What’s Leading Thursday’s Slide…
The
major indices are drifting to the worst levels of the day
at the midpoint of trading. The S&P 500
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$SPX.X |
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PowerRating) fell 23.25, or 2.5%, to 900.51 as of
12:11 p.m. ET. This is the -1.50 Volatility Band area.
Computer-related shares contributed more than a quarter of its decline. The
Dow
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$INDI |
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PowerRating) slid 201.07, or 2.3%, to 8569.94, led by IBM
(
IBM |
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Composite
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$COMPQ |
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after Cisco Systems
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CSCO |
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Crude oil is higher today after dropping to the $25.00 a barrel support level.
According to U.K. Foreign Secretary Jack Straw, Britain and the U.S. are
prepared to attack Iraq without a United Nations resolution on weapons
inspections and disarmament. The rise in crude is not fueling the Amex Oil
Index
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$XOI.X |
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PowerRating) or the Phlx Oil Service Sector
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$OSX.X |
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PowerRating).
Both are lower today. Other weak sectors are:
Networking
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$NWX.X |
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PowerRating), Banks
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$BKX.X |
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PowerRating),
Brokers
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$XBD.X |
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PowerRating) and Airlines
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$XAL.X |
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PowerRating).
Only two sectors are stronger, Health and
Biotech
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$BTK.X |
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PowerRating).
Stocks in the news :
TMP Worldwide
(
TMPW |
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traded as low as $11.94. The advertising firm said it will break even on a
per-share basis in the fourth quarter. The average estimate of analysts polled
by Thomson First Call is for profit of 14 cents.
Alcatel SA American depositary receipts
(
ALA |
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PowerRating), each representing one
common share, dropped 10% and has traded as low as $5. The phone-equipment
maker’s shares fell after the European Central Bank left borrowing costs
unchanged for a twelfth month, ignoring calls to cut rates to boost the economy.
Granite Construction
(
GVA |
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PowerRating) fell 14 percent, to $14.78 and traded as
low as $14.52. The construction contractor said earnings for the year will be
$1.04 to $1.14 a share. It was expected to earn $1.29, the average estimate of
eight analysts surveyed by First Call.
Kos Pharmaceuticals
(
KOSP |
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PowerRating) rose 13%, and traded as high as
$19.61. The drugmaker had a third- quarter loss of 2 cents a share. It was
expected to lose 36 cents a share, the average estimate of five analysts polled
by First Call.
Michaels Stores
(
MIK |
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PowerRating) 22 percent, to $34.68 and traded as low as
$31.55. The arts-and-crafts retailer said full-year profit will be about $2.05 a
share, less than the $2.10 the company had forecast.
Pharmaceutical Product Development
(
PPDI |
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PowerRating) is breaking out to a six-month high
with increasing volume. PPDI has a
TradingMarkets.com RS3 rating of 88 and an up trending
ADX of 53.
AdvancePCS
(
ADVP |
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PowerRating) is attempting
to take out its resistance line at 27.50. ADVP has strong volume on the day and
a
TradingMarkets.com RS3 rating of 88.
Nasdaq Market Breadth
Adv: 937 UpVol: 1389348
Dec: 2074 DnVol: 7209935
Net: -1137 Net: -5820587
NYSE Market Breadth
Adv: 999 UpVol: 12967050
Dec: 2111 DnVol: 62291792
Net: -1112 Net: -49324742