15:24 ET Bond Market Summary : The market remained well supported throughout the day with unemployment data fueling the belief that the Federal Reserve is nowhere near pulling the trigger on rates. Though a substantial rally took place, the market's enthusiasm was cooled by the usual unwillingness to carry positions over the weekend (especially one filled with chummy Saturday G7 tee-times), and all the events in the pipeline for the week ahead. With all the price support, including the "unquestionable very near future Asian intervention dollars, that are taking a break for G7 and will be at the ready to come in extremely hard next week," the treasuries were still unable to do more then nose outside the week's range.
14:04 ET PVN: Deutsche comments on merger possibilities 13.17 +0.38: Given a high level of investor interest in recent weeks, Deutsche takes a detailed look at the possibility of further consolidation in the US credit card industry with a particular focus on Providian. As the smallest among monoline credit card issuers and given its troubled past, firm sees Providian as the most likely target and only willing seller. However, believes its current valuation suggests investors intent on a takeoever play should be both wary and patient. Given that current valuation appears to be incorporating a takeover premium, firm believes this creates downside risk.
13:40 ET Floor Talk : The desks have been rather quiet intraday with one notable exception. The old IBM (+0.1%) for EMC (+3.2%) rumor is making its montly visit to the trading floors. Was really no need to check around on this one since it's been around so frequently. However, since it's a quiet day on trading desks, we took the time. Indeed, few desks have heard the rumor on this particular day, suggesting that an EMC long somewhere across the world is simply trying to come up with something to light a fire under the stock. Of the more interesting responses we received is that this rumor is akin to market speculating that Mcdonald's is looking to make a bid for Burger King, because it all adds up to cheeeeeezburgers (with the emphasis on cheeze).
13:19 ET: -
10:21 ET Floor Talk: - Market lift attributed to shorts covering positions after jobs report fails to take market down :
Guy Boscart.