After The Close: Big Blue Earnings
Stocks were lower on weaker-than-expected earnings
from Citigroup. The S&P and Nasdaq broke 7-day winning streaks,
finishing lower despite a decline in crude prices.
Citigroup
(
C |
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News |
PowerRating) missed by 0.05 and missed on revenues. CEO Charles
Prince said “The capital markets environment was one of the worst we have seen
in years.”
Bank of America
(
BAC |
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PowerRating) beat by 0.05. Net income rose 12%.
After the close, IBM reported 1.12 vs. 1.03. Revenues beat estimates
at 22.3 billion. Gross margins were 39.4%. Biogen
(
BIIB |
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PowerRating) said that
its Sentinal Tysabry-Avonex trial achieved its primary endpoint.
On Tuesday, it’s INTC, YHOO, NVLS and AMGN. Seventeen Dow components
report this week.
Guidant
(
GDT |
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Chart |
News |
PowerRating) said that doctors should consider replacing
already-implanted 28,000 pacemakers because of a faulty seal.
Financial and tech stocks have outperformed the market for the past few
months; financials are 20% of the S&P 500 and tech is 15%.
The SEC filed suit against a 31-year old for phony tip scam misdirected fax
AVLL Avil Global, his former employer. The fax was sent to one million
recipients. He mistakenly sent a fax to the San Francisco office of the
SEC.
Maidenform (MFB) goes public this week–10 million shares at $14 –
$16.
Scholastic Corp.
(
SCHL |
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News |
PowerRating) said it sold 6.9 million copies of the
new Harry Potter book in the first 24 hours.
Strong sectors were: Â Retail
(
$RLX.X |
Quote |
Chart |
News |
PowerRating) +0.80% Â Â Airlines
(
$XAL.X |
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Chart |
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PowerRating) +0.45% Â Â Â Â Â Â Healthcare Providers
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) +0.46%
Weak sectors were: Â Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) -1.42%Â Â Â Banks
(
$BKX.X |
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Chart |
News |
PowerRating) -1.11% Â Â Computer Hardware
(
$HWI.X |
Quote |
Chart |
News |
PowerRating) -0.93
| Dow | -65.20 | 10,575.63 |
| Nasdaq | -11.91 | 2144.87 |
| S&P 500 | -6.65 | 1221.27 |
The dollar was -0.08 at 89.68
Crude Oil was
-0.71 at 58.42
Gold was -0.90
at 420.40
1.332 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1272 | Up Vol 512 |
| Declining | 1995 | Down Vol 1032 |
| 1.56 | 2.01 | |
| Nasdaq |
||
| Advancing | 1151 | Up Vol 447 |
| Declining | 1897 | Down Vol 829 |
| 1.64 | 1.85 |
Stocks in the News
3M
(
MMM |
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PowerRating) reported Q2 in-line.
Eaton
(
ETN |
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Chart |
News |
PowerRating) beat by 0.05; revenues were above expectations.
Mattel missed by 0.02
Brice Wightman