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Stocks Are Not Overbought Yet, Could Go Even Higher
Stocks may be staying at near record levels, but Keith Bliss of Cuttone & Co.says they aren't overbought just yet. He said most traders feel that until the S&P 500 reaches 1990 it won't be overbought. Short traders expecting a correction continue to lose money. He believes stocks will continue to move higher as long as all the central banks stay coordinated. He thinks that unless there is a 'black swan' type of event, which can't be predicted, the markets will push through minor resistance, like what is happening today. There are minor pullbacks but no corrections in stocks.
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Sears Holdings Tumbles on Eddie Lampert's $400 Million Loan
Shares of Sears Holdings tumbled on Tuesday making it TheStreet's Move of the Day. The holding company for Sears and K-Mart said it had secured a $400 million short-term loan from the hedge fund of its CEO Eddie Lampert. The loan matures by the end of the year, though with no event of default, that could be extended through to the end of February next year. Lampert's ESL Investments provided $200 million on Monday with the remainder to be issued at the end of September. The multimillion-dollar loan concerned investors rattled by mounting losses and desperate attempts to spin off assets. Fitch Ratings recently cut its credit rating due to cash burn.
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Wall Street Turns Decisively Higher Rallying into the Close
A rally on Wall Street to close the trading day Tuesday on a high note. Stocks climbed on a report that China's central bank is boosting stimulus measures. Investors are also betting the Federal Reserve is not in a rush to raise interest rates. The Fed's two-day policy meeting ends on Wednesday. Chair Janet Yellen will hold a news conference after the decision is released at 2 pm, eastern. U.S. crude futures for October delivery rose more than 2% to settle at $94.99 a barrel. Oil prices rose on OPEC saying it may cut supply. Some big names are set to report earnings Wednesday including Fedex (FDX), General Mills (GIS) and Cracker Barrel (CBRL). Before the bell, we'll get the CPI. Then the much-anticipated FOMC statement at 2pm followed by Fed Chair Janet Yellen's briefing at 2:30, eastern.
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Jim Cramer Says Take Advantage of the Selloff Alibaba is Causing
Now that the Alibaba IPO is getting close, stocks like Facebook, Apple and Starbucks are being sold to make room for Alibaba. Jim Cramer says fund managers have a limited supply of money available so these stocks are sources of funds to be able to get a big position in Alibaba not just from the underwriting itself but in the after market. Cramer says the moment it seems the selling is over to be able to buy into Alibaba, that's when investors should consider buying Facebook, Microsoft and Google. He says these stocks will be ok after the Alibaba deal is done. Alibaba is expected to begin trading Friday.
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U.S. Stocks Close Mixed with Nasdaq Slammed by Sell-off
U.S. stocks closed mixed Monday. The Dow Jones Industrial managed to eek out a small gain while the S&P 500 was little changed in the red. But the Nasdaq got slammed by a sell-off to end about one percent lower. Telsa (TSLA) helped drive the Nasdaq lower, crashing after Morgan Stanley's negative note agreeing with Tesla's CEO that shares appear to be overvalued. Investors were feeling antisocial toward social media stocks in today's trading. Facebook (FB), Twitter (TWTR) and LinkedIn (LNKD) closed with significant losses. Not everyone was having a bad day at the Nasdaq. Avanir Pharmaceuticals (AVNR) gained 85 percent. The biopharmaceutical company reported positive results for its drug treatment for Alzheimer's. Ken Feinberg, the attorney in charge of General Motors' (GM) program to compensate victims, has approved 19 death claims related to the faulty part. That's at least six more fatalities than the automaker officially linked.
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Apple Below $100 in Midday on Possible iPhone 6 Delay in China
Small gains in midday trading Tuesday as traders move cautiously ahead of the Fed's decision on interest rates. Both the Dow Jones Industrial and the S&P 500 are in positive territories. The Nasdaq is struggling to cross over from the flat line. Energy stocks are moving higher. Exxon Mobil (XOM) is the blue chips' biggest gainer. Oilfield services company, Schlumberger (SLB) is also up better than 1 percent. But Apple (AAPL) is falling and now below $100 in midday trading. The stock dropped on news its iPhone 6 may not make it to retailers in China by the end of this year. Wynn Resorts (WYNN) is also dropping on worries gambling revenue has declined in Macau. Shares are down for a third straight session. Shares of Adobe (ADBE) are losing a bit of ground ahead of its earnings. The company is expected to post third quarter earnings of 26 cents a share when it reports after the markets close.
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Alibaba Raises its IPO Price Range, U.S. Stocks Open Lower
Stocks opened lower Tuesday as investors wait on the Fed. The August producer price index came in flat on falling gasoline and food costs. Economists had expected a tenth of a percent increase. The muted inflation pressure is one of the factors Fed policymakers will consider as they start their two-day meeting today. Chair Janet Yellen will hold a press conference Wednesday after the policy decision on interest rates. Alibaba (BABA) has raised its price range for its initial public offering to $66-68 a share from $60-66 a share. The Chinese e-commerce also did not increase the number of shares it plans to offer. This could be the largest IPO in U.S. history. Alibaba is expected to begin trading on Friday. United Airlines (UAL) is offering an early-exit plan to its flight attendants. The buyouts to voluntarily leave the company are worth up to $100,000. United Airlines is the only major carrier in this country to post a quarterly loss this year.
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Alibaba Boosts Price Range for Its U.S. IPO to $66 to $68 a Share
On a surge in investor demand, Alibaba has raised the price range for its U.S. initial public offering to $66 to $68 a share, meaning the Chinese e-commerce giant could raise as much as $21.8 billion from the stock sale. At the midpoint, Alibaba would be valued at $165.5 billion. The company left the number of shares unchanged at 320.1 million. Alibaba could still decide to price its IPO above its given range. It's expected to price the deal on Thursday and begin trading the next day. According to reports, orders from investors in the U.S. may be halted as early as today at 4 pm and in Asia and Europe on Wednesday.
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Jim Cramer: UPS a Coiled Spring with A Lot of Momentum Behind It
UPS said Tuesday it is planning on hiring between 90,000 and 95,000 employees for the holiday season. Jim Cramer says it means they're getting ready for a surge in deliveries for the holidays. He says UPS is a terrific place to be because it's so far behind Fedex and yet it spent a lot of money to have a better holiday season. Cramer believes UPS is a 'coiled spring', it has a lot of momentum behind it and it's about to go higher. Cramer says people don't like UPS, they like rival Fedex instead but he says: "sometimes you have to buy what's not loved in order to make money." UPS is also working to meet holiday shipping demands by adding operating days and improved shipment tracking timing.
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Cowen Report on Coca-Cola: 'Is Soda the New Cigarette?'
In Tuesday's Analysts' Actions, Cowen initiates Coca-Cola, Citigroup adds Hershey to 'Focus List' and RBC upgrades Microsoft. Citigroup has a sweet new addition on its 'Focus List.' The firm says Hershey (HSY) is its top pick for the U.S. food group and expects the chocolate maker to show improving sales and margin trends in the coming quarters. Citi has a 'Buy' rating for the stock with a $112 price target. Microsoft (MSFT) was upgraded to 'Outperform' at RBC Capital, its price target was also raised to $54 from $47 a share. The analysts at RBC believe Microsoft has multiple near term drives and can create value. Analysts at Cowen Company initiated coverage on Coca-Cola (KO) with a 'Market Perform' rating. The target price is set to $43, that's pretty much in line with where the stock is currently trading. The title speaks for itself but the firm's report called 'Is Soda the New Cigarette?' explains why Cowen is cautious with the stock.