Two Giant Retailers Beat Forecasts
Stocks
are mixed ahead of Intel’s mid-quarter update
with analysts
expecting the company to re-affirm previous forecasts. The ECB and Bank of
England left interest rates unchanged despite global pressure for a lower euro. Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) reported same-store sales for the month of February up 6.2% with
revenue up 14% to $20.16 billion. It expects a 5% rise in same-store sales for
March. WMT noted great demand for its health, beauty, food and clothing
items. Meanwhile, Target
(
TGT |
Quote |
Chart |
News |
PowerRating) also beat its forecast, reporting a
7.5% increase in same-store sales. Disney’s
(
DIS |
Quote |
Chart |
News |
PowerRating) board unanimously
voted to split its chairman and CEO position. Eisner will retain his position as
CEO, with former senator George Mitchell taking over as chairman.
| Dow | -4.23 | 10589.09 |
| S&P 500 |
+1.67 | 1152.70 |
| Nasdaq | +10.76 |
2044.13 |
The day’s leading sectors are
Internet [ECM|ECM],
+2.87%, Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating)
+2.02%, Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +2.84%, Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating)
+1.72%, and Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +0.98%.
Weak today are Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -0.29%, and Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) -0.29%,
Economic news releases today
slightly lower initial claims at 345K, productivity up 2.7% and factory orders
down 0.5%
10-year Notes are +65
at 115 005
The dollar
is -0.19 at 88.95
Gold is +2.20 at 394.90
Crude Oil is +0.58 at
36.38
The euro
is +0.22 at 122.08
Volume is 590,000,000 on
the NYSE, and 824,000,000 on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1651 | Up Vol 315 |
| Declining | 1422 | Down Vol 209 |
| Ratio | 2.01 | 2.36 |
| Nasdaq | ||
| Advancing | 1683 | Up Vol 513 |
| Declining | 1239 | Dow Vol 253 |
| Ratio | 1.79 | 1.48 |
Top Dow stocks are:
Merck [MRK|MRK],
+1.80% at 47.99, Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), +1.41% at 29.46, Walt Disney [DIS|DIS]
+1.05% at 26.96, and Wal-Mart [WMT|WMT],
+0.97% at 60.91.
Stocks in the news:
Video game publisher
Take-Two Interactive
(
TTWO |
Quote |
Chart |
News |
PowerRating) reported lower earnings of $31.8 million
with revenue dropping to $375.5 million. TTWO is down 3% for the day.
Ask Jeeves
(
ASKJ |
Quote |
Chart |
News |
PowerRating)
announced a deal to purchase Interactive Search Holdings for $343 million. The
deal is expected to double ASKJ’s market share and make the company more
competitive.
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) updated
its earnings forecast, expecting to earn 72 cents for the quarter with 2004
earnings to reach $3.14 a share, both in-line with Wall Street consensus.
Staples
(
SPLS |
Quote |
Chart |
News |
PowerRating) reported a 29%
increase in earnings with revenue rising 10% for the fourth quarter. The company
also will initiate a 20 cent annual dividend payable to holders of record on
April 26. Sales came in at $3.68 billion with earnings at $211.9 million.