Here’s What’s Making Noise In A Mostly Quiet Market
The
major averages are mixed midday with price action holding narrow
ranges as the markets take a breather from high volatility. On the war front, it
appears allied forces may be reorganizing after heavy windstorms yesterday, and
at home President Bush said the war “is far from over.” In economic news,
durable goods showed a decline to which the market sold off briefly, before
rallying. Technology issues represent the strength of the day, with Internet
issues in the lead.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is -0.31%Â at 8,254.39. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is -0.06% at 874.20. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is +0.38% at 1,396.27.
Biggest gainers are Internet
(
$ECM.X |
Quote |
Chart |
News |
PowerRating), +1.67%, software
(
$GSO.X |
Quote |
Chart |
News |
PowerRating), +0.79%, networking
(
$NWX.X |
Quote |
Chart |
News |
PowerRating), +0.76%, and retail
(
$RLX.X |
Quote |
Chart |
News |
PowerRating), +0.75%.
Deepest in the red are forest and paper
(
$FPP.X |
Quote |
Chart |
News |
PowerRating),
-2.62%, consumer
(
$CMR.X |
Quote |
Chart |
News |
PowerRating), -0.49%, and insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating),
-0.46%.
In economic news, durable orders were down
1.2% vs. expectations of a 1.5% decline, and new home sales were 854K vs.
expectations of 927K.
The 10-year U.S. Note
is +010 at 113 185.
The dollar is -0.17 at
101.20.
Gold is +1.80 at 330.10.
Crude Oil +0.83 at
28.80.
Volume is at 591,922,000
on the NYSE, and at 703,077,000 on the Nasdaq.
Market breadth is mostly
negative, with NYSE declining issues over advancing issues by a ratio of
1.06, and down volume over up volume by a 1.15 ratio. Nasdaq declining issues
over advancing issues are at 1.04, and up volume is over down volume by a 2.40
ratio.
Strongest in the Dow are:
Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +1.95% at 25.60,
ExxonMobil
(
XOM |
Quote |
Chart |
News |
PowerRating), +1.18% at 36.09, Altria
(
MO |
Quote |
Chart |
News |
PowerRating), +0.87% at
33.74, SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating), +0.76% at 21.31, Procter and
Gamble
(
PG |
Quote |
Chart |
News |
PowerRating), +0.62% at 88.57, DuPont
(
DD |
Quote |
Chart |
News |
PowerRating), +0.57% at 40.47.
Stocks in the news:
Conglomerate Temple Inland
(
TIN |
Quote |
Chart |
News |
PowerRating), -4.88% at 39.74, announced that it expects to earn less than
anticipated for the first-quarter with new estimates of for a loss of $0.30-0.40
per share due to higher energy costs, pension expenses and other charges.
Biotechnology company Andrx
Company
(
ADRX |
Quote |
Chart |
News |
PowerRating), +12.20% at 11.31, rallied after UBS Warburg upgraded
the company to “buy” from “neutral” due to strong sales in the company’s generic
drug business.
Electric utilities company
Xcel Energy
(
XEL |
Quote |
Chart |
News |
PowerRating), +6.22% at 12.67, moved higher after it was announced
it had agreed to settle a suit with creditors. The company will pay $752 million
over the next 13 months.
Software programming company
Network Associates
(
NET |
Quote |
Chart |
News |
PowerRating), -1.50% at 15.15, sold off after the company
postponed turning in its restated earnings to the SEC.
Computer retailer CDW
Computer Centers
(
CDWC |
Quote |
Chart |
News |
PowerRating), -2.25% at 42.66, has been downgraded by Morgan
Stanley to “equal-weight” from “overweight.”
Electronic retailer Radio
Shack
(
RSH |
Quote |
Chart |
News |
PowerRating), +1.97% at 21.24, has been upgraded by Prudential to “buy”
from “hold.”
Communications services
companies are likely to feel the effects of reduced estimates from Bear Stearns
as Bell South
(
BLS |
Quote |
Chart |
News |
PowerRating), +0.82% at 22.18, SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating),
+0.76% at 21.31, and Verizon
(
VZ |
Quote |
Chart |
News |
PowerRating), +0.36% at 36.40, are believed by
the firm to struggle from increasing competition and not significantly
benefiting from economic recovery.Â
Retailer Sears Roebuck
(
S |
Quote |
Chart |
News |
PowerRating),
+12.49% at 24.13, is up nicely after announcing it may sell its credit card
business. The company holds the eight largest credit card business in the US
valued at $30.8 billion in receivables.
Entertainment monster Walt
Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), +0.05% at 17.70, has been added to CSFB’s Focus List.
Video retailer Best Buy
(
BBY |
Quote |
Chart |
News |
PowerRating), -2.37% at 29.65, has been downgraded by Bank of America to “neutral”
from “buy.”
Aerospace and defense company
Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating), -2.36% at 21.95, has been downgraded by UBS to
“neutral” from “buy.”