Here’s How Internets Are Rebounding
Stocks opened strong during the
first hour of trading but gave up
most of the gains as investors looked to lock in
profits. Traders around the world cheered the capture of Saddam Hussein as most
markets made major gains. AT&T
(
T |
Quote |
Chart |
News |
PowerRating), Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) and
Loudeye
(
LOUD |
Quote |
Chart |
News |
PowerRating) have agreed to work together to deploy digital music
services. In a separate news release for AT&T, CSFB downgraded the telecom
company to neutral. DoubleClick
(
DCLK |
Quote |
Chart |
News |
PowerRating) was upgraded by USB Piper
Jaffray to market perform, citing higher ad volume and price as the main
factors. Doubleclick raised its price target to $15. Software giant Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) is expected to make an earnings announcement after the bell
today. The Wall Street Journal reports that IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) will
relocate about 4,700 programming jobs to countries such as India and China in an
attempt to cut costs.
Dow | +72.70 |
10115.56 |
S&P 500 |
+5.43 | 1079.54 |
Nasdaq | +9.68 | 1958.40 |
The day’s leading sectors were
Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) +1.20%, Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +1.18%,
Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) +1.16%, and Pharmaceuticals
(
DGL.X |
Quote |
Chart |
News |
PowerRating)
+0.74%.
Weak today were Oil Service
Sector
(
OSX.X |
Quote |
Chart |
News |
PowerRating) -1.05%, and Disk Drives
(
DDX.X |
Quote |
Chart |
News |
PowerRating) -0.78%, .
Economic news releases included
NYSE Empire State Index of 37.4.
10-year Notes were +30
at 113 205
The dollar was -0.01 at
88.45
Gold was -1.60 at 407.80
Crude Oil was +0.01 at
33.05
Volume was 650,000,000
on the NYSE, and 909,000,000 on the Nasdaq.
Market breadth was positive.
NYSE | Issues | |
Advancing |
1875 | Up Vol 406 |
Declining | 1229 | Down Vol 222 |
Ratio | 1.50 | 1.84 |
Nasdaq |
||
Advancing |
1500 | Up Vol 606 |
Declining |
1489 | Down Vol 266 |
Ratio | 1.01 | 2.27 |
Top Dow stocks were:
American Express [AXP|AXP],
+2.03% at 46.15, 3M |MMM|MMM],
+1.90% at 83.01, Caterpillar [CAT|CAT],
+1.30% at 79.07, and Procter & Gamble
(
PG |
Quote |
Chart |
News |
PowerRating), +1.29% at 98.05.
Stocks in the news:
Millenium Pharmaceuticals
(
MLNM |
Quote |
Chart |
News |
PowerRating) stopped the trial of cancer drug Velcade after it showed
effectiveness in slowing the progress of multiple myeloma. The company plans to
release trial data in the first half of 2004.
Roxio
(
ROXI |
Quote |
Chart |
News |
PowerRating) upped
its revenue forecast for the current quarter to $14.5 million, citing strong
sales of its Easy CD & DVD Creator 6 for Windows, and Toast for Macs.
McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating) has sold Donatos
Pizzeria back to its founder and discontinued development of all partner brands
outside of Germany. MCD wants to concentrate on its core products such as
Chipotle and Boston Markets in the US in an attempt to boost long-term
growth.
bricew@tradingmarkets.com