These Stocks Are Dominating Nasdaq Action
After
early sell offs, the major indexes found the day’s lows by 10:30 a.m.,
then pushed higher throughout the session for modest gains on the day.
The
Dow Jones Industrial Average (
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) closed +1.09% at 8519.38. The
S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating) closed +1.01% at 902.26. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
closed +0.71% at 1304.61.
Leading sectors in today’s
action was gold and silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), +3.97%, biotechnology
(
$BTK.X |
Quote |
Chart |
News |
PowerRating),
+2.84, broker/dealers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating), +2.47%, and the Internet
(
$GIN.X |
Quote |
Chart |
News |
PowerRating),
+2.39%.
The day’s biggest losing groups
were semiconductors
(
$GSM.X |
Quote |
Chart |
News |
PowerRating), -0.63%, airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), -0.42%,
and utilities
(
$UTY.X |
Quote |
Chart |
News |
PowerRating), -0.40%.
The day’s low-volume rally
appeared to have little inspiration in the way of news events, though showed
strength as it reversed from lows made early in the session. Carolyn
Boroden‘s analysis is leaning towards a deeper upside correction, though in
the art of technical analysis, the situation can change day by day.
The Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), -0.17% at 287.97, closed in a “doji” formation. The Broker/Dealer
Index
(
$XBD.X |
Quote |
Chart |
News |
PowerRating), +2.46% at 401.28, closed at the top of its intraday
range, just under its 20-day SMA.
U.S. Treasury Bonds
closed unchanged at 111 ’26.
In economic news, the Commerce
Department announced that wholesale inventories grew 0.6% for July for
the largest one-month increase since November. The market was expecting a 0.2%
increase. Wednesday the Fed’s beige book data will be released.
Volume was below average at
 1,326,459,810
on the NYSE, and  1,214,743,831
on the Nasdaq.
Market breadth was mixed,
with NYSE advancing issues over declining issues by a ratio of 1.32, and up
volume over down volume by a 2.31 ratio. Nasdaq declining issues over advancing
issues came in at 1.04, and down volume beat up volume by a 1.13 ratio.
The
VIX
was -4.09 at 38.40. The TRIN
was -0.43 at 0.56.
Leading the Dow were Walt
Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), +3.51% at 15.90, after it announced it will use McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating), +0.42% at 21.45, as its partner to to create a buzz for its fall
prime-time programming on ABC television. Aso, Phillip Morris
(
MO |
Quote |
Chart |
News |
PowerRating),
+3.41% at 48.10, Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating), +3.14% at 23.30, Eastman Kodak
(
EK |
Quote |
Chart |
News |
PowerRating),
+2.80% at 29.27, Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), +2.60% at 31.07, and SBC
Communications
(
SBC |
Quote |
Chart |
News |
PowerRating), +2.25% at 24.54.
The S&P 500 was headed up
by Fleetwood Enterprises
(
FLE |
Quote |
Chart |
News |
PowerRating), +15.28% at 6.94, Capital One
Finance
(
COF |
Quote |
Chart |
News |
PowerRating), +8.13% at 39.48, Household International
(
HI |
Quote |
Chart |
News |
PowerRating),
+7.01% at 36.33, Ford Motor Co.
(
F |
Quote |
Chart |
News |
PowerRating), +5.88% at 10.80, Pep Boys
(
PBY |
Quote |
Chart |
News |
PowerRating),
+5.63% at 14.82, and Charles Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating), +5.15% at 9.80.
Nasdaq 100 action was dominated
by Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating), +7.83% at 16.51, Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating),
+4.91% at 29.86, Commerce Technology
(
CMVT |
Quote |
Chart |
News |
PowerRating), + 4.38% at 8.10, Biogen
(
BGEN |
Quote |
Chart |
News |
PowerRating), +4.18% at 33.62, Synopsis
(
SNPS |
Quote |
Chart |
News |
PowerRating), +4.07% at 44.22, and Citrix
Systems
(
CTXS |
Quote |
Chart |
News |
PowerRating), + 3.63% at 6.28.
Stocks in the news:
Financial services company
American Express
(
AXP |
Quote |
Chart |
News |
PowerRating), +0.46% at 34.86, was downgraded by Deutsche Bank
to “hold” from “buy” due to valuation.
Investment bank JP Morgan
(
JPM |
Quote |
Chart |
News |
PowerRating), -1.33% at 23.59, was downgraded by Merrill Lynch to
“neutral” from “buy” and has lowered its price target to
$25.
Gold mining company Harmony
Gold Mining Co.
(
HGMCY |
Quote |
Chart |
News |
PowerRating), +8.27% at 17.66, received positive comments
form Barron’s over the weekend, who claimed gold is due for a comeback that will
last at least two years.
Biotech company Genetech
(
DNA |
Quote |
Chart |
News |
PowerRating), +0.94% at 32.00, won a lawsuit filed against it by Chiron over patent
violations for breast cancer drug Hercepti.
Food company Hershey Foods
(
HSY |
Quote |
Chart |
News |
PowerRating), -0.43% at 73.53, was downgraded by Merrill Lynch to
“neutral” from “buy” based on valuation.