Morning Spy: LinkedIn Roars Back, Citi News Stays Ugly (LNKD, YOKU, ISS, TTI, TZOO, C, AAPL, XOM, NKE)
The markets are trading with solid gains on Tuesday morning. The markets might be gaining today because the Shiller Home Price Index showed a monthly increase in prices for the 10 and 20 city composites for the first eight months. In other economic news, June consumer confidence was reported at 58.5, less than analysts’ consensus of 60.7.
Today’s Top tickerspy Indexes:
Social Networking Stocks (up 3.6% today, see graph): The Index is being led by shares of LinkedIn (LNKD), which saw a host of analysts initiate coverage, including buy ratings from UBS, JP Morgan, and Bank of America. Also performing well today is the Chinese Internet Stocks Index. Shares of Youku.com (YOKU) are pulling the Index higher after the company signed a contract with Warner Bros.
Oil Services and Equipment Stocks (up 2.0%, see graph): The Index is performing well as a whole. Shares of Tetra Technologies (TTI) are leading the way on average volume.
Today’s Top Market Headlines
Why The Dow Will Plunge To 7,000: One theory of economics says that any market can return to a point where it has been in the past. The Great Recession was, by some measures as bad as the Great Depression.
Apple: Just One New iPhone In September, Says BMO: BMO Capital’s Keitch Bachman cut his estimate for Apple (AAPL) sales of the iPhone in the September-ending fiscal Q4, writing that the introduction of the next iPhone – “4S,” as he calls it – will be later than he’d previously thought.
Exxon Gets Idaho Permit Recommendation for Oil-Sands Equipment: ExxonMobil (XOM) won a recommendation by an Idaho Department of Transportation official to use the state’s Highway 12 to transport heavy equipment destined for the company’s Kearl oil-sands project.
Nike Earnings And The Athletic Shoe Company: People may not be able to afford to buy cars and houses. It turns out, however, that they can afford $100 sneakers. Nike (NKE) reported earnings for its last quarter of $594 million up 14% from the same period last year.
Former Citigroup Accountant Accused of Embezzling $19.2 Million: The accountant is accused of transferring money from various Citigroup corporate accounts to his own bank account late last year.
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