Chiron! Here’s What Happened…
Stocks are mixed on
higher oil prices. Oil is challenging the $51 level.
The ISM’s non-manufacturing index slipped to 56.7 for September vs.
59 for August. A number above 50 indicates growth.
Chiron
(
CHIR |
Quote |
Chart |
News |
PowerRating) was halted after
Britain suspended the manufacturing license for three months.
“Its license has been
suspended for three months because of problems with the manufacturing process,”
said a Department of Health spokesman.
Chiron said it will not supply any flu vaccine for the 2004-2005 flu year.
One-half the US flu vaccine supply comes from Chiron, which is 40% owned by
Swiss company Novartis. The earnings impact is expected to be 1.10-1.15; the old
estimate was 1.80-1.90, so the new estimate should be 0.70-0.75. The
company will hold a news conference at 2 PM ET. The stock re-opened at
30.50, down $15.
Pulte Homes
(
PLT |
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Chart |
News |
PowerRating) warned that Q3 earnings would fall short.
Greenspan is speaking at the American
Banker’s Association.
Challenger said planned job cuts rose 45%
in September to an 8-month high.
| Dow | -19.69 | 10196.85 |
| S&P 500 | +3.54 | 1135.54 |
| Nasdaq | +3.55 | 1955.95 |
Strong sectors are: Oil
(
XOI.X |
Quote |
Chart |
News |
PowerRating) +9.33% Healthcare Providers
(
HMO.X |
Quote |
Chart |
News |
PowerRating) +5.44%.Natural
Gas
(
XNG.X |
Quote |
Chart |
News |
PowerRating)
+4.07%.
Weak are: Cyclicals
(
CYC.X |
Quote |
Chart |
News |
PowerRating) -3.74%, Insurance
(
IUX.X |
Quote |
Chart |
News |
PowerRating)
-2.16%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -1.49%.
10-year Notes are +015 at 112 100
The dollar
is -0.06 at 88.32
Gold is +5.60 at 418
Crude Oil is +0.84 at 50.75
807 million on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing | 1545 | Up Vol 246 |
| Declining | 1539 | Down Vol 297 |
| Ratio | 1.00 | 1.20 |
| Nasdaq |
||
| Advancing | 1335 | Up Vol 443 |
| Declining | 1539 | Down Vol 306 |
| Ratio | 1.15 | 1.44 |
Stocks in the News
Advanced Micro Devices
(
AMD |
Quote |
Chart |
News |
PowerRating) said revenue would be lower than
forecast, citing softness in memory chips.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) will sell 24 planes to Libya in a deal worth $1.5
billion.
IBM was upgraded at JP Morgan to ‘overweight.’
Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating) guided higher for the last half of 2004.
Medarex
(
MEDX |
Quote |
Chart |
News |
PowerRating) said its melanoma vaccine was granted fast track
status by the FDA.
Netflix
(
NFLX |
Quote |
Chart |
News |
PowerRating) said it would beat earnings estimates.
Genentech
(
DNA |
Quote |
Chart |
News |
PowerRating) said it received a subpoena regarding the
marketing of its drug Rituxin.
Yum Brands
(
YUM |
Quote |
Chart |
News |
PowerRating) will report after the bell; estimates are 0.60.
America West
(
AWA |
Quote |
Chart |
News |
PowerRating) warned, citing higher fuel costs.
Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) will report after the bell; estimates are
0.48.
Echelon
(
ELON |
Quote |
Chart |
News |
PowerRating) lowered its guidance.
Brice Wightman