Italian Bonds May Prop Market - Analyst Blog
2011年12月28日 - 5:54PM
Zacks
With nothing major on the domestic economic calendar today,
stocks will likely get a lift from the sharp drop in Italian
government bond yields. But trading volumes are expected to remain
light due to seasonal factors.
Italy sold €9 billion of 6-month Treasury bills at a 3.25%
yield, roughly half of what the country had to pay for the same
maturity in last month's auction. Demand was also a lot stronger
than a month ago. Yields on Italian government bonds have come down
in the secondary market following the successful auction, though
not as dramatically. This was the first major bond auction since
last week’s major liquidity operation by the European Central
Bank.
The improved liquidity position of Euro-zone banks as a result
of the ECB action was expected to encourage them to operate more
actively in the government bond auction. Today’s successful Italian
bond auction appears to bear those expectations out. It will be
interesting to see if this improving trend will remain in place in
another bond auction scheduled for Thursday.
In corporate news, Cavium (CAVM), the
semiconductor maker, lowered its revenue outlook for the current
quarter due to weak demand from its customers. Emcore
Corp. (EMKR), another semiconductor manufacturer, came out
with weaker than expected results on Tuesday and guided lower.
The New York Times Company (NYT) announced the
sale of its regional media business, which includes 16 local
newspapers and other assets, for $143 million. The media company
expects to record an after-tax gain on the transaction in the first
quarter of 2012.
CAVIUM INC (CAVM): Free Stock Analysis Report
EMCORE CORP (EMKR): Free Stock Analysis Report
NY TIMES A (NYT): Free Stock Analysis Report
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