All Eyes On Cisco–Here’s What Is Expected
Stocks are virtually flat
on low volume again today, but there are no signs of selling pressure.
Transports are at 5-year highs and utilities are at 3-year
highs. Other new highs today include: DOW, TYC, BEN, FDX, NRG, DGX, some
homebuilders and some HMOs.
Wholesale inventories for September rose +0.5%;
wholesale sales rose +0.6%. It was the smallest increase since April and
suggests companies may be becoming more tentative about the economy.
Gold made a 7-month high at $435 as traders
express concern about the dollar weakness.
Fed funds indicate an 80% probability that we
will end the year with a 2 1/4% Fed Funds rate, as increases are expected both
tomorrow and at the December 14 Fed meeting.
Marsh & McLennan
(
MMC |
Quote |
Chart |
News |
PowerRating) said Q3 profit
fell 94%; the company will cut 3000 jobs.
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) reports tonight; the
estimate is $0.21 and revenues $6 billion. Investors will focus on CEO John
Chambers’ statements about demand.
MicrosoftÂ
(
MSFT |
Quote |
Chart |
News |
PowerRating) is holding its
annual meeting today
| Dow | -14.68 | 10376.63 |
| S&P 500 | -1.52 | 1163.37 |
| Nasdaq | -1.71 | 2037.54 |
Strong sectors are:
Healthcare Providers
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +2.72, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating)
+0.69%.
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +0.60%.
Weak sectors are: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -0.92%,
Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating)
-0.50%.
The dollar is -0.07 at
84.02
Gold is +3.50 at 436.10
Crude Oil is -0.99 at 48.10
798 million on the Nasdaq.
Market breadth is mostly
negative.
| NYSE | Issues | |
| Advancing | 1643 | Up Vol 308 |
| Declining | 1496 | Down Vol 292 |
| Ratio | 1.09 | 1.05 |
| Nasdaq |
||
| Advancing | 1383 | Up Vol 277 |
| Declining | 1518 | Down Vol 470 |
| Ratio | 1.09 | 1.69 |
Stocks in the News
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) is lower after they said the feds are investigating the Vioxx
withdrawal.
Sears
(
S |
Quote |
Chart |
News |
PowerRating) is trading higher; last week
Vornado announced they acquired a 4.3% stake in the company.
Abercrombie & Fitch
(
ANF |
Quote |
Chart |
News |
PowerRating) profits fell
to 0.42 in Q3 from 0.51 in the same period last year.
DreamWorks Animation
(
DWA |
Quote |
Chart |
News |
PowerRating) said it
sold 12.1 million copies of Shrek 2 since the DVDs went on sale last week.
Brice Wightman