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LATrading Newsletter
By David J. Schwartz - Head Trader
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Los Angeles Trading Group, Inc.
Commodities--Futures and Options Brokerage
Futures, Options on Futures, Managed Futures, Foreign Currency Trading, and Single Stock Futures
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David J. Schwartz - Head Trader
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From Today's Business Headlines
NYSE Volume Progression
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<FONT
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Dollar at 3-Month Low Against Euro
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Rates, Chain Store Sales Support Economy
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Oil Slips as Saudi Arabia Pledges Oil
Wed Jul 7, 2004 06:24 AM ET<FONT
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Stocks Fall on New Tech Earnings Warnings
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AP Business Writer
By F. Brinley Bruton
LONDON (Reuters) - World oil prices fell on Wednesday after leading exporter Saudi Arabia said the OPEC oil cartel would go ahead with plans to increase output.
Prices also came under pressure after Iraq repaired a sabotaged pipeline and restored crude exports to near-normal levels.
Saudi Arabian Oil Minister Ali al-Naimi said the Organization of the Petroleum Exporting Countries would proceed with a 500,000 barrels per day (bpd) output hike in August.
U.S. light crude fell 53 cents to $39.12 a barrel, following a surge of more than $1 on Tuesday. Prices had earlier approached $40, a five-week peak, on fears over supply disruptions in Nigeria and Russia, but the restart of a sabotaged Iraqi pipeline soon dragged them down.
London's Brent crude fell 53 cents to $36.65 after gaining around $1 on Tuesday.
"We're over-bought near term and we're having a pull-back," said Edward Meir of GNI-Man. "Plus, the Iraqi situation seems to be on the mend."
Iraqi crude exports were running at about 1.7 million bpd following repairs to a pipeline feeding oil terminals at Basra and Khor al-Amaya, a shipping agent told Reuters earlier on Wednesday.
Exports had been slashed to about one million bpd following attacks at the weekend.
YUKOS HAUNTS, NIGERIA LINGERS
Traders still fear that exports from Russia's top producer YUKOS, which pumps a fifth of the country's oil, may be disrupted as it has less than a day to reach a deal over a $3.4 billion tax bill and avert a potential fire sale of assets.
This is despite a report in London's Financial Times that Mikhail Khodorkovsky, YUKOS's main shareholder who is in jail facing tax evasion and fraud charges, offered to sell his 44 percent stake in a move to save the firm.
Worries over union action in Nigeria would not give the market too much support, Meir said.
"Nigerian strikes usually have a limited shelf-life, the workers can't afford to stay out of the job for long," he said.
Oil major Total's 225,000 bpd of Nigerian oil production remained shut as the company prepared to meet labor ministry officials over union protests, a spokeswoman said.
She was not able to say when production might resume, although she expected at least a subsequent meeting with the unions to be necessary.
OPEC member Nigeria produces around 2.5 million bpd and is the fifth largest oil supplier to the United States, which has been importing more than one million bpd of Nigerian crude this year.
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Wildfires Threaten Arizona Observatory
By AMANDA LEE MYERS, Associated Press Writer
SAFFORD, Ariz. - Although fire officials were hopeful they could save a $200 million mountaintop observatory, two small communities remained at risk Wednesday in the path of a pair of lightning-sparked wildfires.
Fire crews got an improved weather forecast Wednesday, with temperatures expected to be slightly lower, said Julian Rhinehart, a spokesman for the fire crews.
One fire was less than a mile from the observatory and about 1 1/2 miles from Turkey Flat, a community of about 74 cabins where firefighters focused much of their efforts.
That fire and a blaze on another part of the mountain in southeastern Arizona had earlier prompted evacuation of the Mount Graham International Observatory and about 90 cabins in Turkey Flat and another community.
"There's a good chance we will lose structures," said Dan Oltrogge, an incident commander for the team fighting the fire. "But we're doing everything we can to keep the fire out of there."
Continued
July 7, 2004, 1:11 PM EDT
NEW YORK -- Wall Street succumbed to a new wave of technology earnings warnings Wednesday, giving up early gains as investors grew wary about upcoming second-quarter profit reports.
A day after major losses in small-cap and technology shares, investors took some chances on cheaper stocks, even as more tech companies warned that their profits will come in lower than expected. But an analyst downgrade sent Internet stocks lower.
Adding to the market's listlessness were ongoing worries about the slowing economy amid a rising interest rate environment, and higher oil prices, which continue to hover near $40 per barrel.
"This is a very nervous market, and it needs to hear better news from corporate America, telling it that the earnings growth is still in place. We're not hearing that from the technology sector," Peter Cardillo, chief strategist and senior vice president at S.W. Bach & Co.
In early afternoon trading, the Dow Jones industrial average fell 2.28, or 0.02 percent, to 10,217.06.
Broader stock indicators were slightly higher. The Standard & Poor's 500 index gained 0.54, or 0.1 percent, to 1,116.75, and the Nasdaq composite index was up 0.86, or 0.04 percent, at 1,964.29. All three major indexes have been down for three straight sessions.
Corporate software makers PeopleSoft Inc. and JDA Software Group Inc. both warned that their quarterly earnings would fall below analyst expectations. PeopleSoft dropped 3 cents to $16.79, while JDA Software skidded 78 cents to $11.07.
Even software giant Microsoft Corp. isn't immune to the crunch. Microsoft shed 7 cents $27.96 after chief executive Steve Ballmer, in a memo to employees, said the company would trim $1 billion in expenses by reducing prescription drug benefits and stock discounts for its workers.
Prudential Securities singled out another sector within technology, downgrading the entire Internet sector to "neutral" from "favorable," citing the possibility of a summer slowdown. Prudential singled out eBay Inc., cutting its rating on the online auctioneer to "neutral weight" from "overweight." EBay lost $2.88 to $86.96.
In other news, consulting firm Accenture Ltd. matched Wall Street estimates with a 59 percent surge in quarterly profits. Accenture nonetheless fell 33 cents to $26.91.
Nasdaq market maker Knight Trading Group Inc. was down 64 cents at $8.59 after it said it would take a $79 million charge in the second quarter to settle a federal investigation into its trading practices. The company's second-quarter earnings will also come in below estimates due to stock volatility and low trading volume.
Advancing issues outnumbered decliners by nearly 3 to 2 on the New York Stock Exchange, where volume came to 660.05 million shares, compared to 682.92 million at the same point Tuesday.
The Russell 2000 index of smaller companies was down 0.03, or nearly flat, at 572.38.
Overseas, Japan's Nikkei stock average fell 0.8 percent. In afternoon trading, Britain's FTSE 100 was down 0.3 percent, Germany's DAX index lost 0.3 percent, and France's CAC-40 was flat.
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This publication is strictly the opinion of the writer, is intended solely for informational purposes, and is not to be construed under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Remember: ALL trading involves risk. This information is subject to change and has been obtained from sources believed to be reliable. Futures and options trading involve risk. Therefore losses can be substantial. Caution: The cash futures and options are distinct markets, prices in these separate markets do not move in tandem. Profitablity of an option depends on price movement in the options market.
Neither should past results be construed as an indication or predictor of future performance. In no event should the content of this market letter be construed as an express or an implied promise, guarantee or implication by or from Los Angeles Trading Group, Inc. that you will profit, or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or warranties are given.
Copyrights remain property of the Corporations listed.
©2004 Los Angeles Trading Group, Inc.
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