What The Market Was Waiting For
The markets ended
mixed Monday with the Blue Chips splitting the verdict with the big-cap techs.
The Dow Jones
Industrial Average eked out a slim 0.2% gain, the Nasdaq Composite lost
2.0%, while the S&P 500 shed 0.5%. In
a further sign of directionlessness, volume declined on both the New York and Nasdaq
markets vs. the prior session.
Jim Lacamp, senior vice
president and investment officer at Dain Rauscher, said traders are frustrated
that the markets have not made any headway despite all the rate cuts made by the
Federal Reserve. Lacamp said the market was waiting out Oracle
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which was scheduled to announce earnings after the bell. Traders opted to stand
on the sidelines and wait, given pessimism over the software giant’s ability to
beat Wall Street’s numbers.
 Among the
sectors, the S&P Retail Index
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tide, gaining 1.2%. The AMEX Airline Index
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S&P Healthcare Index
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The Goldman Sachs Internet Index
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Index
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2.0%, and the Oil Service Sector Index
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Elan
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gained 2.3%, making a new 52-week high today after the release of encouraging
Phase I/II results of ISIS 14803, a drug used to treat drug-resistant chronic Hepatitis C Virus (HCV).Â
ELN is in a joint venture with Isis Pharmaceuticals, Inc
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developing this drug.
Krispy Kreme
Doughnuts
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following last week’s stock split.
Avert
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gapped up 30.0% on news that Automated Data Processing
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the company for $78 million.Â
Land O’ Lakes
company said it would buy Purina Mills
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PMIL rallied 15.0%.
Icon PLC
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moved up 11.3%.
On the downside, NTL Inc
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fell 17.3% on the news that Microsoft
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Jabil Circuit’s
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Charlotte Russe Holding
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PowerRating), an operator of mall-based women’s clothing stores, plunged
23.2% as the company warned on their third quarter results.