An Early Xmas For These Four Booming Retailers
Stocks are
treading lower on lower volume today.
The US weekly chain store sales index was up 1.2% for the past week. Sales were
up 4.1% on a year-over-year basis. Retailers such as J.C. Penney
(
JCP |
Quote |
Chart |
News |
PowerRating),
Gap
(
GPS |
Quote |
Chart |
News |
PowerRating), Tiffany
(
TIF |
Quote |
Chart |
News |
PowerRating), and Mays
(
MAY |
Quote |
Chart |
News |
PowerRating) all
are up from either upgrades or better-than-expected third-quarter results. The
FCC ordered local phone carriers to allow customers keep their home numbers even
if they switch entirely to wireless service. The Wall Street Journal
reported that Richard Strong may face criminal charges for improper trading
in Strong mutual funds.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is down -0.04% at 9769.64. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is down -0.41% at 1048.21. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is down -0.84% at
1954.20.
The day’s leading sectors are
Gold and Silver
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), +1.22%, Amex Gold Bugs
(
$HUI.X |
Quote |
Chart |
News |
PowerRating),
1.06%, Pharmaceutical Index
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), +0.23%, S&P Chemical
Index
(
$CEX.X |
Quote |
Chart |
News |
PowerRating), +0.08%. and S&P Health Index
(
$HCX.X |
Quote |
Chart |
News |
PowerRating),
+0.07%.
Weak today are Biotech Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), -3.24%, Dow Jones Internet Commerce [ECM.X|ECM.X]
-2.25%, and Combined Telecom
(
$IXTC.X |
Quote |
Chart |
News |
PowerRating), -1.83%.
No Economic
news releases today.
10-year Notes are -15
at 111 030.
The dollar
is +0.09 at 93.26.
Gold is +0.19 at 388.60.
Crude Oil is -0.03 at
30.83.
Volume is 354,450,000 on
the NYSE, and 589,000,000 on the Nasdaq.
Market breadth is negative,
with NYSE declining issues over advancing issues by 1.85 and down over up volume
by 2.14; Nasdaq issues declining over advancing issues at 2.74, and down volume
over up volume at 2.41.
Top Dow stocks are:
AT&T [T|T],
+1.37% 19.34, Du Pont
(
DD |
Quote |
Chart |
News |
PowerRating), +1.28% at 40.94, ExxonMobil |XOM|XOM],
1.13% at 36.17, and Johnson & Johnson [JNJ|JNJ],
+0.71% at 49.06.
Stocks in the news:
EchoStar Communications
(
DISH |
Quote |
Chart |
News |
PowerRating)
reported lower-than-expected third-quarter earnings late Monday. On revenue of
$1.45 billion, it earned $35.1 million and lowered its 2004 earning forecast to
8 to 23 cents a share.
RSA Security
(
RSAS |
Quote |
Chart |
News |
PowerRating) announced higher
order rates and customer activity for the fourth quarter. The company expects
fourth-quarter earnings to be at the high end of its previous range of 4 to 7
cents. Shares are up 8% to 14.00.
Shares of Cablevision
(
CVC |
Quote |
Chart |
News |
PowerRating) dropped 4%
after the company said it would restate 2003 quarterly statements to include a
$15 million expense that was improperly recorded. It lost $104 million for the
third quarter on revenue of $975.8 million.
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) said that it may
withdraw its $7.3 billion bid to take over PeopleSoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) because the
company offered refunds of license fees if it was bought out and the new owners
do not support existing products.
If you have any comments or questions, please
feel free to email me.
bricew@tradingmarkets.com