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 Post subject: Re: AMATOR's News & misc
PostPosted: August 5th, 2011, 8:41 am 
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The Dow Jones industrial average plunged 513 points, or 4.3 percent, to 11,384 on Thursday.

Here's a look at the Dow's 10 worst days since 1900:

By percent decline:

— Oct. 19, 1987: 22.6 percent, or 508 points

— Oct. 28, 1929: 12.8 percent, or 38 points

— Oct. 29, 1929: 11.7 percent, or 31 points

— Nov. 6, 1929: 9.9 percent, or 26 points

— Dec. 18, 1899: 8.7 percent, or 6 points

— Aug. 12, 1932: 8.4 percent, or 6 points

— March 14, 1907: 8.3 percent, or 7 points

— Oct. 26, 1987: 8 percent, or 157 points

— Oct. 15, 2008: 7.9 percent, or 733 points

— July 21, 1933: 7.8 percent, or 8 points

By points:

— Sept. 29, 2008: 778 points, or 7 percent

— Oct. 15, 2008: 733 points, or 7.9 percent

— Sept. 17, 2001: 685 points, or 7.1 percent

— Dec. 1, 2008: 680 points, or 7.7 percent

— Oct. 9, 2008: 679 points, or 7.3 percent

— April 14, 2000: 618 points, or 5.7 percent

— Oct. 27, 1997: 554 points, or 7.2 percent

— Oct. 22, 2008: 514 points, or 5.7 percent

— Aug. 4, 2011: 513 points, or 4.3 percent

— Aug. 31, 1998: 513 points, or 6.4 percent

Source: Dow Jones Indexes, a division of CME Group Inc.


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 6th, 2011, 9:13 pm 
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WASHINGTON (Reuters) - The Obama administration attacked the credibility of the analysis underlying Standard & Poor's decision to downgrade the United States' top credit rating on Friday, saying it had found a $2 trillion error.

S&P was forced to remove the number from its analysis after Treasury officials discovered that the rating agency's estimates of the government's discretionary spending was $2 trillion too high, sources familiar with the discussions said.

There was evident dismay, and some anger, within the Obama administration at S&P's decision to downgrade U.S. debt despite the errors officials said they had found in the calculations.

"A judgment flawed by a $2 trillion error speaks for itself," a Treasury spokesman said after S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

The comment marked the first time the U.S. Treasury had publicly chastised S&P. Administration officials have privately grumbled that the rating agency's understanding of the U.S. political system was unsophisticated.

David Beers, the top S&P official behind the ratings decision, told Reuters in an interview that any change in the rating agency's calculations would have been taken into consideration before the decision was made public.

Sources familiar with talks that took place between S&P and the U.S. Treasury on Friday afternoon said the rating agency had wanted to see $4 trillion sliced from future budgets as part of a hard-fought deal secured earlier this week to lift the nation's debt limit. That agreement would reduce deficits by $2.1 trillion over 10 years.

Even after the error was pointed out, the rating agency declined to hold off on its downgrade, sources said.

With the threat of a downgrade looming, Treasury officials earlier in the week had played down the potential impact and said markets already were aware it was under consideration and that two other agencies were maintaining their triple-A rating.

The Federal Reserve effectively shrugged off the downgrade, saying it would not affect the operation of the central bank's emergency lending window or its buying and selling of Treasury securities to conduct monetary policy. The Fed can only extend emergency loans to banks against good collateral.

PLENTY OF FINGER POINTING

Treasury officials, who spoke on condition of anonymity, said on Wednesday that top bond dealers were questioning S&P's credibility, which took a heavy blow during the 2007-09 financial crisis when mortgage-related debt lost much of its value after originally being awarded high ratings. The reputations of two other big rating agencies, Fitch and Moody's, were also tarnished.

Ian Lyngen, a senior government bond strategist at CRT Capital Group in Connecticut, agreed S&P now had more than just a credibility problem.

"The fact that they have now downgraded the United States suggests to me that they are now going to be dealing with a relevance issue," he said. "Because the fact of the matter is that 10-year (Treasury note) yields are near 2.5 percent, and that in no way suggests a lack of sponsorship for U.S. debt."

Yields on U.S. 10-year notes, a benchmark for borrowing rates throughout the economy, fell as far as 2.34 percent on Friday -- their lowest since October 2010 and very low by historical standards.

POLITICAL POINT SCORING

Lawmakers used the downgrade to square off over how best to rein in the nation's budget gap, with Democrats saying more revenue was needed and Republicans focusing on spending cuts.

S&P's action "reaffirms the need for a balanced approach to deficit reduction that combines spending cuts with revenue-raising measures," said Senate Majority Leader Harry Reid, a Democrat from Nevada.

House of Representatives Speaker John Boehner, a Republican from Ohio, called the downgrade "the latest consequence of the out-of-control spending that has taken place in Washington for decades."

Sen. Jim DeMint, a leading conservative, went further, saying Treasury Secretary Timothy Geithner should resign.

