Apple Not Sweet Today…Here’s Why
Stocks ended mixed today. Â Equities
finished the last trading day of the week mixed as the S&P
(
$SPX.X |
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PowerRating) fell
slightly while the Dow
(
$INDU |
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PowerRating) ended with a small gain thanks to General
Motors
(
GM |
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PowerRating). The Nasdaq
(
$COMPX |
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PowerRating) took the blunt of the heat
today as tech stocks sold off after Intel’s mid-quarter update.
In economic news, Trade Deficit in April widen by an expected 6.3% to -$57
billion. Treasury Budget for May came in better than expected at a -$35.3B.Â
Export prices in May fell by 0.4% and Import prices fell by 0.3%.
Imaging software maker Adobe Systems
(
ADBE |
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PowerRating) fell by 4% but were
off session lows. Reports of a rival software product from Microsoft
(
MSFT |
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PowerRating) entitled “Acryllic” sent Adobe’s shares lower.
Shares of Apple Computer
(
AAPL |
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PowerRating) were not so sweet today as shares
tumbled nearly 5%. This came after reports suggest that Microsoft is
planning on launching their own online music subscriptions service.Â
Strong sectors are:Â Gold Bugs
(
$HUI.X |
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PowerRating) +3.96%Â Gold
(
$XAU.X |
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News |
PowerRating)
+3.71%Â Â Â Chemicals
(
$CEX.X |
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Chart |
News |
PowerRating) +0.71%Â Â Â
    Â
Weak sectors are: Â Â
Semiconductors
(
$SOX.X |
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Chart |
News |
PowerRating) -1.76%Â Â Internets
(
$DOT.X |
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PowerRating)
-1.43% Â Â Â Healthcare
(
$HMO.X |
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Chart |
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PowerRating) -1.35%
Dow | +9.61 | 10,512.63 |
Nasdaq | -13.91 | 2,063.00 |
S&P 500 | -2.82 | 1,198.11 |
The dollar was +0.67 at
88.72
Crude Oil was -0.89 at
54.68
Gold was +3.60Â at
426.70
ce=”Arial” size=”2″ face=”Arial”>Volume was 1.2 billion on the NYSE and
1.4 billion on the Nasdaq.
Market breadth was mixed
NYSE | Issues | |
Advancing | 1579 | Up Vol 619 |
Declining | 1660 | Down Vol 590 |
0.95 | 1.05 | |
Nasdaq |
||
Advancing | 1420 | Up Vol 469 |
Declining | 1598 | Down Vol 944 |
0.89 | 0.49 |
Â
Stocks in the News
Citigroup
(
C |
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PowerRating) agreed to pay $2
billion to settle a class-action suit brought by Enron stock and bond holders.
LSI Logic
(
LSI |
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News |
PowerRating) raised its second quarter revenue guidance to between
$465 million and $475 million.
Intel Corp
(
INTC |
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Chart |
News |
PowerRating)Â increased its second-quarter financial
targets.
Callaway Golf
(
ELY |
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Chart |
News |
PowerRating) extended its contract with Annika Sorenstam to
past 2010.
Toys “R” Us
(
TOY |
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Chart |
News |
PowerRating) reported a sharply steeper loss in the first
quarter.
Â
Â
Brice Wightman
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