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Greek Yields Fall Below 6%, Lowest Since 2010

LONDON –  Greek benchmark yields fell to the lowest level since 2010 on Wednesday after media reports said the country will return to capital markets as soon as this week. The yield on the 10-year Greek government bond fell 26 basis points to 5.836%, according to electronic trading platform Tradeweb. Reuters reported that Greece will issue its first sovereign bond since its almost four-year exile from international capital markets on Thursday, signaling the country is leaving the debt crisis behind. The government aims at raising 2.5 billion euros ($3.45 billion) in five-year bonds at … [Read more...]

Detroit Reaches Bankruptcy Deal With Bond Insurers

NEW YORK –  The bankrupt city of Detroit reached a deal to divert some funds owed to bond insurers toward retiree pensions, according to a statement from Judge Gerald Rosen, who is acting as a mediator in the case. The deal, announced Wednesday, may push other creditors to reach deals with the city that could speed up the bankruptcy case. The agreement involves $388 million in unlimited-tax general obligation bonds, which the city has been trying to cut. Bond insurers who are responsible for covering missed payments had sued the city last year, claiming that the debt is secured by dedicated … [Read more...]

Modest Bounce for Stocks Continues

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    The domestic equity markets are gaining ground for a second-straight session, continuing to rebound from the recent rout in momentum stocks, aided by stronger-than-expected profits from Alcoa, which unofficially kicked off 1Q earnings season. Meanwhile, in afternoon action, the Federal Reserve will release the minutes from its March meeting, which caused some consternation on the Street regarding the outlook for interest rates. Treasuries are lower ahead of the report, and following other U.S. data showing wholesale inventories rose, while mortgage applications declined … [Read more...]

Jim Cramer on Citigroup Settlement, Tesla Leasing and Alcoa Earnings

TheStreet's Jim Cramer says the stock market is having a "fulcrum" day with bad news. Citigroup's settlement is more negative news for banks, but if banks hold up, the largest component of the S&P 500 can do OK. Cramer is also watching Tesla after it was slammed by Barclays, saying the stock has peaked. Cramer will speak with Alcoa CEO Klaus Kleinfeld after the aluminum maker posts first quarter results and he is looking for good numbers in truck building, turbines and automotive. But most importantly, Cramer says the price of aluminum needs to go up. -- Get Cramer's top stocks with Action … [Read more...]

Jim Cramer’s Stop Trading: GILD ESRX

NEW YORK (TheStreet) -- On CNBC's "Cramer's Stop Trading" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said a battle is brewing between Gilead Sciences (GILD) and Express Scripts (ESRX).  Gilead developed what he called a "wonder drug," referring to its hepatitis C pill, Sovaldi.  Express Scripts, an AAP holding, is trying to force Gilead to cut its prices, saying insurance companies don't want to pay so much for patients to get the treatment. In the end, "Gilead wins this fight," Cramer argued. He reasoned that Sovaldi is a cure to a fatal disease. … [Read more...]

American Airlines Merger Left US Airways Workers Behind, Five Unions Say

CHARLOTTE, N.C. (TheStreet) -- Four months after the completion of the merger of American Airlines (AAL) and US Airways, all five of the US Airways unions said workers aren't yet seeing the benefits they expected. In a letter to American CEO Doug Parker, leaders of the five unions wrote they had generally supported the merger, but "now that the merger has taken place, we expect management to move forward immediately to keep its commitments to all of its employees and make this the best airline in the world. "While many of our members were understandably concerned about a potential merger, we … [Read more...]

Momentum Malaise Manhandling Markets

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    The U.S. equity markets are lower in afternoon action as traders continue to exit momentum stocks, ahead of 1Q earnings season, which will unofficially start with tomorrow's report from Alcoa after the closing bell. Meanwhile, the weakness in momentum stocks, especially technology issues, carried overseas, with Asian and European markets posting red figures. Treasuries are higher, with the U.S. economic calendar relatively quiet today, as a final hour report on consumer credit is the lone release on today's docket. In equity news, Dow member Procter & Gamble announced a … [Read more...]

Market Froth? Sure, Why Not?

The U.S. stock market keeps making new highs as the S&P 500 approaches 1900 and many popular media discussions revolve around price-to-earnings or P/E multiples that are far from historical highs. It’s worth noting that stock P/E multiples (SNP:^GSCP) are also far from their historical low points, a fact that seems to be conveniently missed by most pundits.  Also, P/E’s are only far from their highs if you compare them to the Internet bubble (a likely outlier for valuations). A look back at history shows that the market has certainly topped at P/E levels in many instances below where … [Read more...]

Wall Street Hit as Traders Ditch Cyclicals

FOX Business: Capitalism Lives Here U.S. stocks skidded on Monday as traders ditched cyclical stocks and scooped up defensive plays in the utilities and consumer staples sectors.  Today's Markets As of 1:26 p.m. ET, the Dow Jones Industrial Average fell 138 points, or 0.84%, to 16274, the S&P 500 dipped 18.2 points, or 0.98%, to 1847 and the Nasdaq Composite slumped 51.5 points, or 1.3%, to 4076. The Nasdaq plummeted 2.6% on Friday in its worst day since early February. The tech-heavy index also posted its worst two-week decline since 2012. The move has come on the back of an intense … [Read more...]

Markets Register Steep Losses

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      In a volatile trading session, the U.S. equity markets gave up early gains and closed the day sharply lower, with the Nasdaq falling hardest and momentum stocks coming under heavy pressure. Early support may have arisen from the release of the March labor report, which was mostly inline with economists' forecasts. Treasuries were nicely higher following the domestic employment data. On the equity front, Micron Technology reported quarterly earnings results that beat analysts' estimates, however, the memory chip maker offered disappointing 3Q guidance. Elsewhere, … [Read more...]