This Stock Jumped 45% Today, Thanks To Yahoo!
Stocks
closed off the first-quarter on a downside.
For the first quarter, homebuilders and oil service
stocks outperformed the airlines and semis. Japan approved Johnson &
Johnson’s
(
JNJ |
Quote |
Chart |
News |
PowerRating) Cypher drug-coat stent, used to open clogged arteries.
Analysts at JP Morgan expects sales in Japan to reach $875 million. Monsanto
(
MON |
Quote |
Chart |
News |
PowerRating) recorded higher earnings of $154 million on increased corn seed sales,
with revenue jumping 15% to $1.5 billion.
Trump Hotels and Casinos
(
DJT |
Quote |
Chart |
News |
PowerRating)
were lower on auditors’ concern at its high debt ratios and ability to pay
back loans. DJT is strapped with $1.8 billion of debt and has yet to turn a
profit over the past 8 years. Rediff.com of India
(
REDF |
Quote |
Chart |
News |
PowerRating) soared 45%
after announcing a partnership with Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating).
Factory orders were weak at
+0.3%, much lower than the consensus of +1.5%. OPEC decided to cut April
production output by 1 million barrels despite crude prices reaching 13-year
highs and gasoline prices hovering at 18-year highs. The Nikkei closed off its
fiscal year with a 47% gain, the strongest in 30 years.
AaiPharma
(
AAII |
Quote |
Chart |
News |
PowerRating)
will not file its 2003 annual report within the 15-day extension period. This
may lead to delisting of its stock from the Nasdaq. Electronics retailer Best
Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) posted earnings of $469 million and revenue up 21% to $8.4
billion. Earnings of 32 cents are forecast, with same-store sales up 8%.
| Dow | -24.00 |
10357.70 |
| S&P 500 |
-0.79 | 1126.21 |
| Nasdaq | -6.41 | 1994.22 |
The day’s leading sectors are
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -2.25%, Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +1.12%, Oil
Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating) + 1.10%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +1.01% and Natural
Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +0.92%.
Weak today are Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) -1.02% and Software
(
GSO.X |
Quote |
Chart |
News |
PowerRating) -0.76%.
Economic news releases today
included factory orders that missed the 1.5% consensus and Chicago PMI dropping
to 57.6..
10-year Notes are +180
at 115 130
The dollar
is -0.83 at 87.95
Gold is -6.00 at 427.70
Crude oil is +0.05 at
35.13
Volume is 1,448,000,000
on the NYSE, and 1,818,000,000 on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing |
2005 | Up Vol 803 |
| Declining | 1260 | Down Vol 619 |
| Ratio | 1.59 | 1.29 |
| Nasdaq |
||
| Advancing |
1728 | Up Vol 660 |
| Declining |
1434 | Down Vol 1096 |
| Ratio | 1.21 | 1.65 |
Stocks in the news:
Retailer Circuit City
(
CC |
Quote |
Chart |
News |
PowerRating)
will buy InterTan
(
ITN |
Quote |
Chart |
News |
PowerRating) for $284 million. The company also reported
better earnings on lower expenses with revenue +2% to $3.25 billion.
Merrill Lynch and
Smith Barney raised its
ratings on Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating) citing an under-appreciated drug pipeline
and better growth outlook than competitors.
Qlogic
(
QLGC |
Quote |
Chart |
News |
PowerRating) lowered its
fourth-quarter outlook citing lower demand. It now expects to earn 36 cents a
share with revenue to be around $128 million. Several brokerages downgraded the
stock which dropped 22%.
Usana Health Science
(
USNA |
Quote |
Chart |
News |
PowerRating)
lowered first-quarter earnings to 29 cents a share due to higher-than-expected
costs, including entering the Mexican market. For the full year, earnings are
expected to be around $250 million.