Google Ranks At The Bottom Of This List…
Stocks are mixed Monday
as the effect of lower oil prices was tempered by a disappointing sales forecast
from WalMart.
Oil hovers just below $47 as Iraq resumed exports from its Southern terminals
and restarted its Northern pipeline.
Institutional Shareholder Services says that
Google
(
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PowerRating) ranks at the bottom of the S&P 500 in corporate
governance; the company is expected to join the S&P 500 shortly.
A survey by Merrill Lynch indicates that global
money managers’ outlook for corporate profits is at the worst levels since April
2001. Of the 293 managers surveyed, 51% said they thought corporate profits
would decline in the next 12 months, and 32% said they would improve.
Mary Meeker –through her close relationship with
the company’s founders –Â Â Â Â played an important role in
helping Morgan Stanley underwrite the Google IPO.
| Dow | -8.63 | 10101.29 |
| S&P 500 | -0.38 | 1094.11 |
| Nasdaq | +3.93 | 1842.02 |
Strong today are: Semis
(
SOX.X |
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PowerRating)
+1.47%, Computer Technology
(
XCI.X |
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PowerRating)
+0.56% Airlines
(
XAL.X |
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Chart |
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PowerRating) +0.36.%,
Weak are: Gold
(
XAU.X |
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Chart |
News |
PowerRating) -2.29%, Biotech
(
BTK.X |
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News |
PowerRating) +1.30%
10-year Notes are -120 at 112 110
The dollar
is +0.61 at 88.73
Gold is -1.40 at 409.50
Crude Oil is -0.09 at
46.63
Volume is 506 million on
the NYSE and 640 million on the Nasdaq.
Market breadth is mixed.
| NYSE | Issues | |
| Advancing | 1348 | Up Vol 225 |
| Declining | 1740 | Down Vol 241 |
| Ratio | 1.32 | 1.07 |
| Nasdaq |
||
| Advancing | 1449 | Up Vol 412 |
| Declining | 1498 | Down Vol 174 |
| Ratio | 1.03 | 2.36 |
Stocks in the News
WalMart
(
WMT |
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PowerRating) same store sales were worse than expected and the
company lowered its August sales forecast, citing slower back to school sales.
FedEx
(
FDX |
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PowerRating) raised its earnings forecast for Q1 and for the year,
citing strong demand.
Mylan Labs
(
MYL |
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PowerRating) received tentative
government approval for generic versions of two drugs.
Glaxo
(
GSK |
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Chart |
News |
PowerRating) said a court ruled in its
favor in a dispute with Teva
(
TEVA |
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News |
PowerRating).
Business Objects
(
BOBJ |
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PowerRating) approved
repurchase of up to 2 million shares.
Toys R Us
(
TOY |
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PowerRating) posted a loss; the company is considering getting out
of the toy business to focus on its Babys R Us unit.
In Barron’s over the weekend: Boston
Scientific
(
BSX |
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PowerRating) looks good, according an article by Alan Abelson.
Gaylord Entertainment
(
GET |
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PowerRating) also had a positive write up. Monster
(
MNST |
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PowerRating)
could command $20 per share in a buyout. 3Com
(
COMS |
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Chart |
News |
PowerRating) might be a speculative
buy.
Brice Wightman