Giant Day For This Four-Letter Stock
Stocks were higher
Monday
amid easing oil prices. Venezuelan President Chavez survived a recall
election, and fears of a possible disruption in oil production diminished. The
Empire State Manufacturing Index fell to its lowest level since May 2003, to
12.6 in August from 35.6 in July. A reading above zero still indicates
expansion. The Insurance Index
(
IUX.X |
Quote |
Chart |
News |
PowerRating) is up over 1.5%; companies are
still assessing damage from Hurricane Charley. Damage is estimated at between
$10-$15 billion. Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) said that the storm would impact its
Q3 results; ALL is trading at 46.36, up 0.93. The Airline Index
(
XAL.X |
Quote |
Chart |
News |
PowerRating) is
also up, over 4.5%.
KMart
(
KMRT |
Quote |
Chart |
News |
PowerRating) was the big
winner on the Nasdaq today after reporting better earnings; it was the third
consecutive profitable quarter since the company emerged from bankruptcy a year
ago. The company generated over $2.00/share in cash. KMRT will sell 54 stores to
Sears. The stock rose $11.15 to $76.05.
Google could begin trading as early as
Wednesday.
Berkshire Hathaway said it held an 8%
share of Pier One Imports
(
PIR |
Quote |
Chart |
News |
PowerRating).
Tuesday, retail will be in focus as we expect
earnings from  DKS, HD, JCP, SPLS, TJX
and BJ. Also look for CPI (consensus 0.2%), Housing Starts (consensus 1900K) and
Capacity Utilization (consensus 775%).
| Dow | +129.20 | 9954.55 |
| S&P 500 | +14.54 | 1079.34 |
| Nasdaq | +25.62 | 1782.84 |
Strong today were: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +5.41%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating)
+3.30%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +3.52%, Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating)
+3.35%.
10-year Notes were -155 at 112 095
The dollar
was +0.06 at 87.96
Gold was +2.10 at 402.60
Crude Oil was -0.40 at
45.63
Volume was 1.19 billion
on the NYSE and 1.26 billion on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2318 | Up Vol 945 |
| Declining | 766 | Down Vol 101 |
| Ratio | 3.06 | 9.35 |
| Nasdaq |
||
| Advancing | 2034 | Up Vol 942 |
| Declining | 1098 | Down Vol 201 |
| Ratio | 1.85 | 4.68 |
Stocks in the News
Â
Allstate
(
ALL |
Quote |
Chart |
News |
PowerRating) said Hurricane Charley
may hurt its results.
Profits rose at food distributor Sysco
(
SYY |
Quote |
Chart |
News |
PowerRating)
rose, posting 0.43/share.
Number-two home improvement retailer Lowe’s
(
LOW |
Quote |
Chart |
News |
PowerRating) reported an 18% increase in their Q2.
WalMart
(
WMT |
Quote |
Chart |
News |
PowerRating) maintained its August
sales forecast and said demand was strong in areas hit by Hurricane Charley.
Brice Wightman