Traders Looking To Technology…
The
major indexes staged impressive rallies after trading lower off the
open, and are still pushing higher mid-day. Technology issues are leading the
charge, as Internet company Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) reported better-than-expected
earnings.
The
Dow Jones Industrial Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is +2.68% at 7482.28. The
S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) is +2.78% at 798.37. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
is +3.85% at 1157.06.
The biggest advancers are in Internet,
semiconductors, networking, and banks.
The biggest losers are in gold
and silver and airlines.
U.S. Treasury Bonds are
-’31 at 113 ’21.
The dollar is +34 at
107.60.
In economic news, initial
jobless claims came in at 384,000 vs. an expected 405,000 nut be sure to
read Tony
Crescenzi, as the number could be a fluke.
The biggest Dow gainers are General
Motors
(
GM |
Quote |
Chart |
News |
PowerRating), +6.77% at 33.11, Walt Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), +6.05% at
15.06, Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), +5.68% at 28.42, United TechÂ
(
UTX |
Quote |
Chart |
News |
PowerRating),
+5.50% at 51.90, American Express
(
AXP |
Quote |
Chart |
News |
PowerRating), +5.15% at 28.74, and JP
Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating), +5.17% at 16.25.
Stocks in the news:Â Â Â
Internet portal Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating),
+21.64% at 12.13, beat its third-quarter earnings estimates by a penny, with
profits of $0.05 per share, and has raised its 2003 outlook.
Computer services company
Overture
(
OVER |
Quote |
Chart |
News |
PowerRating), +10.13% at 26.52, had its estimates raised by Goldman
Sachs to $1.19 per share from$1.14 per share based on Yahoo!’s strong revenue
report.
Software company Electronic
Arts
(
ERTS |
Quote |
Chart |
News |
PowerRating), +2.99% at 66.72, had its earnings estimates raised by
SoundView for 2003 to $2.10 a share from $2.05 a share.
Conglomerate General
Electric
(
GE |
Quote |
Chart |
News |
PowerRating), +0.90% at 22.20, was downgraded by Merrill Lynch to
“neutral” from “buy” as it cut its fourth-quarter and 2003
estimates.
Oil services company Cooper
Cameron
(
CAM |
Quote |
Chart |
News |
PowerRating), +0.70% at 40.15, issued an earnings warning for its
third-quarter, with new estimates for $0.37 per share vs. the Multex consensus
of $0.39.
Retailer Costco
(
COST |
Quote |
Chart |
News |
PowerRating),
+6.40% at 32.40, beat its third-quarter earnings expectations by $0.03, with
profits of $0.52 a share.