Dell Reports, Plus, Big Day For Maria Bartiromo
Stocks
were mixed on a day that began with a higher-than-expected PPI and a
lackluster labor environment. Initial claims rose by 13,000 to 331,000, with the
four-week moving average at 335,750, the lowest in three years. Producer price
index rose by 0.7% vs. the 0.3% consensus, on higher energy and dairy costs.
Dairy prices showed a whopping 10.4% jump, the largest since 1946. According to
a survey from the AAA, the average price for regular gasoline hit an all-time
high of $1.95 a gallon.
Oil hit $41/bbl. intraday; the intraday high in 1990 when Iraq invaded Kuwait
was 41.15. This is the 3rd consecutive day of above $40 oil.
Dunkin’ Donuts will open stores inside 10 Wal-Mart locations. Dunkin’ Donuts
is owned by Allied Domecq Plc.
Retailer Wal-Mart
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reported earnings of $2.2 billion, beating Wall Street expectations by a penny.
Net sales rose 14.2% to $64.8 billion with US same-store sales up 6.4%. Its
competitor Target
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up 12.3% at $11.59 billion.
CNBC’s Maria Bartiromo
rang the closing bell at the NYSE, commemorating her last regularly scheduled
broadcast from the floor. Bartiromo pioneered on-the-floor reporting, starting
in 1994. She will continue as host on CNBC’s “The Closing Bell” segment.
After the close, Dell
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reported Q1 in-line; revenues were $11.5 billion vs a $11.4 billion estimate.
Net income was $731 million, up 22.4%. The stock traded down after hours.Â
Analog Devices
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Systems
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$262.6 million; Alkermes
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was in-line.
Tomorrow at 8:30 AM ET, look
for the CPI, with consensus at 0.3%, core at 0.2%.
| Dow | -34.32 | 10010.74 |
| S&P 500 | -0.81 | 1099.74 |
| Nasdaq | +0.44 | 1926.03 |
Strong today: Disk Drives
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DDX.X |
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PowerRating) +1.50%, Airlines
(
XAL.X |
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PowerRating) +1.23%, Hardware
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HWI.X |
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PowerRating)
+1.05%, Chemicals
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CEX.X |
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PowerRating) +0.95%, Telecom
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XTC.X |
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+1.21%.
Weak today were Amex Gold
Bugs
(
HUI.X |
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PowerRating) -1.11%, Gold and Silver
(
XAU.X |
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PowerRating) -0.74%,
and Pharmaceuticals
(
DRG.X |
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PowerRating) -0.74%.
Economic news releases today:
PPI prices rose by a surprising 0.7%, core PPI (excluding food and energy costs)
met expectations and was up 0.2%. Initial claims rose by 13,000 to 331,000.
Retail sales fell by a larger-than-expected 0.5%; excluding auto sales, retails
sales fell by 0.1%.
10-year Notes are -115
at 108 065
The dollar
was +0.67 at 91.96
Gold was -3.83 at 374.47
Crude Oil was +0.29 at
40.95
Volume was 1.4 billion
on the NYSE, and 1.5 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 1676 | Up Vol 691 |
| Declining | 1650 | Down Vol 595 |
| Ratio | 1.01 | 1.16 |
| Nasdaq |
||
| Advancing | 1380 | Up Vol 723 |
| Declining | 1740 | Down Vol 678 |
| Ratio | 1.26 | 1.06 |
Stocks in the news:
Pfizer
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PFE |
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settled with Florida’s AG and agreed to pay $430 million for the illegal
marketing of its epilepsy drug Neurotin.
MaMa.com
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rose after reporting a profit of $1.3 million with revenue that rose 135% to
$4.2 million.
Panera Bread
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PowerRating) reported
earnings of $9.5 million on revenue of $129.9 million but guided the Street
lower on higher commodity costs and forecast an EPS of 21 cents for next
quarter.
Elan
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PowerRating)
reported a net loss of 0.17 a share, 10 cents better than estimates, with
revenue falling 29% to $159.0 million.
Brice Wightman
bricew@tradingmarkets.com