Down 51% Intraday. More Bad News For This Stock And Its Partner
Stocks are lower on higher oil prices.
Goldman Sachs said that oil could make a ‘super spike’ to $105. Goldman is a
large energy derivatives trader.
Jobless claims for the week ending 3/26 rose 20K to 350,000. Personal
income rose +0.3% in February.
Freddie Mac
(
FRE |
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PowerRating) posted 2004 net income that was off 40%.
Biogen Idec
(
BIIB |
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PowerRating) and Elan
(
ELN |
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PowerRating) are in focus
after a third patient contracted an often fatal infection linked to the MS drug, Tysabri.
Two patients have died from this previously. BIIB is off 8% and ELN is 51%
lower.
S&P cut American International Group’s
(
AIG |
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Chart |
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PowerRating) debt ratings to AA+
from AAA and said they may cut them again, saying accounting errors raise
questions about the management’s integrity. Bank of America reiterated its ‘buy’
rating.
Johnson & Johnson
(
JNJ |
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PowerRating), Biomet
(
BMET |
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PowerRating) and Stryker
(
SYK |
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PowerRating) will be in focus as the Justice Department begins an investigation of
orthopdedic companies.
For Q1, the Dow was off 2.3%, the SPX, -2.3%, the Russell 2000, -6.5% and the
Nasdaq, -7.8%. Among Dow components, GM was down 26%, AIG -13%, VZ -13%, HD
-11%, JPM -10%, MSFT -10%. For the quarter, energy rose 18%, hospitals gained
12.4%, homebuilders were up by 7.8% and steel rose 6.7%. Airlines were the big
loser, down almost 20%.
Strong sectors are: Â Oil Services
(
$OSX.X |
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PowerRating) +2.78%Â Â Â
Natural Gas
(
$XNG.X$ |
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PowerRating) +2.22%Â Â Gold
(
$HUI.X |
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Chart |
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PowerRating)
+1.46%
Weak sectors are:Â Â Airlines
(
$XAL.X |
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Chart |
News |
PowerRating) -1.76%Â
Insurance
(
$IUX.X |
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PowerRating) -1.35%Â Biotech
(
$BTK.X |
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PowerRating) -0.84%
Dow | -44.86 | 10,496.07 |
Nasdaq | -8.63 | 1997.04 |
S&P 500 | -1.07 | 1180.34 |
The dollar is -0.29 at
84.00
Crude Oil is +1.31 at
55.30
Gold is +1.40 at 427.80
ce=”Arial” size=”2″ face=”Arial”>Volume is 1 billion on the NYSE and 744
million on the Nasdaq
Market breadth is mixed.
NYSE | Issues | |
Advancing | 1896 | Up Vol 470 |
Declining | 1224 | Down Vol 380 |
1.54 | 1.23 | |
Nasdaq |
||
Advancing | 1209 | Up Vol 266 |
Declining | 1701 | Down Vol 457 |
1.40 | 1.71 |
Stocks in the News
Ruby Tuesday
(
RI |
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Chart |
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PowerRating) cut its Q4 earnings forecast.
Western Digital
(
WDC |
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Chart |
News |
PowerRating) raised its Q3 targets; the stock is in focus
as are competitors Seagate
(
STX |
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Chart |
News |
PowerRating) and Maxtor
(
MXO |
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Chart |
News |
PowerRating).
The FDA said that Forest Labs’
(
FRX |
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Chart |
News |
PowerRating) Lexapro was not approvable
for social anxiety disorder.
Yum Brands
(
YUM |
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Chart |
News |
PowerRating) downgraded at CSFB, to neutral.
Brice Wightman