Earnings After The Close…
Stocks
were
higher on a Cisco upgrade and positive economic news from overseas.
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) got a boost after CIBC upgraded the stock. A quarterly
survey in Japan showed that capital spending rose 10.7% from April to June from
a year ago, and German industrial production came in at 1.6% — double the
projections.
Oil was lower after the OPEC head Yusgiantoro
said markets had a 1.5 million bpd oversupply and Hurricane Frances missed oil
rigs in the Gulf of Mexico.
Insurance stocks were higher after damage from
Hurricane Frances appears to less than expected. Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating)
is trading at 47.63, up 0.61. A study by Prudential found that property
and casualty insurers rose an average +2.9% after a major hurricane, and +1.1%
relative to the S&P 500.
Las Vegas Sands filed a $350 million IPO,
with Goldman Sachs as lead underwriter. The company is controlled by Comdex
founder Sheldon Adelson, 71.
The FDA
approved Eli Lilly’s
(
LLY |
Quote |
Chart |
News |
PowerRating) anti-depressant Cymbalta.
Americans spend 3.5 billion hours a year in
traffic, up from 700 million hours 20 years ago. This according to
the Texas Transportation
Institute’s annual Urban Mobility Report, released Tuesday.
After the close, Neiman Marcus
(
NMG |
Quote |
Chart |
News |
PowerRating)
beat by 0.10 and beat on revenues. Apollo Group
(
APOL |
Quote |
Chart |
News |
PowerRating) announced it
will expand into Mexico. TriQuint ]
(
TQNT |
Quote |
Chart |
News |
PowerRating) guided lower after the close.
| Dow | +80.96 | 10341.16 |
| S&P 500 | +7.67 | 1121.30 |
| Nasdaq | +14.08 | 1858.56 |
Strong today were: Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating)
+2.69%, Homebuilders
(
HGX.X |
Quote |
Chart |
News |
PowerRating) +2.72%, Internet
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
+1.32%.
Weak were: Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) -0.16%. Semiconductors
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
-1.14%.
10-year Notes were +090 at 112 240
The dollar
was -0.29 at 89.24
Gold was -3.30 at 397.90
Crude Oil was -0.79 at
43.20
Volume was 1.2 billion on
the NYSE and 1.3 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2434 | Up Vol 888 |
| Declining | 890 | Down Vol 310 |
| Ratio | 2.73 | 2.86 |
| Nasdaq |
||
| Advancing | 1940 | Up Vol 846 |
| Declining | 1156 | Down Vol 445 |
| Ratio | 1.67 | 1.90 |
Stocks in the News
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) was downgraded by Lehman following last week’s
disappointing update.
United Parcel
(
UPS |
Quote |
Chart |
News |
PowerRating) received tentative federal approval to expand
into China.
Raytheon
(
RTN |
Quote |
Chart |
News |
PowerRating)Â won a $440 million missile contract with the
US Navy.
Fleetwood Enterprises’
(
FLE |
Quote |
Chart |
News |
PowerRating) earnings
rose.
Hovnanian
(
HOV |
Quote |
Chart |
News |
PowerRating) beat by 0.11.
Seagate
(
SEG |
Quote |
Chart |
News |
PowerRating) guided higher, looking for between 6 and 8 cents per
share.
The US Army will open Halliburton’s
(
HAL |
Quote |
Chart |
News |
PowerRating)
service contract to competitive bids.
Yellow Roadway
(
YELL |
Quote |
Chart |
News |
PowerRating) guided Q3 higher.
Brice Wightman