Dark day for STOCKS?

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We shall see, but GM is coming in with a very dismall quarterly report that should move the market to the downside in a domino effect today.

General Motors (GM: news, chart, profile) lowered its earnings outlook for the first quarter and full year Wednesday to reflect weak sales and production volumes in North America, a tougher pricing environment and a more car-based sales mix. The Dow component now sees a loss before items of about $1.50 per share in the first quarter, well below its prior target of breakeven results or better. For the full year, the world's largest car maker now anticipates earnings before items of $1 to $2 per share, short of a previous view for a profit of $4 to $5 per share. The company also forecast negative operating cash flow of about $2 billion in 2005, before the effects of the Fiat settlement and GM Europe's restructuring. Its previous target was positive cash flow of $2 billion for the year. The stock closed Tuesday at $33.72, down 1.8 percent. See full story

Other stocks to watch........................

<TABLE cellSpacing=0 cellPadding=2 width="100%" bgColor=white border=0 xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:js="http://cbs.markewatch.com/xsl"><TBODY><TR><TD width="100%">Akamai Technologies Inc. (AKAM: news, chart, profile) agreed to buy privately-held Speedera Networks Inc. in a stock-for-stock transaction, by issuing around 12 million shares, valued at around $130 million. The acquisition is expected to be accretive to Akamai's earnings per share in 2005.


Air Methods Corp. (AIRM: news, chart, profile) revealed a fourth quarter 2004 net loss of $0.2 million, or 2 cents a share, mainly due to a decrease in patient transportation after higher weather cancellations. Last year, the air medical transportation company reported a net profit of $1.6 million, or 16 cents a share during the quarter. Revenue rose 4 percent to $68.3 million. Turning to current trading, the company said that, while flight volume throughout the first half of March has been very strong, same-base transports within community-based operations through February were down 618, or 14 percent, compared with last year. The impact of reduced flight volumes and higher premium costs are expected to be partially offset by improved net revenue after and by a moderate price increase effective March 1st, the company added.

Alcan (AL: news, chart, profile) raised its reported 2004 earnings to $258 million, or 69 cents a share, from the previously reported $66 million, or 16 cents a share after it determined that the goodwill charges it recorded related to the Pechiney acquisition were too high. The company said the weakness in its internal controls that led to the overstatement of goodwill has been corrected. The Montreal aluminum company's U.S.-listed stock closed Tuesday up 19 cents at $40.24.

Aspen Technology Inc. (AZPNE: news, chart, profile) late Tuesday said it filed restated results for 2000-2004 with the Securities and Exchange Commission. See full story.

Autobytel Inc. (ABTLE: news, chart, profile) announced preliminary third-quarter and 2004 financial results, but said it won't be able to file those results with the SEC by the Wednesday deadline. See full story.

Bear Stearns (BSC: news, chart, profile) reported first-quarter earnings of $379 million, or $2.64 per share, up from its year-ago equivalent profit of $361 million, or $2.57 per share. Revenue rose 7 percent in the latest three months to $1.8 billion from $1.7 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for earnings of $2.34 per share in the February period on revenue of $1.71 billion. The company said it saw revenue increases in its global clearing, wealth management and institutional equities businesses, while its fixed income business "produced another solid quarter." The stock closed Tuesday at $106.03, up 1.2 percent.

Cambrex Corp. (CBM: news, chart, profile) reported revised 2004 results and said it is requesting a 15-day extension with the SEC for its 10-K in order to complete its Sarbanes-Oxley review. See full story.

Dendreon Corp. (DNDN: news, chart, profile) reported it swung to a fourth-quarter loss. See full story.

Edge Petroleum Corp. (EPEX: news, chart, profile) said it will restate third-quarter financial results and revise fourth-quarter and 2004 results to correct for accounting of some expenses. See full story.

Fortune Brands (FO: news, chart, profile) plans to spin off its Acco World office products unit. The deal will result in a cash dividend of $625 million to be paid by Acco to Fortune Brands. Acco then plans to merge with General Binding Corp. (GBND: news, chart, profile) in a transaction giving one share of the merged company for every 4.6 Fortune Brands' shares held. General Binding shareholders will receive one share of the merged company for each share they own. The companies expect the deal to close this summer. Upon its completion, Fortune Brands will own 66 percent of the merged company, and General Binding will own the remainder. The combined company would have had sales of $1.2 billion in 2004.

