Energizing The Bulls
Today’s Market
Flash is written by Daniel Beighley
Economic data released this morning gave traders
a mixed picture, as the markets have yet to take a decisive stance for the day.
On the negative side, jobless claims rose for the first time in five weeks as
the number of people claiming benefits reached over $4 million, the highest
level since 1982. On a positive note, durable goods orders rose by 12.8%
for October, far surpassing the 2.% that was widely expected, and the biggest
increase since 1992. Aircraft orders rose 233% as demand rose in the wake of the
Sept. 11 attacks. New Home Sales for single family homes rose for the second
month in a row to an annual rate of 880,000, surpassing analysts’ expectations of
853,000. The Help Wanted Index fell to 46 for October, down from 52 for
September, the lowest level since 1982.
Shares of Enron
(
ENE |
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PowerRating) collapsed
another 6.25% today to 0.43 as the backlash from the proposes takeover by Dynegy
(
DYN |
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PowerRating), down
4.15%, took its toll. Enron is widely expected to file for bankruptcy as talks of
law suits by shareholders are circling the company.
Leading sectors today are The Airline Index
(
$XAL.X |
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PowerRating) up 3.63% at 87, and the GSTI Hardware Index
(
$GHA.X |
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PowerRating) up
2.01% at 258.29.
The biggest losing sectors today are the
Nasdaq Finance Index
(
$IFX.X |
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PowerRating) down 0.95% at 2232.08, and the S&P
Chemicals
(
CEX |
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PowerRating) down 0.79% at 422.80.
From our point gainers list:
Acambis
(
ACAM |
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PowerRating) is up 17.06% on over six times average volume. This British biotech company rose on
news of a $428 million deal with the U.S. Government to supply a smallpox
vaccine.
FREEMARKETS INC.
(
FMKT |
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PowerRating) is up 28.55% on
over three times volume. The software maker rose after it announced that it raised its revenue and profit outlook.
NVIDIA Corp.
(
NVDA |
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PowerRating) is up 5.17% on
almost 100% average volume. The multimedia graphics company’s shares rose on
news that it would replace Enron on the S&P 500.
From our point losers list:
Microsemi Corporation
(
MSCC |
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PowerRating) is down
6.70% on over 100% average volume. The Semiconductor firm announced 4rth Qtr
earnings of 15 cents a share compared to 15 cents a share a year ago.
Echelon
(
ELON |
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PowerRating) is down 11.78% on
over two times average volume. Prudential downgraded the software company to
Sell from Hold.
Shire Pharmaceuticals
(
SHPGY |
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PowerRating) is down
3.37% on over 100% volume. JP Morgan downgraded the pharmaceutical company to LT
Buy from Buy.