Got Plywood? GP Does. Here’s Why Business Is Good
Stocks are higher
Thursday on generally good economic data and lower oil prices.
The CPI came in at 0.1%; core CPI rose 0.1%, indicating inflation is in
check. Traders are hoping that the benign numbers may not rush to push rates
higher. The Philly Fed report was generally optimistic, although it
missed expectations (13.4 vs. 28.5) and the number was the lowest since July
2003. Jobless claims for the week of 9/4 rose 16,000 to 333,000; the 4
week moving average is now 317,000.
OPEC is meeting today with energy leaders
to talk about boosting capacity.
Daily average trades at Charles Schwab
(
SCH |
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PowerRating) fell 11% month to month in July. Total client assets, however, rose
1%.
What is the damage to the oil and gas facilities in the Gulf? That’s the
question energy traders are asking.
There has been a run on plywood in the face of the
recent hurricanes. Georgia Pacific
(
GP |
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PowerRating) reports that it shipped 3
million sheets of plywood to Florida in the last month — double the average
volume. Plants are working 24/7 to meet the demand. GP has not increased the
price of plywood.
| Dow | +37.91 | 10226.73 |
| S&P 500 | +4.05 | 1124.42 |
| Nasdaq | +10.46 | 1906.98 |
Strong today are: Internet
(
GIN.X |
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PowerRating)
+2.32%, Retail
(
RLX.X |
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PowerRating)
+1.07%, Airlines
(
XAL.X.X |
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PowerRating) +1.08%.
Weak are: Healthcare
(
HMO.X |
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PowerRating)
-0.36%, Oil
(
XOI.X |
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PowerRating) -0.01%.
10-year Notes are +125 at 112 240
The dollar
is -0.28 at 88.87
Gold is +0.30 at 404.40
Crude Oil is -0.26 at 43.25
Volume is 550 million on
the NYSE and 707 million on the Nasdaq.
Market breadth is positive.
| NYSE | Issues | |
| Advancing | 2202 | Up Vol 323 |
| Declining | 914 | Down Vol 170 |
| Ratio | 2.40 | 1.90 |
| Nasdaq |
||
| Advancing | 1778 | Up Vol 426 |
| Declining | 1097 | Down Vol 237 |
| Ratio | 1.62 | 1.79 |
Stocks in the News
Nortel
(
NT |
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PowerRating) warned for Q3.
Qualcomm
(
QCOM |
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PowerRating) — CSFB lowered its rating to neutral.
Omnivision
(
OVTI |
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Chart |
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PowerRating) — CFO John Rossi resigned.
Protein Design Labs
(
PDLI |
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Chart |
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PowerRating) will develop a new asthma drug with
Roche.
3Com
(
COMS |
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PowerRating) will report today.
Tektronics
(
TEK |
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Chart |
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PowerRating) will also report.
Guidant’s
(
GDT |
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PowerRating) new stent got FDA approval for marketing.
Brice Wightman