Fossil Inc. (FOSL: news, chart, profile) said that, as a result of Securities and Exchange Commission clarifications about the accounting treatment of operating leases, it will adjust its previously reported earnings for the fourth quarter and year to Jan. 1, 2005. The Richardson, Texas creator of fashion watches now expects to take $3.1 million in non-cash fourth-quarter expenses. The company anticipates it will report fourth-quarter net income of $35 million, or 47 cents per share, down from its original report of $37.6 million, or 50 cents per share. The company also expects to take a pretax quarterly charge of $875,000 to settle a supplier's claims about the production of some watches. On Tuesday Fossil's stock closed up 12 cents at $26.12.

Franklin Resources (BEN: news, chart, profile) said it will pay a special cash dividend of $2 a share on April 15 to shareholders of record as of March 31.

Global Crossing (GLBC: news, chart, profile) reported a fourth-quarter loss of $28 million. Net income for the same period in 2003 was $24.9 billion, after the company emerged from bankruptcy on Dec. 9, 2003. Revenue dropped to $573 million, from $679 million. As of Dec. 31, 2004, the company had two "material weaknesses" in financial reporting internal controls and management expects Ernst & Young to issue an adverse opinion on effectiveness of internal control. The company also said it expects to start generating positive cash flow at some point during the second half of 2006 and that its plan to narrow focus to the global, internet protocol enterprise market, to restructure certain product lines, and to sell certain businesses will reduce total revenue by 22 to 28 percent in 2005, compared to 2004.

JPMorgan Chase & Co. (JPM: news, chart, profile) elected William Weldon, chief executive of Johnson & Johnson (JNJ: news, chart, profile) , as a director. Director John Stafford will retire when his term expires on May 16.

Metabasis Therapeutics (MBRX: news, chart, profile) said it was told by its development partner Sankyo Co. of the cancellation of two drug trials of Metabasis' product candidate CS-917 for the treatment of diabetes. The trials were halted after two patients suffered adverse medical consequences and a third study is under review. On Tuesday shares of Metabasis Therapeutics closed unchanged at $6.90.

Microvision Inc. (MVIS: news, chart, profile) reported a fourth-quarter loss of $8 million, or 38 cents a share, vs. a loss of $5.2 million or 26 cents a share a year ago. Revenue was $3.3 million versus $4 million, matching analysts' estimates. See After Hours column.

Procter & Gamble Co. (PG: news, chart, profile) said it still expects to meet its announced earnings and revenue targets for its third quarter. See full story.

Research in Motion (RIMM: news, chart, profile) agreed to pay $450 million to NTP Inc. to settle a patent dispute. The two companies said they signed a binding agreement to resolve litigation and that NTP will grant RIM and its customers "an unfettered right to continue its BlackBerry-related wireless business without further interference from NTP or its patents." RIM expects to expense a "substantial portion" of the $313 million, what it called the balance of the settlement amount, in the fourth quarter that ended Feb. 26, 2005.

Rubio's Restaurants Inc. (RUBO: news, chart, profile) reported fourth-quarter earnings jumped 51 percent. See full story.

Saflink Corp. (SFLK: news, chart, profile) reported a loss of $6.6 million, or 8 cents a share, compared with a loss of $2.9 million, or 11 cents a share, last year. Its pro forma loss was $5.4 million, or 7 cents a share. Revenue increased to $2.3 million, up from $488,000.

Shopping.com (SHOP: news, chart, profile) received an upgrade to "outperform" from Piper Jaffray due to valuation.

The chief executives of Sprint Corp. (FON: news, chart, profile) and Nextel Communications (NXTL: news, chart, profile) are in line to receive up to $20 million in bonuses as a result of their companies' $36 billion merger. See full story.

Triton PCS Holdings Inc. (TPC: news, chart, profile) said it swung to a fourth-quarter profit of $769.4 million, or $9.86 a share. Last year, it posted a loss of $31.2 million, or 52 cents a share. It cited an $848.5 million gain related to transactions with Cingular Wireless, a joint venture between SBC Communications (SBC: news, chart, profile) and BellSouth (BLS: news, chart, profile) , and AT&T (T: news, chart, profile) unit AT&T Wireless. Revenue was $195.5 million vs. $201.5 million.

Kohlberg Kravis Roberts & Co. and an investment group led by Cerberus Capital Management LP each offered more than $5.5 billion for Toys "R" Us Inc. (TOY: news, chart, profile) . See full story.

