Big Week For Financial Company Earnings–Here’s Who’s On Tap
Stocks are higher
Monday, boosted by optimism about upcoming earnings announcements.
It’s a big week for financial company announcements, including Merrill Lynch,
Citigroup, Bank of America and State Street.
Home Depot
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PowerRating) was the subject of a positive article in Barron’s.
Texas Instruments
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PowerRating) was downgraded to a sell at Deutsche Bank.
Micron
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PowerRating) was also downgraded to a sell at Deutsche Bank. Google
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PowerRating) was cut to a ‘sell’ at American Technology Research. GOOG is down
2.3%.
A 4-day strike by Nigerian oil workers began
today; oil hit $50.50.
Trader talk: Merrill Lynch
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PowerRating)
reports tomorrow; will profits be affected by slower trading? Also
reporting tomorrow are: Intel, 0.27; Johnson & Johnson, 0.76, and
Yahoo, 0.09 (estimates in parentheses).
The bond market is closed for the Columbus Day
holiday. Don’t look for any mail today, either, as the Postal Service is closed.
| Dow | +20.87 | 10076007 |
| S&P 500 | +3.13 | 1123.10 |
| Nasdaq | +3.08 | 1923.07 |
Strong sectors are:Â Biotech
(
BTK.X |
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PowerRating) +1.05%, Retail
(
RLX.X |
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PowerRating) +0.94%, Brokers
(
XBD.X |
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PowerRating) +0.56%.
Weak sectors are: Oil
(
XOI.X |
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PowerRating)
-0.99%, Oil Services
(
OSX.X |
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PowerRating) -2.70%, Natural Gas
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XNG.X |
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PowerRating)
-1.04%.
The dollar
is -0.89 at 87.54
Gold is -0.40 at 421.30
Crude Oil is -0.16 at 53.15
561 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1479 | Up Vol 165 |
| Declining | 1549 | Down Vol 211 |
| Ratio | 1.04 | 1.27 |
| Nasdaq |
||
| Advancing | 1458 | Up Vol 223 |
| Declining | 1390 | Down Vol 293 |
| Ratio | 1.04 | 1.31 |
Stocks in the News
SunTrust Banks
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PowerRating) will restate earnings for Q1 and Q2.
Biogen-Idec
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PowerRating) upgraded to ‘overweight’ from ‘equalweight’ at
Lehman.
New Century
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NEW |
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PowerRating) may be vulnerable in an economic downturn, says
Barron’s.
Brice Wightman