Impact Of Upcoming Weeks
Stocks
took a break after three days of gains, as the indexes traded in
tight ranges and closed with slight losses. Gold and silver, utilities, and
computer hardware stocks advanced, while semiconductors, Internet, and
biotechnology stocks sold off.Â
The
Dow Jones Industrial Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down 0.61%Â
to 10,197.05.
The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) closed down 0.66%
to 1,164.76.
The Nasdaq [$COMPQ |$COMPQ] closed down 1.08%
to 2,037.12.
With no economic data released
today, the markets were cautious ahead of earnings from companies who will
release their data in the upcoming weeks.
Overall
NYSE volume was 1,295,134,000.
NYSE advancing issues were 1,468,
with up volume at 536,693,000;
declining issues were 1,676,
with down volume at 742,160,000.
Overall Nasdaq volume was 2,102,596,000.
Nasdaq advancing issues were
1,662,
with up volume at 815,447,000;
declining issues were 2,012 with
down volume at 1,270,988,000.
The VIX
was up up 0.07 to 22.09. The TRIN
was up 0.39 to 1.21.
Top
sectors of the day were the Gold
and Silver Sector Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
up 1.64% at 56.87
and the Amex Hong Kong Index
(
$HKX.X |
Quote |
Chart |
News |
PowerRating) up 1.53% to 588.38.
Losing
sectors of the day were the TheStreet.com Internet
Sector Index
(
$DOT.X |
Quote |
Chart |
News |
PowerRating) down 3.19% at 200.77
and the GSTI Semiconductor Index
(
$GSM.X |
Quote |
Chart |
News |
PowerRating) down 2.19% to 291.02.
Computer maker Compaq
(
CPQ |
Quote |
Chart |
News |
PowerRating),
up 3.42% 11.78, announced that fourth-quarter revenue would beat analysts’
expectations with sales expected to reach $8 billion. The company has accepted a
takeover bid from Hewlett-Packard in a deal worth $25 billion.
Communications equipment
heavyweight Lucent Technologies
(
LU |
Quote |
Chart |
News |
PowerRating), down 8.17 to 6.52, announced
that Patricia F. Russo would take over as chief executive for the company. The
former Lucent executive will step down from her post as president of Eastman
Kodak
(
EK |
Quote |
Chart |
News |
PowerRating) (down 3.15% to 27.98).
The world’s number 1
semiconductor maker Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), down 0.47 to 35.32, released its
Pentium 4 chip, the fastest microprocessor in its product line. Competitor,
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating) also released their newest and fastest desktop
processor, the Athlon XP2000+. The two companies continue to duel it out in a
speed and price war.
Biopharmaceutical company Imclone
(
IMCL |
Quote |
Chart |
News |
PowerRating), down 17.52% to 35.87, fell after it was announced that the FDA will
not accept an application for its colon cancer drug Erbitux.
Electronic retailer Circuit
City
(
CC |
Quote |
Chart |
News |
PowerRating), up 8.49% to 29.79, hit a 52-week high after it announced that
fourth-quarter earnings would top analysts’ expectations.
Communications equipment maker Corning
(
GLW |
Quote |
Chart |
News |
PowerRating), down 1.68% to 10.52 , said that it will reopen four of the plants it
shut down in the past three months, as demand for their products has returned.
Software giant Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating), down 0.49% 68.56, was upgraded by ABM Amro to Buy from Add. The
company is also being pursued by consumer activist Ralph Nader for not paying
out dividends to shareholders in order to avoid paying taxes.
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