Dow Flirts With 10,000; Plus, Just What Impact Did The Hurricanes Have?
Stocks are lower on
higher crude and bearish broker calls on technology.Â
Morgan Stanley cut the semis to “in-line.” Prudential lowered the networkers to
“neutral.” Â The Dow briefly dipped
below 10,000. Â New home sales rose 9.4%
in August, more than expected.
Oil is in focus, trading above $49.
According to Standard & Poor’s, the Q3
earnings estimate for the S&P 500 was 16.42/share, up almost 14% from a year
ago. Hurricanes were involved in 38% of earnings warnings this quarter.
Insurance company analysts estimate the recent hurricane damage in Florida at
between $4-$8 billion.
| Dow | -30.83 | 10016.49 |
| S&P 500 | -3.43 | 1106.68 |
| Nasdaq | -12.07 | 1867.41 |
Strong sectors are:
Homebuilders
(
HGX.X |
Quote |
Chart |
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PowerRating) +1.07%, Oil
(
XOI.X |
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PowerRating)
+0.43%, Gold
(
XAU.X |
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Chart |
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PowerRating) +0.52%.
Weak are: Airlines
(
XAL.X |
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News |
PowerRating) -3.42%, Brokers
(
BKX.X |
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PowerRating)
-1.31% and Biotech
(
BTK.X |
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PowerRating) -0.99%.
10-year Notes are +075 at 113 140
The dollar
is -0.18 at 88.22
Gold is +1.30 at 408.80
Crude Oil is +0.32 at 49.20
663 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 1105 | Up Vol 175 |
| Declining | 2016 | Down Vol 397 |
| Ratio | 1.82 | 3.03 |
| Nasdaq |
||
| Advancing | 848 | Up Vol 161 |
| Declining | 2060 | Down Vol 470 |
| Ratio | 2.42 | 2.91 |
Stocks in the News
Lockheed Martin
(
LMT |
Quote |
Chart |
News |
PowerRating) won a $2.1 billion Navy satellite contact.
Wal-Mart
(
WMT |
Quote |
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PowerRating) was upped to “Buy” at Bank of America.
Fannie Mae
(
FNM |
Quote |
Chart |
News |
PowerRating) may be forced to keep billions of dollars in cash
on hand while it corrects accounting problems.Â
Alliance Gaming
(
AGI |
Quote |
Chart |
News |
PowerRating) will take a 0.09 charge against Q1 earnings.
Walgreen
(
WAG |
Quote |
Chart |
News |
PowerRating) beat by a penny.
Allergan’s
(
AGN |
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PowerRating) psoriasis treatment will not be approved by the
FDA on the basis of data received.
Nastech Pharmaceutical
(
NSTK |
Quote |
Chart |
News |
PowerRating) peptide YY 3-36 obesity drug is in
Phase I development, The company will receive $5 million from Merck and be
eligible to receive up to $131 million as part of a co-development pact with
Merck.
Westar Energy
(
WR |
Quote |
Chart |
News |
PowerRating) cut its 2004 forecast.
A federal grand jury is investigating whether Tommy Hilfiger
(
TOM |
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PowerRating)
paid inflated commissions to buying offices. If they did the effect would be to
reduce US income and tax liability.
Blue Nile
(
NILE |
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Chart |
News |
PowerRating) was downgraded to neutral at JP Morgan.
Vascular Solutions
(
VASC |
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Chart |
News |
PowerRating) got FDA approval to market its Langston
catheter.
Brice Wightman