March 2009

Lincoln Financial Group (LNC) was downgraded at Credit Suisse today due to “liquidity tensions.” Its price target was cut from $23 to $14. The shares are currently trading at $6.5. There was also an article in The Wall Street Journal highlighting the fact that LNC is not going to apply for [...]

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Best Buy announced earnings today, beating the fourth-quarter estimates by $0.21 and increasing its guidance for the full year. Revenues also exceeded expectations, mainly due to 213 new stores being added in the last year. The drop in same-store sales was reported by the company to have come predominantly in the December period, [...]

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February’s durable goods orders and new home sales numbers showed surprising increases this morning. The market averages are off their best levels of the day but continue to show solid 1.5% gains. It seems to me that the tone of the numbers being released lately has changed dramatically from one of despair to [...]

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The 800 level for the S&P 500 Index (SPX) is very important from a technical as well as psychological level. If we can close above this level, the market will have rallied nearly 20% from its March lows, which may cause traders sitting on the sidelines to put more money to work for fear of [...]

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The FED announced they will be leaving the Fed Fund target range unchanged at 0-0.25% as expected.
The headline that sent the market screaming higher was the announcement that that they will be purchasing $300 billion of longer-term Treasuries in the market.
This move sent gold higher and the dollar lower against the euro in the biggest [...]

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