Here’s What NYSE Traders Are Angry About
Despite disappointing economic
data and a weak revenue forecast from Oracle, a late day technical
rally lifted stocks Friday. The Dow hit its lowest level this month earlier in
the day. Despite the afternoon rally, the
major indices ended lower for the week.
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) reported
in-line, but forecast weaker applications revenue. Profits were up 28%, but new
license sales declined 7%, and it was this latter number that traders focused
on. ORCL traded down to 12.59, down 0.39.. Bonds rallied on the weaker economic
data. A petition is being circulated among NYSE traders to remove Chairman
Richard Grasso; some traders are angered by his $140 million benefit package.
August retail sales expectations were for a 1.5%
rise, and when the figure came in at 0.6%, traders were wary. The University of
Michigan September consumer sentiment came in low — at 88.2 — and lower than
the 90.3 estimate and down from 89.3 in August.
Microsoft
(
MSFT |
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News |
PowerRating)
announced a doubling of its annual dividend — to .16 from .08. MSFT traded up
fractionally.
Cisco’s
(
CSCO |
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PowerRating)
price target is $24, according to CSFB, who cite improving earnings expectations
for the networking group in 2004 and 2005.
Merrill Lynch raised its opinion on
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) to “buy” from neutral.
Bear Stearns upgraded
Palm
(
PALM |
Quote |
Chart |
News |
PowerRating) to “peer perform” pointing to demand, and the
possibility of increasing estimates due to new product launches.
Today’s Market
Indices:
The Dow Jones Industrial
Average
(
$INDU.X |
Quote |
Chart |
News |
PowerRating) gained 11.79 to 9471.55.
The S&P 500
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
added 2.21 to 1018.63.
The Nasdaq
(
$COMPQ |
Quote |
Chart |
News |
PowerRating)
gained 8.94 to 1855.03.
NYSE Advancing Issues 1,921
NYSE Declining Issues 1,297
NYSE
Volume 1,245,156,000
NASDAQ Advancing Issues
1,763
NASDAQ Declining Issues
1,383
NASDAQ Volume
1,716,146,000
Today’s Leading
Sectors:
S&P Chemical Index
(
$CEX.X |
Quote |
Chart |
News |
PowerRating), +1.64%.
GSTI Internet Index
(
$GIN.X |
Quote |
Chart |
News |
PowerRating),
+1.02%
Airline Index
(
$XAL.X |
Quote |
Chart |
News |
PowerRating),
+1.51%
Today’s Weak
Sectors:
Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating), -2.05%
GSTI Software Index
(
$GSO.X |
Quote |
Chart |
News |
PowerRating),
-0.61%
S&P Insurance Index
(
$IUX.X |
Quote |
Chart |
News |
PowerRating),
-0.65%
Key Futures:
The 10-year U.S. Note:
+190 at 111 305
The dollar: -.56 at
96.01
Gold: -4.10 at
375.40
Crude Oil: -.55 at
28.40
Dow Stocks:
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating), +0.20 at 53.50
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), +0.31 at 28.34
Citigroup
(
C |
Quote |
Chart |
News |
PowerRating), +0.10 at 44.31
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating), +.50 at
28.34
If you have any comments or questions, please
feel free to email me.
bricew@tradingmarkets.com