Will This Sector Continue To Lead This Afternoon?
Following yesterday’s 2%+ rallies in the major indices, stocks looked
for another repeat performance early on as a number of companies including
Dupont
(
DD |
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Chart |
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PowerRating), Northrop Grumman
(
NOC |
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Chart |
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PowerRating), Countrywide Credit
(
CFC |
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Chart |
News |
PowerRating), and
Altera
(
ALTR |
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Chart |
News |
PowerRating) reported better-than-expected results. However,the positive
start was soon derailed after the April consumer confidence index. The
Conference Board’s consumer confidence index surged 20 points to a reading of
81.0 from 61.4 last month. Following the report, the major indices reversed
course and dipped slightly in the red. Currently, all major indices are up with
slight gains. Semiconductor issues are again showing strength following Altera’s
earnings and Taiwan Semiconductor’s positive outlook on recovery. Â
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is +0.15% at 8,483.73. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is +0.18% at 916.52. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is +0.53% at 1,470.23.
The day’s leaders are in
semiconductors
(
$SOX.X |
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Chart |
News |
PowerRating), +2.06%, Networking
(
$NWX.X |
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Chart |
News |
PowerRating),
+2.00%, and Healthcare
(
$HMO.X |
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Chart |
News |
PowerRating), +1.35%.
Weak today are natural gas
(
$XNG.X |
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Chart |
News |
PowerRating), -1.23%, and oil service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating), -1.22%.
In economic news, Consumer
Confidence came in at 81 vs. estimates of 70.
The 10-year U.S. Note
is -60 at 114 185.
The dollar is -0.48 at
98.44.
Gold is – 0.30 at
334.50.
Crude Oil -0.26 at 25.24
Volume is at 821,911,000
on the NYSE, and at 971,453,000 on the Nasdaq.
Market breadth is positive,
with NYSE advancing issues over declining issues by a ratio of 1.21, and up
volume over down volume by a 1.50 ratio. Nasdaq advancing issues over declining
issues are at 1.21, and up volume over down volume is at a 2.63 ratio.
Top Dow stocks are:
DuPont
(
DD |
Quote |
Chart |
News |
PowerRating), +2.11% at 20.76,
McDonalds
(
MCD |
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Chart |
News |
PowerRating), +1.71% at 17.22, Home Depot
(
HD |
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Chart |
News |
PowerRating), +1.57% at
28.34, BoeingÂ
(
BA |
Quote |
Chart |
News |
PowerRating), +1.24% at 27.72,ANDÂ Coca-Cola
(
KO |
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Chart |
News |
PowerRating),
+1% at 40.73.Â
Stocks in the news:
Communications equipment maker
LM Ericsson
(
ERICY |
Quote |
Chart |
News |
PowerRating) missed its first quarter earnings by $0.11. The
company also announced plans of more layoffs and cost-cutting.Â
Aerospace and defense giant
Northrop GrummanÂ
(
NOC |
Quote |
Chart |
News |
PowerRating), +3.27% at 889.40, topped estimates by $0.23.Â
Financial Services company
Countrywide Credit
(
CFC |
Quote |
Chart |
News |
PowerRating), +6.79% at 66.67 beat first-quarter earnings
estimates by $0.36 with profits of $2.44 per share. The company also raised
guidance.Â