Carl Icahn Is On The Move–Look What He’s Doing Now
A late-day rally stopped a 100-point loss in the Dow
after billionaire investor
Carl Icahn announced he owns 10 million shares of Rite Aid
(
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and also disclosed he has 4.5 million shares of Siebel Systems
(
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as well as a position in Hewlett Packard
(
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raising his stake in Imclone
(
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Aon
(
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PowerRating). Finally, Icahn said he
increased his holdings in Ladenburg to 6.3 million shares.
Economic data was mixed. Import prices
for April rose 0.8%, twice the estimate; import prices rose 0.6%. The University
of Michigan Consumer Sentiment Index for May was 85.3 vs. 87.7 in April. The
number was worse than the 88.0 consensus.
The Nasdaq is canceling pre-open trades in 1600 stocks–mostly thinly
traded, but includes JetBlu-JBLU–because of a market participant system
problem pre-open. Check with your broker to see if any of your trades were affected.
Dell (DELL)
reported 0.37, in-line; revenues were in-line. Â The stock was
upgraded at UBS.
Kohl’s (KSS)
missed by a penny but reaffirmed guidance.
Nvidia (NVDA)
beat by 0.08. Revenue rose 24%.
Prudential raised Intel’s price target to $29. Smith Barney reduced
estimates at brokers GS, LEH and MWD.
Taser
(
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usage had little effect on human heart function.
Friday the 13th: good or bad for the market? A study showed that
Friday the 13th outperforms the average Friday. In a study of Fridays from 1955
to 2005, Michael Panzner of Rabo Securities showed that Friday the 13th was up
56.63% of the time, while the typical Friday was higher just 53% of the time.
Strong sectors were: Â SemisÂ
(
$SOX.X |
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Computer TechnologyÂ
(
$XCI.X |
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PowerRating) +1.82%Â Â SoftwareÂ
(
$GSO.X |
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PowerRating) +1.17%Â Â Â
Weak sectors were:Â Healthcare Providers
(
$HMO.X |
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PowerRating) -2.70% Â Â
Natural Gas
(
$XNG.X |
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$XOI.X |
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PowerRating)
-1.66% Â Â
Dow | -50.10 | 10,139.38 |
Nasdaq | +12.71 | 1976.59 |
S&P 500 | -5.36 | 1154.00 |
The dollar was +0.61 at
86.12
Crude Oil was +0.06 at
50.25
Gold was -1.40 at 419.80
ce=”Arial” size=”2″ face=”Arial”>Volume was 1.72 billion on the NYSE and
1.86Â billion on the Nasdaq.
Market breadth was negative.
NYSE | Issues | |
Advancing | 1034 | Up Vol 1422 |
Declining | 2230 | Down Vol 1748 |
2.15 | 1.22 | |
Nasdaq |
||
Advancing | 582 | Up Vol 1235 |
Declining | 1381 | Down Vol 515 |
2.37 | 2.39 |
Stocks in the News
Dupont
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Valero
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Tiffany
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Japan, comp store sales fell 10%.
Maytag
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Google’s CEO said the company will not split the stock for now.
Ameritrade
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investors are waiting for economic conditions to improve.
Delphi
(
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PowerRating) missed by a wider margin, reporting (0.68) vs (0.31)
expected. The company also guided lower.
Brice Wightman
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