Thank goodness for Wal-Mart. After Aussie stocks fell over six percent yesterday (the ASX/200) to four-year lows, Wall Street sprung into action overnight. America’s largest discount retailer reported a 10% rise in third quarter profits. It also revised down its expectations for 2008 year-end earnings. The stock was up 4.4%. Wal-Mart’s current marketing slogan, by the way, is “Save Money. Live better.”
November 14th, 2008 | Dan Denning | 5 comments | ContinuedAll Posts Tagged With: "short selling"
Nervous Investors ‘Short’ the Market By Buying Commodities
Well that didn’t work out at all. Investors had a full weekend to think about the details of the worldwide plan to save markets. And then they became terrified. They sold shares and bought commodities. It shouldn’t be that surprising. And perhaps it wasn’t terror. Maybe it was just plain old common sense. You can’t short stocks anymore in some places. But you can buy commodities!
September 23rd, 2008 | Dan Denning | 2 comments | Continued
Short Selling Ban May Kick Off Market Liquidation
The ASX delayed its opening this morning so that ASIC could clarify its new policy on short selling to market participants. That policy changed twice over the weekend. First, ASIC joined the U.K. and the U.S. in banning naked short selling. It didn’t stop there. Whereas the U.S. has banned short selling of any kind on financial stocks to halt the collapse in share prices, ASIC put a blanket ban on shorting of all Aussie shares, full stop. The policy goal is obvious: halt falling share prices by shooting the bears in the head.
September 22nd, 2008 | Dan Denning | 8 comments | Continued