What Does The Price Of A NYSE Seat Say About The Market?
Stocks are higher as traders look for bargains
in the oversold market. Jobless claims rose unexpectedly, the highest
1-week gain since March 2002. Claims rose 43,000 to 364,000, with the 4-week
moving average at 333,000. December retail sales rose on average 2.8%, with
analysts expecting a 2.4% rise. Sixty six companies beat estimates, while 31
missed.
Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) same store sales for December rose 3%; Costco
(
COST |
Quote |
Chart |
News |
PowerRating) +9%; Childrens’ Place
(
PLCE |
Quote |
Chart |
News |
PowerRating) +21%; Chico’s
+18.6%.
Pier One
(
PIR |
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Chart |
News |
PowerRating) sales fell 8.8%, more than expected, and cut its
outlook.
American Eagle Outfitters
(
AEOS |
Quote |
Chart |
News |
PowerRating) +32% and the company guided higher.
A seat on the NYSE went for $1.0 million today, the lowest price since
October 1995. The highest price ever paid was in December 1999, when a seat sold
for $2.65 million.
Continental Airlines
(
CAL |
Quote |
Chart |
News |
PowerRating) said that they would run out of cash if
they couldn’t push through $500 million in wage reductions by February 28.
Strong sectors were: Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +1.78%, Natural
Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +2.11%.
Weak sectors were: Â Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -2.21%, Retail
(
RLX.X |
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Chart |
News |
PowerRating)
-1.48%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -1.10%.
Â
| Dow | -32.95 | 10,597.83 |
| S&P 500 | -4.32 | 1183.73 |
| Nasdaq | -16.62 | 2,091.24 |
The dollar is +0.60 at
83.14
Crude Oil is-+0.36 at
43.55
Gold is +.60 to 427.30
1.34 billion on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 1815 | Up Vol 477 |
| Declining | 1377 | Down Vol 366 |
| 1.31 | 1.30 | |
| Nasdaq |
||
| Advancing | 1564 | Up Vol 604 |
| Declining | 1422 | Down Vol 671 |
| 1.09 | 1.11 |
Stocks in the News
Western Wireless
(
WWCA |
Quote |
Chart |
News |
PowerRating) is in play after The New York Times
reported Alltel is in talks to buy the company.
TiVo
(
TIVO |
Quote |
Chart |
News |
PowerRating) said it will introduce a digital video recorder and
deliver programming on the Internet. The company also announced partnerships
with Microsoft, AMD and Sonic Solutions.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) got an order for 10 7E7 Dreamliners, worth $665
million.
Brice Wightman