Stock Market Thread - ALL COMBINED

[vinnie]

Good time to buy in final hour today.

Bought AKS. I think steel will be a good place to be.

Southern California sensimilla :shrug:

 

[dawgball]

I am going to continue to concentrate on DXo getting in and out.

I have re-buy orders in now at 2.50 and 2.25. I will buy every .25 increment down until out of money then sell starting at 3.25 each time at .25 increments up.

I agree with Smurph that we will continue between mid 30s and 50 for several months. We will see (or at least scare the shit out of) $70 oil by the end of 2009.

edited to add: make that Summer of 2010 (not end of 2009)

 

[vinnie]

look at these crooks!

i actually owned this stock in december and made a nice profit. good thing i didn't hold :scared

tuesday close: $9.35
premarket: $1.51 :scared

Satyam Computer head quits, admits doctoring books

India's Satyam Computer head quits after admitting falsifying accounts; shares plunge 78 pct
Muneeza Naqvi, Associated Press Writer
Wednesday January 7, 2009, 7:18 am EST
Yahoo! Buzz Print Related:Satyam Computer Services Ltd.
NEW DELHI (AP) -- The chairman of India's Satyam Computer Services Ltd. quit Wednesday after admitting the company's profits had been doctored for several years, shaking faith in the country's corporate giants as shares of the software services provider plunged nearly 80 percent.

Related Quotes
Symbol Price Change
SAY 9.35 0.00


{"s" : "say","k" : "c10,l10,p20,t10","o" : "","j" : ""} The company's balance sheet -- riddled with "fictitious" assets and "non existent" cash -- contained a $1 billion hole that could no longer be concealed after a deal intended to save the struggling company was scuppered, Chairman B. Ramalinga Raju said in a letter to the board.

"Every attempt made to eliminate the gap failed," said Raju, 53. "It was like riding a tiger, not knowing how to get off without being eaten."

B. Rama Raju, managing director of Satyam Computer and the chairman's brother, also quit.

News of the fraud dragged down the benchmark Sensex stock index 7.3 percent to 9,586.88 with Satyam's shares plummeting nearly 78 percent to 40 rupees. The accounting scandal raises questions about the quality of corporate governance in India and is likely to reverberate around the region.

Satyam, which means "truth" in India's ancient Sanskrit language, had "inflated profits over a period of (the) last several years," Raju said in his letter, which was released to the Bombay Stock Exchange.

For the July-September quarter alone, operating profit of $133.4 million had been overstated by almost 11 times the actual result.

Rajeev Sampat, an independent analyst, said the amount and nature of the fraud had shocked investors.

"It is one of the biggest frauds the Indian capital market has seen. People have been taken by surprise by the gravity of the event," he said. "After overstating profit and understating debt, the company's net worth is zero."

Satyam said in a statement that it was "shocked by the contents of the letter" but the company would rally to find a way forward.

Raju said that none of the other board members had any knowledge of the company's real financial situation and apologized to all stakeholders in his letter, claiming that he had not benefitted from the doctored results.

"Neither me, nor the managing director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results," he said.

The son of a grape farmer in India's southern Andhra Pradesh state, Raju founded Satyam in 1987 and over the last two decades the company became India's fourth largest software services company. A key player in the Indian outsourcing industry, the company is listed on the New York Stock Exchange.

After getting a business degree from Ohio University, Raju first started a weaving mill and then ventured into real estate before diversifying into the software services industry.

The financial troubles at Hyderabad-based Satyam started becoming public last month when outraged investors forced the company to call off a $1.6 billion acquisition of two construction firms both partly owned by Satyam's founders, including Raju and his family.

Compounding Satyam's problems, the World Bank last month barred the company from receiving direct contracts from the bank for eight years for what the lender said were inappropriate business practices.

The Securities and Exchange Board of India, the market regulator, said it was investigating.

"We have to go beyond this letter and find out what actually has happened," SEBI chief C.B. Bhave told reporters. "This is an issue which has very serious implications. It involves the Companies Act and the violation of the listing agreement with SEBI. It also raises the issue of authenticity of accounts that have been audited and certified by the auditors."

