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Market Report For Friday: Apr 17, 2009

Fri, 17 Apr 2009 13:00:45 GMT

(7:11am ET) There was plenty of economic data released in the US during the day; however the equity market sidetracked until 2pm ET, when with prices at modest losing levels on the week until that point, suddenly, and for no discernable reason, there was a rally that left the indexes with small gains through Thursday. Perhaps traders were anticipating a positive quarterly report from Google (GOOG +2.4% on +151% of average daily trading volume)? After the close, the company did not disappoint, beating both revenue and EPS estimates. The company posted net income of $1.42 billion ($5.16/share), up +8% from the $1.31 billion ($4.84/share) recorded during the same period a year ago. Revenue for 1Q2009 increased +10% to $4.07 billion, from $3.7 billion, excluding traffic acquisition costs. On average, analysts had expected earnings per share of $4.93 and revenue of $4.08 billion, according to Yahoo Finance. For the first[More...]

Daily Report For Thursday, Apr 16, 2009

Thu, 16 Apr 2009 13:36:24 GMT

(8:25am ET) The main focus of traders today will be the 1Q2009 earnings report from JP Morgan (JPM), and the close scrutiny of the data and hype that will follow. After hitting a low of $14.93 in early March, JPM has rallied +118.1% to yesterday’s close of $32.56. There was a high of $34.15 on Tuesday. http://tinyurl.com/da6dcv JP Morgan reported Q1 net income of $2.14 billion, or $0.40/share, down -10% from a year earlier, but beat analysts' expectations. Revenue increased +48% to $25.03 billion. WSJ reported that CEO Jamie Dimon said the firm extended about $150 billion in new credit to consumer and corporate customers during the quarter. With a last hour rally spurred by the real estate investment trusts (REITS) ($DJR +8.7%) and Banks ($BKX +5.1%) in the Financial sector (XLF +4.8%), the US equity[More...]

Daily Report For Tuesday, Apr 14, 2009

Tue, 14 Apr 2009 14:18:59 GMT

(9:30am ET) Stocks in NY sank at the open following various negative reports from TV talking heads, though trade volume was weak on the Easter Monday. After the close, Goldman Sachs surprised with unusually positive revenue and earnings. Today, President Obama will be making a speech on the state of the economy. Traders are confused. Yesterday was pretty much a lost day in the market. Very little of consequence happened. By the close, the DJIA’s small loss (-25.57 -0.32% to 8057.81) offset the small gain in the S&P (+2.17 +0.25% to 858.73), while the NASDAQ (+0.77 +0.05% to 1653.31) was flat. The Toronto Composite (+98.50 +1.07% to 9285.6) and the Toronto Venture Board (+11.89 +1.23% to 980.86) were stronger as the metal miners and goldminers enjoyed a good day. Except for Japan’s Nikkei 225 index (-0.92% to 8842.7), prices today were strong in the major international equity markets: Australia (+2.22% to[More...]

Daily Report For Tuesday: Apr 7, 2009

Tue, 07 Apr 2009 13:31:58 GMT

(8:05am ET) Stocks closed Monday's session in NY lower on a lightly-traded day, but much higher Week over Week. Through Friday, the major market indexes saw their largest four-week gains in seventy-six years. Now the market is preparing for 1Q2009 earnings season, which gets underway today with Alcoa (AA). On Monday, the DJIA (-41.74 -0.52% to 7975.85), S&P (-7.02 -0.83% to 835.48), and NASDAQ (-15.16 -0.93% to 1606.71) could not make headway against concerns the major banks may be preparing to release negative quarterly reports. The Toronto Composite (-49.59 -0.55% to 9016.17), and Venture Board (-12.42 -1.27% to 963.17) were also down on the day, but higher Week over Week. In international equity markets today, the closing prices showed losses except for Shanghai China (+0.80% to 2439.2): Australia -1.30% to 3648.5; Hong Kong -0.46% to 14929.0; India -1.80% to 10534.9; and Japan -0.28% to 8832.9. At 7:30am ET,[More...]

Daily Report For Wednesday, Apr 1, 2009

Wed, 01 Apr 2009 14:53:00 GMT

(8:07am ET) In his absence, Bill has asked the CTAB traders fill in for him today and maybe tomorrow as well. Bill was having connectivity and other related computer issues early Tuesday morning. Perhaps the Conficker worm virus programmed to be unleashed April 1, began slithering through the Bahamas a little ahead of schedule. The final trading day of the month opened higher, with aggressive traders nimbly positioning themselves for further short gains, after a late afternoon bounce Monday, anticipating large money managers to “mark up” equities boosting their quarter end returns. This strategy paid off nicely as the S&P future rose to 807, nearly 4% off Monday’s late afternoon low of 776. However, traders expecting prices to close near the highs were disappointed, as stocks peaked near 3pm eastern, giving up a significant portion of the day’s gains. The DJIA finished up 86.9 (+1.15%) closing at 7608.92,[More...]

