Is This Report A Harbinger?
The
major indexes are nicely higher midday on the hells of positive news
from the coalition troops in Baghdad. Price action gapped up and hit its highs
by 10:15 am ET, then entered a decline. Alcoa is leading the Dow with a hefty
gain after beating its first-quarter earnings expectations. This is the first
Dow stock to report earnings for the quarter. The day’s strength is found in
technology issues, with strong volume coming in.
The Dow Jones Industrial
Average
(
$INDU.X |
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Chart |
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PowerRating) is +1.96% at 8,439.39. The S&P 500
(
$SPX.X |
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PowerRating)
is +1.83% at 894.97. The Nasdaq
(
$COMPQ |
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PowerRating) is +2.28% at 1,415.04.
Leading today are airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), +7.30%, Internet
(
$ECM.X |
Quote |
Chart |
News |
PowerRating), +3.85%,
semiconductors
(
$SOX.X |
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Chart |
News |
PowerRating), +3.48%, and transportation
(
$TRAN |
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Chart |
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PowerRating),
+3.43%.
In the red is gold and
silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), -2.42%.
In economic news, consumer credit data
will be released today at 3:00 pm ET.
The 10-year U.S. Note
is -175 at 113 185.
The dollar is +0.82 at
101.70.
Gold is -2.40 at 322.90.
Crude Oil -0.17 at
28.45.
Volume is at 719,093,000
on the NYSE, and at 797,526,000 on the Nasdaq.
Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 2.70, and up
volume over down volume by a 7.72 ratio. Nasdaq advancing issues over declining
issues are at 2.15, and up volume over down volume is at a 6.50 ratio.
Leading the Dow are:
Alcoa
(
AA |
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Chart |
News |
PowerRating),
+10.20% at 23.084, United Tech
(
UTX |
Quote |
Chart |
News |
PowerRating), +4.23% at 62.60, Intel
(
INTC |
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Chart |
News |
PowerRating),
+4.19$ at 17.66, Boeing
(
BA |
Quote |
Chart |
News |
PowerRating), +4.00% at 27.56, Microsoft
(
MSFT |
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Chart |
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PowerRating),
+3.59% at 25.99, and General Motors
(
GM |
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Chart |
News |
PowerRating), +3.41% at 36.09.
Stocks in the news:
Aluminum giant Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating),
+10.20% at 22.08, has beat its first-quarter earnings expectations by $0.03 with
profits of $0.23 per share.
Media company AOL Time
Warner
(
AOL |
Quote |
Chart |
News |
PowerRating), +4.45% at 12.41, was upgraded by Morgan Stanley to
“overweight” from “equal weight”.
Home improvement retailer
Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +2.31% at 27.04, had its estimates raised by Bank of
America Securities due to progress made.
Online company Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating),
+3.48% at 24.89, had its first-quarter estimates raised by Goldman Sachs by
$0.01 to $0.07 per share.
Software company Siebel
Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating), +6.03% at 8.21, has lowered its first-quarter revenue
guidance $330-335 million vs. a consensus estimate of $369.16 million. The
company attributes the setback to customers postponing orders beyond the
quarter.
Chemical manufacturing company Air Products
(
APD |
Quote |
Chart |
News |
PowerRating),
+1.80% at 43.44, has lowered its earnings guidance to $0.51-0.54 vs. a consensus
estimate of $0.56.
Electronic instruments and
controls company Jabil Circuit
(
JBL |
Quote |
Chart |
News |
PowerRating), +3.80% at 19.41, has been
upgraded by Needham to “strong buy” from “buy”.
Homebuilder KB Home
(
KBH |
Quote |
Chart |
News |
PowerRating),
+1.29% at 47.35, has been downgraded by CSFB to “underperform” from “neutral”.
Truck manufacturer PACCAR
(
PCAR |
Quote |
Chart |
News |
PowerRating), – 0.62% at 54.55, has been downgraded by Prudential to “hold” from
“buy”.
Food processor Kraft Foods
(
KFT |
Quote |
Chart |
News |
PowerRating), +1.19% at 28.84, was given a negative mention in Barron’s over
the weekend in an article which claims it may suffer from obligations of Altria,
which owns 50% of the company.