交易禅
把握市场趋势；交易在当下；风险第一，盈利第二。
U.S. stocks rose, sending theStandard & Poor’s 500 Index near its highest close in almostthree months, as faster-than-estimated growth in serviceindustries and jobs quelled concern the economy is slowing.
Priceline.com Inc. jumped 22 percent after forecastingearnings that exceeded estimates. Barnes & Noble Inc. soared asmuch as 25 percent as the biggest U.S. bookstore chain said itwill consider selling the company. Benchmark indexes recoveredafter briefly erasing gains as Bloomberg News reported thatChina told lenders to conduct a new round of stress tests togauge the effects of a deeper real-estate slump.
The S&P 500 climbed 0.4 percent to 1,124.85 at 2:04 p.m. inNew York, near its highest closing level since May 13. The DowJones Industrial Average rose 42.99 points, or 0.4 percent, to10,679.37, paring a 67-point advance.
“They key economic data point people are focused on is jobcreation,” said Eric Teal, chief investment officer at FirstCitizens Bancshares Inc. in Raleigh, North Carolina, whichmanages $4.5 billion. “Any evidence that suggests a sustainablerecovery will move stocks to the upside.”
The S&P 500 declined from an 11-week high yesterday asweaker-than-estimated data on home sales, factory orders andconsumer spending showed the U.S. recovery lost momentum headinginto the second half of the year. The gauge has rallied about 10percent from this year’s low on July 2 as earnings exceededestimates at 77 percent of the 382 companies that reportedsecond-quarter results so far.
Economic Reports
U.S. equity futures reversed losses in pre-market tradingthis morning after figures from ADP Employer Services showedcompanies in the U.S. added 42,000 workers to payrolls in July,topping the median forecast of 30,000 jobs in a Bloomberg Newssurvey of economists.
Stocks extended gains after the Institute for SupplyManagement’s index of non-manufacturing businesses, which coversabout 90 percent of the economy, rose to 54.3 from 53.8 in June.Readings above 50 signal expansion. Economists forecast theindex would fall to 53, according to the median of 77projections in a Bloomberg News survey.
Benchmark indexes briefly erased gains after Bloombergreported that a person with knowledge of the matter said China’sbanking regulator told lenders last month to conduct a new roundof stress tests to gauge the impact of residential propertyprices falling as much as 60 percent in the hardest-hit markets.
China as Bellwether
“When you look at the sources for growth for the future,there’s a pretty strong consensus it’s going to be coming fromthe emerging world, with China in a leadership position,” saidMichael Shinnick, a South Bend, Indiana-based money manager atWasatch Advisors Inc., which manages $7.7 billion. “It’sincreasingly being looked at as a bellwether for the state ofthe global economy.”
Banks were instructed to include worst-case scenarios ofprices dropping 50 percent to 60 percent in cities where theyhave risen excessively, the person said. China’s previous bankstress tests assumed a 30 percent home-price drop.
Priceline.com, the second-biggest online travel agency,rose 22 percent to $281.52 after it forecast third-quarterearnings excluding some items of at least $4.78 a share, beatingthe average analyst estimate of $4.18 from a Bloomberg survey.
Barnes & Noble soared 20 percent to $15.40. The bookstorechain, under pressure from activist investor Ron Burkle, putitself up for sale as a shift to digital books has led tolosses.
Electronic Arts, Motorola
Electronic Arts Inc. jumped 6.9 percent to $17.30. Thesecond-largest video-game publisher posted an unexpected $96million first-quarter profit on better-than-expected sales oftitles including “2010 FIFA World Cup South Africa.”Activision Blizzard Inc., the world’s largest video-gamecompany, rose 3.1 percent to $11.89.
Motorola Inc. surged 6.1 percent to $8.09. Carl Icahn, anactivist investor who has called for the breakup of the handsetmaker, has again raised his stake in the telecommunications andelectronics company. Icahn raised his shareholding to 9.99percent from 8.75 percent in May, according to a U.S. regulatoryfiling dated yesterday.
Gains were limited as investors punished companies whoseresults or forecasts fell short of estimates.
Pitney Bowes Inc. fell the most in the S&P 500, slumping 15percent to $21.34. The world’s largest maker of postal metersreduced its full-year forecast, saying it expect earningsexcluding some items of $2.30 a share at most.
Titanium Metals Corp. slid 11 percent to $20.20. TheDallas-based supplier of the lightweight metal to Boeing Co.reported second-quarter sales of $212 million, 5.4 percent lowerthan the average of three analyst estimates in a Bloombergsurvey.
Whole Foods Market Inc. fell 8.1 percent to $36.28. Theorganic-foods grocer predicted fourth-quarter earnings of 27cents to 29 cents a share. Analysts, on average, estimated 29cents in a
