Look For Retail To Move Friday…Here’s Why
Stocks
were higher Thursday. Despite worse-than-expected weekly jobs data,
the major indices put on a broad-based rally. Tech issues led the charge after software maker Synopsys
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raised full-year guidance. Dow component Altria
(
MO |
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day after a $145 billion judgment against the tobacco industry was thrown out.
Biotech
(
BBH |
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(
DNA |
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were once again higher, sending mortgage rates down to historic lows, and gold
was off after a six-session run. After the close, The Gap Inc,
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announced first quarter earnings that more than quadrupled, and which beat
estimates by .02. Volume will probably be light Friday, ahead of the Memorial Day weekend.
The Dow Jones Industrial
Average
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$INDU.X |
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$SPX.X |
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$COMPQ |
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17.68 at 1507.55.
The day’s leading sectors were
Biotechs
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$BTK.X |
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$XAL.X |
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Software
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$GSO.X |
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$XTC.X |
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Weak today are Gold
(
$XAU.X |
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Oil
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$XOI.X |
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PowerRating), -0.59%.
In economic news, Weekly
Jobless Claims rose by 7,000 to 428,000. Economists were looking for a drop
to 420,000. This was also the fourteenth week that claims have been above the
key 400K level. However, most of the rise in jobless claims was due to the
tornadoes that affected the South and Midwest areas. On another bright note, the
more closely watched four-week moving average fell by 7,750 to a five-week low
of 433,000.
The 10-year U.S. Note
was +115 at 118 255.
The dollar was up .03 at
93.71.
Gold was down 4.10 at
368.10.
Crude Oil was down 0.68 at
28.60.
Volume was
1,457,617,000
on the NYSE, and 1,745,072,000 on the Nasdaq.
Market breadth was positive,
with NYSE advancing issues over declining issues by a ratio of 2.03, and up
volume over down volume by a 3.67 ratio. Nasdaq advancing issues over declining
issues at 1.58, and up volume over down volume at 3.15.
Top Dow stocks were:
Altria Group
(
MO |
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AA |
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+0.80 at 23.72, Walt Disney
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DIS |
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PowerRating),
+0.24 at 18.12, International Paper
(
IP |
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McDonalds
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MCD |
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Stocks in the news:
Specialty retailer Claire
Stores
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CLE |
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PowerRating) was higher on heavy volume. The shares jumped after
the company reported first quarter results that topped expectations by 6 cents.
Claire reported earnings of 32 cents a share compared to 17 cents a share from
year ago levels. The company also upped its full-year outlook to $1.95 a share
from $1.74. In addition, the company raised its quarterly dividend from 4 cents
to 6 cents.
Athletic shoe and apparel
retailer Foot Locker
(
FL |
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PowerRating) was higher on more than double its average
volume. The company reported first quarter results in line with estimates. Foot
Locker is also optimistic about meeting or beating next quarter’s estimate of 24
cents a share.
Imclone
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traded higher after the company avoided delisting pending the filing of
its 10k and 10Q. Nasdaq has given Imclone until June 23 to file its 10Q and July
7 to file its 10K in order to avoid delisting.
MicroStrategy
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(
EBAY |
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MicroStrategy’s software platform to analyze sales in different categories of
eBay’s products.
New Century Financial
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NCEN |
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PowerRating) was higher on more than triple its average volume. The company upped its
full-year outlook to between $8.75 to $9.25 from $7.40 to $7.50. New Century
also declared a 3-for-2 stock split.
Synopsys
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SNPS |
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PowerRating)
reported second quarter results excluding acquisition costs that more than
double from the same period a year ago. The company also topped estimates by 10
cents. In addition, the company also raised third quarter estimates to 82 cents
from 75 cents and full-year estimates to between $2.95 to $3.10 from $3.03.