Here’s Where The Money Is Going
The
markets are in solid negative territory mid-day, with a gap down on
the indexes leading to further selling throughout the morning. Sentiment has
been hammered with negative earnings news from the insurers, with gold making a
new 7-year high as assets shift to the defense. After the bell today Cisco
systems will report its earnings, though the company’s presence as a market
bellwether has come under scrutiny.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is -1.64% at 7,967.54. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is -1.85% at 844.37. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is -1.86% at 1,299.17.
In the positive column today
are gold and silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), +3.72%, oil service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating),
+1.63% at 84.71, natural gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating), +1.06% at
165.05, and oil
(
$OIX |
Quote |
Chart |
News |
PowerRating), +0.08% at 430.51.
The biggest losers on the day
are insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating), -5.51%, networking
(
$NWX.X |
Quote |
Chart |
News |
PowerRating),
-3.71%, networking
(
$GIP.X |
Quote |
Chart |
News |
PowerRating), -3.61% and
healthcare
(
$HMO.X |
Quote |
Chart |
News |
PowerRating), -3.31%.
In economic news, factory orders came in
at 0.4% vs. expectations of 0.3%.
The 10-year U.S. Note
is +090 at 114 080.
The Dollar is -0.87 at
99.25.
Gold is +6.50 at 377.30.
Crude Oil +0.62 at
33.38.
Volume is at 699,169,000
on the NYSE, and at 732,115,000 on the Nasdaq.
Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 1.84, and down
volume over up volume by a 4.55 ratio. Nasdaq declining issues over advancing
issues are at 2.37, and down volume is over up volume by a 4.79 ratio.
Leading the Dow down are:
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), -3.49% at 33.44, Walt Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), -3.32% at 16.87, JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating), -3.14% at 22.84,
Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating), -2.96% at 19.36, Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating), -2.92% at
47.14, and General Motors
(
GM |
Quote |
Chart |
News |
PowerRating), -2.37% at 35.89.
Stocks In The News:
Insurance company American
International
(
AIG |
Quote |
Chart |
News |
PowerRating), -9.00% at 50.35, has taken a $1.8 billion charge,
and has had its estimates cut by Merrill Lynch.
Biotech firm Genzyme
(
GENZ |
Quote |
Chart |
News |
PowerRating),
-7.80% at 30.61, has reduced its earnings guidance for the full year 2003.
Also in the insurance sector,
MBIA Inc.
(
MBI |
Quote |
Chart |
News |
PowerRating), -4.70% at 38.35, has missed its fourth-quarter
earnings expectations by $0.03 with profits of $1.09 per share. And Chubb
(
CB |
Quote |
Chart |
News |
PowerRating), -5.79% at 5.41, also posted earnings below Wall Street’s expectations.
In the personal product biz,
Colgate-Palmolive
(
CL |
Quote |
Chart |
News |
PowerRating), +0.67% at 51.09, beat its fourth-quarter earnings
expectations with profits of $0.59 per share, and Avon Products
(
AVP |
Quote |
Chart |
News |
PowerRating),
, also surpassed its expectations by $0.01 with profits of $0.80 per share.
Internet infrastructure giant
Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating), -3.57% at 12.99, will announce its earnings
after the bell today.
Electronics maker Emerson
(
EMR |
Quote |
Chart |
News |
PowerRating), +0.53% at 47.28, has missed its first-quarter earnings expectations
by $0.02 with profits of $0.52 per share.
Truck builder Paccar Inc.
(
PCAR |
Quote |
Chart |
News |
PowerRating), +2.66% at 45.47, has beat its fourth-quarter earnings expectations
by $0.41 with profits of $1.05 per share.
Pharmacy retailer CVS Corp.
(
CVS |
Quote |
Chart |
News |
PowerRating), +5.57% at 24.64, has beat its fourth-quarter earnings expectations by
$0.02 with profits of $0.49.
Electric utilities company
Entergy
(
ETR |
Quote |
Chart |
News |
PowerRating), +0.11% at 45.90, has beat its fourth-quarter earnings
expectations by $0.06 with profits of $0.34 per share.
danielb@tradingmarkets.com