15% Surge After The Close on Guidance
Stocks rose
Monday, with the Nasdaq making
the highest close since early July 2001.
Six companies will simultaneously list their
stock on the Nasdaq and the NYSE: Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating), Charles
Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating), Apache
(
APA |
Quote |
Chart |
News |
PowerRating), Cadence Design Systems
(
CDN |
Quote |
Chart |
News |
PowerRating),
Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating), and Walgreens
(
WAG |
Quote |
Chart |
News |
PowerRating). They
will be allowed to retain their three-letter symbols while other companies
currently trading on Nasdaq have a minimum of four. The move is expected to
allow faster and better executions for these stocks.
SunTrust Banks
(
STI |
Quote |
Chart |
News |
PowerRating)
reported fourth-quarter earnings up 1%, beating analysts’ expectations. Net
income reached $342.5 million with revenue rising 7% to $1.46 billion. On March
17, Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) shareholders will discuss the merger with
Fleet Boston
(
FBF |
Quote |
Chart |
News |
PowerRating).
| Dow | +26.29 |
10485.18 |
| S&P 500 | +5.37 | 1127.23 |
| Nasdaq | +24.86 |
2111.78 |
The day’s leading sectors are
Internet
(
INX.X |
Quote |
Chart |
News |
PowerRating) +3.50%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +3.19%, Networking
(
NWI.X |
Quote |
Chart |
News |
PowerRating)
+3.09%.
Weak today is Gold and
Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -1.72%, and Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -0.94%.
No Economic news
releases today.
10-year Notes were +015
at 113 31.
The dollar
was +0.53 at 85.64
Gold was -0.23 at 425.61
Crude Oil was +0.47 at
34.78
^next^
Volume was
1,461,087,000 on
the NYSE, and 2,226,802,000 on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2074 | Up Vol 809 |
| Declining | 1211 | Down Vol 512 |
| Ratio | 1.71 | 1.58 |
| Nasdaq | ||
| Advancing | 2089 | Up Vol 1653 |
| Declining | 1114 | Down Vol 463 |
| Ratio | 1.87 | 3.57 |
Stocks in the news:
After the close, Storage Technology
(
STK |
Quote |
Chart |
News |
PowerRating)
guided higher, seeing Q4 in excess of $0.55; the Reuters consensus is $0.50. STK
traded up 15% after the close. 24/7 Media
(
TFSM |
Quote |
Chart |
News |
PowerRating) raised
guidance and traded up 7%. Applebee’s
(
APPB |
Quote |
Chart |
News |
PowerRating) guided lower to $0.41
vs $0.42
Sales at discount retailer Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating)
for stores open at least a year were in the range of the company’s Januaray
growth forecase of 3%-5%.
Pharmaceutical Dendreon
(
DNDN |
Quote |
Chart |
News |
PowerRating) rose
more than 25% after reporting Phase III trials of Provenge showed an 89% overall
increase in prostate cancer patient survival time.
FootLocker
(
FL |
Quote |
Chart |
News |
PowerRating) upped fourth-quarter
earnings guidelines by raising expected income from continuing operations to
41-45 cents a share. It also expects to report same-store sales at the high end
of previous forecasts.
Adecco
(
ADO |
Quote |
Chart |
News |
PowerRating) lost more than 30% on
reports of possible accounting control and compliance issues. The company will
not able to release an audit of its 2003 full year accounts until Feb 4.
bricew@tradingmarkets.com