Thursday, June 3, 2010

Equity Sectors (chatter of china cooling off, $HOV –14%)

· Equity Sectors – trends pretty consistent throughout the day.  Financials lag, w/BKX off just under 1% - worries of tougher “Volcker Rules” being implemented (mentioned in FT this morning).  Materials dip 1% on demand worries stemming from China (more press overnight about officials taking action to clamp down on the housing market); copper prices ended off just under 3% and are closing in at multi-month lows.  The homebuilders were hit on back of HOV’s earnings (HOV’s #s were fine in the Q although the co noted that demand weakened in the month of May as it appears the tax credit expiration pulled forward demand) – HOV falls 14% and the builders dipped 1.6%.  On the upside, tech climbed more than 1% (big run in software stocks on M&A anticipation after another deal in the space w/SNWL; DELL ran late in session after Michael Dell talked about having thought about taking the company private).  The HMOs ran more than 2% and were the best acting major group.  Energy stocks rallied as investors became more comfortable w/the GOM situation (BP and APC both rallied…each took off after Tony Hayward’s late session press conf).

· Best Performing sp500 stocks: CRM, HP, CHK, ANF, RRC, NBL, COG, SWN, DELL, AKAM. 

· Worst performing sp500 stocks: JWN, FCX, PHM, RDC, FDO, CF, AKS, DHI, AKS, PNC, PCLN

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