Market Report: Stock Ticker

AIG posts loss amid write-downs, plans capital raise

March trade deficit narrows, better than expected

Oil eclipses $126 per barrel in early trading

Weak
divsfd metals & mining; multi-line insurance; steel; agricultural products; construction & engineering; oil & gas refining; specialized reits; gold; semiconductor equip; airlines

[BRIEFING.COM] Stocks have spent the majority of the afternoon trading sideways, but have made a step higher in the final hour of Friday's session.  Unless the advance gains momentum and makes a substantial move higher the stock market will conclude the week with a loss near 2.0%. 

Crude closed at $125.88 per barrel on the Nymex, which is a new record closing high.  Crude has set a new record closing high for five straight sessions. 

Oil and gas refiners have been trading lower this session; the industry is currently down 3.3% amid concern that rising oil prices will threaten to pinch refiners' profit margins.

[BRIEFING.COM] Trading remains subdued this afternoon.  Stocks are holding steady and unchanged from earlier levels. 

Citigroup (C 23.75, -0.55) has made a steady decline in afternoon trading.  According to Financial Times, the financial conglomerate is working to identify $400 billion in noncore assets that could be sold.  The financial sector (-1.1%) is near its session low.

[BRIEFING.COM] The stock market continues to post a substantial loss.  Weakness is broad-based, with only four of the S&P 500's 147 industry groups posting a gain of 1% or more.

At current levels the S&P 500 is down 1.9% for the week, which follows three consecutive positive weeks.  Commodities have fared better, with oil surging 7.6% and the CRB Index gaining 3.4%.

[BRIEFING.COM] The stock market is making a slight advance, attempting to garner some strength.  

Despite surging fuel prices, several airliners are trading higher.  Continental Airlines (CAL 17.27, +0.41), UAL Corp (UAUA 13.77, +0.23), and Delta Air Lines (DAL 7.79, +0.22) are all trading in positive ground.  Additionally, the Amex Airline Index is up 0.3%.

Several major foreign indices closed noticeably lower.  The Hang Seng closed 1.5% lower, the Nikkei finished 2.1% lower, the DAX ended 1.0% for the worse, and the FTSE finished 1.1% in the red.

[BRIEFING.COM] After trading sideways for some time, the stock market has stepped a bit lower.  The Dow Jones Industrial Average is now down more than 1.0% this session.

Four of the major economic sectors are trading with a loss of 1.0% or more.

Participants are selling small-and large-cap names alike.  The S&P 100 is down 0.9% and the Russell 2000 is down a less severe 0.2%.

[BRIEFING.COM] Stocks remain largely unchanged from previous levels.  Sellers continue to hold the market in check as declining stocks outnumber the advancing issues on the NYSE.

The telecom sector (+0.1%) has made its way into positive ground.  The sector had opened lower, but Sprint Nextel (S 9.86, +0.88) is providing leadership.

[BRIEFING.COM] The stock market is trading sideways with little indication for change.  At its current level, the stock market is positioned to conclude the week with a loss of nearly 2.0%.

Dow components American International Group (AIG 40.47, -3.68), Exxon Mobil (XOM 88.38, -1.15), and General Electric (GE 32.28, -0.31) are laggards this session.  All three are weighing on the S&P 500.

[BRIEFING.COM] The stock market has been unable to reverse the session's pessimistic tone as all ten of the major economic sectors are trading with losses. More than two-thirds of the S&P 500 components are trading downward.

Though it remains in the red, the Nasdaq is a relative leader among the three major indices. Leaders in the Nasdaq include Priceline.com (PCLN 142.99, +19.21) and Activision (ATVI 29.94, +2.24). Both Priceline.com and Activision recently reported earnings results that surpassed analysts' estimates for the most recent quarter.

Energy (-1.3%) and materials (-2.0%) are currently the two worst performing sectors this session. Energy is trading lower despite record oil prices; crude eclipsed $126 per barrel earlier this session. Materials lag even though the dollar index, down 0.4%, suggests weakness in the greenback. Notably, materials gained more than 2.0% yesterday.

Financials (-0.6%) have been trading in volatile manner. The sector opened sharply lower after Dow component American International Group (AIG 40.65, -3.50) reported this morning $9 billion in pretax charges, which contributed to a quarterly loss of roughly $8 billion. AIG is planning to raise more than $12 billion through a common stock and equity linked offering.

Despite the session's broad-based pessimism, Treasuries are attracting relatively little attention. The benchmark 10-year Treasury Note is up just 8 ticks, moving its yield to 3.74%.

Separately, the March trade deficit totaled $58.2 billion, which is less than the $61.0 billion deficit economists forecast. The deficit for February was revised to $61.7 billion, down from a previously announced $62.3 billion deficit. The narrowing of the trade deficit during March came as little surprise since a weak dollar makes exports more attractive and imports pricier.

