It is Wednesday, April 19, 2006, and the market rallied in yesterday’s trading session ignoring higher crude oil prices and moving higher, the Dow Jones closed up 194.99 to 11,268.77 while the Nasdaq closed with a rise of 44.98 to close at 2,356.14. We may see some follow through in the trading session this morning.
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political front
Like the Rolling Stones, Chinese President Hu Jintao was greeted with all the fanfare and media attention he could ask for. Yesterday he set foot on US soil and was greeted by Microsoft (NASDAQ: MSFT) founder Bill Gates. This meeting seemed to have gone well as President Hu promised that action would be taken regarding software piracy.
Another note on China, they have set limits on how much a certain region can invest in the US and China may reportedly lift that limit to encourage more global business. This is sure to boost M&A activity in China and the United States. This is one of the reasons why brokerage houses like Goldman Sachs (NYSE: GS) and banks like Citigroup (NYSE: C) have made great efforts to establish themselves in the region over the last year or so.
As concerns about a potential conflict in Iran grow, the price of crude oil soars to record highs. We have mentioned some companies to consider that are benefiting from the increase in crude oil prices and here is just a brief summary, the companies to consider are Energy Partners Limited (NYSE: EPL), Forest Oil Corp (NYSE: FST) and Occidental Petroleum ( NYSE:OXY).
Korea and Japan are building a wall of tension as Korea warns Japan that it will take “severe” action against Japan if it carries out its plans for a marine survey of the islands between the two countries.
Motors and agitators
Some of the major moves in yesterday’s trading session include Imation Corp (NYSE:IMN) trading up $6.40 to close at $47.30, Intercontinental Exchange (NYSE:ICE) trading up $829 to close at $66.16, Peabody Energy (NYSE: BTU) traded up $5.39 to close at $56.75, RSA Security (NASDAQ: RSAS) rose $3.73 to close at $20.55, Franklin Electric ( NASDAQ: FELE) rose $7.77 to settle at $60.77 and Timken Co (NYSE: TKR) rose $3.04 to settle at $34.45.
IBM back to normal
International Business Machines Corp, better known as IBM (NYSE: IBM) topped an analyst estimate of $1.05 for the first quarter to $1.08 or $1.71 billion, now this compares with 84 cents or $1.4 billion for the same period last year.
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Yahoo meets estimates
Now Yahoo (NASDAQ: YHOO) posted a 22 percent loss compared to the same period a year earlier. The company posted first-quarter earnings of 11 cents a share, which was in line with analyst estimates, compared with 14 cents a year earlier.
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little things
Texas Instruments (NYSE: TXN) hits it out of the park in reporting its first quarter results, posting earnings of 36 cents per share or $585 million, compared with 24 cents or $411 million in the same period a year ago. This growth was due to an increase in sales of chips for phones.
Amgen (NASDAQ: AMGN) hits the $1 billion earnings mark as the company posted earnings of 82 cents per share compared to 67 cents per share in the same period a year ago. This was below analysts’ estimate of 89 cents per share. Excluding items, Amgen would have come in at 91 cents a share.
United Technologies (NYSE:UTX) and General Dynamics (NYSE:GD) are scheduled to report before the bell this morning.
the readers speak
We got an email from one of our Abe readers/listeners in West Palm Beach, Florida, and he wanted to know if Wall Street to Main Street would start featuring micro-cap companies trading below a dollar.
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The bottom line is that we try to bring businesses to our readers/listeners that can put profit in their piggy bank and not coal, so we try to leave no stone unturned.
We can’t stress enough that investors should do their due diligence, call the companies, get the information, consult with their investment advisor, and if you don’t have one, consider getting one. Spend as much time researching these companies as when you go shopping for a new TV, it’s just for your protection. When it comes to low-priced stocks, spread out your orders or place a limit order to avoid a spike.
NAMC Newswire Note
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NAMC NEWS
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