Yellen No Big Impact
Posted at 2:39 PM EDT on Friday, May 22, 2015
By Bret Jensen
Stop me if I have said this a half dozen times today -- the market remains mostly flat with 90 minutes left to close. Equities largely shrug off latest comments from Fed Chairperson Yellen. Europe ends with its best week in the last month and a half.
Interesting report on CNBC that Microsoft (MSFT) and Salesforce (CRM) have held significant talks about acquisition but disagreed on price. Mr. Softie offered $55 billion and Salesforce wanted $70 billion. Whether anything eventually comes from it is anybody's guess.
Mizuho upgrades Micron Technologies (MU) today, which is boosting stock some two percent in trading today. Has $39.00 a share price target and sees tech stock as second half story. I agree with analysis and stock is extremely cheap in a market I consider overbought.
Land rigs fall for the 24th straight week, but were only down 1 to 659. With recent rise in oil, maybe the worst is over for drilling activity.
New York & Company: Turnaround Play?