Lower Oil Usually Helps Equities. Today, It Didn’t.
Stocks were flat Monday on a fairly quiet trading
day. Oil was lower, on warmer than expected temperatures in the
Northeast. ExxonMobil
(
XOM |
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Chart |
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PowerRating) is lower as traders expect a warmer than
expected winter. Heating oil fell 9.1%. Gasoline, down 8.4%. Natural gas fell
7.9%. This, even though the London markets are closed for Boxing Day. The drop
in oil was no real help to stocks, however. Normally, lower energy prices
suggest a market rally.
Wal-Mart said December same store sales will be in the midpoint of its
1-3% projections.
Insurance and hotel stocks were in focus after the devastating tsunami in
Asia. Before the close, AIG
(
AIG |
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PowerRating) said they would not have
significant losses from the disaster.
Sharper Image
(
SHRP |
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PowerRating) missed badly and cut its Q4 and 2004
outlook, citing disappointing holiday sales. The stock fell almost 18%.
Amazon
(
AMZN |
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News |
PowerRating) recorded its best one-day sales in history–2.8
billion items…that’s 32 items per second! Amazon called the 2004 holiday
season its best ever. AMZN led the Nasdaq today, up over 8%.
Strong sectors were:Â Internet
(
GIN.X |
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PowerRating) +1.36%, Gold
(
XAU.X |
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PowerRating)
+0.82%, Airlines
(
XAL.X |
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PowerRating) +0.63%
Weak sectors were: Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -2.34%, Natural Gas
(
XNG.X |
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Chart |
News |
PowerRating) -1.51%, Semis
(
SOX.X |
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News |
PowerRating) -0.78%.
Â
| Dow | -50.99 | 10,776.13 |
| S&P 500 | -5.21 | 1204.92 |
| Nasdaq | -6.40 | 2,154.22 |
The dollar was -0.54 at
80.68
Crude Oil was -2.92 at
41.26
Gold was +1.50 to 444.60
1.4 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1278 | Up Vol 319 |
| Declining | 2017 | Down Vol 527 |
| Ratio | 1.57 | 1.65 |
| Nasdaq |
||
| Advancing | 1327 | Up Vol 703 |
| Declining | 1799 | Down Vol 729 |
| Ratio | 1.35 | 1.03 |
Stocks in the News
Coach
(
COH |
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News |
PowerRating) said they expect same store sales up 25% for the
month.
Adolor
(
ADLR |
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PowerRating) said results for a drug in Phase III trials didn’t
yield statistically significant results.
Introgen Theraputic
(
INGN |
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Chart |
News |
PowerRating) said it would seek accelerated
approval for its Advexin cancer therapy.
Sirius
(
SIRI |
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Chart |
News |
PowerRating) reached its year-end goal of 1 million subscribers.
Brice Wightman