Here Is The Latest Market Mover
The
major averages are in positive territory midday, as market players
continue to digest news of ongoing efforts in Iraq. A report of an uprising
against Saddam Hussein in the town of Basra has given price action a nice lift
in Wall Street’s noon hour. With no shockers from consumer confidence and
existing home sales, volume is light, and market breadth mostly positive.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is +1.19%Â at 8,312.58. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is +1.24% at 874.94. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is +1.80% at 1,394.47.
Strongest today are airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), +4.38%, biotechnology
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), +2.62%,
Internet
(
$ECM.X |
Quote |
Chart |
News |
PowerRating), +2.60, and telecoms
(
$IXTC.X |
Quote |
Chart |
News |
PowerRating),
+2.47%.
There are no sectors in negative territory
midday.
In economic news, consumer confidence came
in at 62.5 vs. expectations of 62, and existing home sales came in at
5.84M vs. expectations of 5.80M.
The 10-year U.S. Note
is +040 at 113 200.
The Dollar is -0.23 at
101.20.
Gold is +0.50 at 330.00.
Crude Oil +0.89 at
29.55.
Volume is at 654,665,000
on the NYSE, and at 745,033,000 on the Nasdaq.
Market breadth is mostly
positive, with NYSE advancing issues over declining issues by a ratio of
2.50, and up volume over down volume by a 5.66 ratio. Nasdaq advancing issues
over declining issues are at 2.03, and down volume over up volume is at a 1.23
ratio.
Weakest on the Dow are:
Walt Disney
(
DIS |
Quote |
Chart |
News |
PowerRating),
+2.93% at 17.91, JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating), +3.13% at 24.37, Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating),
+2.50% at 21.35, Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +2.42% at 24.97, ExxonMobil
(
XOM |
Quote |
Chart |
News |
PowerRating),
+2.04% at 36.03, Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating), +1.90% at 53.52, and Boeing
(
BA |
Quote |
Chart |
News |
PowerRating),
+1.52% at 27.44.
Stocks in the news:
Tobacco company Altria
(
MO |
Quote |
Chart |
News |
PowerRating),
+0.45% at 33.74, and food processing company Kraft
(
KFT |
Quote |
Chart |
News |
PowerRating), -0.90% at
29.78, have been put on review for a possible credit downgrade from Moody’s.
Financial services company
American Express
(
AXP |
Quote |
Chart |
News |
PowerRating), -2.23% at 35.54, has has its 2003 estimates cut
by Merrill Lynch to $2.22 per share from $2.26 per share.
Capital good maker Cummins
(
CUM |
Quote |
Chart |
News |
PowerRating), -5.80% at 24.85, has been downgraded by UBS Warburg to “reduce” from
“neutral”.
Electroninc retailer Radio
Shack
(
RSH |
Quote |
Chart |
News |
PowerRating), +1.06% at 20.90, has had coverage initiated on it by
Deutsche Bank at “sell”.
Appliance and tool maker
Black & Decker
(
BDK |
Quote |
Chart |
News |
PowerRating), -1.36% at 36.19, has been downgraded by Merrill
Lynch to “neutral” from “buy”.
Merrill Lynch has hit select
homebuilders with downgrades, as the follow are now rated “neutral” from
previous “buys”: Beazer Homes USA
(
BZH |
Quote |
Chart |
News |
PowerRating), -2.10%, KB Home
(
KBH |
Quote |
Chart |
News |
PowerRating),
-0.06% at 46.71, Lennar Corp.
(
LEN |
Quote |
Chart |
News |
PowerRating), -0.20% at 54.39, and MDC
Holdings
(
MDC |
Quote |
Chart |
News |
PowerRating), -1.09% at 39.03. However, the following homebuilders
have maintained their “buy” ratings by Merrill: Centex Corp.
(
CTX |
Quote |
Chart |
News |
PowerRating),
+0.53% at 55.01, DR Horton
(
DHI |
Quote |
Chart |
News |
PowerRating), +0.41% at 19.60, Pulte Homes
(
PHM |
Quote |
Chart |
News |
PowerRating), +1.00% at 51.66, and Toll Brothers
(
TOL |
Quote |
Chart |
News |
PowerRating), +0.10% at 19.80.
Software maker Symantec
(
SYMC |
Quote |
Chart |
News |
PowerRating), +3.81% at 40.58, will be added to the S&P 500 as it replaces
Household International
(
HI |
Quote |
Chart |
News |
PowerRating), +2.77% at 27.80.
Education company Apollo
Group
(
APOL |
Quote |
Chart |
News |
PowerRating), +2.22% at 49.33, has beat its second-quarter earnings by
$0.04 with profits of $0.24 per share. The company has also guided higher for
the third-quarter.
Casino and gaming company
International Gaming Technology
(
IGT |
Quote |
Chart |
News |
PowerRating), -0.83% at 82.43, has been
downgraded by Merrill Lynch to “neutral” from “buy”.
Railroad company Union
Pacific
(
UNP |
Quote |
Chart |
News |
PowerRating), -2.03% at 55.51, has issued a profit warning for the
first-quarter and now expects to earn between $0.58-0.60 per share vs. a
consensus of $0.70 per share.