FDA Approval After The Close…
Stocks got
a boost by lower oil prices Friday; oil fell almost $2/bbbl.
Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) said Q3 would lag estimates.
The company cited plant shutdowns and restructuring costs. Tech stocks are
higher after a judge rejected a DOJ suit to block Oracle’s
(
ORCL |
Quote |
Chart |
News |
PowerRating)
proposed merger with Peoplesoft.Â
Producer prices fell last month; August PPI
fell 0.1%, ex food and energy, down 0.1%Â The
trade deficit narrowed more than expected; imports fell for the first time in 10
months.
US Airways
(
UAIR |
Quote |
Chart |
News |
PowerRating) may file for
bankruptcy as early as Sunday, according to The New York Times. This
would be the 2nd bankruptcy filing in 2 years for the company.
Wall Street is commemorating the 3rd anniversary
of 9/11 today. Before the open, NYSE member Ben Willis sang “God Bless
America” and a 1-minute of silence was observed at 11 AM.
The FDA will review Astrazeneca’s Exanta
After the close, Spectrum Pharmaceutical
(
SPPI |
Quote |
Chart |
News |
PowerRating)
won FDA approval for ciproflaxin, the generic version of Cipro. Approval was
given under the new Abbreviated New Drug Application, the first filed with the
FDA.
| Dow | +23.97 | 10313.07 |
| S&P 500 | +5.54 | 1123.92 |
| Nasdaq | +24.66 | 1894.31 |
Strong today were:Â Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +1.60%, Internet
(
DOT.X |
Quote |
Chart |
News |
PowerRating) 1.65%,
Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating) +0.44%.
Weak were: Airlines
(
XAL.X.X |
Quote |
Chart |
News |
PowerRating) -0.25%, Insurance
(
IUX.X |
Quote |
Chart |
News |
PowerRating)
-0.27%.
10-year Notes were +05r5 at 112 090
The dollar
was -0.45 at 88.41
Gold was +1.60 at
401.60
Crude Oil was -1.76 at 42.85
Volume was 1.26 billion on
the NYSE and 1.59 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 1985 | Up Vol 755 |
| Declining | 1296 | Down Vol 392 |
| Ratio | 1.53 | 1.92 |
| Nasdaq |
||
| Advancing | 1838 | Up Vol 1202 |
| Declining | 1214 | Down Vol 267 |
| Ratio | 1.51 | 4.50 |
Stocks in the News
Electronic Data Systems
(
EDS |
Quote |
Chart |
News |
PowerRating) may cut
up to 20,000 jobs; the company wants to trim $3 billion.
Disney
(
DIS |
Quote |
Chart |
News |
PowerRating) said Michael Eisner will
retire in 2 years. Eisner will step down in 2006 and will assist in finding his
replacement.
Brinker International
(
EAT |
Quote |
Chart |
News |
PowerRating) cut
estimates, blaming the recent hurricanes; this is the second time in a month the
company has cut estimates.
Brice Wightman