Futures down over 220 and 63 at 8:48pm plus Goldman reiterated their lower oil price again and that's down pretty good tonight too. I guess we will wake up each day now with futures down like today in the AM.
It is coming off a nice daily base with the market still negative. The Chinese have put a floor in for MU I believe whether the deal happens or not for awhile.
I applaud JCP for saving itself from extinction but this is about the call this morning based on Friday's action once again insiders knew and were buying in advance. I am seeing this even more these days when stocks move without any news then a new rating shows up the next day.
$29 to $36 after earnings in a few days in a scary market. Take your spam and hit the road....Google this!
Come morning it will be interesting since the red futures are because China says they will not prop up their markets any longer. Tonight Dow futures started down about 50 and twenty minutes later they were down over 200 similar action for the Nazdaq futures. Two things do we believe them and if they do not buy stocks overnight and their markets end green I think you see the futures improve dramatically by the morning.
I disagree abut the problem is not Walter of course it was. It was their execs who owned next to no shares and were behind the curve at every crucial moment except winning the proxy fight a few years ago. They waited too long to cut production and let us not forget their exceptionally well timed acquisition a few years back that was a big dagger. Now I do agree that they had many enemies starting with Obama's EPA, China's slowing growth and ghost towns, and just the collapse of pricing and demand. To give these guys a pass at this point in time I cannot disagree with more. These execs will walk away with nice paydays over the past few years while hosing anyone who bought shares over a buck. I would not be surprised if there are many who are still holding shares from over $100 from the takeover talk days. These guys will have no problem sleeping at night and can you imagine how many college educations were taken away by these incompetents.
I was kidding but I would guess at some point the common may be worthless since the debt may be larger than their assets net worth.
Except for the big hit to shares from the horrible winter of 2013-2014 where very few shoppers could get out they went to $22 you have to say that Hubert Joly may have done one of the best turnaround fixes in recent history. He transformed this company with business strategies that brought Best Buy into the modern era unlike the previous CEO who was shacking up with an employee. He gets very little credit considering what a tough business this is with the monster Amazon out there. $29-$36 in days a nice move no doubt.
Once again insiders knew that the Chinese were here that would explain why MU did so well yesterday of course the market zoomed but even during the afternoon pullback shares hung in there. Look at FCX yesterday the stock was up around 29% and another 16% this morning after the news that Icahn took a stake in the company. It's always nice to be in the loop.
I'm sorry to hear that but MU can move from a non-commodity based to a commodity based company based on pricing and inventories very quickly. The past few years share prices play that out. I believe MU rallied from $6 to $36 just a few years ago and now they have been hit based on those fears.
You would think MU execs would say no to a $21-$23 bid figuring where shares were recently but you never know with these "laughing hyenas". The Chinese are smart they are moving a bit quicker now as shares recover some so as their bid if there is one can stay relatively lower. I still believe US regulators will not let it happen but what this speculation does is allow a higher floor to sit with the shares for now. If nothing happens by October then MU's earnings will dictate the share price for awhile after the numbers.
It was more like the amount of shorts were so overwhelming they got caught after the strong GDP number and the bogus government buying in the Shanghai the night before for a 5% gain. I think the oil gains reverse either Friday or Monday. OPEC does not matter anymore only the Saudis do and they are now borrowing to fund their society while depleting their cash (which is still around $600 billion) but that cannot go on forever so when they cut production oil officially goes higher. I think it happens this winter.
SDRL's earnings were not bad. The whole sector caught a nice bid today but if SDRL laid an egg today I think it would not of participated in the rally. What I saw on my screen today in the energy buying was powerful it reminded me of the last time the market bottomed in the $40's and rallied to the $60's earlier this year. However the near 10% moves in both oils may not last I believe for more than a day or two. I posted recently that I thought SDRL would bottom in the low $6's so far it has but anything can happen with these HFT driven markets.
Both MU and BABA rallied like I though if the Shanghai did well despite the government buying stocks in the last hour to prop it up over 5% yesterday.