What’s Going to Stick?
The markets opened with a bang on upbeat
announcements from powerhouse conglomerate GE
(
GE |
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PowerRating), but have been trending sideways
ever since. Overall sector action is mixed, with no clear leadership in place.
The semiconductors are now positive after trending down for the morning.
Market breadth is positive, with NYSE and Nasdaq
up-volume beating down-volume by a 1.8 ratio. Advancing issues have a slight
edge over declining issues.
U.S. Housing Starts rose by 8.2%, the highest
level since January of this year.
Retail sales at discount chains and department
stores fell by 4.6% in the first two weeks of December according to the Redbook
Sales Retail Average.
After the close Monday, GE announced that it will
meet fourth quarter estimates and expects profit growth of 17%-18%.
Chief Executive Jeff Immelt said
the company has an aggressive acquisition agenda for the next year, claiming
weak economic conditions have created good buying opportunities. Immelt also
expects economic turnaround to occur in 2003.
Leading sectors today are the S&P Chemical
Index
(
$CEX.X |
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PowerRating), up 2.74% at 423.71, and the GSTI Software
Index
(
$GSO.X |
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PowerRating), up 2.06% at 189.72.
The biggest losing sectors today are the CBOE
Internet Index
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$INX.X |
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PowerRating), down 1.37% at 135.27, and the GSTI
Hardware Index
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$GHA.X |
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PowerRating), down 1.21% at 265.63.
From our percent gainers
list:
Resourcecan Ltd.
(
RSC |
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PowerRating) is up 9.19%
at 21.97 on twice average volume. This technology retail company has no news
reported. Optimistic comments from other technology retailers Circuit City
(
CC |
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PowerRating) and
Best Buy
(
BBY |
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PowerRating) are having an impact on the sector.
Icici Ltd. Ads
(
IC |
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PowerRating) is up 8.17% at 5.69
on half its average volume. This regional bank is in talks with Icici Bank
(
IBN |
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PowerRating)
for a potential merger.
Freeport-Mcmoran Copper & Gold
(
FCX |
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PowerRating)
is up
7.28% at 13.11 on a third of its average volume. This metal mining company
headed higher with Gold prices.
From our percent losers
list:
Sykes Enterprises
(
SYKE |
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PowerRating) is down
15.11% at 10.17 on twice its average volume. This computer networks
company has no news reported.
Inhale Therapeutic Systems
(
INHL |
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PowerRating) is down 11.56% at 17.22 on over twice its average volume. This medical equipment
and supplies company is down on comments from Phizer
(
PFE |
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PowerRating) about the
timetable for inhalable insulin.
Geron Corp.
(
GERN |
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PowerRating) is down 8.74% at 8.35 on over 100% average volume. This biotechnology
and drug company has no news reported.