Greenspan’s Plan
Stocks pulled back after Fed chief Chairman Alan Greenspan talked tougher on
inflation Greenspan said the recovery of US business profits
pointed to “the restoration of a significant degree of pricing power”. He said
there were signs of accelerating core inflation, but competitive pressures
would limit the ability of business to pass along higher costs to consumers.
Greenspan also said that the Fed would do whatever is required to keep
inflation in check and monetary policy would proceed at a measured pace.
Apple
(
AAPL |
Quote |
Chart |
News |
PowerRating) revealed a mobile wireless base station that allows
users to play music from their iTunes music libraries. The product will be in
stores in July for $129. Novartis
(
NVS |
Quote |
Chart |
News |
PowerRating) reported that its Femara
tablet showed it cuts breast cancer growth rate by 40%. In a separate news
release, NVS also agreed to acquire Sabex, a Canadian generic drug-marker for
$565 million in cash.
Looking past Iraq, traders
are hoping for lower oil prices and will be watching the upcoming confessional
season.
| Dow | +1.33 | 10392.50 |
| S&P 500 | -1.39 | 1138.57 |
| Nasdaq | -4.85 | 2015.86 |
Strong today are Oil
Services
(
OSX.X |
Quote |
Chart |
News |
PowerRating) +0.90%, Energy
(
DXE.X |
Quote |
Chart |
News |
PowerRating) +0.23%
Pharmaceuticals
(
DRG.X |
Quote |
Chart |
News |
PowerRating) +0.20%, Oil Index
(
XOI.X |
Quote |
Chart |
News |
PowerRating)
+0.17%
Weak today are Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -2.16%, Â Gold and Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) -2.15%.
10-year Notes are -55 at 109 015
The dollar
is +0.27 at 88.56
Gold is -1.70 at
392.00
Crude Oil is -0.34 at
38.32
Volume is 510,000
million on the NYSE, and 690,000 million on the Nasdaq.
Market breadth is
negative.
| NYSE | Issues | |
| Advancing | 1174 | Up Vol 183 |
| Declining | 1897 | Down Vol 303 |
| Ratio | 1.62 | 1.67 |
| Nasdaq |
||
| Advancing | 1140 | Up Vol 303 |
| Declining | 1780 | Down Vol 380 |
| Ratio | 1.56 | 1.26 |
Top Dow stocks are:
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating),
+0.93%, IBM
(
IBM |
Quote |
Chart |
News |
PowerRating), +0.82%, Merck
(
MRK |
Quote |
Chart |
News |
PowerRating), +0.67%,
Pfizer
(
PFE |
Quote |
Chart |
News |
PowerRating), +0.67%.
Stocks in the
news:
Comtech Telecommunications
(
CMTL |
Quote |
Chart |
News |
PowerRating)
rose after reporting earnings of $4.8 million, 7 cents ahead of estimates with
sales at $51.2 million.
Alliance Gaming
(
AGI |
Quote |
Chart |
News |
PowerRating) tumbled
after warning the Street it would miss 2004 earnings on lower revenue and a
delay in the deployment of new lottery games in New York. AGI now expects EPS
of $0.97 for the next quarter on revenue of $600 million.
The USPS said FedEx Express
(
FDX |
Quote |
Chart |
News |
PowerRating)
would take over delivery of its overseas Global Express Guaranteed packages
from DHL Worldwide Express. Financial terms of the deal were not announced.
Brice Wightman
bricew@tradingmarkets.com