We Haven’t Seen An IPO Like This In A While…
Stocks were higher on good reports from several
companies and a huge IPO
Lehman Bros.
(
LEH |
Quote |
Chart |
News |
PowerRating) beat by 0.27. The company had record investment
banking business. Best Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) beat by a penny at 0.45 for Q3.
Margins were 5.8%.
Homebuilders are making new highs after Lennar reported better
than expected results and raised guidance. Hotels gained; the weak dollar
has been good for business.
Sprint and Nextel will merge in a $35 billion deal, creating
the 3rd largest wireless provider.
Las Vegas Sands IPO (LVS) debuted at $29 and closed at 46.56, up
60.5%. It owns the Venetian, the Sands Expo and the Macau Casino in China; 1
billion people live within an hour of this casino. LVS is the biggest casino
company in the world by market cap.
Investor’s Intelligence Bulls are 62.1%, the highest level since
January 1987.
Oil saw its strongest gain in almost a month; treasuries continued their
rally and the dollar continued its weakness.
The EIA said crude fell inventories 100,000 barrels, distillates were
unchanged, but the expectations were for a build of 1 million barrels.
The October trade flow numbers are in and they’re disappointing: $48 billion
vs.a $63-65 billion estimate.
Remember: options and futures expire on Friday.
Strong sectors were:Â Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +1.56%,
Natural Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating) +1.66%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +1.26%.
Weak sectors were: Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -1.21%, Airlines
(
XAL.X |
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Chart |
News |
PowerRating)
-0.49%, Computer Tech
(
XTC.X |
Quote |
Chart |
News |
PowerRating) -0.71%.
| Dow | +15.00 | 10,691.45 |
| S&P 500 | +2.34 | 1,205.72 |
| Nasdaq | +2.71 | 2,162.55 |
The dollar was -0.69 at
81.63
Crude Oil was +2.25 at
44.70
Gold was +3.80 to 439.90
2.3 billion on the Nasdaq.
Market breadth was mixed.
| NYSE | Issues | |
| Advancing | 1818 | Up Vol 410 |
| Declining | 1343 | Down Vol 299 |
| Ratio | 1.35 | 1.37 |
| Nasdaq |
||
| Advancing | 1463 | Up Vol 531 |
| Declining | 1484 | Down Vol 613 |
| Ratio | 1.01 | 1.15 |
Stocks in the News
Dupont
(
DD |
Quote |
Chart |
News |
PowerRating) was upgraded at Smith Barney
Lennar
(
LEN |
Quote |
Chart |
News |
PowerRating) beat estimates and raised 2005 estimates.
Carl Icahn has become the largest shareholder in Blockbuster
(
BBI |
Quote |
Chart |
News |
PowerRating).
Today in History
1939Â “Gone
With The Wind” premiered in Atlanta
Brice Wightman