Top Sectors Of The Day
The
markets went red off the bell and barely made an attempt to rally
today as the bears pushed the indexes to steep losses. Gold and silver issues
represented a small pocket of strength, as technology losses sent the Q’s to a
two month low.Â
The Dow Jones Industrial
Average
(
$INDU |
Quote |
Chart |
News |
PowerRating) closed down
2.22%Â
to 9,687.09. The S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) closed down
2.92%
to 1,855.5. The Nasdaq [$COMPQ |$COMPQ] closed down
2.56%
to 1,093.47.
Further fears of corrupt
accounting practices from Tyco
(
TYC |
Quote |
Chart |
News |
PowerRating) and Global Crossing
(
GX |
Quote |
Chart |
News |
PowerRating),
circulated the market today as little in the way of earnings and economic news
was released. Tomorrow, factory orders data will be released at 10 am ET,
and Wednesday tech bellwether Cicso Systems will release earnings after
the bell.Â
Overall NYSE volume was
1,421,618,000. NYSE advancing issues were 937,
with up volume at 184,015,000; declining
issues were 2,192, with down volume at
1,222,247,000. Overall Nasdaq volume was
1,762,823,000. Nasdaq advancing issues were
958, with up volume at 255,787,000;
declining issues were 2,650 with down volume
at 1,498,453,000. The
VIX was up 4.01 to 26.88. The
TRIN was up 1.36 to 2.83.
Average volume on the day had
the three major indexes trading below their 50-day MAs, the Semiconductor
Index
(
SOX.X |
Quote |
Chart |
News |
PowerRating) halted at its 50-day MA, and Broker/Dealer Index
(
XBD.X |
Quote |
Chart |
News |
PowerRating) parked at its 200-day MA.
Top sectors of the day were the
Gold and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) up 5.69% at 84.13 and the
Amex Hong Kong 30 Index
(
$HKX.X |
Quote |
Chart |
News |
PowerRating) up 0.90% at 321.01.
Losing sectors of the day were
the Networking Index
(
$NWX.X |
Quote |
Chart |
News |
PowerRating) down 8.45% at 283.39, and the Dow
Jones Internet Commerce Index
(
$ECM.X |
Quote |
Chart |
News |
PowerRating) down 7.46% to 48.95.
Computer hardware maker
Hewlett Packard
(
HWP |
Quote |
Chart |
News |
PowerRating), up 0.23% to 22.05, announced that it expects to
surpass first quarter expectations due to an increase in demands for PC’s and
printers.
Semiconductor stocks benefited
earlier in the day from upgrades by Goldman Sachs. KLA-Tenacor
(
KLAC |
Quote |
Chart |
News |
PowerRating),
up 0.48% to 56.95, and Teradyne
(
TER |
Quote |
Chart |
News |
PowerRating), down 1.63% to 29.51, were
upgraded to Outperform from Recommended List. ATMI
(
ATMI |
Quote |
Chart |
News |
PowerRating), up 4.49% to
30.25, was upgraded to Recommended from Market Performer. Novellus Systems
(
NVLS |
Quote |
Chart |
News |
PowerRating), up 0.10% to 41.89, was upgraded to Market Outperformer from Market
Performer. And finally, Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating), up 2.19% to 43.89,
was given the title of “Best Single Idea.”
Home improvement retailer
Lowes
(
LOW |
Quote |
Chart |
News |
PowerRating), up 1.40% to 46.34, said that same-store sales and earnings
for the fourth quarter would beat analysts’ expectations due to good weather and
strong consumer demand.
Irish pharmaceutical company
Elan
(
ELN |
Quote |
Chart |
News |
PowerRating), down 51.09% to 14.65, warned that 2002 earnings would fall
short of expectations as some of its new products are delayed. The company
posted fourth quarter results in line with expectations.
Computer networking company
Entersys
(
ETS |
Quote |
Chart |
News |
PowerRating), down 61.02% to 4.21, is being investigated by the
Securities and Exchange commission. The company concurrently said that it will
delay its fourth quarter results to investigate an Asian-Pacific contract.
Online retailer
Priceline.com
(
PCLN |
Quote |
Chart |
News |
PowerRating), down 23.73% to 4.82, reported a fourth quarter
profit of 2 cents a share. This is the company’s first profitable quarter, and
in line with analysts expectations.