Tweeter Home Entertainment Group (TWTR: news, chart, profile) said Chief Executive Officer Jeffrey Stone will resign on April 26. Stone is leaving to become COO of Tivoli Audio LLC. CFO Joe McGuire was named interim CEO.

Valeant Pharmaceuticals International (VRX: news, chart, profile) said it adjusted previously reported 2004 fourth-quarter and full-year results following a review of its deferred tax asset. 2004 fourth-quarter results were reduced from earnings of 3 cents a share to a loss of $1.18 a share. It widened its 2004 loss from 81 cents a share to $2.02 a share.

Veeco Instruments Inc. (VECO: news, chart, profile) said fourth-quarter net loss widened to $56.0 million, or $1.88 a share from $4.8 million, or 16 cents a share. Revenue rose 34 percent to $103 million. Veeco said it had completed its internal investigation of improper accounting transactions recorded at its TurboDisc business unit and restated the figures for the first nine months of the fiscal year, cutting earnings by $2.8 million, $4.3 million and $3.1 million to the three consecutive quarters. Veeco reaffirmed its first-quarter 2005 revenue guidance of $85 million to $90 million, and now expects orders, which were forecasted to be between $85 million to $90 million, to be at the high-end of that range.


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Michael Baron is a reporter for MarketWatch in New York
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There was a time when General Motors was so important, its stock action could move markets. Helene Meisler says GM's slide from relevance validates a comparison of seemingly disparate stocks like ExxonMobil and Qualcomm. She say when stocks are tells for the broader market, it can be instructive to compare them. In the broader markets, if the averages break their trend lines in a kind of panic in upcoming days, that's bullish. Meanwhile, the Nasdaq is oversold and the NYSE could use a bit more work, she says.

https://secure2.thestreet.com/cap/login/rm_mbp_yahoosoft.jsp?cm_ven=YAHOO&cm_cat=PREMIUM&cm_ite=003190&flowid=e942b344fc&url=http%3A%2F%2Fwww.thestreet.com%2Fp%2F_yahoo%2Frmoney%2Fchartistrm%2F10213362.html
 

SSI

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Fish, i asked you yesterday but maybe you didnt see it...

Do you trade commodities and if so which markets and how much experience do you have..

Quick recent story, place where i trade (through rjobrien) had a guy buy $20000 of soybean calls about a month ago, beans were at or near $5 then, he bought some $6 calls and has made a killing... my broker (who is a good friend) told me it was the guys last $20,000, bank was forclosing on his farm and he had some sort of preminition and bought the calls... i get alot of great stories from him, some things he probably isnt supposed to share, some daytrades getting hammered..
 

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SSI said:
Fish, i asked you yesterday but maybe you didnt see it...

Do you trade commodities and if so which markets and how much experience do you have..

Quick recent story, place where i trade (through rjobrien) had a guy buy $20000 of soybean calls about a month ago, beans were at or near $5 then, he bought some $6 calls and has made a killing... my broker (who is a good friend) told me it was the guys last $20,000, bank was forclosing on his farm and he had some sort of preminition and bought the calls... i get alot of great stories from him, some things he probably isnt supposed to share, some daytrades getting hammered..

No, I have only traded lightly on the CBOT grain commodities.

Having a farming background from Iowa, I do follow the grain markets rather closely. My brother trades actively on the CBOT and does very very well.

That is a great story, thanks for sharing.

SOYBEANS up 8 cents on the day.

---FISH---
 

Beach House On The Moon
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We may see an afternoon rally after traders digest the morning GM & Sweet Crude news

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD class=pageDate>Updated: 16-Mar-05 13:03 ET</TD><TD class=brf-smalltext align=right>Major Indices | Intraday Charts: Dow | Nasdaq | S&P500</TD></TR><TR><TD>
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</TD></TR><TR><TD vAlign=top><!-- Content Begin--><TABLE cellSpacing=0 cellPadding=1 width="100%" border=0 xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:user="urn:www.briefing.com"><TBODY><TR class=sectionColor><TD class=rH colSpan=3>The market at 13:00 ET</TD></TR><TR><TD class=rD vAlign=top width="40%" colSpan=2>Dow: -66...
Nasdaq: -9... S&P: -5.43... </TD><TD class=rD with="60%">NYSE Vol: 888 mln.. Adv: 1058.. Dec: 2145
Nasdaq Vol: 1.1 bln.. Adv: 1183.. Dec: 1791</TD></TR><TR><TD height=3></TD></TR><TR class=sectionColor><TD class=rH>Moving the Market</TD><TD class=rL rowSpan=2>
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</TD><TD class=rH>Sector Watch</TD></TR><TR vAlign=top><TD class=rD rowSpan=2>10-yr note +19/32 yielding 4.46% :103631605

