The market review for September, 4st

Stock trades in the U.S. on September 3 was closed by growth of leading indexes against corporate news. With optimism, investors embraced the message of several major U.S. retail chains on the positive dynamics of sales for the past month, which led to the growth of quotations of the companies of the retail sector. In particular, for 8,6% in the retailer’s shares have risen in price bidding Costco, reported an increase in revenue from units outside the United States. At 7,6% increase in prices the securities of one of the largest U.S. clothing retailer Gap Inc., Fall in revenue which in August this year was twice less than analysts expected.

At 3.6% increased in price by bidding up shares and the largest U.S. aluminum producer Alcoa Inc. The company raised its forecast for global demand for aluminum in the near future due to the fact that economic incentives used by the Government of the PRC, may contribute to the growth of consumption of this metal. At 3,5% increase in prices rally the world’s largest manufacturer of earth moving machinery Caterpillar Inc.

At 6.4% in trading shares have risen in price the second-largest U.S. car manufacturer Ford Motor Co., After analysts from Moody’s Investors Service raised recommendations on them. Securities products Food Del Monte Foods Co. up to the bidding went up by 7,5% against the backdrop of favorable financial report. Considerably strengthened its position and the company Pilgrim’s Pride — the day before in the business press have appeared that the Texas manufacturer of poultry products can acquire Brazilian JCB, specializing in meat products. The amount of purchase transactions are experiencing difficult times, American companies could make more than $ 2 billion and, despite the fact that the Brazilian company has not confirmed these rumors, shares of Pilgrim’s Pride Corp. up to the bidding went up by 5,2%.

Not too optimistic completed auctions for the largest builder in New Jersey, Hovnanian Enterprises Inc. Because of the publication is not very optimistic of the financial report the company’s stock trades on the basis fell 13%. An unpleasant surprise on the eve of the European Commission presented a union of two giants in software — Oracle and Sun Microsystems. European antitrust regulators began investigating transactions valued at over $ 7 billion since the merger of the two companies could raise prices and limit the supply of software (software) for databases on the market. Against this background, quotes Oracle declined on the basis of trading on 1,2%, while shares of Sun Microsystems — by 1,8%. At 1,1% and 1,9% respectively on the basis of trades cheaper shares the world’s largest biotechnology company Amgen Inc. and pharmaceutical company Merck & Co.

Not have gone unheeded and macroeconomic news, which generally coincided with market expectations. Thus, prior to bidding U.S. Department of Labor (US Department of Labor) published the latest data on unemployment. The number of initial claims for unemployment benefits for a week, which ended on 29 August 2009. In comparison with that of the previous week fell by 4 thousand and reached 570 thousand, analysts expect this figure will be 562 thousand

Even after trading began Institute for Supply Management reported the U.S. that the index of business activity in the services sector (ISM index) in August 2009. rose by 2.3 points — to 48.4 points compared with a revised 46.1 in the July value of the item. Analysts also predicted that the index would be 48.8 points.

Dow Jones index rose by 63.94 points (0.69%) — up to 9,344.61 points

NASDAQ — at 16.13 points (0.82%) — up to 1983.2 points

S&P — at 8.49 points (0.85%) — up to 1,003.24 points.

Sector :

Industry :

Technical Perspective: Despite the downside extension Wednesday, the narrow range doji suggested a loss of negative momentum/indecision and we saw more of that develop yesterday. Technically a case can be made for some corrective trade in the wake of the recent decline (100 points Nasdaq, roughly 4.6% S&P) and losing streak, but the pre-open jobs data will set the tone for today with activity potentially quieting thereafter as participants look to extend the long holiday weekend. Initial resistance for the S&P is at 1005/1006 with sustained action above 1014/1016 needed to improve the weaker pattern off the August high. Supports under Thursday/Wednesday lows (992/991) are at 985/984 and the August lows/50-day ema at 978/977.

Key economic data:
-August change in Nonfarm Payrolls at 8:30ET (consensus -230K; prior -247K)
-August Unemployment Rate at 8:30ET (consensus 9.5%; prior 9.4%)

Fed/Treasury calendar:
-Treasury Chief Economist Kruegar holds a news conference on the monthly employment report at 11:30ET

Bond auction results:

-No companies are confirmed to report today after the close

Key industry conferences:
©, briefing

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