Here’s One Way To Make $500K
Stocks
continue their descent this midday.
Factory Orders were 0.1% lower than expected, showing an increase of
0.5%. Surprisingly, the service sector grew for the seventh month in a row in
October as the ISM non-manufacturing index rose from 63.3% to 64.7%. Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) offered $500k for information leading to the arrest and conviction
of those responsible for the MSBlast.A worm.
Interim chairman John Reed
released plans to cut the number of NYSE board members to eight, leaving
regulatory and business arms of the exchange intact. InterActiveCorp
(
IACI |
Quote |
Chart |
News |
PowerRating), down 5%, released lower-than-expected net. Lastly, Wall Street is
waiting for earnings from Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating) after the close. The company’s
shares are trading 1% lower.
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) is -0.47% at 9837.64. The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
is down -0.60% at 1046.21. The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) is -0.54% at
1947.20.
The day’s leading sectors are
Oil Service Sector Index
(
$OSX.X |
Quote |
Chart |
News |
PowerRating), 0.60%, Amex Gold Bugs
(
$HUI.X |
Quote |
Chart |
News |
PowerRating),
+0.41%, Gold and Silver Sector Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), +0.29%, Morgan
Stanley Healthcare Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating), +0.27%,and, Morgan Stanley
Health Provider Index
(
$RXH.X |
Quote |
Chart |
News |
PowerRating), +0.25%.
Weak today are Dow Jones
Internet Index [ECM.X|ECM.X] -2.46%,
S&P Insurance Index
(
$IUX.X |
Quote |
Chart |
News |
PowerRating), -1.83% and GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating), -1.80%.
10-year Notes are -25
at 112 050.
The dollar
is +.20 at 93.65.
Gold is +.45 at 384.40.
Crude Oil is +1.24 at
29.95.
Volume is 652,000,000 on
the NYSE, and 1,025,000,000 on the Nasdaq.
Market breadth is negative,
with NYSE declining issues over advancing issues by 1.53 and down over up volume
by 2.07; Nasdaq declining issues over advancing issues at 1.67, and up volume
over down volume at 1.75.
Top Dow stocks are:
United Tech [UTX|UTX],
+0.82 at 86.73, Microsoft [MSFT|MSFT],
+0.49% at 26.20, Altria [MO|MO],
+0.40% at 46.74, Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating),
+0.18% at 32.09, and Disney
(
DIS |
Quote |
Chart |
News |
PowerRating), +0.30% at 22.82
Stocks in the news:
Investors dumped Priceline
(
PCLN |
Quote |
Chart |
News |
PowerRating) shares after disappointing fourth-quarter guidance and
third-quarter earnings of $8.5 million which beat expectations. PCLN is 20%
lower today.
McDermott
(
MDR |
Quote |
Chart |
News |
PowerRating) rose
after announcing net income of $11.8 million or 18 cents a share on revenue of
$645 million. Wall Street expected a one cent loss. The company attributed the
rise in revenue to strong government orders.
Tommy Hilfiger
(
TOM |
Quote |
Chart |
News |
PowerRating)
released higher second-quarter revenue of $547.9 million as its shares rose 8%.
Net income reached $64.7 million or 71 cents a share, up from 58 cents a year
ago. The company expects no changes to previous full-year earning forecasts.
Speciality retailer
Brookstone
(
BKST |
Quote |
Chart |
News |
PowerRating) same-store sales in the third quarter rose 15.9%,
lowering net loss to $0.45 to $0.47 cents a share. Overall sales for the quarter
were up 17% to $73.7 million.
Oregon Steel
(
OS |
Quote |
Chart |
News |
PowerRating)
lost 10% after reporting a $20.9 million loss, compared with a $4 million
gain in the year-ago quarter. It blamed lower steel plate, welded pipe and coil
products for the loss. Because of the loss, the company is in violation of
credit covenants and is attempting to negotiate with its bankers.
If you have any comments or questions, please
feel free to email me.
bricew@tradingmarkets.com