Look At What The Chinese Central Bank Is Considering
Stocks are mixed Friday. The Midwest saw slight pickup in business according to
the Chicago PMI with the index rising to 63.9.
At an emergency meeting yesterday, China’s central
bank said that they wanted to slow down its roaring economy and may raise
interest rates by as much 50 basis points. The comments caused Asian markets to
drop as much as 4%.
Oil Giant ChevronTexaco
(
CVX |
Quote |
Chart |
News |
PowerRating) reported earnings that were well ahead of analysts’ consensus at $2.6
billion with revenue up 9.1% to $33.57 billion.
CVX noted strength in its refining and marketing unit. Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) earned $1.53 billion on revenue of $13.03 billion. Its beauty care
division experienced a double-digit increase in sales with a 41% increase in
volume. Biogen Idec
(
BIIB |
Quote |
Chart |
News |
PowerRating) posted a loss of $41 million with revenue
up to $541.7 million. BIIB reaffirmed its 15% revenue growth and 20% EPS growth
targets through 2007.
| Dow | +27.59 |
10300.02 |
| S&P 500 |
+1.00 | 1114.89 |
| Nasdaq | -16.09 |
1942.13 |
The day’s leading sectors are
Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +1.13%, Oil Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +1.15%,
Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) +0.85%, Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+0.71%.
Weak today are Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) -2.48%, Internet
(
ECM.X |
Quote |
Chart |
News |
PowerRating) -2.26%,
Economic news releases today:
Personal income that was flat at 0.4%, personal spending that was
lower-than-expected at 0.7%. Michigan sentiment was higher-than-expected at 94.2
and Chicago PMI rose to 63.9.
10-year Notes are +85 at
110 140
The dollar
is -0.01 at 90.79
Gold is +2.40 at 389.50
Crude Oil is +0.47 at
37.78
Volume is 655,000,000 on
the NYSE, and 939,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing |
1477 | Up Vol 304 |
| Declining | 1616 | Down Vol 330 |
| Ratio | 1.13 | 1.10 |
| Nasdaq |
||
| Advancing |
1134 | Up Vol 320 |
| Declining |
1878 | Down Vol 620 |
| Ratio | 1.64 | 1.94 |
Top Dow stocks are:
Altria
(
MO |
Quote |
Chart |
News |
PowerRating), +1.89%
at 55.93, Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating), +1.62% at 43.23, Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating),
+1.49% at 31.23, Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating), +1.46% at 36.02,
Stocks in the news:
Foundry
(
FDRY |
Quote |
Chart |
News |
PowerRating) missed earnings
expectations with net income at $19.9 million on sales of $104 million and
guided the Street lower.
Winn-Dixie
(
WIN |
Quote |
Chart |
News |
PowerRating) announced plans to eliminate
10,000 jobs and posted a big drop in profit. Income was down to $610,000 with
sales at $2.67 billion.
Anadarko Petroluem
(
APC |
Quote |
Chart |
News |
PowerRating) traded higher after
reporting earning of $392 million on revenue of $1.46 billion with strong
volumes and higher commodity prices.
Cigna
(
CI |
Quote |
Chart |
News |
PowerRating) reported earnings that fell by 67% to $78
million with earnings from continuing operations up 28%. Revenue was down to
$4.7 billion with a declining membership base of 5.5 million.
Brice Wightman
bricew@tradingmarkets.com