Is Yahoo.Finance down?

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JAG's picture
JAG
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Joined: Oct 26 2008
Posts: 2492
Is Yahoo.Finance down?

 Sorry to make a post out of this, but is Yahoo Finance down for anyone else out there in the blogosphere? I have tried all morning to get on, but I keep getting "server is down or busy" errors. This is unusual for me. Thanks for the feedback.

cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Re: Is Yahoo.Finance down?

Appears down to me Jeff... I get nothing as well.

Cat

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Re: Is Yahoo.Finance down?

 Thanks Cat, I just might have to turn on the dreaded CNBC to make sure I'm not missing something.

cat233's picture
cat233
Status: Platinum Member (Offline)
Joined: Aug 20 2008
Posts: 575
Re: Is Yahoo.Finance down?

have the latest from briefing.com

13:19 BONDX Bonds Back Off (+05/32 3.485%)

The auction went off fairly well, medium-well, but the market seemed to be expecting a little more even with the record high indirect bidder participation rate of 54% beating out the previous high 53.6% in Nov 04. The 2.62 was less impressive, but solid while the rate was on the high side. Trade backed off as fast longs backed out, taking a step back as the upcoming auctions will lose a little in the way of expectations with the pumped up pricing demand. (Please see the Bond page for charts and more)

13:19 Trader Sentiment: Color on the 3-year Note Results

The results for the 3-year auction have arrived and the biggest red flag is that yields were a little higher than expected, coming in at 1.51% compared to expectations of 1.49%. The allotment at this level was pretty high as well, coming in at approx 76%. This suggests bidders needed a little more enticement for these notes. Demand remained strong as the bid/cover was 2.62x , but this marked the lowest ratio since the April 8th auction. Foreign appetite for U.S. debt continues as indirect bidders represented 54% of the successful bids. With talks of a second stimulus plan making the rounds it will be important for these auctions to continue to show strength and this 3-year can be viewed as the first 'disappointment' in the past five auction. That is not to say that the results were poor, in fact quite the opposite they were very good, but when you have high expectations to live up to and another $1.1 trl in debt to auction (possibly more if a second stimulus becomes a reality),the markets will be looking closely for any chink in the armor. So far the news is being overshadowed by positive comments from Alcoa (AA) on China as the S&P has moved 4 points higher since results were released. These reults though will put pressure on the 10-year and 30-year auctions due out in the next 48 hours.

13:19 ETF Watch: FAZ and FAS Reverse Split Announcement Important Move to Offset "Time Decay" of Leveraged ETFs

Yesterday morning, Direxion Shares announced reverse share splits of two of its leveraged ETFs: The financial sector 3x bear fund, FAZ, will split 1-for-10, and the financial sector 3x bull fund, FAS, will split 1-for-5.

For traders who have been using the leveraged funds as scalping vehicles, this is an excellent turn of events. Higher share prices lower commision costs for accounts where commissions are levied on a per-share basis. And, in liquid markets, higher prices reduce the percentage impact of the spread, which allows for market order scalping. Hopefully, these types of moves will set the industry standard as far as a strategy for dealing with the time decay of leveraged ETFs.

"Time decay", in this instance, refers to the tendency of these instruments to decline in price over time given flat market conditions. This is because of the math involved in the daily reset of percentage changes.

As a fictitious example, consider index XYZ and 2x leveraged long and short funds, XXX and YYY, respectively, based off of XYZ. Assume all three begin at $10/share at time T. At T+1, XYZ goes to $11 (increases by 10%). Consequently, XXX goes to $12 (+20%), and YYY goes to $8 (-20%). At T+2, XYZ trades back down to $10 (-9.1%). As a result, XXX moves to $9.82 (-18.2%), while YYY moves to $9.46 (+18.2%).

In other words, XYZ went from $10 to $10 in two sessions, and both of its related leveraged funds, bull and bear, declined over the same period.

You can extrapolate this out and see that, over time, leveraged ETFs will probably need some mechanism of regular price resetting, like a reverse split. The alternative would be to close them and reissue new funds (reset to $100/share or something) when the old funds move under $10/share. Direxion's move to reverse split the FAS and FAZ funds may be a sign of where the industry is headed. Confirmation of that trend might be given by Proshares coming out and taking similar action with UYG, their 2x financial sector bull fund which is now trading at $3.59/share.