The White House maintained silence, but Dan Pfeiffer, Obama's communications director, signaled the administration's strategy -- to put the blame on the Republicans -- when he added bits of media commentary to his Twitter.com feed, an increasingly common vehicle for transmitting the White House viewpoint.

One "retweet" he sent from a Washington Post columnist said, "This didn't happen because an earthquake wrecked our factories or a plague hit our workers. It was Congress. Particularly (Republicans)in Congress."

Another "retweet" from a Fox News reporter read: "Remember President Obama pushed for a 'Grand Bargain' that would have cut approximately $4 trillion in debt, but Speaker John Boehner walked."

A Republican-led congressional panel is probing whether the administration had tried to influence S&P before the rating agency revised its outlook on the U.S. debt rating to negative in April.


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 8th, 2011, 1:56 pm 
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ComfortDelGro Target Cut To S$1.51 From S$1.90 By Citigroup

ComfortDelGro Downgraded To Neutral Vs Outperform, Target Price Cut To S$1.59 Vs S$1.81 By CIMB

Tiger Airways Target Cut To S$0.65 From S$0.83 By Citigroup

Tiger Airways Target Cut To S$0.83 From S$0.90 By DBS Vickers

SMRT Target Price Lowered To S$1.87 From S$2.03

Super Group Started At Hold, Target S$1.61 By DBS Vickers

FJ Benjamin Started At Buy, Target S$0.48 By DBS Vickers

BreadTalk Started At Buy, Target S$0.75 By DBS Vickers


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 10th, 2011, 6:46 am 
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Wednesday -- Dow member and technology giant Cisco Systems reports its quarterly results after the closing bell. Analysts are looking for it to report a profit of 38 cents a share, according to Thomson Reuters.

Also reporting after the closing bell is media company News Corporation (NWSA, Fortune 500), which has recently been in the news due to its alleged part in the U.K.'s phone hacking scandal.

The sole economic report out on Wednesday is June wholesale inventories, which are expected to rise 1%.

........................

U.S. stocks ended a gut-wrenching session with huge gains -- erasing a big chunk of the prior session's steep losses -- after the Federal Reserve said it will keep interest rates exceptionally low until 2013. Immediately following the Fed's statement, the major indexes all briefly slid into the red -- with the Dow dropping more than 200 points. The Dow fluctuated by more than 600 points during Tuesday's session.

In its latest monetary policy statement, the Federal Reserve left key interest rates unchanged, saying that deterioration in the labor market and slower-than-expected economic growth will require the central bank to keep rates "exceptionally low" until the middle of 2013.

"It's hard to know what this means and how we should react. It's disappointing they didn't announce further Treasury repurchases, but they did announce that rates will stay low for two years -- which is a big deal."

Knowing that rates will stay low for at least two years adds certainty to an otherwise uncertain economic environment. "It means business owners can hire employees, and people can take out mortgages without having to worry about a spike in short-term interest rates."

The U.S. Treasury Department plans to sell $72 billion in bonds this week. Its first auction was held Tuesday, during which the government sold $32 billion in 3-year notes. The bid-to-cover ratio, a measure of demand, came in roughly in line with other recent 3-year note auctions -- an indication that investors are not afraid to stash their money in Treasuries, even with the warning from S&P.

Oil for September delivery slid $2.01 to settle at $79.30 a barrel.

Gold futures for December delivery gained $29.80 to settle at $1,743 an ounce. Earlier, gold prices hit a record intraday high of $1,782.50 an ounce.


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 10th, 2011, 7:59 pm 
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Who are our top picks? We like Genting ( Buy, TP: S$2.90), key gaming
beneficiary as Singapore continues to spin its new wheel of fortune. We
also pick shopping malls owners CMA ( Buy, TP: S$2.57) and CMT ( Buy,
TP: S$2.45), for a ride on Asia’s strong consumer spending and tourism
boom. We see rising wealth of Asia’s high net worth as positive for Ho
Bee’s( Buy, TP: S$1.76) high-end resort living property in Sentosa. Hyflux
( Buy, TP: S$2.07) is our key environmental pick, as it is not only the
pioneer of Singapore’s water recycling, it will remain a clear beneficiary
as Singapore continues to build water self-sufficiency.Other picks include
newly initiated Breadtalk ( Buy, TP: S$0.75), owner of Singapore’s first
boutique bakery and FoodRepublic foodcourts to leverage on Asia’s
rising affluence and KPTT ( Buy, TP: S$1.65), the only significant
Singapore listed data-centre provider to profit from growing data usage.
Sound Global will continue to benefit as the world and China quest for
clean water. Leading budget hotel chain Fragrance Group ( NR, TP:
S$0.35) smells interesting and lifestyle product supplier OSIM ( NR, TP:
S$1.69) looks healthy but a lot will depend on how it utilizes its huge
cash hoard and its flow of new products going forward.

- DBSV


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 12th, 2011, 6:21 am 
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Friday -- The Commerce Department will release its July retail sales report at 8:30 a.m. ET. Economists are looking for retail sales to climb 0.5%, or 0.2% excluding volatile car and truck sales.

