Apple Not Sweet Today…Here’s Why

Stocks ended mixed today.  Equities
finished the last trading day of the week mixed as the S&P
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fell
slightly while the Dow
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ended with a small gain thanks to General
Motors
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.  The Nasdaq
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took the blunt of the heat
today as tech stocks sold off after Intel’s mid-quarter update.

In economic news, Trade Deficit in April widen by an expected 6.3% to -$57
billion. Treasury Budget for May came in better than expected at a -$35.3B. 
Export prices in May fell by 0.4% and Import prices fell by 0.3%.

Imaging software maker Adobe Systems
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fell by 4% but were
off session lows.  Reports of a rival software product from Microsoft
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entitled “Acryllic” sent Adobe’s shares lower.

Shares of Apple Computer
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were not so sweet today as shares
tumbled nearly 5%.  This came after reports suggest that Microsoft is
planning on launching their own online music subscriptions service. 

Strong sectors are:  Gold Bugs

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+3.96%  Gold
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+3.71%    Chemicals
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+0.71%    

      

Weak sectors are:   
Semiconductors

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-1.76%    Internets
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-1.43%     Healthcare
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-1.35%

Dow +9.61 10,512.63
Nasdaq -13.91 2,063.00
S&P 500 -2.82 1,198.11

The dollar was +0.67 at
88.72

Crude Oil was -0.89 at
54.68

Gold was +3.60  at
426.70

ce=”Arial” size=”2″ face=”Arial”>Volume was 1.2 billion on the NYSE and
1.4 billion on the Nasdaq.

Market breadth was mixed

NYSE Issues
Advancing 1579 Up Vol 619
Declining 1660 Down Vol 590
0.95 1.05
Nasdaq
Advancing 1420 Up Vol 469
Declining 1598 Down Vol 944
0.89 0.49

 

Stocks in the News


Citigroup

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C |
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agreed to pay $2
billion to settle a class-action suit brought by Enron stock and bond holders.

LSI Logic
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raised its second quarter revenue guidance to between
$465 million and $475 million.

Intel Corp
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  increased its second-quarter financial
targets.

Callaway Golf
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ELY |
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extended its contract with Annika Sorenstam to
past 2010.

Toys “R” Us
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reported a sharply steeper loss in the first
quarter.

 

 

Brice Wightman