Might need to sleep with a neck brace tonight after witnessing today’s whipsaw action in US stocks. Most days, motivations behind the market’s gyrations are cloudy at best, but today was pretty clear. Bulls punched the afterburner following better-than-expected Feb new home sales, and bears shot down the rally when the 5-yr note auction was no smash hit. Bulls then hit the accelerator for a sneaky final flourish into the bell. Continue reading…
Archive for March 25th, 2009
Blockbuster’s (BBI) announcement that it’ll make its on-demand service available to TiVo (TIVO) subscribers seems like it would’ve been a good idea a few years ago.
Blockbuster On Demand will provide content through certain TiVo models starting in 2H09. This is likely one of several initiatives Blockbuster – which refuted claims earlier this month that it intended to file for bankruptcy – plans to take to help revise its business. But tech bloggers remain skeptical.
If collaborating with a declining DVR pioneer is part of Blockbuster’s grand plan to grow its business, “well, that’s not much of a plan is it?” John Paczkowski writes on the Digital Daily blog. Continue reading…
Selling picks up some steam in US stock markets, particularly after bulls fail to hold 800-level on S&P 500.
More than 300 points separates DJIA’s session high and low. Key turning points for stocks — 10:00 am release of Feb new home sales, which sent equities on a rocket higher, and 1:00 pm 5-yr note auction, which cut out the rally’s legs.
Former bond trader John Jansen says he’ll begin charging users in mid-April for some of the content on his blog, joining a growing list of financial bloggers and websites that aren’t giving away their goods for free anymore.
Bespoke Investment Group and Footnoted are a couple other examples of financial blogs offering premium content for a fee in conjunction with free material. Minyanville is also a financial website that offers several premium packages.
Lots of chatter surrounding Sen. Benjamin Cardin’s (D-Maryland) bill that would restructure ailing newspaper companies into non-profits with a variety of tax breaks.
Cardin’s plan hasn’t yet attracted co-sponsors, but it has sparked the interest of many within the media, according to Reuters. The plan would give newspapers similar status to public broadcasting companies. They’d be able to report the news as they usually do, but would be restricted from making political endorsements.
Media observers, however, are skeptical such a plan would actually be in the newspaper industry’s best interests. Alan Mutter, managing partner of Tapit Partners and author of the Reflections of a Newsosaur blog, notes the St. Petersburg Times and Christian Science Monitor are two newspapers already owned by non-profits that are struggling.
Premarket US stock futures point to a flat open this morning, after yesterday’s moderate pullback. European markets are softer, and stocks in Asia overnight were flat to lower. February durable goods orders due at 8:30 am; Feb new home sales set for 10:00 am.
Hints of some stability showing up in various economic data lately, or at least in some cases the pace of deterioration seems to be easing. Chance we’ll see more evidence of that this morning? S&P futures essentially flat; 10-yr down, yield at 2.72%.
