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Reform Bill Pushes Financials Higher 06-25-2010
Friday, June 25, 2010 - 6:30pm | 752Cusick’s Corner The economic data that came out today was once again mixed and the market traded sideways for much of the day. The Financials led the market – there was a feeling of relief that the Financial Reform Bill process might be over and we can move on to other issues. Market participants...
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Mixed Economic News 06-25-2010
Friday, June 25, 2010 - 2:59pm | 682Cusick's Corner It’s been a choppy session but major markets are a bit higher now amid the news that a financial reform deal was made overnight. Overall economic fears are still weighing on the market. In the morning, GDP came in worse than expected, which was later counter balanced by Consumer...
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Calls Purchased on Noble Corp. (NE)
Friday, June 25, 2010 - 2:39pm | 125Shares of Noble Corp. (NYSE: NE) are higher on the session by 3.55%, currently trading at $29.47. The stock has been consolidating near the $30.00 level after falling throughout all of May. Options traders are picking up some calls on the name today. The July $30 strike was purchased upwards of 26,...
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New 14 Year Low In BP Shares (BP, RIG)
Thursday, June 24, 2010 - 2:30pm | 116BP (NYSE: BP) has established a new low today. The shares are now trading at their lowest level since August of 1996. Currently, the stock is trading hands for $28.83, 2.83% lower on the trading session. Over the last 3 months, BP has fallen nearly 50% after a drilling rig the company was leasing...
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Stock Market News for June 24, 2010 - Market News
Thursday, June 24, 2010 - 10:14am | 472Stocks swung between gains and losses in the final two hours of trading before ending mixed as the Federal Reserve assumed a cautious tone in its take on the economy. While keeping the key fed funds rate at historic lows, the policymakers noted that the financial conditions were less supportive...
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ATW Signing Another Positive Contract
Thursday, June 24, 2010 - 9:53am | 150Analysts at Oppenheimer & Co reiterate their "outperform" rating on Atwood Oceanics Inc (NYSE: ATW), while raising their estimates for the company. The target price for ATW is set to $35. According to Oppenheimer & Co, Atwood announced a new contract for the 400 jackup at Atwood Beacon at a...
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NE: Compromise in the Gulf
Thursday, June 24, 2010 - 9:44am | 194Analysts at Oppenheimer & Co reiterate their "perform" rating on Noble Corporation (NYSE: NE), while reducing their estimates for the company. According to Oppenheimer & Co,” Noble announced it has negotiated an agreement on its contract for the Clyde Boudreaux (10,000' semi) with Noble...
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Waiting on Fed Number 06-23-2010
Wednesday, June 23, 2010 - 3:09pm | 723Cusick’s Corner The market was not happy with the housing data but has retraced the bulk of the pullback into the Midday. Some felt that the action this morning was also flow over from the pullback into the After Hours yesterday, but that pullback was light in volume and buyers are sitting out...
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Call Spread Purchased on Ensco plc (ESV)
Wednesday, June 23, 2010 - 1:22pm | 181Shares of Ensco plc (NYSE: ESV) are lower on the session by 2.60%, currently trading at $38.65. The stock has been rallying over the past few weeks after a sharp sell off in May; the stock is now butting its head against the 50-day and 200-day moving averages. Options traders are betting that the...
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Some Positioning Ahead Data 06-22-2010
Tuesday, June 22, 2010 - 7:32pm | 790Cusick’s Corner The trade turned south into the After Hours, in part due to disappointing housing data (as mentioned in the Midday) and ahead of the release of New Homes Sales in tomorrow’s premarket, plus the upcoming FOMC decision. With these erratic moves over the last two days shaking out the...
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Benzinga's After Hours Decliners (SONC, PCX, MS)
Monday, June 21, 2010 - 5:46pm | 160Among the notable stocks that are moving lower in the after hours are Sonic Corporation (NASDAQ: SONC), Morgan Stanley (NYSE: MS), and Diamond Offshore Drilling (NYSE: DO). Sonic (SONC) reported their quarterly earnings after the closing bell this afternoon. The company earned $0.15 per share...
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Shorted ESV at 40.65
Monday, June 21, 2010 - 4:13pm | 157My latest position in this market is yet another short - this time it is Ensco (ESV) - an oil stock that has seen a nice bounce of late after confirming the eight-month double-top. This pattern is still valid, as it is very typical to see a stock retrace to the neckline/resistance before moving...
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Natural Gas Supplies Expand Less - Analyst Blog
Friday, June 18, 2010 - 3:30pm | 986The federal government’s Energy Information Administration (EIA) reported a slightly lower-than-expected increase in natural gas supplies, reflecting warmer-than-normal temperatures, the deepwater drilling moratorium in the Gulf of Mexico (GoM), and the start of the hurricane season. Stockpiles...
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Gold On The Move 06-18-2010
Friday, June 18, 2010 - 3:25pm | 779Cusick’s Corner The trade so far today is uneventful, just whipping around in a tight range into the Midday. Gold is about the only thing that is moving today, GLD, and this time there is no domestic or foreign reason (but one of my more conspiracy driven cohorts pointed out, you never hear what...
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Oil Stocks are Under-Priced; CNBC (BP, SLB, RIG)
Friday, June 18, 2010 - 1:19pm | 169According to Robert Pavlik, chief market strategist with Banyan Partners, some stocks have been unfairly pulled down due to The Gulf of Mexico accident. In an interview with CNBC, he said, “It seems like the oil spill has been priced into the shares of BP (ADR) (NYSE: BP) and some of the drilling...