Again! Yet Another Drug Pulled…

Stocks are higher as the Dow tries for four in a
row.
Retail is in focus as many companies reported same-store-sales
for March.

Jobless claims for the week of 4/2 fell 19,000 to 334,000, the biggest drop
in two month. The 4-week moving average fell to 336,500.

Alcoa (AA)
beat by a penny; revenues were up 12.5% from a year ago but missed estimates by
a very small margin. The stock is trading higher pre-open.

Dell
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backed its Q1 outlook–0.37–and will raise its share
buyback program to $2 billion. The company is meeting with analysts today.

Bed Bath & Beyond
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beat by 0.04.

American Eagle
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March comps rose +29.2%.  Abercrombie
& Fitch

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March comps rose 21%. Ann Taylor
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March
comps fell -1.7%. Gap Inc.
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March comps fell -4%. Gap’s Old Navy
line was -9%. Federated
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March same-store-sales rose +3.4%.
Target

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comps rose 14.3%.

Pfizer
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will withdraw Bextra from the market as per an FDA
request. The FDA also asked company to include include a strong safety warning
on Celebrex. The agency said the overall risk vs benefit profile is unfavorable.

The Department of Energy said that it sees oil prices staying above $50 for
2005 and 2006.

The IRS says that the average tax return was up 6% from last year.

Strong sectors are: Homebuilders
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+1.21%     
Semis

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+1.08%   Biotech
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+1.02%  

Weak sectors are: Airlines
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-0.29%  
Retail

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-0.22%     Brokers
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-0.15%   
 

Dow  +35.69 10,521.71
Nasdaq +8.88 2008.02
S&P 500 +3.94 1188.01

The dollar is -0.16 at
84.52

Crude Oil is +0.10 at
55.95

Gold is +0.60 at 426.60

ce=”Arial” size=”2″ face=”Arial”>Volume is 1.76 billion on the NYSE and 1.78
billion on the Nasdaq

Market breadth is positive.

NYSE Issues
Advancing 1913 Up Vol 446
Declining 1115 Down Vol 248
1.71 1.79
Nasdaq
Advancing 1608 Up Vol 435
Declining 1231 Down Vol 190
1.30 2.28

Stocks in the News

Pier One Imports
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reported a sharp drop in quarterly
earnings–missing by 0.05–and guided lower.

Smith Barney downgraded General Motors
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to ‘sell’ and Ford
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to ‘hold.’ GM is up 1.27%.

Merck
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said that Phase II trials for cervical cancer drug
Gardasil was successful. The drug could hit the market as early as next year.

Wal Mart
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said it expects to report earnings at the lower end
of estimates.

Starbucks
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reported a smaller-than-expected monthly sales
increase.

Brice Wightman