Winning Streak Ends…Uptrend Remains Intact
Stocks fell in late trading but remained near flat
as good economic data was balanced by profit-taking and a major retailer’s
weak outlook.
October PPI rose 0.7%, Core PPI fell 0.3% (report).
October Retail Sales fell 0.1%, Ex-Autos rose 0.9% (report).
NY Empire State Index was 22.8 (report).
Target
(
TGT |
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Chart |
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PowerRating) said its November comps will be
under the planned 4-6%.
Bernanke said he’d continue Greenspan’s interest-rate
policies, if confirmed, and that he favors the central bank setting a formal
inflation target. For reports and analysis, including highlights of Ben
Bernanke’s testimony, go to our
Economic
News section.
Money manager Tim Truebenbach said "The market is following a
technical pattern that’s been unfolding for a couple of months. The market
remains in a confirmed uptrend and you should be buying any kind of pullbacks
right now as prices look like they’re going higher."
After the close Abercrombie & Fitch
(
ANF |
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Chart |
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PowerRating) beat by 0.08 and
guided higher. Analog Devices
(
ADI |
Quote |
Chart |
News |
PowerRating) beat by 0.02 and beat on
revenues. La-Z-Boy
(
LZB |
Quote |
Chart |
News |
PowerRating) beat by 0.05 and guided higher.
AIG’s
(
AIG |
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PowerRating) Q3 net income fell 36% on hurricane
losses.
Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating) and Guidant
(
GDT |
Quote |
Chart |
News |
PowerRating)
revising their deal, which now values GDT at $63.08/share. (story)
Amazon.com
(
AMZN |
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Chart |
News |
PowerRating) will replace AT&T in the S&P
500. The stock is trading higher pre-open.
Home Depot
(
HD |
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Chart |
News |
PowerRating) beat by 0.04
and raised Q4 revenue guidance to 17-18% from 14-17%. The average ticket sale
is $58.92. (story)
Strong sectors were: Natural Gas
(
XNG |
Quote |
Chart |
News |
PowerRating) +0.85%
Healthcare
(
HMO |
Quote |
Chart |
News |
PowerRating) +0.75% Utilities
(
UTY |
Quote |
Chart |
News |
PowerRating) +0.33%
Weak sectors were:
Airlines
(
XAL |
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Chart |
News |
PowerRating)
-2.52% Retail
(
RLX |
Quote |
Chart |
News |
PowerRating) -2.33
Retail
(
DDX |
Quote |
Chart |
News |
PowerRating) -2.28%
|
|
-10.73 | 10,686.44 |
| -14.21 | 2186.74 | |
| -4.70 | 1229.01 |
More stocks on the move:
American Eagle
(
AEOS |
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Chart |
News |
PowerRating) beat by a penny but
guided slightly lower for Q4. (story)
Agilent
(
A |
Quote |
Chart |
News |
PowerRating) will repurchase $2.7 billion in stock
in a modified Dutch auction.
Morgan Stanley downgraded Nucor
(
NUE |
Quote |
Chart |
News |
PowerRating) to
equalweight from overweight and downgraded the entire steel industry to
cautious.
Brice Wightman