Top Stories of the Day

Published on January 6, 2009

Top Stories of the Day

January 6, 2009

Top Stories to Begin the day-

  • President-electBarack Obama told House SpeakerNancy Pelosi he favors a price tag of about $775 billion for the U.S. economic stimulus plan, a Democratic aide said.
  • European stock-index futures rose, indicating the Dow Jones Stoxx 600 Index may extend a five-day rally, as government efforts to revive the global economy overshadowed a slump in consumer confidence in the U.K. Rio Tinto Group gained 2.7 percent in Australia as copper jumped to the highest in almost a month in Asia.
  • Telenor ASA, Norway’s largest phone company, may advance as Morgan Stanley advised clients to buy the shares.
  • European shares were expected to rise for the sixth session in a row on Tuesday with firmer metals prices seen supporting miners, while financials could advance on hopes for a global economic recovery later in 2009.
  • Asian stocks edged up for a seventh day on Tuesday, boosted by hopes for a global economic recovery later in 2009, though the rising yen and falling high-yielding currencies suggested such optimism was limited.
  • Toyota on Tuesday said it would halt production at most of its domestic plants over an additional 11 days in February and March, highlighting the impact of the relentless decline in global demand.
  • Daiichi Sankyo was on Monday forced to reveal a Y359.4bn ($3.84bn) loss on its acquisition of a controlling stake in Ranbaxy Laboratories, just over six months after the Japanese pharmaceuticals group took over the Indian generic drugmaker.
  • Oil prices rose above $48 a barrel on Monday amid mounting violence in the Middle East as the fighting between Israel and Hamas escalated. Nymex February West Texas Intermediate rose $1 to $47.34 a barrel after touching a high of $48.68. ICE February Brent gained $1.25 cents to $48.16 a barrel after reaching a high of $48.71.
  • Amongst the stocks that are gapping down– LDK -11.7%, IMN -8.4% (light volume), VIGN -7.1%, LH -4.5%, ELX -3.0%, ENDP -7.5%, LYG -10.5%, RBS -6.9%, GRMN -7.5%
  • Amongst the stocks that are gapping up – PBR +3.5%, CHK +3.3%, MRO +2.2%, RIG +2.0%, SLB +1.8%, EXM +5.8%, GNK +5.0%, TBSI +3.2%, DRYS +2.9%, FRO +2.8%,RTP +6.0%, RIO +4.3%, MT +3.5%, BHP +3.2%  (feels like we are now looking for global economy moving at least from these reactions)

Trade Carefully, Trade Profitably,OP

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