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发表于 2010-6-25 07:03 PM
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今天虽然收绿，但好几个LARGE CAP股票创了今年新低 on HEAVY VOLUME. 包括
CSCO, WMT, GE, MSFT. 要说这些 ...
ByStander 发表于 2010-6-25 18:52 
Bloomberg
Russell Rebalancing Poses Late-Day Threat to Stocks, Knapp Says
June 25, 2010, 2:45 PM EDT
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By Elizabeth Stanton and Kelly Bit
June 25 (Bloomberg) -- The annual rebalancing of Russell Investments’ stock indexes poses a late-day threat to U.S. stocks that may be sidelining some investors, said Barry Knapp, chief U.S. equity strategist at Barclays Capital Inc.
The value of the shares being added to the Russell 1000 Index of large U.S. companies exceeds the value of those leaving when the indexes are rebalanced at the close of trading. That will force managers of funds that mimic the indexes to sell a portion of their other holdings to raise cash.
“Today the big issue is the Russell rebalance,” Knapp said in an interview in New York. “That whole process alone should create somewhere around $10 billion of Russell 1000 stocks for sale on the close.”
U.S. stocks rose as banks rallied on the passage of financial-reform legislation. The Standard & Poor’s 500 Index gained 0.8 percent to 1,082.25 as of 2:06 p.m. in New York. The Russell 1000 climbed 0.7 percent, while the Russell 2000 advanced 1.6 percent.
Russell estimates that $3.9 trillion is benchmarked to its U.S. stock market measures, which include the Russell 1000 Index of the biggest American companies and the Russell 2000 Index of smaller stocks. Of the $3.9 trillion, $542 billion is in funds that mimic the indexes, said Ashley Bowles, a spokeswoman for the Tacoma, Washington-based company.
“The rebalancing may add volatility,” said Michael Nasto, the senior trader at U.S. Global Investors Inc., which manages about $2.5 billion in San Antonio.
According to Investment Technology Group Inc., index managers will need to raise about $14 billion to buy the stocks being added to the Russell 1000 and related indexes. The biggest addition is Berkshire Hathaway Inc., the insurance and investment company run by billionaire Warren Buffett.
Stock Split
Berkshire became eligible to join the Russell 1000 after a 50-for-1 stock split of its Class B shares on Jan. 21. It joined the S&P 500 on Feb. 12 and has the 13th-largest weighting in that index.
Also joining the index are several companies that became eligible after Russell changed its criteria for companies incorporated outside the U.S. for tax benefits. They include Covidien Plc, a maker of medical devices, and Tyco International Ltd., the world’s largest maker of security systems.
The gap between the cost of adding those companies to the index and the proceeds from selling the companies that are leaving it may “put end-of-day pressure on markets because in the absence of anything else, indexers are going to be selling some stocks to pay for others,” said John Carillo, director of portfolio trading at ITG in New York.
A late-day selloff isn’t guaranteed because news affecting share prices “could completely overwhelm” the index effect, Carillo said.
--With assistance from Rita Nazareth in New York. Editors: Stephen Kleege, Joanna Ossinger
To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net
To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net |
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发表于 2010-6-25 05:37 PM
