Big Week For IPOs, Including These Names
Stocks are higher as M&A leads the way on Monday.
An oversold market provided an
early bid as did beginning-of-the-month new money. Mixed economic reports
did little to add to the gains, though. Construction spending for March rose
0.5%, a record. The ISM, however, was 53.3 for April–lower than expected–vs.
55.2 in March.
Warburg Pincus and Texas Pacific Group are near a deal to buy Neiman
Marcus
(
NMGA |
Quote |
Chart |
News |
PowerRating) for $5 billion, or $100/share.
American Int’l Group
(
AIG |
Quote |
Chart |
News |
PowerRating) will restate 4 years of results.
UBS downgraded Merrill Lynch
(
MER |
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Chart |
News |
PowerRating), Goldman
(
GS |
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Chart |
News |
PowerRating) and
other brokers.
OSI Pharma
(
OSIP |
Quote |
Chart |
News |
PowerRating) and Genentech’s
(
DNA |
Quote |
Chart |
News |
PowerRating) will be in
focus after Tarceva showed positive results with chemotherapy.
Newspaper stocks (Tribune
(
TRB |
Quote |
Chart |
News |
PowerRating), Gannett
(
GCI |
Quote |
Chart |
News |
PowerRating) are in
focus today as a report by The Audit Bureau of Circulations is expected to show
an industry-wide decrease of between 1% – 3%
For April, the Dow fell 3%; the S&P 500 lost 2%. The Nasdaq lost 4% and
has been down for four straight months. Here is the performance for selected
stocks in April:Â EBAY -15%; AAPL -14%; SUNW -10%; DELL -9%; ORCL -8%.
The SEC approved a pilot program that will allow traders to short on a
downtick.
Merrill Lynch upgraded Internets and wireless.
The FOMC meets tomorrow.
Eleven IPOs are scheduled for this week, including Lazard LLC and
Morningstar (MORN), which will be a Dutch auction. Chinese software company
Watchdata (WDAT) cut its offering price from $18-$20 to $14-$15.Â
Twenty Chinese companies are expected to go public this year and be listed on
the Nasdaq.
Strong sectors are: Â Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) +2.23%Â
Computer Hardware
(
$HWI.X |
Quote |
Chart |
News |
PowerRating) +1.15%Â Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating)
+0.88%
Weak sectors are: Â Brokers
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) -2.43%Â Â
Gold
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) -0.43%Â Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating)
-0.17%
Dow | +37.17 | 10,229.68 |
Nasdaq | +2.88 | 1924.53 |
S&P 500 | +1.85 | 1158.70 |
The dollar is +0.15 at
84.58
Crude Oil is -0.17 at
49.55
Gold is -3.80 at 428.90
ce=”Arial” size=”2″ face=”Arial”>Volume is 763 million on the NYSE and
635 million on the Nasdaq.
Market breadth is positive.
NYSE | Issues | |
Advancing | 1849 | Up Vol 431 |
Declining | 1203 | Down Vol 248 |
1.53 | 1.73 | |
Nasdaq |
||
Advancing | 1483 | Up Vol 334 |
Declining | 1372 | Down Vol 247 |
1.08 | 1.35 |
Stocks in the News
Sysco
(
SYY |
Quote |
Chart |
News |
PowerRating) beat by a penny.
Tyson
(
TSN |
Quote |
Chart |
News |
PowerRating) beat, but lowered the high end of guidance.
OSI Pharma
(
OSIP |
Quote |
Chart |
News |
PowerRating) and Genentech’s
(
DNA |
Quote |
Chart |
News |
PowerRating) will be in
focus after Tarceva showed positive results with chemotherapy.
Wal Mart same store sales grew just under 1%
Avon
(
AVPA |
Quote |
Chart |
News |
PowerRating) beat estimates and raised estimates.Q1 profit rose
16%.
Brice Wightman