The Morning Market

The market is slightly higher this morning. This is another good day for energy stocks. What I find interesting is that while oil is up to $68 a barrel, the Dow Oil & Gas Index is still below its January high, even though the broader market has been making new highs. I’m curious if there’s a message in that.
Today is also another good day for commodities. Copper and Zinc are at all-time highs. In the past year, the Goldman Sachs Commodity Index is up 20%, twice that of the S&P 500. Copper continues to be the gold standard. A strike at a Mexican producer has aided the rally. Aloca (AA), the world’s largest aluminum producer, will report earnings later today.
On our Buy List, Biomet (BMET) was downgraded by Banc America Securities. Harley-Davidson (HDI) will report its earnings on Wednesday. The Street’s current estimate is for 86 cents a share, which I think Harley will easily beat.
UnitedHealth (UNH) said that a committee of independent directors would look at how it has granted stock options. Many of the option were granted right before the stock rose, which may indicate that the options were “backdated.”
In France, Jacques Chirac announced that he’s caving in to the protestors and he’s ditching the youth labor law. Also, the market will be closed on Friday for Good Friday.
Finally, here are some very cool pictures from the Mars Reconnaissance Orbiter.

Posted by on April 10th, 2006 at 11:01 am


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