Another Week Of Nice Gains
The
indexes moved sideways off the opening bell, then drifted south into
the afternoon before traders bought prices up just short of positive territory.
Overall sector action was mixed.Â
The
Dow Jones Industrial Average
(
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0.06%
to 9,866.37.
The S&P 500
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to 1,138.18.
The Nasdaq
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to 1,898.16.
With few earnings reports
released this Friday, and non-surprising economic data, the markets were quiet.
Dell computer fell short of analysts’ earnings expectations and subsequently the
rally in tech stocks stalled. U.S. consumer prices fell 0.3% in October, the
steepest monthly decline since 1986, though the markets had little reaction to
this.
Overall
NYSE volume was 1,337,641,000.
NYSE advancing issues were 1,682,
with up volume at 1,434;
declining issues were 1,434,
with down volume at 587,398,000.
Overall Nasdaq volume was 1,704,231,000.
Nasdaq advancing issues were 1,961,
with up volume at 883,609,000;
declining issues were 1,643 with
down volume at 791,901,000. The VIX
was down 0.61 to 27.17. The TRIN
was up 0.06 to 0.94.
With
below-average volume, the day’s price decline seems to be in line with a simple
pullback opposed to a more severe correction. This was another week of nice
gains for the indexes, and we are coming into the traditionally strongest time
of year for stocks.
Top sectors
of the day were the Airline Index
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$XAL.X |
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up 7.26%
to 81.21 and
the Dow Jones Transport Index
(
$TRAN.X |
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up 1.77%Â
to 2,497.37.
Losing
sectors of the day were the Gold And
Silver Sector IndexÂ
(
$XAU.X |
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PowerRating)
down 1.68%
to 51.07.
and the Securities Broker Dealer Index
(
$XBD.X |
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down 1.39%
to 483.9.
Powerhouse
holding company Philip Morris
(
MO |
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up
0.29%
to 48.13, proposed to its shareholders that it change its name
to
Altria Group Inc. If the name is approved, the new name is
designed to reflect the Latin word “altus,” which means
“high.”
Apparel
retailer American Eagle Outfitters Â
(
AEOS |
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 down
13.84% to 26.27,
reported a 5% increase in sales and posted earnings of 42 cents a share compared
to 41 cents a year ago, which was in line with analysts’ expectations.
Â
Yahoo
(
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which rose 4.32% to 15.47,
revealed plans in a
meeting with analysts Thursday to become more profitable through fee-based
revenue instead of advertising. The company also reaffirmed fourth quarter
earnings expectations and had a positive outlook for the next year.
Doughnut retailer
Krispy Kreme
(
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profits by 68% in the third quarter by making earnings of 11 cents a share
compared to 7 cents a year ago. Analysts were looking for 10 cents a share.
Software and
programming company Intuit
(
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fell
pro-forma earnings loss of 13 cents compared to the 15 cents a share analysts
were looking for. Real earnings came in at a loss of 44 cents a share.
The company has a positive outlook for next year and raised its guidance for
fiscal 2002 operating earnings between $280 million and $290 million compared to
$270 million.
Software and
programming company Autodesk
(
ADSK |
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up
to 37.02 reported earnings of 38 cents a share compared to 32 cents a year ago.Â
The company expects to earn 51 cents to 61 cents a
share for the fourth quarter.