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Market Matters:

June Trading Starts With Weakness
by by Staff Writers

June 1, 2010

In After Hours Trading

What's Happening This Morning

Asia and Europe lower. S&P 500 and NASDAQ 100 futures are lower by -15.00 and -21.25. Brent Crude is at $72.20 with gold at $1222.30 and natural gas at $4.31. The Up Dollar ETF (UUP) closed at $25.34 up by 0.56%. Currencies see the Yen at 90.97 with the Pound at .69 and Euro at .82. The 20 Year Treasury ETF (TLT) closed at $96.50 higher by 0.46%. High yield bonds and corporate investment grade bonds higher.

Earnings Expected

Earnings due after the close include GAME LGF PSS SNDA.

Rags & Mags: Inside Wall Street

NY Times reports

Reported Earnings This Morning

There are no earnings due before the open.

Data Points

Yesterday saw 2384 stocks rise and 745 fall on the NYSE. NASDAQ saw 1754 rise and 952 fall. The S&P 500 remains below its 50 day moving average and now its 200 day moving average. The 10 day spread moving average of breadth has been weak in the past ten days and we moved back to invested on the Madison Market Timing Indicator on 5/10/10.

Economics

April Construction Spending is due out at 10:00 a.m. EDT and is expected to fall to 0.1% from 0.2%. May ISM Index is due out at 10:00 a.m. EDT and is expected to fall to 59.00 from 60.4.

Politico

On Tuesday President Obama will meet with leaders from Peru and Israel.

Conference & Analyst Meetings

Analyst meetings include AIXG BBD DNR. Updates from . Conferences include

Conference of Note

M & A News

AIG does not accept Prudential's offer to buy the AIG AIA unit. EVVV to be bought by COV for $22.50 a share. EVVV closed at $18.92. MCCC receives management buyout offer of $6.00 a share.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan GENZ NATI
Goldman Sachs    
Morgan Stanley HTHT M  
Deutsche Bank    
Citigroup   BEAT
Barclays HE  
Wachovia/Wells Fargo HUB.B TNB  
Credit Suisse    
Banc of America    
UBS KALU  
Lazard    
Merrill Lynch    
Jefferies    
Oppenheimer   GR TDG
RBC    
Bernstein BA  
Stifel Nicolaus    
Morgan Keegan CSX NSC UNP  
Keefe Bruyette NDAQ  
Friedman Billings    
Baird    
Needham    
Cowen    
PiperJaffray    
Thomas Weisel    
American Technology    
Raymond James    
CIBC    
Dresnder    
Key Banc PCLN  
HSBC Securities    
Ladenburg Thalmann  
William Blair EXPO  
Collins Stewart    
Sun Trust RH    
Kaufman    
Brean Murray    
JMP Securities    
Wedbush    
Argus    
Morgan Joseph    
BB&T    
ING    
Roth    
Janney Montgomery LVS BYD CNK GET RGC
Susquehanna    
Think Equity    
Merriman    
Pali    
BMO Capital    
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
RBS    
MKM    

 

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