13:17 Summary of news impacting healthcare sector today

The managed care sector is showing relative strength in a weak market after WSJ reported that the Obama Administration is open to a deal on the public health plan. The gains in the related stocks come on the idea that today's news may remove the worst-case scenario of a pure-government run system. WSJ reported that White House Chief of Staff Rahm Emanuel said it is more important that health-care legislation inject stiff competition among insurance plans than it is for Congress to create a pure government-run option. Emanuel said "the goal is to have a means and a mechanism to keep the private insurers honest," and that "the goal is non-negotiable; the path is" (see 9:53 story for additional details). Previously, President Obama has been a staunch supporter of the public health insurance option.

It has been feared that a public plan would establish a single-payer system (federal govt), which would pressure prices for drugs, equipment, etc, and potentially drive insurers out of business, due to the advantages that a fed govt program would have over a private plan (i.e. size & cost of capital). With the Obama Administration now open to a non-public plan solution, it is possible that the insurers will be able to avoid the most dreaded healthcare option that they have been openly lobbying against.

In addition to news of a non-public plan, another news item that may be contributing to the strength is a report by the Washington Post that the nation's hospitals agreed last night to contribute $155 billion over 10 years toward the cost of insuring the 47 million Americans without health coverage, according to two industry sources. With President Obama out of the country, a formal announcement is expected tomorrow from Vice President Biden. This follows two previous cost cutting announcements in the past month or so, and since today's commitment is for a lower-than-expected amount it is helping health care stocks rally. Previously, on 6/15, WSJ reported that President Obama outlined a $313 bln in cuts to govt health-care spending over 10 years, largely impacting hospitals. Then on June 20, the Pharmaceutical Research Manufacturers Association agreed with the White House and the Senate Finance Committee to reduce Medicare prescription drug costs for seniors, saving $80 bln over 10 years. Finally, Bloomberg.com also reported today that the House Ways and Means Committee members are likely to propose a tax of at least 4% be levied on incomes exceeding $200,000, as a funding source for the proposed overhaul of the health-care system (see 10:34 story for additional details).

Today's news has impacted a number of groups within the healthcare space, including: Managed care stocks : AET +8.1%, AGP +2.3%, CI +7.8%, CNC +3.0%, CVH +5.2%, HNT +4.5%, HS +2.8%, HUM +5.5%, MOH +4.1%, UAM +4.3%, UNH +8.0%, WCG +4.0%, WLP +3.4%; and Hospitals: CYH +5.7%, HMA +4.7%, LPNT +4.5%, THC +7.6%, UHS +6.3%.

13:16 US FDA says pain medicines containing Propoxyphene need strong black box warning about potential for overdose - Reuters

13:16 Aluminum and commodity related names ticking higher following AA headlines

Aluminum related names such as CENX, KALU, ACH are ticking higher in recent trade after Alcoa's (AA) CEO appeared on Bloomberg TV saying he is "very optimistic" on sales as China economy recovers. The CEO adds "China is clearly out of the woods"... Many commodity names are lifting off recent lows including BHP, RTP, MT, FCX and PCU.

13:12 RKH Sector Relative Strength -- Regional Bank HOLDRs Trust pushes to fresh highs as it lifts up into the 64.00 area (64.01 +0.60)

13:12 TECHX Sector Watch -Update-

The Dow/S&P are extending the intraday bounce after testing/holding near yesterday's lows. Sectors that are displaying relative strength on this move include: Materials XLB, Steel SLX, Gold Miners GDX, Energy XLE/OIH, Coal KOL, Finance XLF/RKH.

13:10 VNO Vornado Rlty Trust seeking to raise $1 billion to start a private-equity fund - WSJ (41.78 -1.99)

WSJ reports the co, one of the biggest real-estate investment trusts in the U.S., is seeking to raise $1 billion to start a private-equity fund to buy retail and office properties, according to people familiar with the matter. Vornado, a major office-building landlord in New York and Washington, plans to make a 20% commitment to the fund, according to a presentation to potential investors that was reviewed by The Wall Street Journal. The fund will be called Vornado Capital Partners LP and will be overseen by Vornado Chairman Steven Roth and CEO Michael Fascitelli. In its presentation to institutional investors, Vornado said it would seek "high quality assets at distressed prices." It will focus on markets where Vornado already has a big presence, notably office and retail properties in New York and Washington.

