What Monday Will Bring…
Trading was light and choppy for this shortened session, as price
action moved mostly sideways from bell to bell. With many market players away
from the action, not much can be made from an analytical perspective. Next
Monday will bring data for auto sales, truck sales, and the ISM Index.
Dow Jones Industrial Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) closed -0.40% at 8,895.27. The S&P 500
(
$SPX.X |
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Chart |
News |
PowerRating)
closed -0.28% at 936.23. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) closed -0.59% at
1,479.10.
The day’s biggest gains were in
forest and paper
(
$FPP.X |
Quote |
Chart |
News |
PowerRating), +2.15%, oil service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating),
+1.97%, and chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating), +1.48%.
The day’s biggest losses were
in semiconductors
(
$SOX.X |
Quote |
Chart |
News |
PowerRating), -2.16%, banks
(
$BIX |
Quote |
Chart |
News |
PowerRating),
-1.16%, and airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating), -1.12%.
There were no economic releases
today.
The 10-year U.S. Note
was +095 at 112 150.
The Dollar was -0.13 at
106.50.
Market breadth was neutral,
with NYSE advancing issues over declining issues by a ratio of 1.01, and down
volume over up volume by a 1.11 ratio. Nasdaq declining issues over advancing
issues came in at 1.02, and up volume beat down volume by a 1.16 ratio.
The
VIX was +0.19 at 31.03. The
TRIN was +0.58 at 1.13.
The Dow’s biggest gainers were:
Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating),
+1.29% at 49.90, Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating), +1.26% at 26.42, and
International Paper
(
IP |
Quote |
Chart |
News |
PowerRating), +0.95% at 39.25.
The Dow’s biggest losers were:
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating), -2.76%
at 34.05, United Tech
(
UTX |
Quote |
Chart |
News |
PowerRating), -2.13% at 62.47, and Coca Cola
(
KO |
Quote |
Chart |
News |
PowerRating),
-1.27% at 45.64.
Stocks in the news:
Container and packaging company
Sealed Air Co.
(
SEE |
Quote |
Chart |
News |
PowerRating), +54.45% at 37.81, rallied on news that it
agreed to pay $512.5 million and nine million shares to settle asbestos issues
related to its acquisition of W.R. Grace’s
(
GRA |
Quote |
Chart |
News |
PowerRating), +30.35% at 2.19,
packaging business.
Parent of air carrier United
Airlines, UAL Corp.
(
UAL |
Quote |
Chart |
News |
PowerRating), -30.85% at 2.51, fell after it was
reported that mechanics have refused to accept a plan that will save the company
from bankruptcy.
Drug maker, Schering Plough
(
SGP |
Quote |
Chart |
News |
PowerRating), +3.09% at 22.66, announced that its efforts to find a new chief
executive officer has come down to a choice between two people, the former CEO
of Warner-Lambert, and the current CEO of Pharmacia
(
PHA |
Quote |
Chart |
News |
PowerRating), -0.51% at
42.30.
Also in the drug-making
business, Teva Pharmaceuticals
(
TEVA |
Quote |
Chart |
News |
PowerRating), +0.21% at 79.16, received
approval from the U.S. Food and Drug Administration for its drug Pergolide
Myslate, for the treatment of Parkinson’s disease.
Broadcasting and cable TV
company EchoStar Communications
(
DISH |
Quote |
Chart |
News |
PowerRating), +1.24% at 20.41, filed a
revised proposal to acquire General Motor’s
(
GM |
Quote |
Chart |
News |
PowerRating), -0.72% at 39.70,
Hughes Electronics.
Medical equipment and supply
company Patterson Dental Co.
(
PDCO |
Quote |
Chart |
News |
PowerRating), +5.10% at 42.01, was upgraded
by Lehman Brothers to “overweight” from “equal-weight”.
Mining company Barrick Gold
(
ABX |
Quote |
Chart |
News |
PowerRating), +1.03% at 14.67, was downgraded by Deutsche Securities to “sell”.
Broadcasting and cable TV
company Clear Channel Communications
(
CCU |
Quote |
Chart |
News |
PowerRating), -1.00% at 43.46, had its
price target raised by Wachovia to $51 from $44.