CPI – Here’s Where You’re Paying More
Stocks rallied on a
mix of economic news. Consumer prices rose
last month with CPI up 0.6% for the month of May; when excluding food and energy
costs, CPI was up 0.2%. These key figures paved the way for a minimum 25
basis-point hike when the Fed meets later this month. Energy costs rose 4.6% with
gasoline prices up a whopping 8.1%. The Michigan Sentiment ticked up to 95.2,
much higher than the forecasted 90.8.
Three Dow stocks made fresh
52-week new highs today, these include Proctor & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating),
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating), and Exxon Mobil
(
XOM |
Quote |
Chart |
News |
PowerRating). Lucent
(
LU |
Quote |
Chart |
News |
PowerRating)
was higher after nabbing three new deals to supply telecommunications equipment
in Asia.
After the bell,
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) is expected to report earnings of 18 cents a share;
Robert W Baird initiated coverage Oracle with a Neutral rating.
| Dow | size=2>+73.36 | size=2>10408.50 |
| S&P 500 | +9.59 | size=2>1134.57 |
| Nasdaq | size=2>+27.67 | size=2>1997.66 |
Strong today are Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +2.33%,Oil Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +2.07%, Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +2.03%, Â Internet
(
ECM.X |
Quote |
Chart |
News |
PowerRating) +1.95%.
Economic news today:
CPI that was up 0.6%, Core CPI up 0.2%, Business Inventories up 0.5%. NY Empire
state index missed expectations at 30.2 and Michigan sentiment rose to
95.2.
10-year Notes are +105 at 108
120
The dosize=2>llar is -0.42 at 89.86
Gold is +3.70 at
387.90
Crude Oil is -0.34 at
37.25
Volume is 569,000 million on
the NYSE, and 669,000 million on the Nasdaq.
Market breadth is
negative.
| NYSE | Issues | |
| Advancing | 2599 | Up Vol 437 |
| Declining | 542 | Down Vol 59 |
| Ratio | 4.80 | 7.41 |
| face=Arial>Nasdaq | ||
| Advancing | 2081 | Up Vol 489 |
| Declining | 2824 | Down Vol 107 |
| Ratio | 1.35 | size=2>4.57 |
Top Dow stocks are:
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) +0.34%,
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating), +2.23%, Honeywell
(
HON |
Quote |
Chart |
News |
PowerRating), +2.04%, Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), +1.82%.
Stocks in the
news:
Charles Schwab
(
SCH |
Quote |
Chart |
News |
PowerRating) said they
would missing earnings forecasts and will cut jobs to reduce annual costs by
$150 million. Its daily average revenue trades fell 18% to 135,100 in
May.
Affymetrix
(
AFFX |
Quote |
Chart |
News |
PowerRating) rose after lifting 2004 earnings
guidance by 10 cents a share with EPS of 50 cents.
Corning
(
GLW |
Quote |
Chart |
News |
PowerRating) reaffirmed previous earnings forecasts
and said volume growth will exceed 50% for the year with continued high demand for
LCD screens.
The USPS agreed to lease General Motor’s
(
GM |
Quote |
Chart |
News |
PowerRating) minivan
powered by fuel cell to deliver mail in the DC area for two
years.
Brice Wightman
bricew@tradingmarkets.com