13:10 AA Alcoa jumps ~$0.15 on spike in volume with Bloomberg reporting that the CEO says aluminum demand is returning as China economy rebounds (9.43 +0.16) -Update-

13:09 UMC United Micro denies 65-nm yield issues - EE Times (2.55 unch) -Update-

EE Times reports the co denied a report that it experienced yield problems on its 65-nm process and said some isolated problems in meeting customer requirements were the result of tight capacity due to customer rush orders. On Monday, DigiTimes cited unidentified industry sources in reporting that programmable logic vendor Xilinx experienced supply constraints due to problems with UMC's 65-nm yield. In a regulatory filing made in Taiwan, UMC said its 65-nm yields have been improving and are consistently steady. In an email Tuesday, a spokesperson for UMC said the assertions made in the DigiTimes article were false."We have no abnormal yields on our 65-nm process nor do any customers face any yield-based shortages," the spokesperson said.

13:08 HLF Herbalife receives approval for additional direct-selling licenses in China (30.36 -0.11)

Co announces that China's Ministry of Commerce has granted five additional licenses for the company to conduct direct-selling business in the provinces of Fujian, Shan'Xi, Sichuan, Hubei, and Shanghai. All licenses are effective immediately, except Shanghai, which will be activated after the company opens its service outlets. Additionally, the company's license for Beijing, which was granted in July 2008 with the same exception as noted above for Shanghai, is now active.

13:05 WRAPX Market Update: S&P 500 Holds 200-Day Moving Average Again

The S&P 500 has surrendered the previous session's gains and is trading with widespread weakness. The broad-based declines have led the benchmark index back to its 200-day moving average for the second straight session... Stocks rebounded from fresh monthly lows in the previous session when the S&P 500 successfully held its 200-day moving average. Participants are watching closely to see whether the stock market will once again hold the technical level, which currently stands at roughly 885. Stocks recently made a modest bounce after the S&P 500 fell as low as 886.6... Amid this session's broad-based declines, health care is the only major sector to trade with a gain. The sector's 0.5% advance comes amid news that hospitals have agreed to contribute funds toward covering the uninsured. Though the announcement isn't particularly favorable for many health care service companies, it removes an overhanging uncertainty from the sector... Energy stocks and materials stocks are being pressured considerably for the second straight session. They are down 1.8% and 2.1%, respectively, as traders send commodities prices lower. In turn, the CRB Commodity Index is down 1.2% as oil prices reverse premarket gains to trade 1.9% lower at $62.80 per barrel. Dow -1.2%, Nasdaq -1.5%, S&P 500 -1.2%

13:04 ICE IntercontinentalExchange continues to sink lower intraday as it nears a test of the 100.00 "psych" area below (100.73 -9.28) -Update-

13:03 RICK Rick's Cabaret upgraded to Buy at Merriman (6.30 +0.55)

Merriman upgrades RICK to Buy from Neutral. The firm notes that after the ill-timed acquisition of the Vegas Scores location, they had been on the sidelines waiting for improving same-club sales and profitability trends and opening capital markets that could allow for a restart to Rick's acquisition strategy. The firm believes that both of these issues are moving into positive territory.

13:02 $35 bln, 3-year Note Auction Results: High Yields 1.51% (1.49% expected), allotted at 76.31%; Bid/Cover 2.62x (4-auction avg 2.53x); Indirect Bidders 54% (avg 39.5%)

13:01 JPM Relative Strength -- JP Morgan Chase pushes to fresh daily highs as it continues to edge modestly above yesterday's high of 32.60 (32.93 +0.33)

13:01 DAL Delta Air Lines reports June traffic (5.63 -0.10)

Co reports traffic results for June 2009. System traffic in June 2009, including both Delta and Northwest operations, decreased 6.3% compared to June 2008 on a 5.8% decrease in capacity, and load factor declined 0.5 points to 85.5%.

