Guiding Higher (And Lower) After The Close
Stocks
rallied Monday.
Construction numbers up 1.2% topping forecasts of +0.5% helped buoy
stock indices. Software maker Siebel
(
SEBL |
Quote |
Chart |
News |
PowerRating) raised fourth-quarter
numbers from higher license revenues. It now expects revenues of $365 million
and earnings of 8 cents per share. Drug maker Eli Lilly
(
LLY |
Quote |
Chart |
News |
PowerRating) warned
investors that there may be a substantial one-time charge for merger-related
costs in the first quarter of 2004. Gold
(
GCJ4 |
Quote |
Chart |
News |
PowerRating) prices rose past
$424 an ounce on the dollar’s continued weakness. The euro rose to $1.2694
against the dollar.
| Dow | +134.22 |
10544.07 |
| S&P 500 | +13.74 |
1122.22 |
| Nasdaq | +40.68 |
2047.36 |
The day’s leading sectors are
Amex Gold Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) +4.56%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +2.80%,
Telecoms
(
XTC.X |
Quote |
Chart |
News |
PowerRating) +3.70%, Disk Drive
(
DDX.X |
Quote |
Chart |
News |
PowerRating) +3.94%,
Networking [GIP.X|GIP.X] +2.24%.
Weak today is Healthcare
(
HMO.X |
Quote |
Chart |
News |
PowerRating) -3.79%, and Health Providers
(
RXH.X |
Quote |
Chart |
News |
PowerRating) -0.88%.
Economic news releases included
Construction Spending, up 1.2%.
Volume was
1,578,124,000 on
the NYSE, and 2,342,301,000 on the Nasdaq.
Market breadth was positive.
| NYSE | Issues | |
| Advancing | 2225 | Up Vol 1084 |
| Declining | 1091 | Down Vol 359 |
| Ratio | 2.03 | 3.01 |
| Nasdaq | ||
| Advancing | 2144 | Up Vol 1598 |
| Declining | 1065 | Down Vol 653 |
| Ratio | 2.01 | 2.44 |
Stocks in the news:
After the close, Tivo
(
TIVO |
Quote |
Chart |
News |
PowerRating) filed a
patent infringment lawsuit against Echostar
(
DISH |
Quote |
Chart |
News |
PowerRating). California
Micro Devices
(
CAMD |
Quote |
Chart |
News |
PowerRating) raised 3Q guidance to .08-.10. ScanSource
(
SCSC |
Quote |
Chart |
News |
PowerRating)
guided higher, saying Q2 revenues will be $283-290 million vs. Reuters consensus
of $261.1 million. Â Planar Systems
(
PLNR |
Quote |
Chart |
News |
PowerRating) warned for Q1, saying
earnings will be .20-.22 vs. 0.28 consensus.
Isis Pharmaceuticals
(
ISIS |
Quote |
Chart |
News |
PowerRating) reported
optimistic results from its rheumatoid arthritis drug’s mid-stage clinical
trials. It said the level of response to the drug suggested that longer or
higher dosages may increase effectiveness.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating) announced a
marketing campaign to give away 1000 automobiles over the winter season. The
promotion is expected to cost $50 million, bringing in 5.5 million customers to
try their luck at local dealerships.
Barron’s reported that AstraZeneca
(
AZN |
Quote |
Chart |
News |
PowerRating) may face risks from two new drugs related to reducing cholesterol and
preventing strokes. Drugs named in the report were Crestor and Exanta.
Retailer Walgreen
(
WAG |
Quote |
Chart |
News |
PowerRating) reported a 10%
increase in net profit of $254.9 million on $8.72 billion revenue. Prescription
sales rose 18% and accounted for 64% of total revenue.
bricew@tradingmarkets.com