Here’s What Made A Three Year High
Stocks closed higher for the third consecutive
session. Although volume was on the light side (942 million
NYSE), the Dow made further headway into its 3.5 year high. Positive news on the
economic front overshadowed disappointments in the tech sector. The dollar
hit a record low against the Euro. The greenback fell to $1.35 per Euro. The VIX
is at 10-year low.
The revised Michigan Consumer Sentiment index for December was upped to a
reading of 97.1 from 95.7. Consensus was at 95.7. The Commerce Department
reported that durable goods for November jumped 1.6% vs. consensus ofÂ
0.7%. Personal Income rose 0.3% vs. consensus of 0.2%. Personal Spending came in
as expected at 0.3%. Initial Jobless Claims came in at 333K vs. consensus of
335K. New Home Sales for November came in weaker than expected at 1125K
vs. 1200K.
Micron Technology
(
MU |
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PowerRating) is off earlier lows and is trading down by
0.75%. The maker of computer memory chips provided a first quarter revenue
estimate of $1.26 billion versus analysts consensus of $1.3 billion.
PalmSource
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PowerRating) is trading down by nearly 4%. The company
also gave a revenue forecast that was below estimates. The maker of software for
hand-held computers expected third quarter revenues to be $18.9 million compared
to estimates of $23 million.
Red Hat
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PowerRating) is trading lower by 11%. The distributor of
the Linux operating system system gave a third quarter revenue forecast of $50.9
million versus estimates of $51.8 million.
Strong sectors are: Biotechs
(
BTK.X |
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PowerRating) +0.92%, Disk Drives
(
DDX.X |
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PowerRating)
+0.87%, Gold Bugs
(
HUI.X |
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PowerRating) +0.67%.
Weak sectors are: AirlinesÂ
(
XAL.X |
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PowerRating) -1.01%, REITs
(
DJR.X |
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PowerRating)
-0.98%.
Dow | +11.23 | 10,821.12 |
S&P 500 | 0.56 | 1,210.13 |
Nasdaq | +3.59 | 2,160.62 |
The dollar is -0.46 at
81.55
Crude Oil is -0.06 at
44.18
Gold is 1.50 to 442.90
ce=”Arial” size=”2″ face=”Arial”>Volume was 942 million on the NYSE and
1.4 billion on the Nasdaq.
Market breadth was positive.
NYSE | Issues | |
Advancing | 1830 | Up Vol 552 |
Declining | 1392 | Down Vol 390 |
Ratio | 1.31 | 1.41 |
Nasdaq |
||
Advancing | 1717 | Up Vol 874 |
Declining | 1385 | Down Vol 495 |
Ratio | 1.24 | 1.76 |
Stocks in the News
Adolor
(
ADLR |
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PowerRating):
Thursday’s experiment did not indicate a significant benefit for treatment of
post-operative bowel obstruction.
American Greetings
(
AM |
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PowerRating): Reported higher quarterly earnings.
Urban Outfitters
(
URBN |
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News |
PowerRating): Wedbush reiterates Buy.
Â
Brice Wightman