August 20, 2008   |  Last Updated       13:00 ET

Market Currents

  • 12:55 PM The extent of NBC's (GE) Olympic success has surprised ESPN (DIS) VP John Skipper. "On a scale of 1 to 10, I’d have to say it's been a 10.5."
  • 12:41 PM It's unclear, Dean Baker says, that slow growth is the best remedy for inflation - considering the main cause is global commodity prices. Is anyone else sick of economists espousing how an anemic economy is good for us?
  • 12:26 PM "In some ways our greatest strength has become somewhat of a challenge in that our stores are fun and unique... and during these tough economic times, some of our consumers don’t want to be tempted as much as they have in the past." Target (TGT) CEO Gregg Steinhafel
  • 12:09 PM Oil and gas insiders think the energy selloff is overdone: "Investors have thrown the baby out with the bath water," Energy Transfer Partners L.P. (ETP) CEO Kelcy Warren says. Heavy recent insider buying may be a tipoff.
  • 11:55 AM The Fed's Jeffrey Lacker would like to see core inflation (2.5%) at about 1.5%. It's a lofty target - one we've rarely seen during the past 50 years - and about as realistic as a $10 fill-up.
  • 11:42 AM Daimler (DAI) shares are down more than 45% over the past year, and it may be in more trouble than previously thought. A takeover target? It doesn't think so, "but we cannot totally exclude the possibility," a spokesman says.
  • 11:28 AM McClatchy (MNI) -4.7%. Revenue slid 16% in July as the newspaper publisher's advertising woes continued. Online revenue was up 13% - or 59% if you factor out weakening job ads.
  • 11:24 AM Crude slides to -1% - $113.35.
  • 11:14 AM Monday's Fannie (FNM) and Freddie (FRE) selloff, on a Barron's diss, proved it didn't take much to pound the GSEs, David Gaffen says. Today's drop (-12.5% and -10.5%) proves it doesn't take any news at all.
  • 11:02 AM Stocks bounce back from initial weakness, encouraged by the huge crude build. Dow +0.7%. S&P +0.65%. Nasdaq +0.95%. Crude +0.2% to $114.76. Gold -0.93% to $809.20.
  • 10:54 AM Stoked by NBC's (GE) record Olympics ratings, ESPN (DIS) wants TV rights to the 2014 and 2016 Olympics. It says it would broadcast more events live. "Our DNA is different than theirs."
  • 10:40 AM Crude futures are off previous highs of $117.03 after the surprisingly large crude build, but still up substantially. +1.13% to $115.80.
  • 10:37 AM EIA oil inventories: Crude +9.39M vs. +0.9M. Gasoline -6.2M vs. -3M. Distillate +0.5M vs. +0.3M.
Read today in full »

Opinion & Analysis

The Great Inflation Debate
by James Picerno | about: DIA, QQQQ, SPY

Something's amiss in the world of inflation forecasting, but that doesn't keep investors from guessing.

Financials and Housing: The Outlook Remains Ugly

This is just another bear market rally in financials, says fund manager Whitney Tilson, who believes we're in "a worldwide debt bubble of unprecedented proportions" and remains short the bond and mortgage insurers, the GSEs and a few banks. Read Tilson's commentary and a new presentation on the state of the housing market »

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