12:52 Trader Sentiment: S&P sitting near 200 sma ahead of 3-year Auction results

The U.S. government is set to roll out the second of four auctions this week in the form of a $35 bln 3-year note. Results will be posted at ~1pm ET. The past four auctions (10-year TIPS, 2-year note, 5-year note, and 7-year note) have all produced solid results, leaving expectations high for the 3-year. Strong treasury auctions have provided some support to equity markets over the past three weeks. The S&P was tumbling back in late June, tagging the 890 area before seeing a bounce to 930 following three straight days of positive results. Yesterday, the S&P once again slid back to 890. The index was able to find support at the 200 sma (886) and then bounced back toward 900, helped in part by a solid 10-year TIPS auction. As we head into the 3-year note auction, the S&P is once again sitting at 886, so results here can certainly tip the markets in favor of the bulls or bears. As we have noted over the past couple of weeks, shorter term maturities remain in favor so the 3-year should once again provide favorable results. However, it is this notion that has expectations high, so any falter would cause some consternation in the markets. A Bloomberg survey says analysts are expecting the yield to come in around 1.49% compared to the June auction of 1.96% and the four auction average of 1.58%. Bid/Cover was 2.8x last month and has averaged 2.53x over the past four. Indirect Bidders, which continues to impress, has averaged 39.5% the past four auctions.

12:52 ASIA AsiaInfo initiated with a Hold at Wedbush Morgan; tgt $18 (16.17 +0.39)

Wedbush Morgan initiates ASIA with a Hold and establishes a tgt of $18. The firm notes that while they believe ASIA's significant market presence in China provides the co with key competitive advantages such as local knowledge and protection from government policy, they are keeping their eye on some peripheral competitors that could pose outside threats. In addtion the firm believes that shares are near full valuation. Although the firm acknowledges that ASIA deserves some premium due to its exposure to growth in China, the firm believes this is currently reflected in its share price.

12:45 INDEXX Index Tracker-- Sector ETF strength & weakness at midday

Leading Sector ETFs:
Healthcare- IHF +3.5%, XLV +.5%, IYH +.5%, US Bonds- TLT +.5%

Lagging Sector ETFs:
Solar- TAN -4.5%, KWT -4%, iShares REITS/real estate- ICF -3%, IYR -2.5%, Clean energy- PBW -3%, Oil HLDRS- OIH -3%, Crude/WTI oil- USO -2.5%, OIL -3%, iShares transports- IYT -2.5%, SPDRS industrials- XLI -2.5%, Ag/chem- MOO -2.5%, Steel- SLX -2.5%, Dry-bulk shippers- SEA -2.5%, SPDRS metals/mining- XME -2%, Energy- XLE -2%, IYE -2%

12:44 TECHX Market View: Dow and S&P set minor new session lows near yesterday's troughs -Update-

The Dow has slipped as low as 8212 leaving it near yesterday's two month low at 8205. Congestive support below is near 8190 (secondary zone near 8130). The S&P has reached 886.60 (yesterday's low is at 886.36, also approximates its 200 sma at 885) with initial support below at 882 in front of the more important 878/875 area (late Jan/Feb/Mid-Apr highs).

12:43 ICE IntercontinentalExchange and CME showing notable weakness on possibility of stricter position limits (101.59 -8.51)

The derivatives exchange stocks are showing notable weakness today, with ICE -7.7% and CME -3.8%, after a CFTC report raised the possibility of stricter position limits on energy commodities futures.

The move lower in the derivatives exchanges follows news that the CFTC would hold a series of hearings in July and August to address the idea of enhanced position limits and transparency initiatives in futures markets (see 7:32 comment). The first hearing will focus on whether federal speculative limits should be set by the CFTC to all commodities of finite supply, in particular energy commodities, such as crude oil, heating oil, natural gas, gasoline and other energy products. The CFTC currently sets and ensures adherence to position limits with respect to certain agriculture products. However, this is not the case for energy markets. For energy commodities, futures exchanges set position limits and accountability levels to protect against manipulation and congestion. The exchanges are not required to set and enforce position limits to prevent the burdens of excessive speculation. Additionally, the CFTC is currently reviewing the manner in which exemptions to position limits has been implemented. Recently, the Commission completed a comment period on whether the bona fide hedge exemption should continue to apply to persons using the futures markets to hedge purely financial risks rather than risks arising from the actual use of a commodity.

