Another Day, Another Drug Warning. Chances Are You’ve Taken This One…
Stocks are higher on good reports from two large
brokers. Bear Stearns
(
BSC |
Quote |
Chart |
News |
PowerRating) reported 2.61 vs a 2.14
estimate. This beat by 0.47. Revenue was $2.38 billion. Morgan Stanley
(
MWD |
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Chart |
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PowerRating) reported 1.09 vs a 1.01 estimate. Revenue was $5.45 billion. This as
Wall street continues to shrink–automation is up, trading commissions are
dropping and the industry is becoming more of a commodity business
The FDA issued a heart risk warning for Naproxen, marketed by Bayer AG as
Aleve. This comes on the heels of a warning on Celebrex. Today,
Pfizer pointed to a National Institute of Health study that shows has Celebrex
no increased risks.
CSFB raised its target on Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating)Â to $70.
Lawyers who handled the Enron bankruptcy billed $780 million. The lead
attorney, Brian Rosen, billed $5 million for 7000 hours of work.
IAC/Interactive
(
IACI |
Quote |
Chart |
News |
PowerRating) will split off its travel unit, Expedia
and Hotels.com. Expedia generated $1.8 billion revenue for the 12 months ended
September 30. Barry Diller will be the controlling shareholder of both
companies.
Strong sectors are: Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +0.99%, Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +0.72%.
Weak sectors are: Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) -0.06%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -0.15%.
| Dow | +68.04 | 10,729.21 |
| S&P 500 | +6.21 | 1200.86 |
| Nasdaq | +12.20 | 2,140.05 |
The dollar is +0.23 at
81.90
Crude Oil is -0.28 at
45.50
Gold is -1.20 to 441.30
885 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1953 | Up Vol 351 |
| Declining | 1196 | Down Vol 157 |
| Ratio | 1.63 | 2.23 |
| Nasdaq |
||
| Advancing | 1667 | Up Vol 540 |
| Declining | 1240 | Down Vol 276 |
| Ratio | 1.34 | 1.95 |
Stocks in the News
Jabil Circuits
(
JBL |
Quote |
Chart |
News |
PowerRating) beat estimates but offered a weaker outlook.
Encysive Pharmaceuticals
(
ENCY |
Quote |
Chart |
News |
PowerRating) said their blood pressure drug
was not effective at lower doses.
Silicon Storage
(
SSTI |
Quote |
Chart |
News |
PowerRating) said Q4 revenue would miss.
GTech
(
GTK |
Quote |
Chart |
News |
PowerRating) warned for next quarter.
This Day in History
1913Â Â First crossword puzzle
Brice Wightman