[BRIEFING.COM] The stock market has descended after making a climb from previous levels.

Financials (-0.1%) made a brief rally into positive ground, but succumbed to selling pressure.  All ten of the major economic sectors are back to trading with losses.

Though off its high, oil continues to trade higher in intraday activity.  Crude is currently selling for roughly $125 per barrel, up 1.0% this session.

[BRIEFING.COM] The stock market is turning upward, though off its best level of the session.  The S&P 500 and Dow Jones continue trading in the red, but the Nasdaq is now trading near positive ground.

Leaders in the Nasdaq include Research in Motion (RIMM 134.30, +3.12), Priceline.com (PCLN 143.45, +19.67), and Activision (ATVI 29.77, +2.07).  Both Priceline.com and Activision reported earnings results that surpassed analysts' estimates for the most recent quarter.

Larger tech names are providing less support.  Apple (AAPL 183.42, -1.64) and Google (GOOG 576.24, -6.77) are both trading with losses.

[BRIEFING.COM] All ten of the major economic sectors are showing losses as the stock market continues to slog through morning trade.

Despite the pessimism exhibited in the stock market, Treasuries are attracting little attention.  The benchmark 10-year Treasury Note is up just 3 ticks, moving its yield to 3.76%.  One year ago the 10-year Treasury Note yield was roughly 90 basis points higher.

[BRIEFING.COM] The stock market remains well into negative territory with little supporting interest.  More than 85% of the S&P 500 components are trading lower.

Energy (-1.2%) and materials (-1.7%) are currently the two worst performing sectors this session. 

Energy's downturn comes despite record oil prices.  Crude prices are pushing higher again, already moving past $126 per barrel earlier this session.  Materials lag even though the dollar is showing some signs of weakness.  The dollar index is down 0.4%.

[BRIEFING.COM] Extending yesterday's gains into Friday's session has proven too challenging.  Weighing on early market sentiment is a disappointing quarterly earnings announcement from Dow component American International Group (AIG 41.87, -2.28).  The financial giant reported this morning $9 billion in pretax charges, which contributed to a quarterly loss of roughly $8 billion. 

On a related note, Standard & Poor's reduced AIG's credit rating to AA- from AA.  To help bolster its financial position AIG is planning to raise more than $12 billion through a common stock and equity linked offering.

[BRIEFING.COM] Trading in the stock market was largely range-bound Thursday. The S&P 500 bounced between the unchanged mark and 1400, which has been a key level among technical traders, but still finished the session with decent gains.

Positive sales data from a handful of key retailers lent some initial support to market participants, but the data was largely dismissed after the opening bell.

Wal-Mart (WMT 57.16, +0.33), Costco (COST 71.20, -0.88), BJ's Wholesale (BJ 37.73, -1.21), and Target (TGT 52.34, -1.10) all reported positive same-store sales growth for April. Specifically, Wal-Mart reported a 3.2% increase, excluding fuel sales, Costco announced an 8.0%, and BJ's saw a 17.8% increase. Target noted that its 3.1% increase was slightly below its expectations.

Several noteworthy apparel and accessories retailers posted declining same-store sales for April.  Nordstrom (JWN 34.67, -0.82), Limited Brands (LTD 17.93, +0.31), and Gap (GPS 17.84, -0.40) all reported a downturn.

News Corp (NWS.A 19.68, +0.48) offered a positive update upon announcing third quarter results after yesterday's close. The media giant reported earnings of $0.91 per share for the quarter, up from $0.29 per share the year before. News Corp's latest results were helped by a $1.7 billion gain related to a stock and asset exchange with Liberty Media.

Jobless claims for the week ending May 3 totaled 365,000. The consensus estimate called for 370,000 claims. Jobless claims for the prior week were revised slightly higher to 383,000 from 380,000. Notably, the four-week average has increased to 367,000 from 364,500, but remains below levels typically associated with a recession.

Wholesale inventories for March declined 0.1%, which is less than the 0.5% increase that economists forecast. February's inventories increased 0.9%, down from the 1.1% increase initially reported.

The materials sector (+2.3%) was the best performing economic sector in the S&P 500. Particular strength was exhibited by Alcoa (AA 39.65, +1.56) and Freeport-McMoRan (FCX 118.07, +3.71). 

The energy sector (+1.9%) also finished with a solid gain after crude set an all-time intraday high of $124.61 per barrel. Oil companies Exxon Mobil (XOM 89.93, +1.11) and Chevron (CVX 97.44, +2.16) were among the leaders.

Financial companies were down noticeably. Bank of America (BAC 37.33, -0.67) and AIG (AIG 44.15, -0.93) were the primary laggards.

Thursday's choppy trading prompted buying in government Treasuries. The benchmark 10-year Treasury Note traded 27 ticks higher, lowering its yield to 3.78%.