Dow Down Triple Digits, Plus, Look Who’s Planning An IPO
Stocks slid–with the Dow down triple digits again–as big earnings announcements
were
overshadowed by disappointing GDP and higher inflation. Equities were
red across the board as slowing economic growth and inflation fears are once
again scaring off investors. Oil rallied after ships collided in a Texas ship
channel. The Nasdaq closed at a new low for the year.
The economy is showing signs of slowing and inflation is higher.
GDP was 3.1%, vs. consensus of 3.5% growth. The Q4 pace was 3.8%. Jobless claims for the
week of April 23 rose 21,000 to 320,000.
Fifty S&P 500 companies are reporting quarterly results today.
The CBOT plans to go public with a $150 million IPO later this year.
Microsoft
(
MSFT |
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PowerRating) reported 0.32, in-line. Revenue was $9.6
billion, lower than the expected $9.83 billion estimate.. The company guided
slightly higher. MSFT traded lower after hours.
Formerly the nation’s biggest mutual fund, Fidelity Magellan, has now dropped to
fifth place. Due to the fund’s underperformance, investors have pulled
approximately $11.6 billion dropping the fund’s total assets to $57.4 billion.
A NYSE sold for $2.4 million today.
ExxonMobil
(
XOM |
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PowerRating) reported 1.22 vs a 1.20 estimate; revenues for
the first quarter were $82 billion. XOM fell 3%.
Starbucks
(
SBUX |
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PowerRating) reported 0.24, in-line. Revenue rose 22%.
Goldman raised its rating to ‘outperform.’
Proctor & Gamble
(
PG |
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PowerRating) beat by 0.02.
Northrup Grumman
(
NOC |
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PowerRating) beat and raised 2005 guidance.
Weak sectors were: Â Homebuilders
(
$HGX.X |
Quote |
Chart |
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PowerRating) -2.74%Â Â
Brokers
(
$XBD.X |
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PowerRating) -2.14%Â Â Biotech
(
$BTK.X |
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PowerRating)
-2.09%
| Dow | -126.14 | 10,072.66 |
| Nasdaq | -26.25 | 1904.18 |
| S&P 500 | -12.97 | 1143.44 |
The dollar was +0.24 at
84.37
Crude Oil was +0.16 at
51.77
Gold was -1.50 at 430.90
1.86 billion on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1018 | Up Vol 380 |
| Declining | 2253 | Down Vol 1749 |
| 2.21 | 4.60 | |
| Nasdaq |
||
| Advancing | 781 | Up Vol 372 |
| Declining | 2291 | Down Vol 1471 |
| 2.93 | 3.95 |
Stocks in the News
Black & Decker
(
BDK |
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PowerRating) beat estimates and upped guidance.
Biogen Idec
(
BIIB |
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PowerRating) missed by 0.07.
Chiron
(
CHIR |
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PowerRating) missed by a large margin and missed on revenues.
Aetna
(
AET |
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PowerRating) beat by 0.03 and guided higher.
Kellogg
(
K |
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PowerRating) beat by a penny and increased its dividend by 10%.
Wendy’s
(
WEN |
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PowerRating) beat by 0.05 and raised guidance.
Ask Jeeves
(
ASKJ |
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PowerRating) beat by 0.03.
Komag
(
KOMG |
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PowerRating) beat by 0.05.
Comcast’s
(
CMCSA |
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PowerRating) profits rose 380%.
Coca Cola Enterprises
(
CCE |
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PowerRating) missed by a penny.
Brice Wightman