Here’s How Hewlett Packard Sees It
Stocks
fell for a third day — options expiration Friday —
with
the Nasdaq closing down for a fifth straight week. After the close yesterday,
Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) CEO Carly Fiorina said that the computer industry
was seeing “steady growth” but not an explosion in sales. HPQ closed down 0.73
at 23.13. The Dow opened up then went red and fell until 1:00 PM when the market
rallied on positive Greenspan labor comments before pulling back to end the
session. Breadth was almost 2:1 negative. WalMart was the biggest winner in the
Dow with Caterpillar the biggest loser.
For the week, the Nasdaq dropped 0.8%, the S&P 500 lost 0.2% and the Dow was off
0.1%. Oil prices matched to an
11-month high on Friday and US Crude
(
CLH4 |
Quote |
Chart |
News |
PowerRating) retreated
from Thursday’s $36.10 per barrel. Treasuries fell on higher than expected
inflation data. BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating) reported higher
revenue and income, both up 12%. Revenue came in at $278.1 million with net
income at $39.3 million. BEAS expects next-quarter revenue to be about $265
million.
Japan tightened security at 650 vital facilities around the country to guard
against possible terrorist attacks. The
dollar rose vs. the yen
(
JPY |
Quote |
Chart |
News |
PowerRating) to $108.75 on the news.
Razor-maker Gillette
(
G |
Quote |
Chart |
News |
PowerRating) was upgraded by
Prudential after the company affirmed its previous annual sales growth target of
4%.
For next week traders will be
focusing on two major themes: the dollar and the tech sector.
The prosecution in the Martha
Stewart trial has rested.
| Dow | -45.70 |
10619.03 |
| S&P 500 |
-2.95 | 1144.11 |
| Nasdaq | -8.03 |
2037.93 |
The day’s leading sectors were
Retail
(
RTH.X |
Quote |
Chart |
News |
PowerRating) +1.04%, Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +0.78%, and
Oil
(
OIX.X |
Quote |
Chart |
News |
PowerRating) +0.26%.
Weak today were Amex Gold
Bugs
(
HUI.X |
Quote |
Chart |
News |
PowerRating) -3.26%, and Networking
(
NWX.X |
Quote |
Chart |
News |
PowerRating) -2.00%.
Economic news releases included
a much higher Consumer Price index, up 0.5%. The CPI index excluding volatile
food and energy prices rose by 0.2%
10-year Notes were -110
at 114 150
The dollar
was +1.21 at 87.25
Gold was -11.79 at
397.01
Crude Oil was -0.44 at
34.26
Volume was
1,466,138,000 on
the NYSE, and 1,913,927,000 on the Nasdaq.
Market breadth was negative.
| NYSE | Issues | |
| Advancing | 1168 | Up Vol 387 |
| Declining | 2117 | Down Vol 1047 |
| Ratio | 1.81 | 2.70 |
| Nasdaq | ||
| Advancing | 1189 | Up Vol 695 |
| Declining | 1957 | Dow Vol 1187 |
| Ratio | 1.64 | 1.70 |
Stocks in the news:
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) raised
first-quarter numbers on strong demand for its mobile communications and
broadband and wireless products. BRCM now expects a 17% increase or $560
million in revenue over fourth-quarter levels.
Univision
(
UVN |
Quote |
Chart |
News |
PowerRating) reported a 62%
increase in profit, $58.9 million on revenue of $408.1 million. The company
expects revenue for the first quarter to increase by high single to low
double-digit percentages with earnings to increase 8 cents.
Cobra Electronics
(
COBR |
Quote |
Chart |
News |
PowerRating)
reported a better quarter with earnings rising 50% to $1.5 million on revenue of
$42.6 million. The lower revenue came from increased competition in the two-way
radio sector. The company didn’t provide specific next-quarter numbers but
cautioned investors that sales will be “slightly less.”