Happy Anniversary Nasdaq! Plus, All Eyes On Intel
On the fifth anniversary of
the Nasdaq’s all-time high, stocks are lower.
Oil is pulling back after making highs the previous
session.
The Nasdaq made an all-time high on March 10,
2000, at 5048.62. In the past 5 years, Microsoft has lost 50% of its
value and Intel has fallen 50%. Strong during the same period were
Urban Outfitters, +1465%, and Best Buy, +227%.
Jobless claims for the week ended 3/5 jumped
17,000 to 327,000–the highest level in 2 months. The 4-week moving average rose
5750 to 312,500.con claims 2.66 million. Wholesale inventories rose +1.1% in
January.
Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) mid-quarter update is today after the bell. Some
analysts expect higher guidance; the midpoint of guidance is $9.1 billion
Urban Outfitters
(
URBN |
Quote |
Chart |
News |
PowerRating) posted Q4 earnings rose 72%, and beat by
a penny. The company sited strong holiday sales.
An investment group which includes Cerberus
Capital Management is offering to buy Toys R Us for $5 billion.
Strong sectors are: Drugs Â
(
DRG.X |
Quote |
Chart |
News |
PowerRating)
+0.49%Â Â Â Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) +0.20%Â Â Â
Banks
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) +0.17%Â
Weak sectors are:Â AirlinesÂ
(
$XAL.X |
Quote |
Chart |
News |
PowerRating)
-3.26% Â Â Natural Gas Â
(
$XNG.X |
Quote |
Chart |
News |
PowerRating) -2.38%Â Â
Homebuilders
(
$HGX.X |
Quote |
Chart |
News |
PowerRating) -1.68%
| Dow | +0.74 | 10,806.36 |
| Nasdaq | -13.50 | 2047.79 |
| S&P 500 | -2.28 | 1204.73 |
The dollar is +0.01 at
81.64
Crude Oil is -0.47 at
54.30
Gold is flat at 441.90
831 million on the Nasdaq
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 989 | Up Vol 193 |
| Declining | 2121 | Down Vol 428 |
| 2.14 | 2.21 | |
| Nasdaq |
||
| Advancing | 996 | Up Vol 197 |
| Declining | 1924 | Down Vol 557 |
| 1.93 | 2.82 |
Stocks in the News
Children’s Place
(
PLCE |
Quote |
Chart |
News |
PowerRating) beat by 0.09. Revenues rose 97%
year/year.
ALTR raised revenue guidance for the quarter. JP Morgan upgraded the
stock
Bioge Idec’s
(
BIIB |
Quote |
Chart |
News |
PowerRating) general counsel resigned . A week ago, it was
revealed that he sold stock just prior to the company announcing it woudl
suspend Tysabri sales.
Biovail
(
BVF |
Quote |
Chart |
News |
PowerRating) beat by 0.04 but guided lower for Q1 and Q2.
A Wall Street Journal article says iron ore prices may have peaked and
a glut may be on the horizon. Major iron ore companies are: RIO, RTP and
BHP.
Brice Wightman