Daily Report For Friday, Mar 27, 2009

Fri, 27 Mar 2009 13:32:35 GMT

(8:36am ET) On Thursday, the upbeat earnings report of (Cara 100) Best Buy (BBY) served to lift the market at the open. Technologies stocks later were the basis of a closing hour rally. At the close, the DJIA (+174.75 +2.25% to 7924.56), S&P 500 (+18.98 +2.33% to 832.86), and NASDAQ (+58.05 +3.80% to 1587.00) gained for the third day in four this week. The Toronto Composite (+198.06 +2.25% to 8995.50) was in line with NY, but the Toronto Venture Board (+24.98 +2.63%to 974.02) also rallied. In the US equity market, the big winners were the Industrials (XLI +5.4%), Consumer Disretionary (XLY +4.6%) and Basic Materials (XLB +4.0%). All ten sectors were winners, but the laggards on this day were Energy +0.9% and Financials (XLF +1.2%). Within the many industry groups, there were a broad section of technology groups that were on the leader board. Lagging a bit were the Goldminers ($XAU[More...]

Daily Report For Friday, Mar 13, 2009

Fri, 13 Mar 2009 15:55:00 GMT

(9:48am ET) Equity market prices lifted pretty much from start to finish of Thursday’s session. Retail Sales, Jobless Claims and Business Inventories and comments from Barney Frank and Tim Geithner played a role in the general bullishness. The latter made comments on the dangers of ending the mark-to-market rule and instead believe subtle changes could be made in an effort to improve it. Pfizer (PFE) made a big splash with the announcement its Phase III trial of Sutent was stopped early as the drug showed a significant benefit in patients with pancreatic cancer. At the close, the DJIA (+239.66 +3.46% to 7170.06), S&P 500 (+29.38% to 750.74) and NASDAQ (+54.46 +3.97% to 1426.10) were up sharply for the second day in the past three. The Toronto Composite (+271.25 +3.39% to 8282.27) and Venture Board (+19.52 +2.37% to 843.42) were almost as strong. The winning sector by a wide margin was[More...]

Daily Report for Thursday, Mar 5, 2009

Thu, 05 Mar 2009 14:05:00 GMT

Daily Report for Thurs., Mar. 5, 2009 (7:57am ET) Equity markets made steady progress on Wednesday as Energy (XLE +4.8%) and Basic Material (XLB) stocks rallied from the opening bell, giving traders hope that an upside move was about to commence. By the end of the session, the DJIA (+149.82 +2.23% to 6875.84, still down from Friday’s 7062.93 close); the S&P 500 (+16.54 +2.38% to 712.87, still down from Friday’s 735.09); and the NASDAQ Composite (+32.73 +2.48% to 1353.74, still down from 1377.84) showed promise. The Canadian markets were also firm as the Toronto Composite gained +183.13 +2.40% to 7814.75 (down from Friday’s 8123.02 close), while the Venture Board gained just +6.88 +0.83% to 830.95 (down from Friday’s 861.66). Earlier in the day today, Asia-Pacific equity markets were mixed: Australia (+0.73% to 3148.8); Japan (+1.95% to 7433.5); and Shanghai China (+1.04% to 2221.1) were strong, whereas Hong[More...]

Daily Report for Thursday, Feb 26, 2009

Thu, 26 Feb 2009 15:35:00 GMT

(9:39am ET) Equity prices sold off sharply at the open and then after gaining strength all day, sold off sharply again into the close. The DJIA (-80.05 -1.09% to 7270.89); the S&P 500 (-824 -1.07% to 764.90); and the NASDAQ Composite (-16.40 -1.14% to 1425.43) closed with a loss of just over -1%. Canadian markets remained strong through the close, however. The Toronto Composite gained +72.97 +0.93% to 7932.30, and the Venture Board was up +1.38 +0.16% to 854.97. The Techs (XLK +0.9%) were the leading sector with the Semi-conductors in particular strong on the day ($SOX +3.0%), while the Banks ($BKX gained +2.4%). True to recent form, as the Banks lifted, there was a sell-off in gold, as $GOLD dropped -$3.30/oz to close at 966.20. Crude Oil ($WTIC) gained +$2.54/bbl to close at 42.50, and is a tad stronger this morning, up to 43.46 at about 8:15am ET, then softening a bit to 43.06 at 9am, still up so far on the[More...]

