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The Odd Facebook Halo

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There is a lot of hype surrounding the upcoming Facebook IPO. Given it’s size ($100b mkt cap?) and the number of user Facebook reaches, I can understand all the hoopla. But I find it a bit confusing why today, after Facebook has filed its S1, that all of the other publicly traded social networking stocks would be trading so much higher. Look at ZNGA, LNKD, GRPN, etc. and you see big gains in all of them. I find the action odd.

In earnings news, we continue to see most reports beating expectations. This morning’s list of stocks reacting positive vs. negative is fairly balanced, but the stocks showing positive reactions are up a lot more than the small declines on the stocks showing negative reactions.

Among the earnings gainers are: MA, GMCR, QCOM, LVS, and NUS. Stocks declining on earnings include: AZN, CAH, DOW, CI, CMG, and AGN.

The large number of disappointments coming out of healthcare related stocks is weighing on the sector, with the healthcare etf (XLV) lagging this morning by quite a bit. Energy stocks are up the most in early trading.

In economic news, jobless claims were slightly below expectations. Q4 productivity was in-line with expectations at 0.7%, while unit labor costs were higher than expected at 1.2%.

Asian markets were higher overnight, while Europe is mixed this morning. The euro has been bouncing around the flat line this morning. Oil prices are lower to $96.75; gold prices are higher near $1757; silver prices are also higher, while copper prices are flat.

The 10-year yield is flat near 1.84%; and the VIX is down another 2% to 18.18.

Trading comment: More breakouts to new highs today. Check out RAX. See V. MA is also close. View QCOM. Here comes MELI. Obviously AAPL. And I could go on. Those waiting for a dip remain frustrated, causing them to ask, “Dude, where’s my pullback?”

KAM Advisors has long positions in AAPL, MELI, GLD, and SLV

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Jordan Kahn

Jordan Kahn

Jordan Kahn, CFA, is the President and CIO of KAM Advisors, a Beverly Hills, Calif., money manager. He previously was a managing partner with Beverly Investment Advisors. He also writes a daily blog called In The Money. Mr. Kahn holds a master’s in financial markets and trading from the Stuart School of Business at the Illinois Institute of Technology and a bachelor’s degree in economics and finance from the University of Colorado.
Jordan Kahn
Jordan Kahn

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