Investors remained cautious today as they took in a handful of lackluster economic data, but the markets did manage to recover from the lows of the day. The latest report from the Labor Department shows a one percent drop in producer prices in May.
Analyst Moves: IVZ, FNSR
Invesco (IVZ) today had its estimates and price target reduced by BMO (BMO) due to lower market performance, as well as currency transcations. A $27 price target was issued with an outperform rating.
Daily Market Wrap: June 12, 2012
The markets struggled to find direction this morning in volatile trading, influenced by news of Fitch’s downgrades of 18 Spanish banks. By the afternoon, all the major indices were in positive territory.
Tuesday 6/12 Insider Buying Report: MDRX, TLYS
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
Spain’s Bailout Falls Short, Italy Begins to Wobble
The Daily Ticker’s Aaron Task talks to Zanny Minton Beddoes.
Another Blow to America’s Middle Class: Family Net Worth Drops 40% in Three Years
The Daily Ticker’s Aaron Task and Henry Blodget discuss the fading American Dream.
Tuesday Sector Leaders: Precious Metals, Waste Management Stocks
In trading on Tuesday, precious metals shares were relative leaders, up on the day by about 1.5%. Leading the group were shares of Seabridge Gold (SA), up about 4.3% and shares of Gold Reserve (GRZ) up about 4.1% on the day.
Michael Kors Announces Earnings
Luxury goods maker Michael Kors (KORS) announced that it earned $43.6 million, or 22 cents per share in the last fiscal quarter versus a profit of $17.4 million, or 10 cents per share in the same period last year. Excluding one-time items, the company earned 21 cents per share.
Interesting Forex Links:
By Zac, CountingPips
The Evolution of American Currency in 20 Pictures – (BootStrapper)
HSBC Starts Yuan Bond Fund for U.S. as Dim Sum Market Expands – (Bloomberg)
“Europe’s biggest bank, has started a fixed income fund for U.S. investors that will invest in bonds sold in China’s currency in Hong Kong.”
CHF: Systemic risk and the EU debt crisis – (Trading Floor)
Time to rethink the SNB’s currency floor and EUR/CHF long trades?
Hong Kong vows to stick with dollar peg after ex-cbanker’s comments – (Reuters)
The story of India’s falling forex reserves – (LiveMint)
Sudan: Forex Bureaus in Sudan Hike Exchange Rate to Curb Black Market – (AllAfrica)
Daily Market Wrap: June 11, 2012
Stocks sold off as the most recent effort by European leaders to fix its crisis failed to give investors confidence. European leaders committed to lend Spain $125 billion to shore up its banking system, but an early US rally faded as investors saw the effort as merely temporary.
