Here’s What To Expect From Microsoft…
Stocks
tumbled with weakness across the board.
The last time the Dow closed below 10,000 level was May 24. As of last night,
181 of the S&P 500 companies have reported earnings, 71.3% beat analysts
forecasts. Initial claims dropped 11,000 to 339,000 with the index of leading
indicators also dropping 0.2%.
Adolph Coors
(
RKY |
Quote |
Chart |
News |
PowerRating)
and Molson of Canada agreed to merge in a $6 billion deal to become the world’s
fifth-largest brewer by volume. Molson shareholders would control 55% of the new
company and is expected to produce $175 million in annual savings by 2007.
UPS
(
UPS |
Quote |
Chart |
News |
PowerRating) reported a strong quarter with income up at $818 million and
revenue at $8.87 billion. The company saw growth in its global small package
segment and internal exports segments. UPS upped FY04 earnings, saying they
would be 20% higher from a year ago. McDonalds
(
MCD |
Quote |
Chart |
News |
PowerRating) posted earnings
of $591 million with revenue up 10% to $4.7 billion. Same-store US sales were up
9.2%. The company also said it would invest $1.5 billion in 2004 and cut its
debt by $600 million.
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) is
expected to report after the bell today, EPS of 29 cents with revenue at $9.1
billion.
| Dow | -46.03 | 1000.04 |
| S&P 500 | -3.04 | 1090.93 |
| Nasdaq | -3.54 | 1870.10 |
Strong today are: Gold and
Silver
(
XAU.X |
Quote |
Chart |
News |
PowerRating) +0.42%, Semis
(
SOX.X |
Quote |
Chart |
News |
PowerRating) +0.40%, BiotechsÂ
(
BTK.X |
Quote |
Chart |
News |
PowerRating) +0.21%, Telecoms
(
XTC.X |
Quote |
Chart |
News |
PowerRating) +0.12%
Weak today are: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating) -4.13%, Internet
(
ECM.X |
Quote |
Chart |
News |
PowerRating) +2.96%
Economic news releases today
include initial claims that fell to 339,000 and leading indicators index that
was 0.2% lower.
10-year Notes are +85 at
110 195
The dollar
is -0.39 at 88.38
Gold is +0.40 at 399.00
Crude Oil is +0.87 at
41.45
Volume is 700 million on
the NYSE, and 855 million on the Nasdaq.
Market breadth is negative
| NYSE | Issues | |
| Advancing | 833 | Up Vol 145 |
| Declining | 2236 | Down Vol 516 |
| Ratio | 2.68 | 3.56 |
| Nasdaq |
||
| Advancing | 681 | Up Vol 216 |
| Declining | 2243 | Down Vol 583 |
| Ratio | 3.29 | 2.70 |
Top Dow stocks are:
Verizon
(
VZ |
Quote |
Chart |
News |
PowerRating), +2.31%,
SBC Communications
(
SBC |
Quote |
Chart |
News |
PowerRating) +1.81%, Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) +1.05%,
Hewlett Packard
(
HPQ |
Quote |
Chart |
News |
PowerRating) +0.63%Â
Stocks in the news:
eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating) fell after reporting
earnings of $190.4 million, which was ahead of analysts’ consensus. eBay also
upped FY04 outlook, expecting revenue to reach $3.185 billion.
Caterpillar
(
CAT |
Quote |
Chart |
News |
PowerRating) fell 5%
after reporting $522 million with sales up at $7.56 billion. Higher costs for
steel and operating costs cut into its profit margin. CAT raised FY04 growth
outlook to 80% with sales growth up 25%.
Countrywide Financial
(
CFC |
Quote |
Chart |
News |
PowerRating) posted income of $700
million and raised its 2004 guidance to $8.00 a share.
Washington Mutual
(
WM |
Quote |
Chart |
News |
PowerRating) was lower after missing
earnings expectations. It reported earnings of 55 cents a share as its
home-loans business slumped. Total loan volume was down 35%.
Brice Wightman
bricew@tradingmarkets.com