Did Your Fund Beat The Average Last Month?
Stocks were lower
Tuesday, ending a 5-day win streak. Higher oil prices were
again in focus and the tone was set early with a
and a drop in consumer spending. Oil made a 21-year high of $44.24 and
consumer spending in July fell 0.7%, the largest amount in 3 years; the Street
expected a 0.1% drop. Personal incomes rose 0.2%, a slowdown from May’s 0.6%
rise. Traders are also focused on Friday’s employment number; according to a
Reuters poll, economists expect a rise of 228,000. The monthly employment
survey by Challenger, Gray & Christmas showed employers planned more job cuts in
July than they did the prior month.
The Algerian Oil Minister said “OPEC can do nothing” about the price of oil.
Saudi Arabia has some spare — but diminishing — capacity. Gas prices are up 35
cents over a year ago. Some traders used oil as an excuse to sell techs. The SOX
is off -28% from the January highs; the index was down -14% in July. The SIA
said sales growth will slow in Q3.
Oil stocks were strong, with Chevron Texaco,
Conoco Phillips and Baker Hughes all making 52-week highs.
According to Lipper, the average mutual fund was
down 4.8% in July, the worst performance since December 2002. From 2000-2003, Nasdaq
volume has averaged 30% less in August vs July.
The price of a seat on the NYSE is $1.3 million,
down $100K from the last sale.
Eliot Spitzer will sue Express Scripts
(
ESRX |
Quote |
Chart |
News |
PowerRating)
payments from drugmakers and drug discounts.
The Statue of Liberty was re-opened today
for the first time since 9/11.
| Dow | -60.54 | 10118.62 |
| S&P 500 | -7.05 | 1099.57 |
| Nasdaq | -32.67 | 1859.42 |
Strong today were: Oil Â
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
+0.99%, Gold
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +0.21%.
Weak today were: Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) -3.76%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -3.02% and
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -2.32%.
10-year Notes were +065 at 111 025
The dollar
was -0.18 at 89.58
Gold was +2.50 at 393.70
Crude Oil was +0.37 at
44.15
Volume was 1.33 billion
on the NYSE and 1.48 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1451 | Up Vol 443 |
| Declining | 1822 | Down Vol 881 |
| Ratio | 1.25 | 1.98 |
| Nasdaq |
||
| Advancing | 1008 | Up Vol 219 |
| Declining | 2088 | Down Vol 1217 |
| Ratio | 2.07 | 5.56 |
Stocks in the news:
Ford’s
(
F |
Quote |
Chart |
News |
PowerRating) July sales fell 4.1% in
July; the company lost ground to Asian and domestic competitors.
General Motors 9GM) announced higher incentives, as
much as $2500 per vehicle.
Qwest (Q) reported a wider-than-expected loss
Cal-Maine Foods (CALM} said they will buy back up to 2 million shares.
Profits at Coach (COH) more than doubled.
Adobe (ADBE) raised its Q3 revenue and profit targets.
Tyco (TYC) reported Q3 profit rose 62%.
Ligand {LGND) is lower after reported a worse-than-expected loss.
Priceline
(
PCLN |
Quote |
Chart |
News |
PowerRating) guided lower after announcing an 8% rise in quarterly
profit.
Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating) is suing online pharmacies for selling counterfeit versions
of Viagra.
Â
Brice Wightman