Big Beer Bust In The Works?
Stocks sold
off as analysts seek to digest a full load of earnings reports this week.
The S&P 500
(
SPX.X |
Quote |
Chart |
News |
PowerRating) broke its pivotal 200-day moving average. 3M
(
MMM |
Quote |
Chart |
News |
PowerRating) reported earnings of $0.97 a share and upped 2004 earnings targets to
$3.72 a share for FY 2004. Sales rose 9.5% to $5.01 billion with all of its
seven business units reporting gains. Fed Chairman Alan Greenspan is expected to
give his twice-yearly speech before the Senate Banking Committee tomorrow.
Kraft
(
KFT |
Quote |
Chart |
News |
PowerRating) reported earnings that met consensus at $698 million
with revenue that rose by 4.6% to $8.21 billion. The company warned of higher
dairy prices cutting into margins and cut FY04 earnings to $1.85 a share. It
also mentioned a negative effects from the low-carb diet for its US business
segment. Legg Mason
(
LM |
Quote |
Chart |
News |
PowerRating) fell after reporting earnings of $86.4
million with revenue up 29% at $538.9 million.
Adolph Coors
(
RKY |
Quote |
Chart |
News |
PowerRating)
is talking with Canadian brewer Molson about a possible merger.
| Dow | +20.93 | 10183.89 |
| S&P 500 | +0.24 | 1106.93 |
| Nasdaq | +9.54 | 1903.10 |
Strong today are: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +1.10%, Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +1.13% Transport
(
$TRAN |
Quote |
Chart |
News |
PowerRating)
+0.69%, REITs
(
DJR.X |
Quote |
Chart |
News |
PowerRating) +0.24%.
Weak today are: Internet
(
ECM.X |
Quote |
Chart |
News |
PowerRating) -3.06%, Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -2.43%, Gold and
Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -2.08%.
No economic news releases
today.
10-year Notes are +295
at 111 100
The dollar
is +0.04 at 87.34
Gold is -1.40 at 406.60
Crude Oil is +0.50 at
41.50
Volume is 555 million on
the NYSE, and 800 million on the Nasdaq.
Market breadth is negative
| NYSE | Issues | |
| Advancing | 1399 | Up Vol 190 |
| Declining | 1687 | Down Vol 352 |
| Ratio | 1.21 | 1.85 |
| Nasdaq |
||
| Advancing | 1015 | Up Vol 305 |
| Declining | 1918 | Down Vol 466 |
| Ratio | 1.89 | 1.53 |
Top Dow stocks are:
IBM
(
IBM |
Quote |
Chart |
News |
PowerRating), +1.21%,
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating), +1.06% General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) +0.99%
WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating), +0.74%.
Stocks in the news:
Mattel
(
MAT |
Quote |
Chart |
News |
PowerRating) reported net income of $23.5 million
with worldwide net sales rising 5% to $804 million. Its Barbie dolls sales fell
11% worldwide.
Occidental Petroleum
(
OXY |
Quote |
Chart |
News |
PowerRating) reported earnings that
rose 55% to $581 million with energy production that rose 6%. The company noted
the gains from commodity prices and output were offset by higher operation costs
and depreciation and depletion expenses.
Boston Scientific
(
BSX |
Quote |
Chart |
News |
PowerRating) will recall thousands of its Taxus stents after a death and serious
injuries were linked to the product.
Delta Airlines
(
DAL |
Quote |
Chart |
News |
PowerRating) reported a loss
of $1.96 billion, excluding one-time charges, the loss amounted to $312 million.
Revenue was up 13% but higher fuel costs cut into margins.
Brice Wightman
bricew@tradingmarkets.com