What’s Happening In The Market Now…
- Stocks were cautiously up at the open this morning.
- The announcement of Pfizer’s (PFE) acquisition of Wyeth (WYE) shows deals are possible even in a recession.
- Caterpillar (CAT) said it was “whipsawed” in the final three months of 2008 as a sharp drop in economic conditions and plunging commodity prices hit industries like mining that use the company’s equipment.
- More jobs cuts and poor earnings have served to dampen enthusiasm from the Pfizer deal.
- The National Association of Realtors said sales of existing homes rose to an annual rate of 4.74 million in December, from a downwardly revised pace of 4.45 million in November. December’s sales had been expected to fall to a pace of 4.4 million units according to Thomson Reuters.
- Sectors starting the day out strong include diversified metals & mining, real estate services, auto manufacturers and homebuilding while specialty chemicals, education services and construction & farming machinery are down.
- Volume leaders include Pfizer Inc (PFE), Caterpillar Inc (CAT), Citigroup Inc (C), Wells Fargo and Company (WFC) and Rohm and Haas Co (ROH).
Stocks Most Watched Today
Home Depot, Inc (HD), Halliburton Company (HAL), ITT Educational Services Inc. (ESI), HSBC Holdings (HBC), HJ Heinz Co. (HNZ), ING Group (ING), Danaher Corp (DHR), Covidien Ltd (COV), Tyson Foods (TSN), Quest Diagnostics Inc (DGX), GlaxoSmithKline PLC (GSK), Weatherford International Ltd (WFT), Pride International Inc (PDE), Lennar Corp (LEN) and Eaton Corp (ETN).
Today’s News Leaders…
Home Depot Inc (HD), Weatherford International Ltd (WFT), Halliburton Co (HAL), Lennar Corp (LEN) and Tyson Foods (TSN) top the lists of companies with news today.
Caterpillar Inc (CAT), Bristol Myers Squibb Co (BMY), Thermo Fisher Scientific Inc (TMO), Safeway Inc (SWY) and Sears Holdings Corporation (SHLD).
ETFs and HOLDRs Covered Today…
iShares Trust FTSE Xinhua China Index Fund (FXI), Industrial Select Sector (XLI), Semiconductor HOLDRS Trust (SMH), Vanguard Total Stock Market ETF (VTI) and S&P SPDRS Dep Rec (MDY).
Tip of the Day…
Try to build Flexibility into your portfolio. Unless you are holding a stock purely for dividends, no investment is forever. If you hold it forever you will never take the profits that are due to you.