Do You Use PayPal? Soon, They’ll Have Some Stiff Competition
Stocks are lower on a spike in crude oil.
Prices traded over $59/barrel before pulling back. Leading indicators for
May fell 0.5% to 114.1; analysts were expecting a drop of 0.2%.
CarMax
(
KMX |
Quote |
Chart |
News |
PowerRating) missed by 0.02 and guided lower.
Wyeth
(
WYE |
Quote |
Chart |
News |
PowerRating) is trimming its sales force–by up to 30% by year-end.
Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) plans to unveil an online payment system similar to
eBay’s
(
EBAY |
Quote |
Chart |
News |
PowerRating) widely used PayPal. Revenue is generated by taking a
small piece of each transaction. For Q1, PayPal generated 23% of eBay’s Q1
revenue. Details of the planned Google service are not known.
Boeing
(
BA |
Quote |
Chart |
News |
PowerRating) lost a $6 billion order from Air Canada after pilots
rejected a cost-cutting deal.
The Dolans want to take Cablevision
(
CVC |
Quote |
Chart |
News |
PowerRating) private in a deal worth
$7.9 billion. Shareholders would get $21 for each Cablevision share as well as
shares in Rainbow Media Holdings.
Strong sectors are:Â Biotech Â
(
$BTK.X.X |
Quote |
Chart |
News |
PowerRating)
+0.86%Â Â Â Â Â Â Airlines
(
$XAL.X |
Quote |
Chart |
News |
PowerRating) +0.63%Â Â Â Â
    Â
Weak sectors are: Â Â Â Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating)
-1.77%Â Â Â Â Gold
(
$HUI.X |
Quote |
Chart |
News |
PowerRating) -1.54%Â Â Â Â Chemicals
(
$CEX.X |
Quote |
Chart |
News |
PowerRating) -1.51%Â Â
| Dow | -44.64 | 10,578.43 |
| Nasdaq | -9.28 | 2080.83 |
| S&P 500 | -4.67 | 1212.29 |
The dollar is +0.77 at
88.50
Crude Oil is -0.43 at
58.75
Gold is -0.80 at 437.70
585 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 968 | Up Vol 212 |
| Declining | 2092 | Down Vol 375 |
| 2.16 | 1.76 | |
| Nasdaq |
||
| Advancing | 1042 | Up Vol 215 |
| Declining | 1782 | Down Vol 325 |
| 1.71 | 1.51 |
Stocks in the News
Prudential upgraded Colgate
(
CL |
Quote |
Chart |
News |
PowerRating) to overweight from neutral.
Bloomberg reports that the dollar rise may hurt earnings at multinational
companies, such as McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating) and Colgate
(
CL |
Quote |
Chart |
News |
PowerRating).
Transkaryotic Therapies
(
TKTX |
Quote |
Chart |
News |
PowerRating) and Shire reported positive Phase
III trials on its Hunter syndrome treatment.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) was upgraded at Bank of America to neutral.
Brice Wightman