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1022 ET 15June2009-Foreign investors buy $11.2 bln in US securities
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International investors bought a net $11.2 billion in long-term U.S.
securities in April, down from a revised $55.4 billion in the prior month, the
Treasury Department said on Monday. The report showed a monthly net capital
outflow from the United States of $53.2 billion in April, compared with a
monthly inflow of $25.0 billion in March.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1014 ET 15June2009 Spider ETF attracts big bearish put spread
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At least one option trader appears to be on the defensive in an
exchange-traded fund that tracks the performance of the Standard & Poor's 500
index .SPX on fears the benchmark could suffer extended losses this summer.
Shares of the SPDR S&P 500 fund (SPY.P) or SPY, fell 1.71 percent to $93.46 and
attracted a likely significant bearish bet in the form of a ratio put spread
with a target of $80 per share for the ETF or about 800 on the SPX. The ETF,
known as the Spiders, is a crowd favorite among option traders and is designed
to equal roughly 1/10th the actual index. The Aug $92 and $80 puts have jumped
to the top of the most actives list in morning trade as an investor apparently
bought the $80-$92 (2X1) put ratio spread 120,000 times for about $1.75 premium
on the International Securities Exchange, said WhatsTrading.com option
strategist Frederic Ruffy. Both legs look like opening trades, he added.
Reuters Messaging: doris.frankel.reuters.com@reuters.net
1005 ET 15June2009-KBW raises price targets on asset managers
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Keefe Bruyette & Woods on Monday raised its price target on five U.S. asset
managers, expecting the group's results to be helped by a rebound in equity and
fixed income markets.
As part of its call, it also upgraded Affiliated Managers Group (AMG.N).
The firm wrote that equity fund flows have rebounded with a sharp rally in
equity markets, while fixed income flows are expected to remain relatively
robust, given comparatively high yields and concerns over rising taxes.
"Net flows trends continue to show signs of life, helped, we believe, by
moderating redemption trends," it added.
Shares of Affiliated Managers rose 1.5 percent to $59.39.
For details, see [ID:nBNG444041]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0959 ET 15June2009-Geithner: rebound will take more time than usual
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U.S. Treasury Secretary Timothy Geithner on Monday said that the the
financial system was beginning to thaw but any renewed pick-up in the economy
would likely be slower than usual.
"Recovery will be slower than we would normally see," Geithner said at an
event sponsored by Time Warner. "This is still going to be an exceptionally
challenging time for business and consumers."
He added that unemployment will likely continue rising even as economic
growth resumes. For more details see [ID:nNAT006979]
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
0954 ET 15June2009-Goldman adds Target to conviction buy list
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Goldman Sachs on Monday added Target Corp (TGT.N) to its conviction buy
list, expecting significant earnings momentum for the retailer after the fourth
quarter. The company will benefit from improving trends in same-store sales,
gross margins and credit portfolios, it wrote.
"As Target works to convince consumers of its compelling value, improves
its store execution and grows its traffic driving categories (food), we believe
sales across discretionary have a better chance of rebounding here soon," the
firm wrote.
For details, see [ID:nBNG300087]
Shares fell 1.8 percent to $39.64.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
