Can Technology Support The Market?
After
last week’s strong rally, stocks are slightly lower this midday. Both
the Dow
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Nasdaq
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Tech stocks are outperforming the major indices today with networking
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Internet Commerce
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the pack. Networking giant Cisco Systems
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third-quarter results after tomorrow’s close. This is a light economic week with
the biggest report being tomorrow’s FOMC meeting. No change in rates is
expected.Â
The Dow Jones Industrial
Average
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is -0.28% at 927.39. The Nasdaq
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$COMPQ |
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The day’s leading sectors are
Networking
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$NWX.X |
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$ECM.X |
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PowerRating),
+3.06%, Semiconductors
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$SOX.X |
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PowerRating), +2.65%,and Healthcare
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$HMO.X |
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+2.03%.
Weak today are Paper
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-1.23%, Banks
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PowerRating),
-0.73%, and Telecoms
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$IXTC.X |
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PowerRating), -0.56%.
In economic news, April ISM
Services Index jumped to 50.7 from 47.9 in March. This was better than
estimates calling for a reading of 49. Â
The 10-year U.S. Note
is -100 at 114 255.
The dollar is -0.37 at
96.57.
Gold is +1.60 at 342.90
Crude Oil +0.61 at 26.28
Volume is 688,000,000 on
the NYSE, and at 994,000,000 on the Nasdaq.
Market breadth is slightly
positive, with NYSE advancing issues over declining issues by a ratio of
1.21, and up volume over down volume by a 1.46 ratio. Nasdaq advancing issues
over declining issues are at 1.23, and up volume over down volume is at a 4.25
ratio.
Top Dow stocks are:
J.P. Morgan
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JPM |
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30.70, Hewlett Packard
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PowerRating), +1.92% at 16.97, Eastman Kodak
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EK |
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+1.28% at 30.73, and Caterpillar
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CAT |
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Stocks in the news:
Boeing
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BA |
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by 3.25%. The Wall St. Journal reported that that the aerospace and defense
giant is under investigation by the Justice Department over how it received
sensitive documents about rival Lockheed Martin’s
(
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programs. Â Â
OSI SystemsÂ
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down 4.80% on over triple its average volume. The airport security systems maker
reported better than expected results and also reaffirmed its target for the
year.Â
Accredo Health
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up 25% on over double its average volume. The company reported a third quarter
loss of 37 cents a share compared to a gain of 22 cents the same period a year
ago. However, excluding a one-time charge, Accredo actually earned 37 cents a
share or a penny above estimates. Â
LendingTree
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rocketed up 41%. The company is being acquired by USA Interactive
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a $734 million stock deal.
Oxford Health
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OHP |
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is up more than 13% on more than double its average volume. The company reported
first quarter results of 86 cents a share up 10% from year ago levels but below
estimates of 89 cents a share.Â