40% Intraday Gainer!
Stocks are flat on low volume. The
Nasdaq approached the NYSE to explore the possibility of a merger — the last
time such a proposal was discussed was in 1999. Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating)
is up over 40% after posting a strong quarterly profit. Net income came in at
$16.3 million, a 83% jump from estimates, with revenue leaping 107% to $153.9
million. Consumer sentiment in December fell 1.1 points to 92.6 while GDP for
the third quarter grew at an annual rate of 8.2%. The Wall Street Journal
reported that Cingular Wireless
(
SBC |
Quote |
Chart |
News |
PowerRating) is seeking an IPO to help fund
next year’s expansion. It is also exploring merger or acquisition with AT&T
(
T |
Quote |
Chart |
News |
PowerRating) or another competitor.
Dow | +1.76 | 10339.70 |
S&P 500 | +2.33 | 1095.23 |
Nasdaq | +10.01 |
1965.81 |
The day’s leading sectors are
Internet
(
DOT.X |
Quote |
Chart |
News |
PowerRating) +2.76%, Hardware [GHA.X|GHA.X]
+2.50%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +1.48%, and Telecoms
(
IXTCX.X |
Quote |
Chart |
News |
PowerRating)
+1.15%,
Weak today are Oil Service
Sector [OSX.X|OSX.X] -2.03%, and
Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) -1.22%.
Economic news releases included
Chain Deflator +1.6%, and GDP for Q3 +8.2%. Personal income rose 0.5%, personal
spending also was up 0.4% and consumer sentiment was at 92.6
10-year Notes are -105
at 112 130
The dollar
is -0.06 at 88.33
Gold is -0.30 at 411.10
Crude Oil is -0.69 at
33.02
Volume is 529,000,000 on
the NYSE, and 635,000,000 on the Nasdaq.
Market breadth is positive.
NYSE | Issues | |
Advancing | 1754 | Up Vol 308 |
Declining | 1329 | Down Vol 186 |
Ratio | 1.32 | 1.66 |
Nasdaq | ||
Advancing | 1669 | Up Vol 417 |
Declining | 1327 | Down Vol 199 |
Ratio | 1.28 | 1.10 |
Top Dow stocks are:
Eastman Kodak
(
EK |
Quote |
Chart |
News |
PowerRating), +2.22% at
25.11, Hewlett Packard [HPQ|HPQ],
+1.33% at 22.37, Intel |INTC|INTC],
+1.11% at 30.76, and DuPont [DD|DD],
+0.66% at 45.64.
Stocks in the news:
Metrologic Instruments
(
MTLG |
Quote |
Chart |
News |
PowerRating) raised
its forecasts for fiscal year 2003. It expects to earn $4 million on sales of
$39 million for the fourth quarter. For the year, it expects to earn $12.5
million on sales of $135 million.
Baxter Internationl
(
BAX |
Quote |
Chart |
News |
PowerRating) is trading
6% lower after cutting its earnings forecast for the fourth quarter. It expects
earnings of 62 cents per share on 9% higher sales.
Pinnacle Systems
(
PCLE |
Quote |
Chart |
News |
PowerRating) was
downgraded by JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating) to underweight. JPM cited valuation
issues as the reason for the downgrade.
American Greetings
(
AM |
Quote |
Chart |
News |
PowerRating) lowered
full-year earnings forecast from lower holiday sales. It recorded a profit of
$46.4 million on sales of $616 million. It now expects to earn $1.50 a share for
the year, down from $1.60.
bricew@tradingmarkets.com