TradingMarkets' 10 Stocks You Need To Know About For Wednesday

Stocks closed mixed on Tuesday, gaining ground intraday as Alan Greenspan spoke. The Fed chief said the U.S. economy was flexible enough to withstand higher oil and gas prices.  Traders were concerned he might focus on inflationary concerns. Greenspan also said that asset prices fall after long periods of risk taking, saying, "History cautions  that extended periods of low concern about credit risk  have invariably been followed by reversal, with an attendant fall in the prices of risky assets." Most economists fell he is talking about the housing market.

In the first post-Katrina report, consumer confidence fell more than expected, to 86.6 in September vs. 105.5 in August. It was the lowest reading in nearly three years and the biggest drop in 15 years.

Source: September 2005 Consumer Confidence Index, The Conference Board.

New home sales fell 9.9% in August to a seasonally adjusted rate of 1.24 million.

Now, here are a few stocks to watch on Wednesday:

Manugistics (MANU | Quote | Chart | News | PowerRating) beat by 0.02, ex-items.

Paychex (PAYX | Quote | Chart | News | PowerRating) beat by 0.02 and raised guidance.

McCormick (MKC | Quote | Chart | News | PowerRating) reports before the bell. Look for 0.34. Note the potential resistance on the chart.

Genentech (DNA | Quote | Chart | News | PowerRating) has fallen apart recently, and really tanked into the close on Tuesday. Rumor has it that there may be a decision in the long-standing dispute with MedImmune (MEDI | Quote | Chart | News | PowerRating). Note the potential double bottom. TradingMarkets Rule 10 may apply here: Trade news...but not like everyone else.