In a day where you might think all the old trades are unwinding, you see thing such as Gold down $15. If you think global inflation is picking up as many do, this might create a buying opportunity. All the while, the dollar showed gains again today.
Good news lifted the Market higher today.
First, Clear Channel announced their deal is on and the financing lives! We can all take a deep breath having not to hear David Faber announce this daily. Wow, I think we had put options that this might never end.
Second, it is rumoured that Carl Icahn has a accumulated a stake in Yahoo to bring on a Proxy fight. Yahoo(YHOO) was up about 5% today because of the rumour.
In another bit of California, San Francisco Fed President Janet Yellen said today that the inflation has peaked and that we should see some relief next quarter due to
rate cuts. The Fed has cut overnight interest rates to 2% from 5.25%, starting last summer.
Hewlett Packard does not look like it will get to 43 today. It has bounced back from its low today and might show a more favorable reaction on the open tomorrow.
Walmart(wmt) showed 7% increase revenues but the guidance, due to fuel price increase, fell short of expectations. This led to 2.5%+ loss today.
Dan Gallagher reported today, that Ebay is being sued by Craigslist. You have to wonder when Ebay looks like it might have hit a ceiling in its bid to conquer the auction world with a not so happy Ebay community, and the Paypal and Skype acquisitions not performing as well as expected, why would you step on the toes of another community site?
This will be interesting to watch in the coming months.
