Friday, October 29, 2010

Heat Dominate Magic

On a glittering night in Miami,the Miami Heat were dominating the Orlando Magic 79-55at the end of the third period.Dwayne Wade led the scoring with 26 points,having hit several 3-point shots,while team mates LeBron James and Chris Bosh scored 13 and 9 points respectively.
West of Boulder,Colorado,residents were feeling actual heat.They were evacuated because of wildfires driven by warm wind.Two fires had consumed 130 acres,driving 170 from their homes.
Back east,two tropical storms churned in the Atlantic.Shary was beginning to shear Northeast,away from the U.S.,while Tomas looked more dangerous,being more likely to intensify in the Caribbean.
The market was subdued on Friday,as investors contemplated a week of big events ahead of them.Tuesday brings the midterm election,and Wednesday the Federal Reserve could issue the parameters of more asset purchases to stimulate the economy,which is only growing at a 2% clip.Next Friday,the big employment numbers are released by the Labor Department.
Stock futures were indecisive this evening,with the Dow futures up,but the NASDAQ down and the S&P flat.Bond futures fell.
Update:The final score was Miami 96,Orlando 70.Wade finished with 26 points,and James and Bosh scored 15 and 11 respectively.Dwight Howard led Orlando's scoring with 15 points.

Friday, October 22, 2010

Earnings Season Going Well,Texas Wins

Wall Street responded favorably to good earnings reports from most companies that have reported so far.Eighty percent have beaten profit estimates,while 75% have shown revenue increases as well.The market was up all round this week,with the Dow gaining 0.6;the S&P also 0.6;and the NASDAQ 0.4.Next week,a third of the largest companies will be reporting on their earnings as the quarterly ritual continues.
Wintry conditions continue their presence in pockets of the lower 48,with snow levels falling to just under 4,000 feet in mountain passes of the Pacific Northwest,snow coating Northern Maine and brushing the Adirondacks as well.A frost advisory was up in the Mid-Atlantic region,even though Saturday was expected to be mild.
The S&P futures were up 5.0 this evening as optimism about earnings season,the mid-term elections and Federal Reserve policy continued to prevail.The Dow futures rose 7.0,while the NASDAQ futures added 24.0 and bond futures also ascended.
The Texas Rangers' spirits rose as well,as they creamed the New York Yankees 6-1 for their first American League Championship in Arlington,Texas.

Friday, October 15, 2010

Strong Low Hugs Northeast;Yankees Stumble Early,Then Recover

A powerful low pressure system gave the Northeast coast a bear hug Friday night,bringing gusty and even snowy conditions to residents.Vermont received up to a foot of snow-not unusual for October,one skier remarked.Meteorologist Jim Cantore reported for The Weather Channel in the snow,predicting a cold,snowy winter for the Northeast.
Pitcher CC Sabathia was feeling pretty cold himself,being slammed with five runs in the early innings by the Texas Rangers as the American League Championship Series got underway in Arlington,Texas.Former President George W. Bush,who now lives on his Texas ranch permanently,was on hand to applaud his favorite team.The Yankees later came back strongly to win the game 65.
The stock market registered its sixth weekly gain in seven weeks,with the S&P 500 index up 0.95.The Dow edged 0.51 higher,and the NASDAQ gained 2.78,cheered by Google's strong Q3 earnings.The latter trend continued in the futures market Friday evening,with the NASDAQ futures up 33.0,while the Dow futures fell 28.0 and the S&P futures were flat.Bond futures climbed.
Companies reporting earnings next week include Citigroup,Apple,Caterpillar,Bank of America and IBM.
Google(GOOG),Apple(AAPL),International Business Machines(IBM),Caterpillar(CAT),Bank of America(BAC)

Friday, October 8, 2010

Reds Blow Early Lead

The Cincinnati Reds blew an early four-run lead over Philadelphia in Game 2 of the National League Division Series,losing by a score of 7-4.A series of fielding mistakes,combined with several hit batters and scrappy Phillies play led to the Reds' downfall in Philadelphia,leaving them 0-2 in the series,which moves to Cincinnati for Sunday's third and possibly final game.This was surprising,given the Reds' reputation for error-free baseball this season.Perhaps they were distracted by the thousands of raucous fans waving their white rally towels for the Fightin' Phils.
Wall Street traders were not distracted today,sending the Dow Jones Industrial Average back up over 11000 for the first time in five months.The flat September
employment report made them feel certain the Federal Reserve will take more action before the year's end to bolster the economy.All three major indexes were up modestly for the week,with the S&P 500 scoring a gain of 1.7.Since the July market lows,materials are up 24%;retail 20%;and industrials 19%.
Optimism carried over into the futures market this evening,with the Dow futures up 35.0;the NASDAQ gaining 6.75;and the S&P futures climbing 4.10.Bond futures were virtually flat.

Friday, October 1, 2010

Team USA Holds Slight Lead

Team USA holds a slight lead over Team Europe at the Ryder Cup,which is being played at the Celtic Manor Resort in Newport,Wales.Play was suspended after rain delays pushed the matches into dusk.It will resume at 3:00 am Eastern.The crowd was boisterous nonetheless at one of the year's most unique tournaments,a team event for a highly individual sport.Team USA led in two of the matches,while Team Europe led in one,and the other was tied.
At the Viking Classic,the first of the PGA's Fall Series tournaments,American Bill Haas and Brendon de Jonge of Zimbabwe shared the lead after the second round,both having shot 66s for a -12.American Michael Allen and Australian Nathan Green shared third place at nine under par.The Viking Classic is being held at the Annandale Country Club in Madison,Mississippi.
Meanwhile,the veteran golfers of the Champions Tour continue their quest for the Charles Schwab Cup at the Ensure Classic at Rock Barn Golf&Spa in North Carolina.Australian Peter Senior tops the leader board,shooting a 65 today for a -7.German Bernhard Langer,53,currently far ahead in the cup standings,shared a -6 with Americans Tom Kite and Fred Couples,all having shot 66s.
In baseball,the San Francisco Giants and San Diego Padres began a critical series in San Francisco.It will determine the NL West champion.The Giants only need one more win to clinch the division title,while the Padres need to win all three games.The Padres were leading 1-0 at the top of the third inning.
Stock futures pointed to a moderately higher Monday opening this evening,with the Dow futures up 45.00,while the S&P futures rose 5.60.Bond futures were flat.Earnings season begins in the traditional way on Thursday,with Alcoa reporting its Q3 results.