Daily Report For Tuesday, Feb 24, 2009

Tue, 24 Feb 2009 14:46:00 GMT

(9:39am ET) Equity prices as shown in the major market indexes are at multi-year lows and traders are in a state of capitulation. By the end of the day, Monday, the DJIA (-250.89 -3.41% to 7114.78), the S&P 500 (-26.72 -3.47% to 743.33), and NASDAQ Composite (-53.51 -3.71% to 1387.72) closed down at support levels going back to the 1990’s. The Toronto Composite (-302.32 -3.80% to 7647.67) and Venture Board (-13.96 -1.56% to 878.94) were down there as well. There were no winning sectors as Healthcare (XLV -2.0%), a major loser, was the best of the lot. Basic Materials (XLB -6.1%), pulled down by Chemicals, led to the downside. The Financials (XLF -3.5%) dropped equal to the broad indexes, and much of the loss was in the REITs ($DJR), which fell -7.8%, and not the banks. Today, JP Morgan (JPM) prudently slashed its dividend, permitting all banks to follow, without each getting hammered. That move was crucial to a base being set[More...]

Mines Management Announces Second Quarter Financial and Operating Results

Tue, 08 Sep 2009 21:46:00 GMT

Mines Management, Inc. (NYSE Amex:MGN)(TSX:MGT) is pleased to announce results for the second quarter, 2009.
Completed the EIS public comment period June29, 2009, with agencies currently compiling the data.
Demobilized Small Mine Development, the adit rehabilitation contractor, on April30, 2009 after installation and testing of the sumps for the water treatment system at the Montanore adit site.

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Mines Management Updates Permitting Activities at the Montanore Project

Mon, 13 Jul 2009 12:15:00 GMT

Mines Management, Inc. (NYSE Amex:MGN)(TSX:MGT) is pleased to report that the public comment period for the re-permitting process for the Company’s Montanore Silver-Copper Project concluded on June 29, 2009. The 120-day period began upon completion of the Draft Environmental Impact Statement (“EIS”), and allowed the public to review the Draft EIS and provide comments to the governmental agencies overseeing the re-permitting process.[More...]

Mines Management, Inc. Shareholders Approve Stockholder Rights Plan

Fri, 19 Jun 2009 18:50:00 GMT

Mines Management, Inc. (NYSE Amex:MGN)(TSX:MGT) is pleased to report that its Board of Directors has adopted a shareholder rights plan (the "Rights Plan"), following 71% approval by shareholders at the Company's annual meeting held on June 18, 2009.
In addition, Russell Babcock was reelected as a director by a vote of 96%.
Glenn Dobbs, President of the Company, stated: "The Rights are intended to enable all of the Company's shareholders to realize the long-term value of their investment in the Company.

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Mines Management Announces First Quarter Results

Mon, 01 Jun 2009 22:48:00 GMT

MINES MANAGEMENT, INC. (NYSE Amex: MGN)(TSX: MGT) is pleased to announce results for the first quarter.
The U.S. Forest Service and the Montana Department of Environmental Quality ("DEQ") issued the draft Environmental Impact Statement ("EIS") for the public comment period which ends on June 27, 2009.
On May 15, 2009, the government agencies extended the public comment period by 30 days from its original expiration date of May 28, 2009.

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Mines Management Announces 2008 Operating Results

Wed, 01 Apr 2009 01:17:00 GMT

MINES MANAGEMENT, INC. (NYSE Amex:MGN) (TSX:MGT) is pleased to announce results for 2008.[More...]

Magellan Petroleum Announces Planning Permission Granted to Drill Havant-1 Well

Fri, 13 Mar 2009 14:32:00 GMT

Magellan Petroleum Corporation is pleased to advise that the Hampshire County Council has granted planning approval to drill the Havant-1 exploration well in the Hampshire sector of the Weald Basin.[More...]

Mines Management Announces Release of Draft Environmental Impact Statement for the Montanore Silver-Copper Project

Mon, 02 Mar 2009 12:00:00 GMT

MINES MANAGEMENT, INC. (NYSE Alternext US: MGN) (TSX: MGT) is pleased to announce that a Draft Environmental Impact Statement (“EIS”) for the Montanore Silver-Copper Project has been released for public comment by the U.S. Forest Service and Montana Department of Environmental Quality.[More...]

Mines Management Announces 3rd Quarter FinancialResults and Update on Montanore Silver-Copper Project

Thu, 20 Nov 2008 03:48:00 GMT

MINES MANAGEMENT, INC. (NYSE Alternext US: MGN) (TSX: MGT), announces results for the 3rd quarter, 2008.
In addition to its advanced exploration and delineation drilling program, the Company is continuing its repermitting efforts with federal and state agencies and its optimization review of the Project.
The Company maintained a strong cash position with $19.6 million of unrestricted cash and unrestricted certificates of deposit at September 30, 2008.

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