Kenny Polcari
KennyPolcari.com
Sophia Loren, Michael Angelo, Benvenuto Cellini, Leonardo Da Vinci, Marconi, Leonardo Fibonacci, Federico Fellini, Luciano Pavarotti - There are just a handful of famous Italians that have contributed immensely to Italian and world history ......and today - one of the most famous (and sexually charged) Italians comes to the NYSE......Today - we welcome Ferrari - ticker symbol RACE to the NYSE family of companies.
Ferrari - is an Italian luxury sports car manufacturer - founded by Enzo Ferrari in 1929....originally to build race cars...in 1947 - Ferrari moved into the production of 'street legal' luxury cars. in 1969 FIAT acquired 50% of the company and in 1988 took control of 40% more taking their total stake to 90%.
In 2014 Fiat Chrysler announced that it would sell 10% f the company to the public and today is the day.....expect the 'street' to be awash in testosterone as the excitement builds....
Broad Street - now known as 'experience square' has a dozen Ferrari's on display - 'only to look at - no touching allowed' ...which will only serve to drive the men into a frenzy..... The IPO was priced last night at $52/share - at the high end of the range - and was 'way over subscribed' .....so instead of raising the IPO price to cool demand - they decided to remain within the range to create the 'desire' in the aftermarket......You can feel the excitement building, the tingle in your spine, the rapid breathing, the toe curling excitement and the rush of blood as the heart beats faster and faster exploding with fury as the opening bell rings.....( What a great way to start the day - I 'm exhausted already...)
Stocks chopped yesterday - as healthcare stocks got whacked over more political wrangling and investors/traders grew concerned about IBM earnings and mounting concerns over Marissa Meyers options at Yahoo.......... The choppy trading on Wall Street suggests that traders are uncertain about the near-term direction of equities following the recent volatility and continuing disappointments in earnings reports and forward guidance.
IBM shares dropped 5.75% (or $8.50) after the company reported lower quarterly revenue for the 14th straight quarter - they also lowered guidance for the fiscal year.
So - investors and traders reacted how far off the mark IBM's stock prices was from fundamentals. The stronger dollar in this case - did hurt, The stock has been in a downtrend since July as investors began to re-price the company based on $ concerns..........breaking every support level it had only to find support at the $140 level in late August....churning and building a new base...............It was only into eh last month that investors/traders thought that maybe the mkt had adjusted for it and punished it enough causing some to go on a bargain hunting spree. Well - that didn't work out to well...yesterday's news sent the stock right back down to those lows.....the question now is: Will it find support in here at $140/share?
YHOO - also disappointed - and warned about what the future holds - putting Mayers turnaround plan in jeopardy.....causing her to announce a new plan - a resetting of sorts after two top executive 'flew the coop'.....saying that the changes are 'the result of careful planning' - one should ask - who's planning was it?
More broadly - 70% of companies so far have beat the bottom line while only 40% of companies have beaten on the top revenue line...this is becoming more of a problem, causing a disconnect between fundamentals and stock prices.....despite all of the rhetoric from Washington that the economy is doing just fine......
When the recession of 2008 hit and continued to hammer earnings stock prices eventually fell hard. Are we gearing up for another fall? Technically, we are still struggling, bulls and bears are locked in a battle.....All of the major indexes are still in a downtrend....their 50 dma's are trending below their 200 dma's and all have found resistance as they have recently approached this longer term technical indicator. So we remain locked in a tight range.
Next up - Oil and energy stocks.....what will they say about the current state of the economy ? My sense is that stocks will stay in a sideways channel (1985/2050) as long as oil prices remain in the $43 to $50 range. If oil breaks $43 then look for stocks to come under renewed pressure breaking below 1985...and if for some reason - oil pierces $50 (unlikely in the short term) then we will see renewed excitement for stocks....taking us to the longer term resistance at 2060. Now overnight oil fell 2% and is now trading at $45.75/barrel.....which will only cause some to remain laser focused on today's EIA report. (Energy Information Admin).
