CEOs: Here’s One Way To Get A Raise
Stocks are lower
on disappointing
economic data and lowered Intel expectations. The Conference Board
reported a sharp decline in consumer confidence in August, at 98.2 vs. 105.7 in
July. The Chicago PMI fell to 57.3. Both figures were lower than expected
and the lowest levels since May. Morgan Stanley lowered its revenue estimate and
target price on Intel
(
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PowerRating), which gives its mid-quarter update on
Thursday.
According to the Stock Trader’s Almanac, the
average market performance for September is -1%, and for the past 53 years,
September is the worst
overall month for the stock market. April is the best, followed by November,
December and January.Â
CEOs who outsource get bigger bonuses. This from a study at the Institute for
Policy Studies. While the average CEO got a 9% raise in 2003, CEOs from the 50 firms who outsourced the most service
jobs saw their compensation rise 46%.
Oil has fallen $8 in as many days, as pipeline
repairs have southern Basra crude near capacity at 1.7 million bpd.
REITs and Homebuilders had good
returns in August, with REITS +7.4% and Homebuilders +7.2%.
The jobs number is Friday, a day after Bush gives
his acceptance speech at the Republican National Convention.  Â
| Dow | -25 | 10097.60 |
| S&P 500 | -2.74 | 1096.41 |
| Nasdaq | -14.46 | 1821.93 |
Strong today are: Oil
(
XOI.X |
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PowerRating)
+1.93%, Homebuilders
(
HGX.X |
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PowerRating) +0.37%, Utilities
(
UTY.X |
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PowerRating) +0.31%.
Weak are: Semis
(
SOX.X |
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PowerRating) -2.11%, Computer Technology
(
XCI.X |
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PowerRating)
-1.45%, Biotech
(
BTK.X |
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PowerRating) -1.19%.
10-year Notes are +195 at 113 225
The dollar
is -0.11 at 89.94
Gold is +2.20 at 409.90
Crude Oil is -0.36 at
41.92
Volume is 423 million on
the NYSE and 542 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1685 | Up Vol 154 |
| Declining | 1392 | Down Vol 220 |
| Ratio | 1.21 | 1.40 |
| Nasdaq |
||
| Advancing | 1186 | Up Vol 139 |
| Declining | 1611 | Down Vol 365 |
| Ratio | 1.35 | 2.62 |
Stocks in the News
A major study
showed that Merck’s (MRK)
Zocar showed no conclusive benefit in preventing new cardiac problems in
patients who have had heart attacks. Just last week, patients taking Merck’s
VIOXX were found to have 50% more heart attacks than patients taking Pfizer’s
Celebrex.
Albertson’s (ABS)
reported a drop in quarterly profit– down 36% in Q2 — citing the strike in
Southern California.
Schwab (SCH)
sold its Soundview unit to UBS for $265 million.
Ballard Power
(
BLDP |
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PowerRating) is higher after the company said it received
a contract with a “major global automaker,” but declined to state which one.
Fuel Cell
(
FCEL |
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PowerRating) is higher after posting better-than-expected
results.
Harrah’s
(
HET |
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PowerRating) and Ceasar’s
(
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PowerRating) said they were in talks
with potential buyers, including Colony Capital LLC.
The owner of the Washington Redskins, Daniel
Snyder, bought an 8.8% stake in Six Flags (PKS).
Kohl’s
(
KSS |
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PowerRating) was upgraded at Merrill Lynch.
Quarterly profits at United Natural Foods
(UNFI)
rose after the company regained its deal to be the primary distributor to Wild
Oats Market.