Airline Merger! Plus, Halted After The Close On Earnings…
Stocks were higher–the fourth straight
up-day for the Dow and fifth for the Nasdaq.
The economic news was mixed: jobless claims for the week of 5/14 fell
20,000–more than expected–to 321,000. The 4-week moving average rose 5000 to
29,750. Leading indicators fell in April, by -0.2%, and the fourth month in a
row.
Year to date the Dow is off 2.7% and the Nasdaq is off 6.1%.
After the close, Marvell
(
MRVL |
Quote |
Chart |
News |
PowerRating) beat by 0.02. Serena
(
SRNA |
Quote |
Chart |
News |
PowerRating)
beat by 0.01. Brocade
(
BRCD |
Quote |
Chart |
News |
PowerRating) was in-line, ex-items. Sharper Image
(
SHRP |
Quote |
Chart |
News |
PowerRating) beat by a penny but was light on revenues. The company guided lower.
The stock was halted after the close. Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating) beat by
0.2 and guided higher.
US Air and America West are merging. AWA was halted after
hours.
Netflix
(
NFLX |
Quote |
Chart |
News |
PowerRating) will team up with Wal-Mart to co-promote
DVD sales and rentals. Currently, 35% of all DVDs are sold through Wal-Mart.
Netflix will promote Wal-Mart DVD sales to its subscribers and Wal-Mart will
offer its online customers the chance to sign up with Netflix. NFLX is up up
15%.
Teva
Pharmaceutical’s (TEVA)
generic version of Biaxin was granted final approval by the FDA.
Men’s Wearhouse
(MW)
beat by 0.16, guided higher and announced a 3:2 stock split.
Cyberonics
(
CYBX |
Quote |
Chart |
News |
PowerRating) if lower after it confirmed that it received a
letter from the Senate Finance Committee, which is examining the FDA’s handling
of a depression treatment.
Boise Cascade withdrew its IPO, citing adverse market conditions.
Strong sectors were: Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) +1.85%
Internet
(
$GIN.X |
Quote |
Chart |
News |
PowerRating) +1.19% Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating)
+1.17%
Weak sectors were: Gold
(
$HUI.X |
Quote |
Chart |
News |
PowerRating) -0.85%
Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) -0.39% Drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating)
-0.32%
Dow | +28.74 | 10,493.19 |
Nasdaq | +11.93 | 2042.58 |
S&P 500 | +5.52 | 1191.08 |
The dollar was +0.29 at
86.15
Crude Oil was -0.39 at
48.74
Gold was -2.20 at 420.20
ce=”Arial” size=”2″ face=”Arial”>Volume was 746 billion on the NYSE and
729 billion on the Nasdaq.
Market breadth was positive.
NYSE | Issues | |
Advancing | 2029 | Up Vol 1168 |
Declining | 1216 | Down Vol 506 |
1.66 | 2.30 | |
Nasdaq |
||
Advancing | 1671 | Up Vol 1207 |
Declining | 1382 | Down Vol 474 |
1.20 | 2.54 |
Stocks in the News
Ann Taylor
(
ANN |
Quote |
Chart |
News |
PowerRating) was in-line and said margins continue under
pressure. Net income fell 46%.
Footlocker
(
FL |
Quote |
Chart |
News |
PowerRating) missed by a penny
Petsmart
(
PETM |
Quote |
Chart |
News |
PowerRating) beat by 0.04 and guided higher.
Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) will increase services aimed at business customers
Motorola’s
(
MOT |
Quote |
Chart |
News |
PowerRating) board authorized the repurchase of $4 billion of
the company’s stock over the next three years.
Kerr McGee
(
KMG |
Quote |
Chart |
News |
PowerRating) will buy back 47 million shares in a dutch
auction.
Brice Wightman