Another IPO For Traders…
Stocks were mixed as traders weighed inflationary
CPI data with lower oil prices. February CPI rose +0.4%; core, +0.3%,
more than expected and the largest increase since September. There were no
revisions to last month’s data. Existing home sales for February fell -0.4% to
6.79 million units, near the expectation.
The Department of Energy reported a crude build of 4.1million barrels, the
highest level since July 2002; gas inventories fell -4.1 million barrels.
Separately, an explosion ripped through a BP Amoco refinery near Houston; gas
futures hit new highs on the news.
Oracle (ORCL)
beat by a penny; revenues rose 23% and were were slightly higher than expected;
the company guided higher for FY05.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) considering selling stake in its GMAC
subsidiary, The Wall Street Journal reports. The deal could raise as much
as $1 billion.
Of note, commodities are lower as the dollar rallies.
In the S&P, 110 companies have raised their dividends this past year, while
only three have cut.
Pixar
(
PIXR |
Quote |
Chart |
News |
PowerRating) announced a 2:1 stock split.
IntercontinentalExchange filed for a $115 million IPO. The company–a
NYMEX rival which operates a global futures marketplace for derivatives and
energy contracts–will trade on the NYSE under the symbol ‘ICE.’ 2004
revenues were $108 million.
Strong sectors were: Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) +2.03%
Healthcare
(
$HCX.X |
Quote |
Chart |
News |
PowerRating) +1.28% Pharmaceuticals
(
$DRG.X |
Quote |
Chart |
News |
PowerRating)
+1.26%
Weak sectors were: Oil Services
(
$OSX.X |
Quote |
Chart |
News |
PowerRating)
-3.15% Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -2.12% Oil
(
$XOI.X |
Quote |
Chart |
News |
PowerRating)
-1.70%
| Dow | -14.49 | 10,456.02 |
| Nasdaq | +0.88 | 1990.22 |
| S&P 500 | +0.76 | 1172.41 |
The dollar was +0.64 at
84.01
Crude Oil was -1.98 at
54.05
Gold was -2.30 at 424.10
1.7 billion on the Nasdaq
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 786 | Up Vol 733 |
| Declining | 2541 | Down Vol 1212 |
| 3.23 | 1.65 | |
| Nasdaq |
||
| Advancing | 1102 | Up Vol 989 |
| Declining | 1992 | Down Vol 607 |
| 1.80 | 1.63 |
Stocks in the News
Bank of America
(BAC)
announced a 200 million share buyback.
Hyundai said that by 2007 it will offer XM Satellite Radio
(
XMSR |
Quote |
Chart |
News |
PowerRating)
as standard equipment on all US models. Separately, Mercedes will offer
Sirius Satellite Radio
(
SIRI |
Quote |
Chart |
News |
PowerRating) on its M class autos.
Gamestop
(
GME |
Quote |
Chart |
News |
PowerRating) beat by a penny and guided higher.
Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) declared a 0.03 dividend and announced a
$4 billion stock buy back.
Brice Wightman