Bulls Sapped
The markets are extending losses that started
yesterday after a disappointing consumer confidence report. This fifth
consecutive decline of sentiment is challenging the speculation of an economic
rebound next year. At 2 p.m. today, the Federal Reserve will release its “beige
book” which is expected to contain anecdotal evidence of further potential
weakness in the economy.
In the news today are Enron
(
ENE |
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PowerRating), down
71.04%, and Dynegy
(
DYN |
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PowerRating), down 7.10%, as they scramble to ink a takeover
deal amidst Enron’s cash-flow problems.
Leading sectors today are the Gold And Silver
Sector Index
$XAU, up 1.71% at 52.33 and the Mexico Index
$MXY.X, up 0.39% at 89.51.
The biggest losing sectors today are the
Airline Index
$XAL.X, down 4.24% at 85.84 and the Japan Index
$JPN.X, down 2.89% at 113.17.
From our point gainers list:
eBay
(
EBAY |
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PowerRating) is up 2.5% on half
average volume with no significant news.
Amerisourcebergen
(
ABC |
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PowerRating) is up 2.07% on
a third of its normal volume. The Philadelphia Stock Exchange will began trading
options on the stock today.
Citrix Systems
(
CTXS |
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PowerRating) is up 6.64% on
over 100% normal volume. The company announced a contract with Korea Cyberbank.
From our point losers list:
Isis Pharmaceuticals
(
ISIP |
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News |
PowerRating) is down
9.28% on over 100% average volume. There is no significant news reported.
MedImmune
(
MEDI |
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PowerRating) is down 4.37% on
almost 100% volume on concerns over a possible delay of its cervical cancer drug
to the year 2008.
Finisar Corporation
(
FNSR |
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Chart |
News |
PowerRating) is down
15.39% on over 100% volume despite being in line with earnings estimates.