Associated Press writer Ramola Talwar Badam in Mumbai contributed to this story.

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=11434245&ch=4226714&src=news:sadwave:

 

[smurphy]

Buying Wal-Mart after drop. It doesn't sit at this level long. Overreaction to what was pretty good numbers anyway.

 

[dawgball]

Buying Wal-Mart after drop. It doesn't sit at this level long. Overreaction to what was pretty good numbers anyway.

I think this is very smart move.

All of the talking heads are on the bad news, so you will probably have opportunity to buy down in chunks.

 

[dawgball]

I know this has been talked about a thousand times.

What brokers do you guys use?

I have a newbie friend that is asking me, and I want to make sure I am open to brokers other than the ones I have experience with. He knows some about investing but none about the act of trading.

 

[smurphy]

I'm with Ameritrade, but I know there are cheaper ones out there.

 

[smurphy]

I think this is very smart move.

All of the talking heads are on the bad news, so you will probably have opportunity to buy down in chunks.

It has a pretty consistent channel between low and high 50's. I'd be content if it sticks to that pattern. ...At least I know they won't go away. I guess it's kind of a hedge because if they did go away I'd be happy for other reasons.

 

[dawgball]

I'm with Ameritrade, but I know there are cheaper ones out there.

Cheap is only one factor when you're new to the trading game. It's below usability and comprehension, I think.

 

[vinnie]

Cheap is only one factor when you're new to the trading game. It's below usability and comprehension, I think.

main factor for me is knowing they are not going belly up kurby

 

[GENO]

TRADEKING here, economical and service so far has been better than others I have used, they did just raise the Margin rates on a tier based level. Not a big issue to me, as even though I have a margin account rarely into margin more than 10-15% of available amount and then usually only for a couple of days to a week. I checked thier Margin against E-Trade and TradeKing is still 49 basis points less than E-Trade.

 

[MadJack]

market week

market week

DXO 2.52 PM

what's your next buy, db?

 

[smurphy]

i am not understanding this stock. it doesnt even seem to go along with oil anymore.

 

[vinnie]

i am not understanding this stock. it doesnt even seem to go along with oil anymore.

It's a future :shrug:

 

[BleedDodgerBlue]

went all in per se in the stem cell sector.......not a day trader much, but for the short term, think can't go to wrong with these three.....real heavy on actc.


once this oboma guy signs the executive order in the next few days/weeks reversing the ban on federal funding for stem cell research these should hit.....looking for a jackpot

actc (heaviest on this one)
astm
stem


gl

 

[smurphy]

IBM just reported surprisingly strong earnings. Many stocks jumping in after hours. This bodes well for a good bounce tomorrow...

 

[dawgball]

I have/had an order in for 2.50 then again at 2.25. The client that I'm working at this week doesn't allow outside access to internet, and the hotel's is fecking TERRIBLE!

I have not logged into my account this week to check if anything triggered.

What's up with BAC at 5? It won't fail, will it?

I'll try and check back in on Thursday when I am back in Nashville where the internet is treated like a human right.

 

[smurphy]

I have/had an order in for 2.50 then again at 2.25. The client that I'm working at this week doesn't allow outside access to internet, and the hotel's is fecking TERRIBLE!

I have not logged into my account this week to check if anything triggered.

What's up with BAC at 5? It won't fail, will it?

I'll try and check back in on Thursday when I am back in Nashville where the internet is treated like a human right.

If this is the case, then your 2.50 order triggered. It was as low as 2.46 I think.

These banks will not "fail" (well, CITI might), but the common stock in them will fall to as close to zero as possible. There seems to be no reason to invest in them. They are not profitable.

 

[smurphy]

Shorting C on every bounce. It should keep hitting new lows.

 

[NySportsfan]

is it worth getting in dxo with like a buy order at 2.50 or so? still some room for upward momentum as it seems to be choppy....was as low as 2.36 today then made a nice jump back....dont see it going too low but probably voltaile, worth a shot?