Stocks Slide Despite Positive Data
A bright start to the session turned into a
disappointing finish. Stocks started the day by
moving higher after positive third quarter GDP was released but traders
enthusiasm waned through the morning before selling took over as the dominant
theme in the afternoon.
A slew of economic data hit the market today and when it was
all said and done Treasuries were lower and
the US Dollar Index higher.
TradingMarkets.com published some brand new
research today on what the month of December is likely to have in store for the
stock market. Our research, titled “Will
December Be Up Or Down?” showed some interesting results when comparing
all Decembers with those that have followed a market that is up after the first
11-months (as it is this year).
Economic Recap
The Mortgage Bankers Association‘s Weekly
Market Index Down 1.8%; Purchase Index Up 0.8%, Refi Index Down 6.3% (report).
GDP Revised To 4.3% Growth In Q3 (report).
Chicago PMI At 61.7 In Nov. (report).
EIA: Crude Oil Inventories Down 4.2 Mln.
Barrels. Gasoline Inventories Down 500,000 Barrels (report).
Beige Book: Economic Activity Continued To
Expand From Mid-October Through Mid-November (report).
Stocks On The Move
Fairchild Semiconductor
(
FCS |
Quote |
Chart |
News |
PowerRating)
reaffirmed its financial guidance for the fourth quarter of fiscal 2005 (more).
Tiffany (TIF)
reported third-quarter net earnings that rose 37% to $23.8 million from $17.4
million in the same quarter last year (more).
REX Stores (RSC)
announced third-quarter financial results, reporting earnings that increased
from last year, on higher revenues (more).
Stewart & Stevenson Services (SVC)
announced third quarter net earnings that rose from last year on higher sales (more).
Sasol (SSL)
said it expects earnings growth for the full year to be more in line with the
profit outlook given in September 2005 (more).
Jack in the Box (JBX)
reported fourth-quarter net earnings of $21.5 million, including a $2 million
after-tax charge (more).
BioCryst Pharmaceuticals (BCRX)
and Roche announced an exclusive license agreement to develop and commercialize
BioCryst’s phase I clinical compound BCX-4208 (more).
Nu Skin Enterprises (NUS)
announced that it has reduced its fourth quarter revenue and earnings forecast
primarily due to the continued strengthening of the U.S. dollar against foreign
currencies (more).
Go to our
Breaking
News section for up to the minute market news.
| Dow |
-82.29 | 10,805.87 |
| NASDAQ |
+0.11 | 2232.82 |
| S&P 500 |
-8.00 | 1249.48 |
| NYSE | NASDAQ | |
| Volume |
2,369,971,000 | 1,935,666,000 |
| Advances |
1629 | 1770 |
| Declines |
1673 | 1292 |
| Up Volume |
838 | 1045 |
| Down Volume |
1505 | 801 |
| New Hi’s |
103 | 126 |
| New Lo’s |
79 | 47 |
|
|
Weakest Sectors |
| Disk Drive ( DDX | Quote | Chart | News | PowerRating) |
Gold Bugs ( HUI | Quote | Chart | News | PowerRating) |
| Oil Service ( OSX | Quote | Chart | News | PowerRating) |
Banks ( BKX | Quote | Chart | News | PowerRating) |
| Semiconductor ( SOX | Quote | Chart | News | PowerRating) |
Gold and Silver ( XAU | Quote | Chart | News | PowerRating) |
Ashton Dorkins
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