Krispy Kreme In Trouble–Here’s The Story
Stocks are lower, even on better than expected
economic data, as investors further consolidate 2004 gains. November
factory orders grew at the fastest rate in four months, at +1.2%. Economists
polled were expecting 1%.
Krispy Kreme
(
KKD |
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PowerRating)
is in focus after a lawsuit alleges the company knew sales were slowing long
before a May 2004 profit warning and knowingly padded sales. The company
said it would restate earnings for 2004 and part of 2005 and said it has credit
problems.
Smith Barney cut Amazon
(
AMZN |
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PowerRating) to a sell from hold, citing weak
year-end sales.
Ford will offer Sirius Satellite
(
SIRI |
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PowerRating) as a factory installed
option in 21 vehicle lines beginning this summer.
Strong sectors are:Â Insurance
(
IUX.X |
Quote |
Chart |
News |
PowerRating) +0.37%, Oil
Services
(
IUX.X |
Quote |
Chart |
News |
PowerRating) +0.36%
Weak sectors are: Â Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -4.39%. Internet
(
GIN.X |
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News |
PowerRating)
-3.27%, Semis
(
SOX.X |
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Chart |
News |
PowerRating) -3.04%.
Â
| Dow | -23.42 | 10,706.01 |
| S&P 500 | -5.39 | 1196.69 |
| Nasdaq | -27.53 | 2,124.62 |
The dollar is +1.11 at
82.41
Crude Oil is +0.85 at
42.98
Gold is -2.20 to 429.90
1.2 billion on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1255 | Up Vol 225 |
| Declining | 1904 | Down Vol 429 |
| Ratio | 1.51 | 1.90 |
| Nasdaq |
||
| Advancing | 941 | Up Vol 326 |
| Declining | 2058 | Down Vol 806 |
| 2.18 | 1.86 | 2.47 |
Stocks in the News
Deutsche Bank cut its rating on Genentech
(
DNA |
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Chart |
News |
PowerRating) to hold from buy, while upgrading Chiron
(
CHIR |
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Chart |
News |
PowerRating) to buy
from hold.
YUM Brands
(
YUM |
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Chart |
News |
PowerRating) same store sales rose
3%.
Brice Wightman