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Börsipäev 23.mai

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  • Alustaks päeva Standard & Poor’s-i poolt eile õhtul avaldatud muudatustest USA indeksites:

    S&P MidCap 400 constituent Intuitive Surgical (ISRG) will replace The Bear Stearns Companies (BSC) in the S&P 500, S&P SmallCap 600 constituent The Shaw Group (SGR) will replace Intuitive Surgical in the S&P MidCap 400, and II-VI (IIVI) will replace The Shaw Group in the S&P SmallCap 600 after the close of trading on Friday, May 30. Bear Stearns is being acquired by S&P 500 and S&P 100 constituent JPMorgan Chase. (JPM) in a deal expected to close before the open of trading on June 2, pending final approvals. Olympic Steel (ZEUS) will replace X-Rite (XRIT) in the S&P SmallCap 600 after the close of trading on Tuesday, May 27. As of today's close of trading, X-Rite had a market cap of $38 million, ranking 600th in the index. Magellan Health Services (MGLN) will replace Bright Horizons Family Solutions (BFAM) in the S&P SmallCap 600 on a date to be announced. Bright Horizons is being acquired by Bain Capital Partners in a deal that is still pending final approvals.

  • Euroalalt oodatust kehvemad PMI indeksid:

    The euro-zone purchasing managers index posted a larger-than-expected decline in May, with the composite index falling to 51.1 from a reading of 51.4 in May, analysts said. Consensus expectations were for a slip to 51.4. A reading of more than 50 indicates expansion, while a reading of less than 50 indicates contraction. The PMI for the manufacturing sector fell to 50.5 in May from a reading of 50.7 in April, slightly stronger than expectations for a decline to 50.4. The services PMI posted a much larger-than-expected drop, slipping to 50.6 from a reading of 52 in May. Economists expected a fall to 51.5.
  • Kui mõni päev tagasi levisid arvamused, et ka U.K. on jõudmas majanduslangusesse just tänu ka seal saarel aset leidvale kinnisvara krahhile, siis esimese kvartali GDP oli ootuspärane 0.4% aga võrreldes eelmise aasta sama perioodiga suudeti kasvada 2.5%.
  • USA subprime võlakirjade ja kinnisvaraturu probleemid ette näinud võlakirjaturu staar Bill Gross on taas positiivne mortgage debt suhtes

    Pimco's Bill Gross triples bet on mortgages

    Government policy is moving to sanctify the status of the government-sponsored agencies," Gross said, according to the newspaper. "It became a question of which institutions would be sheltered by the government umbrella."
    Gross' change of heart follows a year when his fund with roughly $128 billion of assets under management outgained nearly all its peers.
    He had slashed holdings of mortgage and corporate debt, and correctly predicted the U.S. housing slump and deep interest rate cuts by the Federal Reserve.
    Gross said Pimco has been buying largely mortgage agency debt and "not the subprime garbage." He also called U.S. Treasuries "the most overvalued asset," according to the newspaper.
    Mark Porterfield, a Pimco spokesman, did not immediately return a call seeking comment.
    Pimco Total Return invested just over 20 percent in mortgage debt a year ago, according to the newspaper.
    Such debt comprises 43 percent of the Lehman Aggregate Bond Index, the newspaper said. The index is a widely used benchmark for the U.S. fixed-income market.
    The Total Return fund has returned 3.51 percent this year, outpacing 98 percent of its U.S. intermediate bond fund peers, according to fund information service Morningstar Inc. Over the last year, it has returned 11.8 percent, outgaining 99 percent of its peers.
  • Deutsche Bank (DB) on läbirääkimistes Citigroupiga (C), et ära osta nende Saksamaa üksust Citibanki.
  • USA turud on päeva alustamas väikese negatiivse noodiga. S&P500 ning Nasdaq -0.3%, väikeettevõte liikumist kajastav Russell 2000 -0.4%.

    Saksamaa DAX -0.46%

    Prantsusmaa CAC 40 -0.77%

    Inglismaa FTSE 100 -0.52%

    Hispaania IBEX -1.20%

    Venemaa MICEX +0.75%

    Poola WIG -1.11%

    Aasia turud:

    Jaapani Nikkei 225 +0.24%

    Hong Kongi Hang Seng -1.31%

    Hiina Shanghai A (kodumaine) -0.36%

    Hiina Shanghai B (välismaine) -0.67%

    Lõuna-Korea Kosdaq +0.29%

    Tai Set -0.18%

    India Sensex -1.52%

  • All Signs Point to More Downside
    By Rev Shark
    RealMoney.com Contributor
    5/23/2008 9:07 AM EDT

    (Editor's Note: RealMoney is free to all TheStreet.com readers until Monday night. We hope you enjoy this article. If you would like to subscribe to RealMoney, please click here. )
    Attack is the best form of defense.
    -- Proverb

    A change in market direction is playing out in textbook fashion. Last Friday and Monday the market began to struggle as dip buyers began to lose traction. On Tuesday and Wednesday, bids disappeared, as fear over high oil prices took hold, and then on Thursday, we saw some modest buying on low volume. That leads us to this morning, where crude oil is once again weighing on the market action.

