I loss my sleep over these two stocks, can't decide whether to get those on monday or not. From what I see, F will keep on going up before Congress vote on bailout. FNM is in deep trouble with MINUS 40 dollars PSV, hovewer this one could go up or bust in a matter of minutes (remember what happened in september). Grind and other intelligent people, would you say it's risky to play with mentioned stocks for 1 or 2 days??
Australia Stocks, Japan Futures Slide on Copper, Holiday Sales
By Masaki Kondo
Dec. 1 (Bloomberg) -- Australian shares and Japan’s stock futures dipped after copper fell and U.S. retailers had the smallest gain for “Black Friday” holiday sales in three years.
BHP Billiton Ltd., the world’s biggest mining company, lost 2.9 percent in Sydney after copper prices sank the most in almost two weeks. U.S.-traded receipts of Advantest Corp., the largest maker of memory-chip testers, declined 1.2 percent from the closing share price in Tokyo. Those of Sumitomo Mitsui Financial Group Inc. lost 1.7 percent after condominium developer Morimoto Co. became the second-largest bankruptcy case in Japan this year, fueling concern bad-loan costs will erode bank earnings.
Australia’s S&P/ASX 200 Index fell 1.2 percent to 3,696.30 as of 10:18 a.m. in Sydney. New Zealand’s NZX 50 Index lost 0.1 percent to 2,708.78 in Wellington. In New York, the Standard & Poor’s 500 Index edged up 1 percent.
“The deterioration of the economy has become increasingly clear,” Tomochika Kitaoka, a Tokyo-based strategist at Mizuho Securities Co., said in an interview with Bloomberg Television. “Some investors seem to be bargain-hunting shares that have been oversold, which can act to shore up the market.”
Nikkei 225 Stock Average futures expiring in December closed at 8,515 in Chicago on Nov. 28, lower than 8,520 in Osaka and up from 8,490 in Singapore. The Bank of New York Mellon Asia ADR Price Index, which tracks American depositary receipts of the region’s companies, slid 0.9 percent.
U.S. retail sales rose 3 percent on Nov. 28, the smallest growth for a “Black Friday” in three years, and compared with a gain of 8.3 percent last year, research firm ShopperTrak RCT Corp. said. The day after the Thanksgiving holiday is considered to be when retailers begin to make the bulk of their yearly profit.
Copper futures fell 2.5 percent in New York on Nov. 28, the biggest drop for a most-active contract since Nov. 19. Stockpiles monitored by the London Metal Exchange rose to the highest level since February 2004, adding to evidence the global recession reduced demand for the metal used in pipes and wires.
Morimoto filed for protection from creditors on Nov. 28 with 162 billion yen ($1.7 billion) of debt, nine months after its initial public offering. The bankruptcy was the second-biggest in Japan this year after that of developer Urban Corp. and pushed up the total number of failures of Japan’s listed companies to the most since World War II, according to research company Teikoku Databank Ltd.
Shrinking demand in the U.S. and mounting costs to dispose of nonperforming assets caused Japan’s biggest listed companies to collectively report a 32 percent drop in first-half earnings, according to data compiled by Bloomberg News.
To contact the reporter for this story: Masaki Kondo in Tokyo at email@example.com.