U.S. Stocks Gain as Manufacturing, Income, Exxon Beat Forecasts
By Nikolaj Gammeltoft and Rita Nazareth
Feb. 1 (Bloomberg) -- U.S. stocks rose, driving a rebound in the Standard & Poor’s 500 Index from a three-month low, after measures of manufacturing and income increased more than economists estimated and Exxon Mobil Corp. beat forecasts.
Alcoa Inc. and McDonald’s Corp. climbed more than 1.6 percent after the Commerce Department said income advanced 0.4 percent in December and factory output expanded at the fastest rate since 2004. Exxon gained 2.2 percent as fell less than estimated because of higher oil prices and output.Citigroup Inc. rallied a fourth straight day after people familiar with the matter said the bank plans to sell or split off its $10 billion Citi Private Equity unit.
The S&P 500 rose 1 percent to 1,084.85 at 10:29 a.m. in New York. The Dow Jones Industrial Average rallied 84.34 points, or 0.8 percent, to 10,151.67. The advance reversed a decline in the MSCI World Index of equities in 23 developed markets, which added 0.7 percent to break an eight-day losing streak.
“People are seeing there’s strength in the economy and that corporate earnings are beating estimates,” said Peter Jankovskis, who helps manage about $1.7 billion as co-chief investment officer at Oakbrook Investments in Lisle, Illinois. “Investors are seeing the sell-off of last week as a buying opportunity.”
U.S. stocks completed a third straight weekly loss on Jan. 29 after Qualcomm Inc., Motorola Inc. and Microsoft Corp. tempered enthusiasm about an earning-reporting season in which 80 percent of S&P 500 companies have topped the average analyst profit estimate since Jan. 11, according to Bloomberg data.
Most Since 2004
Manufacturing expanded in January at the fastest pace since August 2004. The Institute for Supply Management’s factory index rose to 58.4, higher than the median economist forecast of 55.5, figures from the group showed. Readings greater than 50 signal expansion. Orders, production and employment increased.
The U.S. factories report followed surveys showing China, the world’s third-biggest economy, sustained its manufacturing expansion in January as export orders jumped and inflation pressures grew.
U.S. Commerce Department data showed U.S. personal income rose 0.4 percent in December, more than the 0.3 percent economist forecast.
Last Updated: February 1, 2010 10:31 EST
" More good news from Dow jones" .. Obama certainly dont let dow jones break the support level at 10000point.... Looks like KLSE also will rebound the next morning..time to buy some.. i already queue for the following stock. not sure can get it or not... just pray lor
ANNJOO-WB (6556WB)
The principal activities of the Company are investment holding and property management. The principal activities of its subsidiary are trading, manufacturing, retailing and supplying hardware, steel and iron products and building and construction materials of all kinds.
COB KIAM LAM LIM
CEO KIAM LAM LIM
CEO/MD/PRESIDENT HONG THYE LIMAUDITOR KPMG
Company website : http://www.annjoo.com.my/
A profitable company.having losing money in last 3 quarter due to dropped in international steel price and global economy crisis, this company made a strong comeback in 2009 with net profit of RM45,615million on the 3QFY09 standing at EPS 9.04 :) :)... Rumours on the strong demand from india and china in 2010 and predicted shortage of steel supply makes this counter one of the brightest prospect in 2010.
Recent company announcement of share buyback also triggered us of potential treasury share distribution in the 4QFY09 financial announcement..let us wait for the good news ok??
i got no money to buy its mother.. so i opted for her son trading at RM0.75 last friday closing low on correction mode. will this counter rebound this week and the final week before CNY?? we will see
KEYASIC (0143)
The principal activities of the Company is engaged in fabless high-end turnkey ASIC/SoC design services and development of IPs whilst the subsidiary is principally engaged in the business of providing manufacturing management services to fabless design companies, provide design-for-manufacturing and design-for-test consultation and the sale of wafer and SoC products.
COB KAH YEE EG
CEO/MD/PRESIDENT WEI KONG CHIAAUDITOR TAN CHIN HUAT & CO
Company Website : http://www.keyasic.com/index.htm
Well, for those who knows me , will know that i'm currently working semiconductor industry... My comment on this industry , it is like roller coaster ride. During good times , the demand will always surplus the supply and we (the poor worker) will like dog just to meet the demand.. but nevertheless, this is a very profitable industry. Recent the semiconductor giant (e.g Intel , Samsung , etc....) posted a very strong profit and seeking improving revenue in years ahead. So any counter related to semiconductor with a decent management and profitable / high demand products will manage to survive in the war kut! There are few counters that was highly tagged as good semiconductor counter.
1)UNISEM - RM2.21 (omg, this price already goreng'ed up very very high d...not a good time to enter)
2)IRIS - RM0.165 (Making smart chip for various application. but fundamentally not so good and the cash balance is kinda shaky)
3)HTPADU - RM1.09 (a very good fundamental company .but this stock hardly moved..coma stock)
there are lots more..but my favourite is KEYASIC as good management , chinese man company , great products , and more international recognised.... and at RM0.43 EPS 17.17cent , this is a good buy .. TP RM0.50 dispose..^ ^
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