Dow falls for a fourth straight day

Stocks fell Thursday,
with the Dow off for the fourth straight day, although a program-driven rally in
the final 15 minutes lessened the losses
. Dallas Fed President
Richard Fisher again warned on inflation. This, combined with uncertainty about
the upcoming earnings season and concern about energy prices, sent stock prices
lower. The Semiconductor HOLDRs
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have also fallen for four straight
days. Crude oil fell to a 2-month low.

Year to date, the Dow is off 4.6% and the Nasdaq
is down 4.2%.

Jobless claims for the week of 10/1 rose 21,000
to 390,000

After the close, Accenture
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beat
by 0.02 and beat on revenues. American Eagle
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announced an
additional 2.5 million share stock buyback. Meritage
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reiterated
last week’s guidance of $8.25 -$8.50 for 2005 and the dollar value of sales
orders has risen 51%.

Costco
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beat by 0.02; Q4 net rose 19.5%. The
company announced a $1 billion stock buyback plan.

Wal Mart
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same store sales rose
+3.8% and said that hurricanes Katrina and Rita will cut Q3 EPS by 0.01. The
company reiterated Q4 guidance of $0.55 – $0.59.

Marriot
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reported 0.65–a penny
better than expected–and raised its 2005 view. (full
story
)



Strong sectors
were:  Airlines
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+4.43%     Gold

(
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+2.78%  



Weak sectors
were:
     Natural Gas
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XNG |
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-3.24%     
Oil

(
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-2.43%        Biotech
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-2.36%


Dow

-30.26
10,287.10


Nasdaq

-18.94 2084.08


S&P 500

-4.90
1191.49

More stocks on the move::

Wet Seal
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said same store sales rose 44.9%, much better than
expected.

Chico’s FAS
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said
same store sales rose 16%.

ATI Technologies
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reported a

narrower-than-expected Q4 loss of 0.12, excluding items. The company sees Q1
revenue up 15%.

Starbucks
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same store sales rose more than expected.

Talbot’s
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same store sales fell
5.1% vs. the consensus of a rise of 2.8%, The company lowered guidance for Q3.

Sharper Image
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said same store
sales fell 21%, much more than expected. The company also lowered Q3 guidance.

Merck
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said tests showed its new
HPV shot was 100% effective in preventing cervical cancer.

Federated
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guided lower.

Brice Wightman