Crude oil prices touch all-time highs above $56/bbl amid disappointing oil inventories data

GM guides Q1 loss of $1.50, vs breakeven ests, bringing GM's credit rating into question


Mixed batch of economic data - Q4 current account deficit widened to a record $187.9 bln but industrial production hit record levels and housing starts remain strong</TD><TD class=rD>Strong: energy, disk drive

Weak: auto, auto parts, materials, steel, chemicals, financial, health care, transportation, telecom svc, retail</TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=2 width="100%" border=0 xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:user="urn:www.briefing.com"><TBODY><TR><TD height=14></TD></TR><TR><TD class=st-Time vAlign=baseline noWrap>13:00 ET </TD><TD class=storyTitle vAlign=top>Dow -66, Nasdaq -9, S&P -5.43</TD></TR><TR><TD></TD><TD class=st-Art>[BRIEFING.COM] Market rebounds somewhat but not nearly enough to make a significant change in the standings... While General Motors' (GM 29.25 -4.47) disappointment has arguably pulled the rug out from under blue chips, there has been at least one piece of encouraging news among the automakers... Shares of rival Ford Motor (F 11.92 -0.31), which have traded lower in sympathy with GM's decline, have improved somewhat after it reaffirmed FY05 guidance within the hour... Ford, albeit not dismissing ongoing challenges in a difficult market, still sees Q1 EPS in the range of $0.25-0.35 (consensus $0.40), expects FY05 EPS of $1.75-$1.95 (consensus $1.75) and has also reiterated full-year operating-related positive cash flow guidance of $1.2-1.5 bln... GM, which initially projected a $2.0 bln cash inflow, now expects to see a $4.0 bln swing to negative cash flow of $2.0 bln, excluding the $2.0 bln Fiat settlement... ..NYSE Adv/Dec 1058/2145. ..NASDAQ Adv/Dec 1183/1791. </TD></TR><TR><TD height=14></TD></TR><TR><TD class=st-Time vAlign=baseline noWrap>12:30 ET </TD><TD class=storyTitle vAlign=top>Dow -88, Nasdaq -12, S&P -7.59</TD></TR><TR><TD></TD><TD class=st-Art>[BRIEFING.COM] Not much changed in the last half hour but a bearish bias remains firmly intact... Decliners on the NYSE hold a roughly 2 to 1 edge over advancers while declining issues on the Nasdaq outpace advancing issues by a 17 to 11 margin... The ratio of down to up volumes also reflects a decisively negative tone on both the Big Board and the Composite, as total volume on the latter has just surpassed 1.0 bln shares... Meanwhile, both the Dow and S&P have failed to find secondary support near levels of 10675 and 1191, respectively, while the Nasdaq continues to struggle finding initial support around the 2024 level... ..NYSE Adv/Dec 2078/1095. ..NASDAQ Adv/Dec 1124/1796. </TD></TR></TBODY></TABLE>
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SSI

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fish, im going to buy this sucker tomorrow (emini sp)-- around 1184.50 -- if we drop that low and risk about $1000 on it (sl at 1164.50).. keep an eye on it and pull for me..
 

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SSI said:
fish, im going to buy this sucker tomorrow (emini sp)-- around 1184.50 -- if we drop that low and risk about $1000 on it (sl at 1164.50).. keep an eye on it and pull for me..

You DA MAN!

Like your thinking!

--FISH--
 

SSI

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fish, just checked the quotes, were up to 1193 on the night session.. there is going to be alot of resistance just over 1200.. we really need to get over 1220 to run.. market is in a crucial spot right now.. looks like a range from 1180 to about 1210 or so.. i might be a seller tomorrow around 1201 and risk to 1221.. still risking 20pts ($1000).. i would take either entry 1184.50 long or 1201 short and simply move my stop once i get ahead, i see a range developing here.. which way it breaks will be a bigger move... merck may be in some trouble as well.. everyone will be busy with hoops but im going to post my emini trade tomorrow anyway... the grain trade is a spread trade and hopefully will move in my favor.. spread trades are not usually volatile..
 

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