Disney Resumes Talks, Plus, Look For This Tech Issue To Trade Higher Tomorrow Morning
Stocks pulled back from triple digit gains early on
Tuesday to closed mixed. The early rally was cut short after
Atlanta Fed Governor Fred Guynn reiterated earlier comments to the effect that
the Fed had not reached a neutral policy stance. Just Monday, Greenspan
said the economy would remain strong and hinted that the Fed would
stop raising rates, at lest for the short term. He also said is puzzled by
declining long-term rates in the face of steady tightening.
At its annual meeting, GM said it will cut 25,000 jobs over the next
three years, and hopes to save $2.5 billion annually. The company plans to
cut assembly capacity by 5 million units by year end and will unveil a new line
of vehicles, replacing the Yukon, Tahoe and Escalade. GM closed at 30.72, +0.30.
Year-to-date, Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) founders Sergey Brin and Larry Page
have each sold about 2 million shares. GOOG is flirting with the $300 level
today, making an intraday high of 299.59. Six of 18 analysts who follow Google
have a price target over $300.
After the close, Disney’s
(
DIS |
Quote |
Chart |
News |
PowerRating) Iger said he had "opened up talks
again with Pixar"
(
PIXR |
Quote |
Chart |
News |
PowerRating). Cooper Cos.
(
COO |
Quote |
Chart |
News |
PowerRating) beat by 0.08
and issued mixed guidance. Texas Instruments
(
TXN |
Quote |
Chart |
News |
PowerRating) said that it is
seeing encouraging signs, with a book-to-bill ratio above one. The stock traded
up after hours.
Sears Holdings
(
SHLD |
Quote |
Chart |
News |
PowerRating) reported a net loss for Q1, the first
report since acquiring KMart.
Conagra
(
CAG |
Quote |
Chart |
News |
PowerRating) sees Q4 lower than previously expected.
Monsanto
(
MON |
Quote |
Chart |
News |
PowerRating) raised its guidance for Q4 from 0.94 to 1.05.
Proctor & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating) said its Q4 and full year projections remain on
track.
Year to date, the Dow is off 2.8% and the Nasdaq is off 4.9%.
Strong sectors were: Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) +0.76% Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating)
+0.85% Disk Drives
(
$DDX.X |
Quote |
Chart |
News |
PowerRating) +0.63%
Weak sectors were: Gold
(
$HUI.X |
Quote |
Chart |
News |
PowerRating)
-1.95% Semis
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) -1.10%
Natural Gas
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -1.14%
Dow | +17.15 | 10,484.18 |
Nasdaq | -8.62 | 2067.14 |
S&P 500 | -0.20 | 1197.33 |
The dollar was -0.13 at
87.46
Crude Oil was -0.71 at
53.78
Gold was -1.60 at 424.50
ce=”Arial” size=”2″ face=”Arial”>Volume was 1.44 billion on the NYSE and
1.866 billion on the Nasdaq.
Market breadth was positive.
NYSE | Issues | |
Advancing | 1916 | Up Vol 936 |
Declining | 1360 | Down Vol 666 |
1.40 | 1.40 | |
Nasdaq |
||
Advancing | 1507 | Up Vol 671 |
Declining | 1513 | Down Vol 1016 |
1.00 | 1.51 |
Stocks in the News
XM Satellite Radio
(
XMSR |
Quote |
Chart |
News |
PowerRating) announced a partnership with Audible
(
ADBL |
Quote |
Chart |
News |
PowerRating).
Goldman downgraded the steel industry to neutral but still maintains an
outperform on Nucor
(
NUE |
Quote |
Chart |
News |
PowerRating) and US Steel
(
X |
Quote |
Chart |
News |
PowerRating). Goldman
also downgraded the gold sector.
The Wall Street Journal reports three firms–King Pharmaceuticals,
Serono Inc and Abbott Labs–may face price fraud charges for
allegedly overcharging public health care programs.
Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) unveiled a new chip inspection tool
called UVision, which examines for flaws
in the chip making process.
Bob Evans Farms
(
BOBE |
Quote |
Chart |
News |
PowerRating) reported Q4 earnings down 71%; the company
also warned for Q1.
Albertson’s
(
ABS |
Quote |
Chart |
News |
PowerRating) beat by 0.03.
Brice Wightman