Big Increase In CPI — Here Are The Sectors Affected The Most
Stocks reversed course this midday after a weak open on higher CPI data.
Consumer prices rose sharply as energy
and clothing costs soared. The CPI index rose 0.5% in March, with exports up 4% — the biggest monthly increase since 1996. Interest-rate-sensitive stocks such as
homebuilders and banks continue to be weak on continued fears of an interest
rate hike.
Bank of America
(
BAC |
Quote |
Chart |
News |
PowerRating) reported earnings that grew 11% to $2.68 billion with revenue up 7% at $9.69 billion.
Dow component DuPont
(
DD |
Quote |
Chart |
News |
PowerRating)
raised its profit outlook on strength in its agriculture and nutrition business.
It now expects earnings to reach 95 cents for the quarter and $2.20 for the
year. Harley Davidson
(
HDI |
Quote |
Chart |
News |
PowerRating) posted earnings of $204.6 million on revenue that rose
4.7% to $1.17 billion. The company left its 2004 motorcycle production target of
317,000 unchanged and reiterated its long-range goal of 400,000 in 2007.
| Dow | +21.64 |
10402.89 |
| S&P 500 |
+1.79 | 1131.57 |
| Nasdaq | +5.02 | 2035.53 |
The day’s leading sectors are
Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +1.84, Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +1.67%,
Chemicals
(
CEX.X |
Quote |
Chart |
News |
PowerRating) +1.53%, and Biotechs
(
BTK.X |
Quote |
Chart |
News |
PowerRating)
+1.47%.
Weak today are Healthcare
Providers
(
RXH.X |
Quote |
Chart |
News |
PowerRating) -1.80%, and Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating)Â -0.89%
Economic news releases today
included CPI rising +0.5% and the US trade deficit narrowing to $42.1 billion.
10-year Notes are 140 at
111 040
The dollar
is +0.45 at 90.63
Gold is -5.10 at 402.60
Crude oil is -0.58 at
36.10
Volume is 700,000,000 on
the NYSE, and 908,000,000 on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing |
1058 | Up Vol 309 |
| Declining | 2163 | Down Vol 358 |
| Ratio | 2.10 | 1.68 |
| Nasdaq |
||
| Advancing |
1449 | Up Vol 452 |
| Declining |
1585 | Down Vol 413 |
| Ratio | 1.07 | 1.09 |
Top Dow stocks are:
DuPont
(
DD |
Quote |
Chart |
News |
PowerRating) +2.72% at
44.86, Johnson & Johnson
(
JNJ |
Quote |
Chart |
News |
PowerRating), +1.90% at 52.36, Merck
(
MRK |
Quote |
Chart |
News |
PowerRating)
+1.61% at 45.32, and Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating) +1.20% at 57.16.Â
Stocks in the news:
Take-Two Interactive
Software
(
TTWO |
Quote |
Chart |
News |
PowerRating) will post a quarterly loss of 15 cents a share on
revenue of $170 million. CEO Jeffrey Lapin’s resignation sent TTWO down 12%.
Georgia-Pacific
(
GP |
Quote |
Chart |
News |
PowerRating)
is expecting higher earnings of 60 cents on strong performance of its building
products.
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating) posted a 11.5%
increase in sales on strong domestic revenue. US same-store sales were +9.9%,
but European sales were +2.9%.
Brice Wightman
bricew@tradingmarkets.com