The idea of tighter restrictions on position limits is negative for the derivatives exchanges because in theory, it could limit trading and clearing volumes. The exchanges have their own position limits in place, but the possibility of additional federal speculative limits would suggest that the exchanges' self-imposed position limits are being viewed as inadequate by regulators. While it is not known yet what kind of limits new regulation would impose, with some level of position limits in place already, the actual impact could be more marginal in nature. However, any final decision on new limits or rules will not come quickly, as the review involves a series of hearings that will likely be accompanied by a comment/review period, so volatility may persist in the related stocks. Right now ICE is taking a bigger hit than CME, likely because its business is more heavily concentrated on energy futures, while CME is more diversified.

12:42 THQI THQ Inc discloses that it entered into a Loan and Security Agreement (6.96 -0.07)

Co discloses that on June 30, 2009, it entered into a Loan and Security Agreement. The Credit Facility provides for a $35 mln revolving credit facility, which can be increased to $50 mln, pursuant to a $15 mln accordion feature, and includes a $15 mln letter of credit subfacility.

12:36 CBEY Volume alert: Cbeyond Comms drops ~$0.50 on spike in volume; hearing weakness attributed to negative newletter mention (13.70 -0.67)

12:35 MKTIN Market Internals

The NASDAQ is down 1.4% to 1762, the S&P 500 is down 1.2% to 888 and the Dow is down 1.2% to 8224. ETF sector strength: U.S. Healthcare Provider-IHF +3.2%. ETF sector weakness: Global Solar Energy-TAN -3.6%, Clean Energy-PBW -3.0%, Oil Services-OIH -2.7%, Realty Majors-ICF -2.6% and Industrials-XLI -2.5%. The morning's action has come on below avg volume (NYSE 385 mln vs midday avg of 543 mln; NASDAQ 881 mln vs midday avg of 1.10 bln), with decliners outpacing advancers (NYSE advancers/decliners 786/2090, NASDAQ advancers/decliners 945/1586) with new highs outpacing new lows (NYSE new highs/new lows 15/4 NASDAQ new highs/new lows 13/10).

12:31 JBLU Jetblue Airways reported its traffic in June decreased 3.3% from June 2008 (4.09 -0.05)

Co reported its traffic in June decreased 3.3% from June 2008, on a capacity decrease of 0.1%. Load factor for June 2009 was 80.3%, a decrease of 2.8 points from June 2008. JetBlue's preliminary completion factor was 99.0% and its on-time performance was 71.3%. JetBlue's preliminary passenger revenue per available seat mile for the month of June decreased 12% year over year.

12:28 TECHX Sector Watch: Technology SPDR -XLK- tests its 200 day ema at 17.50 -- session low 17.50 (17.52 -0.26) -Update-

The XLK is down for the fourth session in a row (roughly 5% high to low during this period) and has slipped slightly under its June low (17.53) to test its 200 day ema at 17.50. Initial resistances are at 17.63/17.67 and 17.84. Short term supports below if follow through pressure develops is at 17.45/17.39 and 17.20. Components weighing on the XLK today include: GOOG -2.4%, AAPL -1.6%, MSFT -1.7%, QCOM -2.4% (held near 50 day thus far), CSCO -1.4% (tests June low), HPQ -1.9%, ORCL -2.2% (session low 20.13, 50 ema/sma at 19.96/19.84), VZ -2.1%, T -1.7%.

12:10 TECHX Market View: Stock indices edge slightly off lows but interest limited -Update-

The bias has been weak from the opening bell but thus far the Dow/S&P have been able to hold above yesterday's lows at 8205 Dow (session low 8219) and 886.36 S&P (session low 887.68). It will, however, take a sustained rebound back through intraday resistances at 8250/8260 Dow and 892 S&P just to begin to improve the weak tone. Nasdaq/technology has lagged with large cap tech (Nasdaq 100) the weakest link. The declines here leave the Nasdaq Comp near its 50/200 day ema and June low at 1762/1753 (session low 1761) with the Nasdaq 100 now below its 50 day with the June low at 1413 (session low 1415). Initial intraday resistances for these averages are at 1769/1772 and 1424/1427, respectively. Failure to work through these intraday barriers keeps the door open to potential breakdowns.

