And The Positive Note Of The Day…
Stocks opened down Tuesday as earnings warnings dragged the markets lower.Â
The Dow Jones Industrials closed off
0.2%, after the European Union blocked
the merger of General Electric
(
GE |
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HON |
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The Nasdaq Composite ended the day down 0.3%, as the technology-laden sector was
plagued by earnings warnings.
A positive note did transpire in the
session after Qualcomm
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NOK |
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extended the terms of a 1992 licensing agreement to include CDMA
technology. QCOM traded higher today +10.4%, giving the markets a glimmer of hope
going into the holiday.
Individual stocks which tacked on some
gains in this abbreviated session included NTL
(
NLI |
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Laboratory Corp of America Holdings
(
LH |
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which gained 2.3%; Ryland Group
(
RYL |
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which moved higher 4.1%; and
Property and Casualty Insurer, Baldwin
& Lyons
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BWINB |
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Also gaining in the session was
Biopharmaceutical company Dyax
(
DYAX |
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The Gold and Silver Index
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$XAU.X |
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led the sectors in the green, as it gained 1.6%. The Oil Services Index
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$OSX.X |
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rose fractionally 0.9%, followed by the Semiconductor Index
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$SOX.X |
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which eked up 0.6%.
Losing ground was U.S. Airways
Group
(
U |
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(
UAL |
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Shares of retailer Payless ShoeSource
(
PSS |
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and full year earnings. Payless said Q2 earnings will now fall between $1.45 to
$1.50 per share — analysts’ estimates were for a Q2 profit of between $2.40 to
$2.46 with a mean of $2.44. Payless lost 11.9%.
Multex Com
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MLTX |
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after the company announced it expects a loss for Q2 of about 3 cents. A survey
taken by Thomson Financial/First Call showed analysts were expecting a
profit of 10 cents per share.
Sectors in the red were led by the
GSTI Internet Index
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$GIN.X |
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Index
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$CEX.X |
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$IIX.X |
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