Reply #45: 12:24 lunchtime check-in

[54anickel]

Dow 12,507.85 6.33 (0.05%)
Nasdaq 2,429.23 3.66 (0.15%)
S&P 500 1,424.36 0.37 (0.03%)
10-yr Bond 4.71% 0.02
30-yr Bond 4.8270% 0.0140
NYSE Volume 625,908,000
Nasdaq Volume 571,642,000

12:00 pm : If you're checking in on the stock market for the first time today, rest assured that you haven't missed much.

In expected fashion, the major indices have held close to the unchanged mark since the start of trading, having been encumbered by a lack of news catalysts and sparse attendance by market participants.

Apple (AAPL 85.13, +4.26) has contributed one of the few items of note with an acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by the current management team which, of course, includes CEO Steve Jobs. Investors have been heartened by the news, as evidenced by the stock's outperformance.

Thanks to Apple, the technology sector (+0.41%) has been a pocket of strength for the broader market.

The telecom services sector (+0.96%), however, has been the frontrunner today with the wireless services and integrated telecom groups leading the way. The former is being helped by a Wall Street Journal article that suggests Alltel (AT 61.20, +2.89) is a private equity play while the latter is being boosted by reports that AT&T (T 35.96, +0.46) is offering concessions in an effort to win the FCC's aprroval of the BellSouth (BLS 47.46, +0.66) acquisition.

Stock moves today are really a function of company-specific announcements as there isn't any definitive trading theme to excite the market. The one piece of news that has proven exciting, though, is the word from the NYSE that it will be closed Tuesday in observance of President Ford's death. The translation for stock market participants is that they will get to enjoy a four-day weekend.

2006 Performance Review: the best-performing stock in the S&P 500 this year has been Allegheny Technologies (ATI, +153.3%) while the worst-performing stock has been Whole Foods Market (WFMI, -39.2%).DJ30 +4.89 NASDAQ +4.37 SP500 -0.51 NASDAQ Dec/Adv/Vol 1508/1402/490 mln NYSE Dec/Adv/Vol 1685/1442/303 mln

11:25 am : Not much to report in terms of movement in the major averages as they continue to vacillate around the unchanged mark. With so many participants on vacation, one shouldn't be surprised if that remains the case for most of the day.

2006 Performance Review: the worst-performing S&P industry group this year has been Education Services (-35.0%). It is comprised of a single member, which is Apollo Group (APOL)DJ30 +5.21 NASDAQ +4.49 SP500 -0.48 NASDAQ Dec/Adv/Vol 1409/1447/409 mln NYSE Dec/Adv/Vol 1592/1485/258 mln

11:00 am : The market doesn't seem to be in a hurry to go anywhere as the major indices are holding fairly close to the unchanged mark. Although buyers haven't exerted a strong influence, it is noteworthy that sellers haven't stepped up their efforts either. The same condition existed yesterday and the indices traded in narrow ranges as a result.

2006 Performance Review: the best-performing S&P industry group this year has been Steel (+76.1%). Member components include Allegheny Technologies (ATI, +152.6%), Nucor (NUE, +65.1%), and United States Steel Corp. (X, +52.2%).DJ30 +9.53 NASDAQ +6.66 SP500 +0.20

10:30 am : The market continues to cling to modest gains supported by telecom and technology shares. Apple (AAPL 84.95, +4.08) is a standout in the latter area, as investors have been heartened by the company's acknowledgment that it did improperly date stock options, but that it found no wrongdoing or misconduct by its current management team (which of course includes CEO Steve Jobs).

2006 Performance Review: Much has been written this year about how oil prices have remained at stubbornly high levels and have greatly enriched OPEC's coffers. Ironically, though, the Middle East is where some of this year's worst-performing stock markets were found. Three of the lowliest include: Saudi Arabia's Tadawul All Share Index (-53.3%), the United Arab Emirates' DFM General Index (-44.4%), and Qatar's DSM 20 Index (-35.5%).DJ30 +12.50 NASDAQ +8.71 SP500 +0.78