CPI Confirms Fed Comments; Airlines Rally On Lower Crude

  • March 23, 2005
  • Brice Wightman

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 |
Quote |
Chart |
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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:  Airlines
(
$XAL.X |
Quote |
Chart |
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PowerRating) +2.15%  
Semis
(
$SOX.X |
Quote |
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PowerRating) +1.39%   Healthcare
(
$HCX.X |
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PowerRating)
+0.92%.

Weak sectors are:  Oil Services
(
$OSX.X |
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PowerRating)
-3.26%   Oil
(
$XOI.X |
Quote |
Chart |
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PowerRating) -2.22%   Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -2.13%    

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 |
Quote |
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News |
PowerRating)
as standard equipment on all US models. Separately, Mercedes will offer
Sirius Satellite Radio 
(
SIRI |
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PowerRating) on its M class autos.

Gamestop
(
GME |
Quote |
Chart |
News |
PowerRating) beat by a penny and guided higher.

Brice Wightman