Also out on Friday is the University of Michigan's consumer sentiment reading for August and the Commerce Department's June business inventory report.

JC Penney (JCP, Fortune 500) will report its quarterly results, with analysts expecting the retail chain to post a profit of 6 cents a share.

...................

Stock markets continued their schizophrenic week Thursday as all three indexes surged on positive earnings and labor market news, but even with the Dow's spike, the index remains lower for the week.

Thursday's rally was driven by a report showing jobless claims fell to a four-month low, and by Cisco Systems' better-than-expected guidance for the current quarter. Shares of Cisco (CSCO, Fortune 500) jumped 16%, making the stock a top performer in all three major indexes.

A 18% rise in shares of News Corp. (NWSA, Fortune 500) also propelled the S&P 500 and Nasdaq. On Wednesday, News Corp. beat earnings and sales expectations despite recent phone-hacking allegations.

Stocks also got a boost after news reports sparked speculation that France and Italy might place a ban on short-selling. In addition, French President Nicolas Sarkozy and German Chancellor Angela Merkel said Thursday they were calling another emergency meeting to discuss the crisis.

Gold futures for December delivery fell $32.80 to $1,751.50 an ounce, after setting an intraday record high of $1,817.60 an ounce.

Oil for September delivery rose $2.83 to settle at $85.72 a barrel.


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 12th, 2011, 9:56 am 
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Golden Agri-Resources Downgraded To Underperform Vs Neutra, Target Cut To S$0.96 Vs S$1.37l By CIMB

Golden Agri-Resources Upgraded To Buy, Target Raised To S$0.79 Vs S$0.75 -UOB

Yangzijiang Shipbuilding Target Cut To S$1.51 Vs S$2.66 -UOB

Noble Group Target Cut To S$2.24 Vs S$2.56 By UOB

Noble Group Downgraded To Neutral Vs Outperform, Target Price Cut To S$1.61 From S$2.70 By CIMB

Noble Group Target Price Cut To S$2.00 Vs S$2.50 By DMG


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 12th, 2011, 3:21 pm 
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Amator wrote:
Golden Agri-Resources Downgraded To Underperform Vs Neutra, Target Cut To S$0.96 Vs S$1.37l By CIMB

Golden Agri-Resources Upgraded To Buy, Target Raised To S$0.79 Vs S$0.75 -UOB

Yangzijiang Shipbuilding Target Cut To S$1.51 Vs S$2.66 -UOB

Noble Group Target Cut To S$2.24 Vs S$2.56 By UOB

Noble Group Downgraded To Neutral Vs Outperform, Target Price Cut To S$1.61 From S$2.70 By CIMB

Noble Group Target Price Cut To S$2.00 Vs S$2.50 By DMG


Noble Group Target Cut To S$2.06 From S$2.74 By HSBC

Noble Group Target Cut To S$2.25 From S$2.45 By Goldman Sachs


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 15th, 2011, 6:21 am 
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Monday -- Investors will get the Empire Statement manufacturing index at 8:30 a.m. ET. The manufacturing survey fell into negative territory in July, which means manufacturing activity contracted during the period. Investors will be looking to see if that trend continues for a second month.

Economists surveyed by Briefing.com expect the Empire State index to stay negative, coming in at a reading of -0.4.

Retailers will be reporting their results throughout the week. On Monday, Urban Outfitters (URBN) and home improvement chain Lowe's (LOW, Fortune 500) will report their results. Analysts expect that Lowe's earned 66 cents a share and Urban Outfitters earned 32 cents a share.


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 Post subject: Re: AMATOR's News & misc
PostPosted: August 15th, 2011, 8:54 am 
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Genting Singapore Target Cut To S$1.80 Vs S$2.20 By Morgan Stanley

Genting Singapore Cut To Outperform From Buy, Target Cut To S$2.03 From S$2.78 By Daiwa

Noble Group Target Cut To S$1.903 From S$2.42 By Daiwa

Yangzijiang Shipbuilding Target Cut To S$1.40 Vs S$2.25 By Citi

Wilmar Upgraded To Buy From Hold By UOBKayHian

Neptune Orient Lines Target Cut To S$1.15 Vs S$1.37 By UOBKayHian

Noble Group Target Cut To S$2.36 Vs S$2.80 By Citigroup

Neptune Orient Lines Target Cut To S$1.40 Vs S$2.35-Credit Suisse

Sembcorp Marine Target Cut To S$5.30 From S$6.45 By CIMB

City Developments Target Cut To S$13.38 Vs S$15.74-Credit Suisse

Keppel Corp. Downgraded To Neutral From Outperform, Target Cut To S$10.50 Vs S$14.10 By CIMB

Mewah International Cut To Underperform Vs Outperform, Target Cut To S$0.51 Vs S$1.19-Credit Suisse

STX OSV Target Raised To S$2.00 Vs S$1.80 By Credit Suisse


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