Look Who’s The Newest Wall Street Dealmaker
Stocks are higher as oil fell
by over $1. The first day of the month
is typically a time when new money comes
into the market,a nd today is no exception. The Healthcare Providers Index
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PowerRating)
is making an all-time high. Utilities, however, are weak on higher interest rate
concerns.
The EIA reported crude inventories rose by
900,000 barrels; gas inventories rose by 3 million barrels. OPEC meets next
week, on Friday.
Manufacturing activity rose in November, with the
ISM index coming in at 57.8 vs. 56.8 in October. October personal savings came
+0.2% vs. 0.3% in September. Personal income in October rose +0.6%; personal
spending rose +0.7%. Both were better than expected.
Sentiment is bullish. Among newsletter writers
surveyed by CNBC, 57.3% are bullish; mid-40’s is typical. 22.9% are bearish;
mid-high 30s is typical here. Sentiment is generally viewed as a contra
indicator and traders who follow this data closely are probably wary with
bullish numbers this high.
Rudy Giuliani’s consulting firm purchased Ernst &
Young’s investment banking unit and is forming Giuliani Capital Advisors LLC.
The new company will advise companies on acquisitions and restructuring.
Microsoft is making its $3/share distribution tomorrow.
The QQQs now trade on the Nasdaq.
Symbol: QQQQ. Question: Do the Cubes now become the Quads?
| Dow | +116.53 | 10544.55 |
| S&P 500 | +12.52 | 1186.34 |
| Nasdaq | +30.99 | 2127.80 |
The dollar is -0.15 at
81.67
Gold is +2.20 to 453.70
Crude Oil is -1.73 at 47.40
1.84 billion on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 2246 | Up Vol 579 |
| Declining | 934 | Down Vol 142 |
| Ratio | 2.40 | 4.07 |
| Nasdaq |
||
| Advancing | 2065 | Up Vol 908 |
| Declining | 911 | Down Vol 124 |
| Ratio | 2.26 | 7.32 |
Stocks in the News.
IBM said it won 2 European deals worth $1 billion.
General Motors
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GM |
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sales results.
Cigna
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CI |
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Humana
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PowerRating) guided to the high end of the recent range.
Novellus
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Wendy’s
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Dollar General
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DG |
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Fairchild
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PowerRating) said they see Q4 at the high end of guidance.
Omnivision
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Raytheon
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PowerRating) raised guidance and is planning a dividend.
Anthem and Wellpoint have completed their merger. Anthem will
be renamed Wellpoint and trade under the symbol WLP.
Brice Wightman