CPI Confirms Fed Comments; Airlines Rally On Lower Crude
Stocks are mixed as traders weigh inflationary CPI
data with lower oil prices. February CPI rose +0.4%; core, +0.3%,
more than expected and the largest increase since September. There were no
revisions to last month’ data. Existing home sales for February fell -0.4% to
6.79 million units, near the expectation.
The Department of Energy reported a crude build of 4.1million barrels, the
highest level since July 2002; gas inventories fell -4.1 million barrels.
Oracle (ORCL)
beat by a penny; revenues rose 23% and were were slightly higher than expected;
the company guided higher for FY05.
General Motors
(
GM |
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PowerRating) considering selling stake in its GMAC
subsidiary, The Wall Street Journal reports. The deal could raise as much
as $1 billion.
Strong sectors are: Â Airlines
(
$XAL.X |
Quote |
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PowerRating) +2.15%Â Â
Semis
(
$SOX.X |
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PowerRating) +1.39%Â Â Healthcare
(
$HCX.X |
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PowerRating)
+0.92%.
Weak sectors are:Â Oil Services
(
$OSX.X |
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PowerRating)
-3.26%Â Â Oil
(
$XOI.X |
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PowerRating) -2.22%Â Â Natural Gas
(
$XNG.X |
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PowerRating) -2.13%Â Â Â Â
Dow | -9.11 | 10,461.40 |
Nasdaq | +4.02 | 1993.36 |
S&P 500 | +0.83 | 1172.54 |
The dollar is +0.46 at
83.82
Crude Oil is -1.38 at
54.65
Gold is -0.70 at 425.70
ce=”Arial” size=”2″ face=”Arial”>Volume is 1.039 billion on the NYSE and
845 million on the Nasdaq
Market breadth is negative.
NYSE | Issues | |
Advancing | 744 | Up Vol 297 |
Declining | 2449 | Down Vol 618 |
3.29 | 2.08 | |
Nasdaq |
||
Advancing | 1052 | Up Vol 480 |
Declining | 1892 | Down Vol 303 |
1.79 | 1.58 |
Stocks in the News
Bank of America
(BAC)
announced a 200 million share buyback.
Hyundai said that by 2007 it will offer XM Satellite Radio
(
XMSR |
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PowerRating)
as standard equipment on all US models. Separately, Mercedes will offer
Sirius Satellite RadioÂ
(
SIRI |
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PowerRating) on its M class autos.
Gamestop
(
GME |
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PowerRating) beat by a penny and guided higher.
Brice Wightman