    All signs point to a more severe market pullback. Such things generally don't play out in a straight line, but the price action is exactly what you'd expect to see as the market rolls over and the fundamental news has suddenly become far less optimistic.

    In retrospect, the bounce of the March low based on the idea that "the worst is over" was classic bear-market thinking. Folks are always anxious to be optimistic again after an ugly pullback, and invariable do so too quickly. The real pain of a bear market comes when hope is revived and then crushed.

    Obviously, I'm not overly optimistic about the market at this point, which brings up the issue of how you deal with it. Many investors get in trouble in a poor market by being too passive. They hold on to stocks with the thinking that this too shall pass, and our favorite stocks will rebound if we simply stay patient. When pullbacks persist, and we see our portfolio slowly drip lower, we then throw in the towel and take much deeper losses than we would have if we had acted aggressively in the early stages of a pullback.

    If the market is making a change in trend, as I believe is the case, now is the time to be aggressive in repositioning yourself. Many have had a good run off the March lows, and rather than hope to keep that going, now is the time to protect those gains and not let them slip away.

    It is possible the market may find its footing and resume its uptrend, but aggressive defense at this point in time will not foreclose you from changing back to a more bullish posture. It is always far more important that you protect gains and capital in a struggling market than it is that you be positioned for potential profits.

    The easiest thing to do in a market that is starting to act poorly is nothing. It is inaction due to vague hopes that causes us to sit and do little while our positions start to break down. The vast majority of the losses that occurred back in 2000 were due to investors sticking their heads in the sand and hoping things would improve. Those who held on to their gains were those who were aggressive in playing defense.

    We have a weak open on the way, as crude oil causes more nervousness. With a three-day weekend ahead of us, trading is likely to be thin and choppy, so be careful out there.
    Ülespoole avanevad:

    In reaction to strong earnings/guidance: VRGY +9.6%, CA +4.9%, GPS +1.2%, FL +1.2%... Chinese Telecom stocks showing strength following reports that China began reorganizing its telecommunications industry: CHU +10.2%, CHA +7.4%... A handful of small cap oil & gas names are ticking higher in pre-mkt in a continuation of recent momentum: GBR +18.2% (see our 8:22 comment for color on strength); MXC +7.4%, FPP +7.0%... Other news: RTK +22.3% (still checking); SINO +12.5% (recent shipping IPO seeing continued momentum); ISRG +4.1% (will replace The Bear Stearns Companies (BSC) in the S&P 500)... Analyst upgrades: IVAN +5.5% (initiated with an Outperform at Raymond James).

    Allapoole avanevad:

    In reaction to disappointing earnings/guidance: PSUN -8.5%; SKIL -7.6%; ARUN -5.3%; DDS -3.4%... Other news: GTXI -4.2% (announces Ph. III PIN clinical trial will continue as planned, after review); PPO -3.4% (prices its follow-on offering of 7.5 mln common shares at $24.00/share); AMLN -3.1% (Icahn discloses 6.5% stake, says he recently had discussions with mgmt, intends to seek further conversations to enhance shareholder value); SOLF -3.6% (continued pressure following recent earnings); NUE -1.8% (prices common stock offering at $74)... Analyst downgrades: ALKS -17.0% (downgraded to Neutral at Baird); CAKE -3.6% (hearing downgraded to Neutral at tier 1 firm).
  • Ja tuletan kõigile meelde, et esmaspäeval on USAs Memorial Day, mistõttu on aktsiaturud USAs esmaspäeval suletud. 

    Täna kell 17.00 Eesti aja järgi teatatakse USA olemasolevate majade müüginumbrid aprillikuu tempot arvestades. Need numbrid on ka turgu mõjutamas.

  • April Existing Home Sales 4.89 mln vs 4.85 mln, -1.0% m/m; prior revised to 4.94 mln from 4.93 mln:

    Ex home sales

  • Nafta protsendijagu plussis, energiaettevõtted ca 2% miinuses. Jätkatakse juba mitmendat päeva eraldi elude elamist nende kahe grupi vahel.

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