y Monday.
The market finished last week on a great note and it’ll continue to sentiment this morning with a huge gap up. It’s not how we’d prefer to start the week, but it is what it is. Hopefully all the bullish patterns we posted over the weekend will still be playable after today’s open.
30 min before the open, Nas 100 futures are up 29.25 (2.48%) to trade at 1207.50 and SPX futures are up 28 (3.21%) to trade at 900.50.
The Asian/Pacific markets had fantastic days. Hong Kong rallied over 8%, Seoul better than 7%, Japan more than 5%, Taiwan 4% and Australia and China better than 3%.
Europe is currently doing equally well. France and Amsterdam are up more than 7%, Germany better than 6%, Italy, Stockholm and London more than 5% and everything else isn’t far behind.
Credit ratings agency Standard & Poor’s lowered Russia’s foreign currency sovereign credit rating a notch on Monday, citing heavy outflows of capital amid the global financial turmoil.
President-Elect Obama has promised to implement the largest infrastructure spending package since the 1950’s. This no doubt will help the industrial metals group (copper, aluminum, steel etc)
MetLife (MET) has issued 2009 operating EPS guidance well below analyst consensus.
3M (MMM) reduced its guidance for 2008 EPS and is cutting 1,800 jobs worldwide. Some workers will be ordered to take time off.
McDonald’s (MCD) same store sales rise 7.7% in November worldwide….the number was 4.5% in the US.
Dow Chemical (DOW) is cutting 5,000 jobs and closing 20 plants in an attempt to save over $700 million.
Reliant Energy (RRI) said Friday it terminated a $300 million credit facility with a Merrill Lynch (MER) unit as its board reviews strategic alternatives, including a possible sale of part or all of the company.
Disney (DIS) is going to buy the outstanding shares of European media company Jetix.
Chesapeake Energy (CHK), the nation’s largest producer of natural gas, said it is canceling a plan to sell shares, cutting capital expenditures and output and will sell assets to raise up to $4 billion, while assuring investors that it has ample liquidity.
Deutsche Boerse (Germany) rebuffs rumors on NYSE (US) merger talks; flatly declares it has nothing to report
Tribune (TXA) is considering bankruptcy.
UBS (UBS) is supposedly considering as many as 4,500 more job cuts (they’ve already cut 9,000).
HSBC (HBC) is planning to increase funding available for UK mortgage lending by 20% in 2009.
Gold is up 3.16% and silver is up 8.25%.
Crude oil is up 2.65 to trade at 43.46.
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| UPGRADES |
CHK, KGC, SFD, NEW, DVN |
| DOWNGRADES | UTX, NX, AUY, JNPR, RHI, NFLX, DTG, BYD, MEOH, ELON, CBST, CSL, LECO, GDP |
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| EARNINGS | |
| before the open | none |
| during trading | none |
| after the close | GMTN, HRB, LTRE, MIND, NSM, PBY |
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ECONOMIC RELEASES
none
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