Semis Poised?
The major indexes opened higher
this morning, traded down for a reversal in the first half hour, then trended
higher to post positive gains on the day. A slew of upgrades in the
semiconductor industry powered technology issues higher, as health care stocks
posted losses.
The Dow Jones Industrial Average
(
$INDU |
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PowerRating) closed up
0.18%Â to
9,730.89.
The S&P 500
(
$SPX |
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PowerRating)
closed up
0.75% to
1,127.74. The Nasdaq [$COMPQ |$COMPQ] closed up
2.11% to
1,922.33.
There were no economic reports
released today, though tomorrow Initial Jobless Claims will be released
at 8:30 am ET, and on Friday Existing Home Sales will be released.
Overall NYSE volume was
1,428,308,000. NYSE
advancing issues were
1,971, with up volume at
981,800,000; declining issues were
1,166, with down volume at
424,921,000. Overall Nasdaq volume was
1,843,301,000. Nasdaq advancing issues were
2,190, with up
volume at
1,320,502,000; declining issues were
1,407
with down volume at
505,362,000. The
VIX was down 1.44 to 23.66. The TRIN
was down 0.57 to 0.73.
Average volume on the day saw
the Dow, the S&P 500, and the Nasdaq have hit and bounce off of key
support levels today.Â
Top sectors of the day were the Oil Services
Sector Index
(
$XAU.X |
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Chart |
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PowerRating) up 5.37% at 79.18 and the
Semiconductor Index
(
$RXH.X |
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Chart |
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PowerRating) up
0.90% at 321.01.
Losing sectors of the day were the
Gold and Silver Sector Index
(
$XAU.X |
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Chart |
News |
PowerRating) down
1.48%
at 57.59, and the
Amex Hong Kong 30Â Index
(
$HKX.X |
Quote |
Chart |
News |
PowerRating) down
0.36% to 531.89.
The semiconductor sector was
given a boost as J.P. Morgan upgraded several of its components. Applied
Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating), up 4.33% to 41.20, KLA-Tencor
(
KLAC |
Quote |
Chart |
News |
PowerRating), up
7.65% at 51.52, Novellus Systems
(
NVLS |
Quote |
Chart |
News |
PowerRating), up 9.44% at 39.65,
Teradyn
(
TER |
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Chart |
News |
PowerRating) , and Varian Semi
(
VSEA |
Quote |
Chart |
News |
PowerRating), up 7.19% at 35.48,
were all upgraded to “a long term buy” from “market perform.”
Data storage Emulex
(
EMLX |
Quote |
Chart |
News |
PowerRating),
up 14.25% at 44.10, beat earnings expectations after the bell yesterday, and was
subsequently upgraded by Salomon Smith Barney and J.P. Morgan.
Semiconductor and wireless
specialist Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating), up 0.22% at 13.56, announced that it still
is on track to return to profitability in the second half of 2002, though its
fourth quarter earnings will come in lighter than expected.
Drug company Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating), up 2.45% at 41.80, said that net income grew 38% for the fourth
quarter, bringing earnings of 30 cents a share compared to 23 cents a share this
quarter last year. The company believes it will meet Wall Street estimates for
the year 2002.
Chemical giant Dupont
(
DD |
Quote |
Chart |
News |
PowerRating),
up 2.05% at 41.27, beat fourth quarter expectations and said that it expects to
have a more profitable year in 2002.
Aerospace and defense company
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating), down 1.38% at 39.23, met fourth quarter earnings, though
lowered its revenue projections for the next two years.
Construction and agricultural
machinery specialist Catepillar
(
CAT |
Quote |
Chart |
News |
PowerRating), up 1.2% at 48.77, met earnings
expectations though expects 2002 earnings to be up slightly from this year
as it expects a “significantly lower profit” for the first half of the year.