Here’s What You Need To Know About Google
Stocks took a breather Tuesday
on inflation concerns.
October PPI rose +1.7%, well above expectations of +0.5% and the largest gain since January 1990;
ex food/energy, +0.3%. Higher inflation may prompt the Fed to raise rates at a
faster pace. Trader talk: Can producers raise prices and pass on higher costs to
consumers? The CPI tomorrow may help answer this question.
Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) was in-line and raised the forecast for the full year;
sales, however, were less than expected. Retail stocks are generally lower.
Traders are wondering if all the gains are priced in these stocks? The market is
forward-looking, and last Spring’s numbers were phenomenal, which makes for
makes for tough comparisons year/year.
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating) and financial stocks in
general are lower on higher interest rate concerns.
Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) fell over 6% as 39.1 million shares become unlocked and available for
sale today. The lockup expiration more than doubles the shares available to
trade. Over the next three months, 277 million more shares will become eligible
to trade.
Forest Labs’
(
FRX |
Quote |
Chart |
News |
PowerRating) CEO Howard Soloman
is selling 2.5 million shares {38.2% of his holdings); the stock fell 2.2%. Mr.
Solomon is 77 years old and said that he is selling shares for estate planning
purposes.
Earnings after
the close: Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) beat by 0.04 and beat on revenues.
Borders
(
BGP |
Quote |
Chart |
News |
PowerRating) missed by a penny; Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating)
beat by 0.02 but was light on revenues. LTX Corp.
(
LTXX |
Quote |
Chart |
News |
PowerRating) beat by a
penny but guided the January quarter lower.
The new CEO of Martha Stewart Living, Susan Lyne, is making $900,000 per
year plus stock, options and bonus—the same salary package Martha herself had.
Pfizer is pulling the Pfizer “wild thing” ads. Merck
(
MRK |
Quote |
Chart |
News |
PowerRating)
traded up 1.4% after recent losses.
On this day in 1914 the Federal Reserve opened.
| Dow | -62.59 | 10487.65 |
| S&P 500 | -8.38 | 1175.43 |
| Nasdaq | -15.47 | 2078.62 |
Strong sectors were: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +1.47%, Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +0.58%.
Weak sectors were:
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -2.30%, Internet Â
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -2.06%,
Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) -1.364%.
The dollar was -0.19 at
83.86
Gold was +3.60 at 440
Crude Oil was -0.72 at 46.23
1.88 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1266 | Up Vol 363 |
| Declining | 2059 | Down Vol 975 |
| Ratio | 1.62 | 2.68 |
| Nasdaq |
||
| Advancing | 1162 | Up Vol 798 |
| Declining | 1939 | Down Vol 1073 |
| Ratio | 1.66 | 1.34 |
Stocks in the News
Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) beat and raised guidance. Q3 profits rose 15%.
JC Penney
(
JCP |
Quote |
Chart |
News |
PowerRating) beat by a penny. The company reported 0.50 vs.Â
0.27 a year ago.
Staples
(
SPLS |
Quote |
Chart |
News |
PowerRating) beat by a penny; profits rose 25%.
BJ’s Wholesale
(
BJ |
Quote |
Chart |
News |
PowerRating) beat by 0.02.
Electronic Data
(
EDS |
Quote |
Chart |
News |
PowerRating) reported a larger loss, but beat expectations
Fannie Mae
(
FNM |
Quote |
Chart |
News |
PowerRating) warned of a possible $9 billion loss.
Tobacco stocks (MO, RJR, CG, BTI) will be in focus as Britain considers a
smoking ban in most enclosed areas.
Brice Wightman