Big Earnings After The Close
Stocks were higher Monday,
helped by lower oil prices.Â
OPEC said its output was the highest since the
1970s. It was a mixed picture on the earnings front. The Nasdaq
gained+1.3%. A decent rally started about noon ET as oil dropped.
3M
(
MMM |
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PowerRating) missed by a penny; Q3 profit
was higher, but sales were below expectations. Mattel
(
MAT |
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PowerRating) beat by
0.01 but sales and profits were lower. Hasbro’s
(
HAS |
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PowerRating) reported 0.45
vs. 0.51; the company warned for ’04.
This year’s flu season could cost $20 billion.
This according to Harvard economics professor David Cutler in The Wall Street
Journal today. A typical flu season costs between $13 -$15 billion. Human
resources firm ComPsych reports that 40% of people who don’t get fly shots miss
some work, as opposed to 20% for those who receive a flu shot.
After the close, IBM reported $1.17,
beating by 0.03; revenues were $23.4 billion, in-line. Texas
Instruments
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TXN |
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PowerRating) reported 0.32 vs. a 0.27 estimate; revenue was $3.25
billion.
| Dow | +22.94 | 9956.32 |
| S&P 500 | +5.82 | 1114.02 |
| Nasdaq | +25.02 | 1936.52 |
Strong sectors were: Biotech
(
BTK.X |
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PowerRating)
+2.33%, Internet
(
GIN.X |
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PowerRating) +2.52%, Retail
(
RLX.X |
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PowerRating) +1.54%.
Weak sectors were:Â Airlines
(
XAL.X |
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PowerRating), -2.25% Oil Services
(
OSX.X |
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PowerRating) -1.71%.
10-year notes were: +005
at 113 075
The dollar was -0.06 at
87.05
Gold was -2.70 at 415.90
Crude Oil was -1.17 at 52.84
1.5 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 1801 | Up Vol 734 |
| Declining | 1495 | Down Vol 603 |
| Ratio | 1.29 | 1.21 |
| Nasdaq |
||
| Advancing | 1820 | Up Vol 1199 |
| Declining | 1245 | Down Vol 263 |
| Ratio | 1.46 | 4.55 |
Stocks in the News
Forest Labs
(
FRX |
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PowerRating) reported higher quarterly profit, beating by
0.04.
Pfizer
(
PFE |
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PowerRating) will sponsor a clinical trial to study the safety of
Celebrex.
Bristol Myers
(
BMY |
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PowerRating) said that its arthritis drug looked promising in
clinical trials.
Kraft
(
KFT |
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PowerRating) reports after the bell; the estimate is 0.45.
Lexmark
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PowerRating) beat by 0.02, with earnings up 50% from last year, but
the company warned for Q4.
Brice Wightman