1:10pm (EST)
Forget the bulls and bears it’s all about the PIGS today.
The market got a huge lift this morning after Wall Street became hopeful that Robin Hood would be helping the Greek debt situation. There is a report that the “euro zone” countries have decided in principle to help debt-stricken Greece and there is news that Portugal hired Barclays and Goldman Sachs (GS, $152.85, up $1.76) to help it sell bonds.
Greece’s finance minister said he cannot call for outside aid, as doing so would send a negative signal to bond buyers, and this will not be a bailout. Still, this has been a dark cloud over the market and it may have been the bulls wild card.
Shares of National Bank of Greece (NBG, $4.10, up $0.68) have rallied 20% on the news but it would be a hard stock to trust.
At a result, the Dow is up 211 points, or 2.2%, to 10,120 while the S&P 500 is higher by 21, or 2.0%, and is at 1,077. The Nasdaq is lagging but is still enjoying a 37 point pop and stands at 2,162.
In economic news, the Commerce Department reported that wholesale inventories were lower by 0.8% in December compared to an expectation that inventories would rise by 0.5% during the month.
Caterpillar (CAT, $53.93, up $3.15) is one of the Dow components that is fueling this huge rally. The stock is up over 6% after an analyst upgrade. Coca-Cola (KO, $54.86, up $2.21) was up 4% after reporting better than expected earnings as revenues benefited from emerging market growth.
Tags: CAT, Goldman Sachs, KO, National Bank of Greece, NBG, option picks, option signals, options alerts, stock options trading
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Greece Getting A Gift
1:10pm (EST)
Forget the bulls and bears it’s all about the PIGS today.
The market got a huge lift this morning after Wall Street became hopeful that Robin Hood would be helping the Greek debt situation. There is a report that the “euro zone” countries have decided in principle to help debt-stricken Greece and there is news that Portugal hired Barclays and Goldman Sachs (GS, $152.85, up $1.76) to help it sell bonds.
Greece’s finance minister said he cannot call for outside aid, as doing so would send a negative signal to bond buyers, and this will not be a bailout. Still, this has been a dark cloud over the market and it may have been the bulls wild card.
Shares of National Bank of Greece (NBG, $4.10, up $0.68) have rallied 20% on the news but it would be a hard stock to trust.
At a result, the Dow is up 211 points, or 2.2%, to 10,120 while the S&P 500 is higher by 21, or 2.0%, and is at 1,077. The Nasdaq is lagging but is still enjoying a 37 point pop and stands at 2,162.
In economic news, the Commerce Department reported that wholesale inventories were lower by 0.8% in December compared to an expectation that inventories would rise by 0.5% during the month.
Caterpillar (CAT, $53.93, up $3.15) is one of the Dow components that is fueling this huge rally. The stock is up over 6% after an analyst upgrade. Coca-Cola (KO, $54.86, up $2.21) was up 4% after reporting better than expected earnings as revenues benefited from emerging market growth.
Tags: CAT, Goldman Sachs, KO, National Bank of Greece, NBG, option picks, option signals, options alerts, stock options trading
This entry was posted on Tuesday, February 9th, 2010 at 1:13 PM and is filed under Company Commentary, Earnings, Hot Stocks, Option Trades, Sectors, Stock Earnings. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.