What We’re Resting On
The markets are wavering in response to
key economic data released today. The semiconductor sector is trading in a
narrow range right on its 200-day MA, while technology sectors are experiencing
selling pressure. The Nasdaq is currently paused at its lower trendline.
Market breadth on the NYSE is roughly even,
though the Nasdaq is showing some weakness with declining issues and down volume
at a slight advantage.
U.S. consumer prices were unchanged for the month
of November. Falling food and energy prices offset rising new car prices
to create a non-inflationary environment. October’s consumer prices fell .03%.
U.S. business inventories beat analysts’
expectations with a 1.4% decline. This is the biggest monthly decline on
record since 1992. Falling stocks at retailers and auto dealers were cited as
the reason.
The world’s number two software vendor Oracle
(
ORCL |
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PowerRating),
down 1.64% at 14.43, posted second quarter fiscal
earnings that were down from a year ago, but expects to see profit growth to
resume in the fourth quarter.
Biotechnology giant Amgen
(
AMGN |
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PowerRating),
down
5.88% at 56.65, is in merger talks with
Immunex Corp.
(
IMNX |
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PowerRating), down 3.38% at 26.05, in a deal worth $17 billion in stock and cash.
Leading sectors today are the Oil Service
Sector Index
(
$OSX.X |
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PowerRating), up
2.64% at 81.12, and the Gold and Silver Index
(
$XAU.X |
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PowerRating), up
2.04% at 54.74.
The biggest losing sectors today are the
Computer Hardware Index
(
$HWI.X |
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PowerRating), down 2.52% at
151.61, and the GSTI Multimedia Networking Index
(
$GIP.X |
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PowerRating), down
1.43% at 125.29.
From our percent gainers list:
Maritrans Inc.
(
TUG |
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PowerRating) is up 20.83% at 11.60 on
well-below-average volume. This water transportation company announced a stock
buyback.
Magellan Health Services
(
MGL |
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PowerRating) is up 9.60% at
28.37 on four times average volume. This healthcare facilities company has no
news reported.
Pediatrix Medical Group
(
PDX |
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PowerRating) is up 7.75% at
35.88 on less than 100% average volume. This healthcare facilities
company announced the settlement of a class action lawsuit.
From our percent losers list:
Pharmacyclics Inc.
(
PCYC |
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PowerRating) is down
55.94% at 9.56 on over four times average volume. This biotechnology
company was downgraded by USB Piper Jaffray, Adams Harkness, and Pacific Growth
Equities.
Petroquest Energy
(
PQUE |
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PowerRating) is down 21.13% at
5.45 on 13 times average volume. This oil and gas operations company has
no news reported.
Take-Two Interactive Software
(
TTWO |
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PowerRating)
is down 13.69%
at 12.99 on 100% average volume. This software and programming company
has no news reported.