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1114 ET 04June2009-Markets rise as jobless data offsets retail sales
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Major U.S. indexes rose on Thursday, lifted after encouraging data on
jobless claims, which offset some disappointing May retail sales data.
For details, see [ID:nN04206825]
The Dow Jones industrial average .DJI rose 0.4 percent to 8,709.12 while
the S&P 500 .SPX gained 0.5 percent to 936.78 and the Nasdaq .IXIC was up
0.5 percent to 1,835.05.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1106 ET 04June2009-RBC upgrades banking sector to overweight
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RBC Capital Markets on Thursday upgraded bank stocks to overweight from
sector weight, arguing that "the banking sector is in the beginning stages of a
multiyear bull market where banks stocks, after underperforming the general
markets for over four years, will outperform the general markets."
The firm added that though the global economy remained in recession, "the
worst of the financial crisis appears behind us." It also expect many banks to
reinstate dividends over the next 12 to 18 months, though at a lower rate than
before.
The KBW Banks index .BKX surged 3.7 percent to 37.46 on Thursday.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1101 ET 04June2009 Call option volume build up in Human Genome
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Human Genome Sciences Inc (HGSI.O) call option volume is on the rise as
7,056 calls traded compared to only 93 puts, four times the normal combined
daily turnover, according to Trade Alert. Sentiment based on order flow was 66
percent bullish. Its shares rose 7.59 percent to $3.26 in morning trade. There
was no apparent news on the stock but the company is set to release its trial
results of its lupus drug in July. The call volume included a block of 3,472
October $5 calls traded at the offer for a premium of 80 cents. It looked like
an opening buyer, said WhatsTrading.com option strategist Frederic Ruffy. The
strike price has now attracted a volume of 4,126 contracts against open
interest of 556 contracts, indicating new positions were initiated, Reuters
data show.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1044 ET 04June2009-Allison: TARP not meant to be long-term fix
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Herb Allison, President Barack Obama's choice to lead a $700 billion
financial rescue program, on Thursday said that the rescue effort wasn't meant
to be a long-term fix.
"This program is designed to deal with an extremely serious financial
crisis. It was not set up to be a long-term program," Herb Allison told the
Senate Banking Committee.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1030 ET 04June2009-Citi positive on E&P natural gas companies
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Citi on Thursday wrote a positive note on natural gas exploration and
production (E&P) companies, saying the stock would "do well as spot prices rise
in the next year to near or above current futures prices."
It recommended that investors build positions on pullback of the natural
gas focused E&P names, and listed Newfield Exploration Co (NFX.N), Forest Oil
Corp (FST.N), Quicksilver Resources Inc (KWK.N), XTO Energy (XTO.N),
Southwestern Energy (SWN.N) and Anadarko Petroleum (APC.N) as its natural gas
leveraged buy stocks.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