Look for reports from BA, KO, ABT, BHI, BIOGEN, NT, GM, EMC, STJ and ITW today - as well as one FED Governor - Jerome Powell who will be speaking at 1:30 pm. - Will he give us a clue about what rates will do in October? My money says - no rate hike.....
What exactly is Bolognese sauce? It is a meat based thick, hearty sauce for pasta –that originated in Bologna. Now Bologna is the largest city in the region of Emilia-Romagna in Northern Italy and is the 7th largest city in all of Italy. It is a very cosmopolitan city rich in art, history, music, culture and food. It is also home to many of Italy’s finest universities. This particular sauce has numerous variations – but no matter how you make it – you cannot go wrong at all….
For this you need:
Equal parts, ground beef, veal & pork, 3 lg cans of plum tomatoes, fresh basil, whole milk, olive oil, s&p, onions, carrots, celery and garlic.
Begin by sautéing sliced garlic in some olive oil over med hi heat. Next add in the sliced onions, diced carrots and diced celery - stir and cover – allow to cook thru and soften up, stirring every 5 mins or so. Once the veggies have softened – add in the equal parts of meat…and brown nicely. Season with s&p.
Next run the plum tomatoes thru the blender – quickly – you want some chunk left to them…..so do not liquefy. Add to the meat and simmer.
Next up - you want to crush your plum tomatoes in a food processor - but do not puree them - let them remain a bit chunky.... Now you want enough tomatoes so that you have sauce and not all just meat – capisce? But this is supposed to be a hearty sauce - so keep that in mind. Add in some fresh chopped basil, s&p and bring to a boil. Now turn it down to low and let simmer for 45 mins...Now turn off the heat - let it cool for 10 mins and add in 1 cup of whole milk and stir. – taste and adjust if necessary.
Bring a pot of salted water to a boil and add the Rigatoni pasta - cook until aldente about 8 - 10 mins.
Before straining – remove a mugful of the pasta water to remoisten. Drain the pasta and return to the pot….add back ¼ c of the pasta water and stir. Allow the pasta to absorb the water – do not make a puddle on the bottom of the pan….Add a ladle or two of the sauce to the pot and mix well to coat.
Next – serve in warmed bowls…..add a ladle of the Bolognese sauce on top and sprinkle with fresh grated Parmegiana cheese. Always have more cheese on the table for your guests.
Buon Appetito.
Ferrari - is an Italian luxury sports car manufacturer - founded by Enzo Ferrari in 1929....originally to build race cars...in 1947 - Ferrari moved into the production of 'street legal' luxury cars. in 1969 FIAT acquired 50% of the company and in 1988 took control of 40% more taking their total stake to 90%.
In 2014 Fiat Chrysler announced that it would sell 10% f the company to the public and today is the day.....expect the 'street' to be awash in testosterone as the excitement builds....
Broad Street - now known as 'experience square' has a dozen Ferrari's on display - 'only to look at - no touching allowed' ...which will only serve to drive the men into a frenzy..... The IPO was priced last night at $52/share - at the high end of the range - and was 'way over subscribed' .....so instead of raising the IPO price to cool demand - they decided to remain within the range to create the 'desire' in the aftermarket......You can feel the excitement building, the tingle in your spine, the rapid breathing, the toe curling excitement and the rush of blood as the heart beats faster and faster exploding with fury as the opening bell rings.....( What a great way to start the day - I 'm exhausted already...)
Stocks chopped yesterday - as healthcare stocks got whacked over more political wrangling and investors/traders grew concerned about IBM earnings and mounting concerns over Marissa Meyers options at Yahoo.......... The choppy trading on Wall Street suggests that traders are uncertain about the near-term direction of equities following the recent volatility and continuing disappointments in earnings reports and forward guidance.
IBM shares dropped 5.75% (or $8.50) after the company reported lower quarterly revenue for the 14th straight quarter - they also lowered guidance for the fiscal year.
So - investors and traders reacted how far off the mark IBM's stock prices was from fundamentals. The stronger dollar in this case - did hurt, The stock has been in a downtrend since July as investors began to re-price the company based on $ concerns..........breaking every support level it had only to find support at the $140 level in late August....churning and building a new base...............It was only into eh last month that investors/traders thought that maybe the mkt had adjusted for it and punished it enough causing some to go on a bargain hunting spree. Well - that didn't work out to well...yesterday's news sent the stock right back down to those lows.....the question now is: Will it find support in here at $140/share?
