After Hours Techs In Focus, Here’s Why
Stocks
ended lower across the board. Once again
mixed economic data, rate hike fears, and geopolitical developments have stocks
retreating. The Dow closed below the 10,800 mark while the S&P barley hung on to
the 1200 mark. The Nasdaq Composite took the biggest hit as it dropped 1.24% and
ended right above the 20 day moving average.
Initial jobless claims fell by 2,000 to 302K. Consensus was calling for
315K. This was the lowest level in four years. Import prices in January
increased by 0.9%, this was above consensus of a 0.7% rise. Excluding energy,
import prices rose by 0.2%. Leading economic indicators for January fell by
0.3%, this was slightly more than estimates calling for a 0.2% fall. Lastly, the
Philly Fed Index rose to 23.9 in February from 13.2 last month. This was much
better than estimates calling for a reading of 17.5.
After the close several key technology companies results. Nvidia Corp.
(
NVDA |
Quote |
Chart |
News |
PowerRating) is trading higher by 1.5%. The graphics card maker earned 27
cents a share on revenues of $566.5 million. Analysts were expecting 23 cents a
share on revenues of $566 million.  Intuit
(
INTU |
Quote |
Chart |
News |
PowerRating) is trading
lower by 1.5%. The popular software maker reported second quarter results
excluding items of 82 cents a share. Analysts were looking for 76 cents a
share. However the company’s third quarter forecast of between $780
million and $810 million in revenues and between $1.39 and $1.44 fell slightly
short of estimates calling for $1.49 cents a share.
Strong sectors are: Gold & Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating)
+1.56%Â Â Â Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) +0.37%
Weak sectors are:Â Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) -1.96%Â Â Internet
(
$DOT.X |
Quote |
Chart |
News |
PowerRating) -1.76%Â Â Â Networking
Â
(
$NWX.X |
Quote |
Chart |
News |
PowerRating)
-1.66%Â
| Dow | 10,754.26 | |
| S&P 500 | 1200.75 | |
| Nasdaq | 2061.34 |
The dollar was -0.24 at
83.48
Crude Oil was +0.14 at
47.68
Gold was +2.80 to 426.80
1.92 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1076 | Up Vol 451 |
| Declining | 2229 | Down Vol 1078 |
| 2.07 | 2.39 | |
| Nasdaq |
||
| Advancing | 1017 | Up Vol 356 |
| Declining | 2125 | Down Vol 1553 |
| 2.09 | 4.36 |
Stocks in the News
Baker Hughes
(
BHI |
Quote |
Chart |
News |
PowerRating) reported a higher fourth quarter
profit helped by high oil and gas prices.
Ing Group
(
ING |
Quote |
Chart |
News |
PowerRating) posted a higher-than-expected rise in 2004 net
profit.
Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) reported earnings of 37 cents per share. That
was one cent better than expected.
Broadwing Corp
(
BWNG |
Quote |
Chart |
News |
PowerRating) posted a revenue gain of 54% for the quarter
ended December.
Brocade
(
BRCD |
Quote |
Chart |
News |
PowerRating)Â announced earnings of 10 cents a share. It was
two cents ahead of expectations.
American Pharmaceutical
(
APPX |
Quote |
Chart |
News |
PowerRating) reported eight cents better than
expected earnings of 38 cents per share.
Â
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Brice Wightman