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Stocks were virtually flat in a narrow trading range and lower volume as traders look for the next catalyst. The fighting in Fallujah and Wednesday's Fed meeting are two focal points. Traders expect a 1/4 point rise this week and another 1/4 point rise in December, as well.
Oil service stocks are down 9% from multiyear highs, and brokers were lower after a dozen firms came under investigation regarding trade execution quality.
EBAY was higher after JP Morgan added the stock to its Focus List and set a $130 price target for the stock.
McDonald's global sales rose 6% last month--the 19th straight month of sales gains. Sales in the US rose 7.5%.
Taser (TASR | Quote | Chart | News | PowerRating) received government approval to use its stun guns on some commercial airline flights. Korean Airlines is the first carrier to get the guns after their application was approved by the Dept. of Homeland Security. Law enforcement personnel and flight attendants will be allowed to carry the stun guns, which sell for between $400 - $800 each.
Pfizer (PFE | Quote | Chart | News | PowerRating) was lower after NY Attorney General Spitzer requested information on drug promotion.
Al Gore is in the money management business. He started Generation Investment Management along with former Goldman asset manager David Blood. The firm, based in London, will target pension funds and high net-worth clients. The firm which will start managing money in February, will also have offices in Washington and will employ 11. Minimum investment: $3 million.
| Dow | +3.77 | 10391.31 |
| S&P 500 | -1.26 | 1164.89 |
| Nasdaq | +0.31 | 2039.25 |
Strong sectors were: Internet (GIN.X | Quote | Chart | News | PowerRating) +1.29%, Retail (RLX.X | Quote | Chart | News | PowerRating) +0.27%, Utilities (UTY.X | Quote | Chart | News | PowerRating) +0.90%.
Weak sectors were: Oil Services (OSX.X | Quote | Chart | News | PowerRating) -2.94%, Brokers (CYC.X | Quote | Chart | News | PowerRating) -1.77%, Oil Services (OSX.X | Quote | Chart | News | PowerRating) -1.01%.
The dollar was +0.08 at 84.07
Gold was -2.30 at 432.30
Crude Oil was -0.59 at 49.09
Volume was 1.35 billion on the NYSE and 1.6 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1251 | Up Vol 561 |
| Declining | 2088 | Down Vol 696 |
| Ratio | 1.66 | 1.24 |
| Nasdaq | ||
| Advancing | 1414 | Up Vol 785 |
| Declining | 1679 | Down Vol 692 |
| Ratio | 1.18 | 1.13 |
Stocks in the News
Biogen Idec (BIIB | Quote | Chart | News | PowerRating) reported good results on an MS drug.
Medarex (MEDX | Quote | Chart | News | PowerRating) formed a development and marketing pact with Bristol Myers Squibb for a melanoma treatment.
Novell (NOVL | Quote | Chart | News | PowerRating) is higher after Microsoft agreed to pay $536 million to settle antitrust claims.
U.S. Steel (X | Quote | Chart | News | PowerRating) was the subject of a positive article in Barron's.
Brice Wightman
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