YHOO - also disappointed - and warned about what the future holds - putting Mayers turnaround plan in jeopardy.....causing her to announce a new plan - a resetting of sorts after two top executive 'flew the coop'.....saying that the changes are 'the result of careful planning' - one should ask - who's planning was it?
More broadly - 70% of companies so far have beat the bottom line while only 40% of companies have beaten on the top revenue line...this is becoming more of a problem, causing a disconnect between fundamentals and stock prices.....despite all of the rhetoric from Washington that the economy is doing just fine......
When the recession of 2008 hit and continued to hammer earnings stock prices eventually fell hard. Are we gearing up for another fall? Technically, we are still struggling, bulls and bears are locked in a battle.....All of the major indexes are still in a downtrend....their 50 dma's are trending below their 200 dma's and all have found resistance as they have recently approached this longer term technical indicator. So we remain locked in a tight range.
Next up - Oil and energy stocks.....what will they say about the current state of the economy ? My sense is that stocks will stay in a sideways channel (1985/2050) as long as oil prices remain in the $43 to $50 range. If oil breaks $43 then look for stocks to come under renewed pressure breaking below 1985...and if for some reason - oil pierces $50 (unlikely in the short term) then we will see renewed excitement for stocks....taking us to the longer term resistance at 2060. Now overnight oil fell 2% and is now trading at $45.75/barrel.....which will only cause some to remain laser focused on today's EIA report. (Energy Information Admin).
Look for reports from BA, KO, ABT, BHI, BIOGEN, NT, GM, EMC, STJ and ITW today - as well as one FED Governor - Jerome Powell who will be speaking at 1:30 pm. - Will he give us a clue about what rates will do in October? My money says - no rate hike.....
Rigatoni in a Classic Bolognese Sauce
Try another classic Italian -What exactly is Bolognese sauce? It is a meat based thick, hearty sauce for pasta –that originated in Bologna. Now Bologna is the largest city in the region of Emilia-Romagna in Northern Italy and is the 7th largest city in all of Italy. It is a very cosmopolitan city rich in art, history, music, culture and food. It is also home to many of Italy’s finest universities. This particular sauce has numerous variations – but no matter how you make it – you cannot go wrong at all….
For this you need:
Equal parts, ground beef, veal & pork, 3 lg cans of plum tomatoes, fresh basil, whole milk, olive oil, s&p, onions, carrots, celery and garlic.
Begin by sautéing sliced garlic in some olive oil over med hi heat. Next add in the sliced onions, diced carrots and diced celery - stir and cover – allow to cook thru and soften up, stirring every 5 mins or so. Once the veggies have softened – add in the equal parts of meat…and brown nicely. Season with s&p.
Next run the plum tomatoes thru the blender – quickly – you want some chunk left to them…..so do not liquefy. Add to the meat and simmer.
Next up - you want to crush your plum tomatoes in a food processor - but do not puree them - let them remain a bit chunky.... Now you want enough tomatoes so that you have sauce and not all just meat – capisce? But this is supposed to be a hearty sauce - so keep that in mind. Add in some fresh chopped basil, s&p and bring to a boil. Now turn it down to low and let simmer for 45 mins...Now turn off the heat - let it cool for 10 mins and add in 1 cup of whole milk and stir. – taste and adjust if necessary.
Bring a pot of salted water to a boil and add the Rigatoni pasta - cook until aldente about 8 - 10 mins.
Before straining – remove a mugful of the pasta water to remoisten. Drain the pasta and return to the pot….add back ¼ c of the pasta water and stir. Allow the pasta to absorb the water – do not make a puddle on the bottom of the pan….Add a ladle or two of the sauce to the pot and mix well to coat.
Next – serve in warmed bowls…..add a ladle of the Bolognese sauce on top and sprinkle with fresh grated Parmegiana cheese. Always have more cheese on the table for your guests.
Buon Appetito.
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