The Story On Volume Today
The
trend has been down for the morning with the major indexes posting
losses midday. Lack of news on the session coincides with low volume, though
market bias is very negative with down volume over up volume by almost 10 to 1.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is -1.39% at 7,632.53. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is -1.91% at 813.05. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is -1.65% at 1,283.8.
The lone sector in the green is
biotechnology
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), +0.72%.
Biggest losers are airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), -4.13%. gold and silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), -2.96%,
insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating), -2.78%, and telecoms
(
$XTC.X |
Quote |
Chart |
News |
PowerRating),
-2.66%.
There are no economic releases for the day.
The 10-year US Note
is +090 at 117 240.
The dollar is -0.22 at
97.88.
Gold is +4.0 at 354.90.
Crude Oil -0.08 at
37.70.
Volume is at 533,178,000
on the NYSE, and at 540,321,000 on the Nasdaq.
Market breadth is negative,
with NYSE declining issues over advancing issues by a ratio of 3.03, and down
volume over up volume by a 12.06 ratio. Nasdaq declining issues over advancing
issues are at 2.48, and down volume is over up volume by a 4.58 ratio.
Biggest Dow losers are:
SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating), -4.83% at 19.50, AT&T
(
T |
Quote |
Chart |
News |
PowerRating), -3.77% at 16.85, American
Express
(
AXP |
Quote |
Chart |
News |
PowerRating), -2.51% at 32.24, Walt Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), -2.48% at
15.33, McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating), -2.34% at 12.52, Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating),
-2.15% at 15.46, International Business Machines
(
IBM |
Quote |
Chart |
News |
PowerRating), -2.12% at
76.25.
Stocks In The News:
Dutch grocery retailer Ahold
(
AHO |
Quote |
Chart |
News |
PowerRating), -7.95% at 3.01, sold off after it was reported the company knew about
potential accounting issues with its US Food Service division.
Conglomerate General
Electric
(
GE |
Quote |
Chart |
News |
PowerRating), -1.77% at 23.87, rose after its was said the company’s
pension plan remains overfunded.
Toy maker Mattel
(
MAT |
Quote |
Chart |
News |
PowerRating),
– 0.95% at 20.80, was given a positive mention in a New York Times
article which cited strength in the company’s fundamentals.
Online travel agent Expedia
(
EXPE |
Quote |
Chart |
News |
PowerRating), – 1.96% at 69.01, was given a negative mention in a Barron’s
article over the weekend which said the stock may be trading too high with the
recent departure of its CEO, increased competition, and a weak market.
Chemical company DuPont
(
DD |
Quote |
Chart |
News |
PowerRating), – 0.22% at 35.92, has been upgraded by Bank of America to
“buy” from “neutral.”
Drug maker Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating)
has announced positive findings in its investigational drug to treat Alzheimer’s
disease.
Also in the drug making
business, AstraZeneca
(
AZN |
Quote |
Chart |
News |
PowerRating), 2.16% at 31.74%, has been upgraded by
UBS Warburg to “buy” from “neutral.”
Retailer Federated
Department Stores
(
FD |
Quote |
Chart |
News |
PowerRating), – 0.51% at 25.16, was given a positive mention in
a Barron’s article which cited strength in the company’s fundamentals
despite an overall weak retail sector.
danielb@tradingmarkets.com