12:08 SCANX Today's biggest point gainers/losers

Biggest point gainers: DTO (90.54 +3.50), NVR (491.31 +3.05)... Biggest point losers: ALX (258.97 -11.04), ICE (103.51 -6.57), FFH (248.19 -4.91), WPO (350.66 -4.34), MA (162.74 -4.07), TYH (79.70 -4.02), GNI (84.20 -3.58), XPP (55.74 -3.48), POT (92.12 -3.34), CME (285.29 -11.96), GOOG (398.40 -11.21), BIDU (277.42 -8.39), ISRG (149.99 -6.10), SHLD (60.39 -3.18), PCLN (104.94 -3.06)

12:05 COMDX EIA raises OPEC 2009 oil output forecast to 28.63 mln bpd from 28.49 mln bpd

12:01 UNP Union Pacific slides to new session low of 49.75, probing support at its 200 day sma/yesterday's low at 49.74/49.64 (49.80 -0.92)

11:58 ORBK Orbotech tgt raised to $11 at Oscar Gruss following checks and meeting with mgmt (8.59 -0.09) -Update-

Oscar Gruss raises their ORBK tgt to $11 from $7 based on their independent checks, as well as meetings with mgmt. The firm now believes ORBK is well positioned to benefit from the step up in demand for consumer electronics that escalate utilization rates amongst PCB and FPD manufacturers. The firm notes that global utilization rates are currently ~90% and expected to increase to 95% in the third quarter. This is not, in the firm's opinion, a sustainable state. In its March qtr conference call mgmt described a plateau throughout 2Q followed by a worsening throughout the 3Q09. However, the firm's checks indicate that manufacturers are considering equipment push ins in order to meet demand levels, thus potentially manifesting additional revs in the latter part of the year.

11:55 European Markets Closing Prices: FTSE: 4187.0 -7.9 -0.2%, DAX: 4598.6 -53.2 -1.1%, CAC: 3048.6 -33.6 -1.1%

11:52 House Majority Leader Hoyer says need to be 'open' to possible second stimulus - Reuters

11:51 TECHX Crude Oil for Aug slides back near support (62.64 -1.41) -Update-

The Aug crude oil contract is down for the fifth session in a row and off roughly 15% during this period from intraday high to low. The recent slide to a new session low (62.46) leaves it slightly above support at the 50% retracement of the April - June advance at 62.33. Note that its 200 day sma is modestly below here at 61.98.

11:47 Crude oil makes fresh lows, ahead afternoon trade, at $62.46; now off $1.42 to $62.63

11:45 CPD Caraco Pharma markets generic Casodex Tablets (3.04 -0.03)

Co has launched Bicalutamide tablets on behalf of Sun Pharmaceutical Industries, immediately following Sun Pharma's recently received approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) for generic Casodex tablets. This generic version of Bicalutamide 50 mg tablets is bioequivalent to Casodex which is a registered trademark of AstraZeneca (AZN) group of companies. According to IMS Data, Casodex had US sales of ~$314 million for the calendar year of 2008.

11:43 TECHX Sector Watch: Oil Service -OIH- retesting yesterday's low and 200 day at 89.45/89.26-- session low 89.37 (89.37 -2.80) -Update-

11:42 TECHX Market View: Stock indices break under morning ranges to establish new session lows -- Dow -97, S&P -9.9, Nasdaq -22 -Update-

Sector laggards (underperforming the S&P) on this move include: Semi SMH, Materials XLB, Oil Service OIH, Solar TAN, Shipping SEA, Steel SLX, Rail, Ag/Chem MOO, Internet.

11:40 FCX Freeport-McMoRan sinks to session lows, sets up for another test of its May/June/July range lows at 44.53-45.13 (45.28 -0.65)
 

 

JAG's picture
JAG
Status: Diamond Member (Offline)
Joined: Oct 26 2008
Posts: 2492
Re: Is Yahoo.Finance down?

 Wow, thanks Cat, that beats CNBC any day!

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