This Could Change The Shape Of Things
Stocks
are in positive territory mid-day, in a lackluster session
characterized by light volume. Business headlines remain quiet, though at 2:15
pm ET today we have a Fed announcement where Wall Street is not expecting any
change to be made. Currently the S&P 500 is attempting to move above its 50-day
EMA, while the Dow and Nasdaq are above theirs.
The Dow Jones Industrial
Average
(
$INDU.X |
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PowerRating) is +0.45% at 8,511.32 The S&P 500
(
$SPX.X |
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PowerRating)
is  +0.76% at 898.80. The Nasdaq
(
$COMPQ |
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PowerRating) is  +1.69% at 1,390.19.
Current leaders are Internet
(
$INX.X |
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PowerRating), +6.27%, networking
(
$NWX.X |
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PowerRating), +4.63%, and
semiconductors
(
$SOX.X |
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PowerRating), +4.52%.
Leading to the downside are
gold and silver
(
$XAU.X |
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PowerRating), -3.36%, healthcare
(
$HMO.X |
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PowerRating),
-0.33%, and chemicals
(
$CEX.X |
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PowerRating), -0.16%.
In economic news, wholesale
inventories were down 0.3% vs. expectations of a 0.2% rise.
The 10-year U.S. Note
is -010 at 113 295.
The Dollar is +0.20 at
105.47.
Volume is at 589,445,000
on the NYSE, and 770,260,000 on the Nasdaq.
Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 1.49, and up
volume over down volume by a 1.84 ratio. Nasdaq advancing issues over declining
issues are at 1.43, and up volume over down volume is at a 4.33 ratio.
Leading the Dow higher are:
Intel Corp.
(
INTC |
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PowerRating), +3.39% at 18.28, Eastman
Kodak
(
EK |
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PowerRating), +3.73% at 37.80, Home Depot
(
HD |
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PowerRating), +2.37% at 26.36,
JP Morgan
(
JPM |
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PowerRating), 2.19% at 23.77, Hewlett Packard
(
HPQ |
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PowerRating),
+2.11% at 18.41, and Coca-Cola
(
KO |
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PowerRating), +1.80% at 45.91.
Stocks in the news:
In the satellite communications
business, Echostar Communications
(
DISH |
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Chart |
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PowerRating), +10.50% at 22.05, and
Hughes Electronics
(
GMH |
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PowerRating), -0.88% at 11.20, have both agreed to terminate
their proposed merger.
Mobile phone giant Nokia
(
NOK |
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PowerRating), -3.33% at 17.42, lowered its sales forecasts for the fourth-quarter,
as network equipment revenues continue to slump.
Drug stocks are in the news, as
Abbott Labs
(
ABT |
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PowerRating), -2.18% at 40.74, has been downgraded by Morgan
Stanley to “equal-weight” from “overweight”. Bar Labs
(
BRL |
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PowerRating), +0.70%
at 66.14, is likely to benefit from an upgrade by Salomon Smith Barney to the
specialty pharmaceutical who now rates it a “market weight” from a previous
“underweight”. Forrest Labs
(
FRX |
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PowerRating), -1.98% at 94.10, has announced
positive Phase III results for its Alzheimer therapy. Also, Johnson & Johnson
(
JNJ |
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PowerRating), -0.11% at 55.50, has announced positive results for its drug
Risperdal, used to treat people diagnosed as bipolar.
Defense contractor Northrop
Grumman
(
NOC |
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PowerRating), +1.13% at 96.43, has reached a deal with the Justice
Dept. that will allow it to acquire TRW Inc.
(
TRW |
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PowerRating), +1.34% at 51.58,
given the approval of shareholders from both companies.
Broadcasting and cable TV
company Emmis Communications
(
EMMS |
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Chart |
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PowerRating), -3.82% at 19.37, has been
downgraded by Morgan Stanley to “underweight” from “equal-weight.”