletrading.com
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Stocks to Watch: The Federal Agricultural Mortgage Corp. (AGM) also known as Farmer Mac, warned that impairment charges linked to Fannie Mae preferred stock will result in a Q3 loss. The stock hit a multi-year low on this news. Cemex (CX), a global building materials company, cut full year guidance due to the weak outlook in the US and UK markets. Pharmanet Development Group (PDGI) tanked after cutting its 2008 forecast from a gain to a loss. Diodes Inc. (DIOD) sees Q3 earnings at the low end of their target range after reaching a new 52 week low.
Special Note: News of the acquisition of Merrill Lynch, a 94 year old investment house, by Bank of America completes a trilogy of events in the financial sector this weekend that like last weekend is historic in nature and has many investors asking what it will take to restore confidence in the financial markets? The bigger picture shows the S&P 500 and S&P 100 actually leading the larger trend down already having exceeded the 2006 lows in July with Dow Industrials not far behind and Nasdaq still further back.
Commentary provided by Barry Ward, Registered Principal, NobleTrading.com, Inc.
To view all of NobleTrading's historical newsletters, click here.
Click here to open an account.
NobleTrading Direct Access Trading
email: info@nobletrading.com
phone: 877.872.3311
web: http://www.nobletrading.com
posted by NobleTrading at
9:38 AM
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