David's Feed
May 27, 2015
via Morning Bid with David Gaffen

Big box sales

Retail sales at Costco Wholesale Corp should be encouraging enough when the company reports results at the close of trading today.

In early May the company said comp-store sales, excluding gasoline and foreign currency effects, were up 7 percent in April and up 7 percent across the United States in the preceding 35 weeks (not sure why this is the number used, but fine).

May 22, 2015
via Morning Bid with David Gaffen

The Road Was Long, But You Ran It (Janet)

On an otherwise quiet day for markets, everyone’s got their eye on Janet Yellen, who speaks at 1:00 p.m. ET (1700 GMT), and it looks like she’s going to make a bit of a case for the Federal Reserve to start raising rates in the near-term.

It won’t be June, but September appears to be very much the likely path here, even if the markets don’t quite believe that.

May 22, 2015
via Morning Bid with David Gaffen

The road was long, but you ran it (Janet)

On an otherwise quiet day for markets, everyone’s got their eye on Janet Yellen, who speaks at 1:00 p.m. ET (1700 GMT), and it looks like she’s going to make a bit of a case for the Federal Reserve to start raising rates in the near-term.

It won’t be June, but September appears to be very much the likely path here, even if the markets don’t quite believe that.

May 20, 2015
via Morning Bid with David Gaffen

Fed in the Red

The Federal Reserve’s upcoming minutes on Wednesday will serve as something as a precursor of Janet Yellen’s coming Friday speech that looks like it will set the tone for the coming Fed meetings and what should be the market’s outlook for Fed policy.

So it’s instructive to try to look at the last minutes (for the March meeting) to see what may come out of the next minutes (for the April meeting) even though all of this is a bit dated given that the next Fed meeting we’re talking about comes in June.

May 20, 2015
via Morning Bid with David Gaffen

Fed in the red

The Federal Reserve’s upcoming minutes on Wednesday will serve as something as a precursor of Janet Yellen’s coming Friday speech that looks like it will set the tone for the coming Fed meetings and what should be the market’s outlook for Fed policy.

So it’s instructive to try to look at the last minutes (for the March meeting) to see what may come out of the next minutes (for the April meeting) even though all of this is a bit dated given that the next Fed meeting we’re talking about comes in June.

May 15, 2015
via Morning Bid with David Gaffen

Impressionism

Markets close out another week of interesting times, left with only a few notable data points over the next few weeks to drive activity, and with more than a few people throwing their hands in the air (in confusion, not because they just don’t care).

At this point, the declines in bond market yields have been more positive than lousy for stocks, Dan Greenhaus of BTIG notes. So there’s a bit of upside support for the equity market. Where the rest of the world is going is another story, and whether the equity market can continue to survive on the vestiges of “Hey, the Fed might hang around longer” is part of that.

May 15, 2015
via Morning Bid with David Gaffen

Impressionism

Markets close out another week of interesting times, left with only a few notable data points over the next few weeks to drive activity, and with more than a few people throwing their hands in the air (in confusion, not because they just don’t care).

At this point, the declines in bond market yields have been more positive than lousy for stocks, Dan Greenhaus of BTIG notes. So there’s a bit of upside support for the equity market. Where the rest of the world is going is another story, and whether the equity market can continue to survive on the vestiges of “Hey, the Fed might hang around longer” is part of that.

May 14, 2015

Pimco equities chief Maisonneuve leaving firm; two strategies closing

By Jennifer Ablan and David Gaffen

(Reuters) – Pimco’s global equities Chief Investment Officer Virginie Maisonneuve is leaving the bond powerhouse, it said on Thursday, less than a year and a half after she was hired.

The firm said it would close two Pimco equity strategies – Pathfinder, which is managed by Anne Gudefin, and Emerging Markets Equity, which Maisonneuve oversaw.

May 14, 2015
via Morning Bid with David Gaffen

Delaware Destroyers

Has the U.S. market been altered, if only slightly, by the surprising defeat of Nelson Peltz’s Trian Management Group in its endeavor to take several seats on the board of DuPont? Perhaps.

Activist investing has been a hot market of late, as Reuters’ Svea Herbst-Bayliss says in a story late Wednesday, after Peltz’s slate went down in a close shareholder vote. It’s arguably a bit of a bubble, given the exceptional amount of capital that’s flowed into that area ($14 billion last year into a group of 70 ‘activist’ funds, for a total of about $119 billion in assets.)

May 14, 2015
via Morning Bid with David Gaffen

Delaware destroyers

Has the U.S. market been altered, if only slightly, by the surprising defeat of Nelson Peltz’s Trian Management Group in its endeavor to take several seats on the board of DuPont? Perhaps.

Activist investing has been a hot market of late, as Reuters’ Svea Herbst-Bayliss says in a story late Wednesday, after Peltz’s slate went down in a close shareholder vote. It’s arguably a bit of a bubble, given the exceptional amount of capital that’s flowed into that area ($14 billion last year into a group of 70 ‘activist’ funds, for a total of about $119 billion in assets.)

    • About David

      "David Gaffen oversees the U.S. markets team, having joined Reuters in May 2009. He spent four years at the Wall Street Journal, where he was the original writer of the web site's MarketBeat blog. He is a frequent guest on Reuters TV, and has appeared on CNN International, Fox Business, NPR, and assorted other media and is the author of the book "Never Buy Another Stock Again.""
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